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Speaker 1: Good morning everyone, and welcome back to another episode of

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Speaker 1: Sugar Mamma's Fireplay, the podcast where weirgnite your financial independence

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Speaker 1: and personal empowerment. I am your host financial planner, Canna Campbell,

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Speaker 1: and I am here every Monday morning at five am

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Speaker 1: to hold your hand, to motivate you, to inspire you,

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Speaker 1: to guide you through all of your financial goals and dreams. Today,

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Speaker 1: I want to share with you something that I personally

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Speaker 1: uphold in my life. That is the money principles that

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Speaker 1: have helped make me a self made millionaire. Now, these

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Speaker 1: aren't just those generic ideas or abstract suggestions or those

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Speaker 1: motivational buzzwords that we see all over social media. These

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Speaker 1: are real, actionable principles that I live by every single

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Speaker 1: day and have been doing so ever since I realized

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Speaker 1: how important one's personal finances are as part of their

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Speaker 1: overall wellbeing. So grab a coffee, go for a walk,

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Speaker 1: make sure you take the dog if you have one,

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Speaker 1: or settle in for some quality one on one me time.

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Speaker 1: Because this episode is packed with so many insights, personal

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Speaker 1: insights that you won't want to miss a second. And,

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Speaker 1: as always, a quick reminder to my general advice warning

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Speaker 1: and disclaimer in the podcast notes, all right, let's get started,

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Speaker 1: or principal number one. I have always had a meaningful

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Speaker 1: financial goal in my life that I am actively working on.

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Speaker 1: So we're going to start with the cornerstone of my

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Speaker 1: financial philosophy, and that is always having a financial goal,

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Speaker 1: but making sure that that goal is a meaningful financial goal,

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Speaker 1: not a flaky, surface level one where you don't really

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Speaker 1: understand the why behind it. You see, without a meaningful goal,

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Speaker 1: it is so easy to drift, to waste time, and

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Speaker 1: you let your money trickle away on things that don't

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Speaker 1: truly matter. When we don't have a meaningful goal, we

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Speaker 1: can very easily get distracted. And for me, there's even

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Speaker 1: an element of self sabotaging. Yes you heard it as

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Speaker 1: a financial planner, Yes, I can self sabotage if I

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Speaker 1: don't have a meaningful goal that excites me, empowers me,

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Speaker 1: makes me feel with so much excitement, passion, and joy.

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Speaker 1: So when you pick the right goal, that is the

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Speaker 1: right goal for you and your situation and what you

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Speaker 1: really admire and value, it gives your money purpose, whether

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Speaker 1: it's saving for your dream home, building a passive income stream,

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Speaker 1: or even funding your children's future. And educational expenses. Having

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Speaker 1: that clear vision is what helps you keep focused and

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Speaker 1: motivated at all times and passionately dedicated and committed even

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Speaker 1: with all the ups and downs that are naturally part

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Speaker 1: of everyone's journey. So for me, goals aren't actually about

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Speaker 1: the destination or ticking things off of my list of

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Speaker 1: things to do for the year. They're actually deeper and

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Speaker 1: more meaningful than that. They're about creating habits and behaviors

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Speaker 1: that actually align with my values and enjoying the actual

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Speaker 1: process of the journey and intentionally living those values mindfully

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Speaker 1: working on that goal, pretty much like a passion project. So,

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Speaker 1: for example, one of my goals has always been, as

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Speaker 1: you know, financial independence. That is, having two hundred thousand

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Speaker 1: dollars a year in growing passive income for my family

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Speaker 1: to be financially free, the freedom to choose how we

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Speaker 1: all spend our time. The freedom to be able to

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Speaker 1: help my family members and help my family and members

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Speaker 1: live a more enjoyable life, the freedom to be able

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Speaker 1: to travel more, the freedom to have more time for

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Speaker 1: my health and my own personal spiritual growth and development.

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Speaker 1: So every financial decision I make is filtered through that

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Speaker 1: lens of that meaningful goal. So for me, that goal

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Speaker 1: excites me, it empowers me, and it helps keep me

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Speaker 1: accountable and committed to the actual journey. As I said

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Speaker 1: writing those ups and downs, setbacks and of course those

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Speaker 1: important powerful breakthroughs. So now as I turn to you,

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Speaker 1: I'm asking you, what is the financial goal that excites you,

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Speaker 1: ignites a fire of passion and joy within you. Take

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Speaker 1: a moment to think about it. If it doesn't hit

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Speaker 1: you straight away, in best time exploring it, exploring why

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Speaker 1: and the final details behind that goal. What exactly it

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Speaker 1: is you want? Is it a number, is there a deadline?

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Speaker 1: What does it really represent? What are all the wonderful

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Speaker 1: benefits that are going to come to you from this goal?

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Speaker 1: Once you do this, you will find this incredible rush

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Speaker 1: inside you to just hit the ground running and work

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Speaker 1: on this goal every single day, valuing and appreciating every

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Speaker 1: bit of effort you put into this. And if you

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Speaker 1: don't have a meaningful goal, that's okay. Don't be afraid.

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Speaker 1: You're not a failure. It just means that this is

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Speaker 1: your sign now to invest time thinking about what you

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Speaker 1: would like to create and build for yourself that would

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Speaker 1: leave you feeling proud, satisfied, and completely fulfilled. The second

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Speaker 1: principle that I live by for my financial goals, and

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Speaker 1: that is respecting money. So I have an immense respect

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Speaker 1: for money, not because I worship it, but because I

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Speaker 1: understand how much time and effort it takes to earn it.

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Speaker 1: This is something I learned as a student working multiple

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Speaker 1: jobs saving up for my first home. I would work

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Speaker 1: long hours, often into the early hours of the morning.

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Speaker 1: It would took me six to seven, if not more,

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Speaker 1: years to save my deposit. Saving up almost killed me.

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Speaker 1: There are so many times when I just wanted to

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Speaker 1: throw the towel, and especially when I saw my friends

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Speaker 1: often about and spending all their money on clothes and

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Speaker 1: shoes and accessories. And I swear I even had my

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Speaker 1: toothbairry money included in that final deposit that I put down.

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Speaker 1: But the truth is, as painfully slow as it was

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Speaker 1: to save that deposit, I really respect how long it

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Speaker 1: took to earn it, so I am incredibly careful when

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Speaker 1: it comes to spending it, especially if it's something that

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Speaker 1: I'm not really sure if I really need, or, as

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Speaker 1: my shopping manager goes, if I don't love values and

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Speaker 1: appreciate it, I won't buy it. So the end of

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Speaker 1: the day, money is energy for me. It represents my

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Speaker 1: hard work, my sacrifices, and the goals and gens that

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Speaker 1: I chaste so hard. And because of that, I respect Bonnie.

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Speaker 1: I'm mindful about how it flows in and out of

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Speaker 1: my life. I need harmony, I need balance, and I

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Speaker 1: need respect. And when I have this, it means that

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Speaker 1: I can continue on flourishing and supporting my journey. So

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Speaker 1: to help me stay true to this principle, I've always

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Speaker 1: used a budget and a cash flow system to help

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Speaker 1: me stay on the right path and keep me in check.

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Speaker 1: So to me, a budget is not about being restrictive, cruel,

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Speaker 1: punishing my sacrificing. It's actually really empowering having a budget

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Speaker 1: and a cashflow system that matches it so I can

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Speaker 1: stick to the budget really easily. It's a respected tool

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Speaker 1: that allows me to actually allocate money towards the things

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Speaker 1: that truly matter. And yes it does include those clothing,

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Speaker 1: shoes and accessories that my friends used to buy when

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Speaker 1: I was saving really hard. And of course I have

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Speaker 1: in my budget my family's joy. Things that are important

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Speaker 1: to us around our health, our responsibilities, like our mortgage

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Speaker 1: or payments and of course our own financial growth and

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Speaker 1: our own personal spiritual growth. And whilst this also ensures

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Speaker 1: that I'm completely prepared for the unexpected things that happen

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Speaker 1: in life and no one is immune from, it also

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Speaker 1: allows me to actually enjoy spending money with a sense

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Speaker 1: of fluidity. So at its true heart, respecting your money

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Speaker 1: is about being mindful, not stinty, your controlling, but it's

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Speaker 1: about aligning your spending with your values, so you can

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Speaker 1: enjoy money with a sense of gratitude, respect, and even protection. Now,

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Speaker 1: before we go on to principal number three, which is

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Speaker 1: all about passive income, which is going to take a

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Speaker 1: very quick break for some ads. Welcome back everyone, as

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Speaker 1: we continue on with the five principles that have helped

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Speaker 1: make me a multi millionaire. Moving on to principal number three,

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Speaker 1: and that is focusing on the passive income. Now, this

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Speaker 1: one might surprise you, but I'm actually not particularly focused

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Speaker 1: on my gross or even my net worth. Shocking, right,

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Speaker 1: especially when you see over social media all these financial

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Speaker 1: experts talking about their net worth or their gross worth.

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Speaker 1: I'm different. I'm a financial planner and instead I actually

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Speaker 1: prefer to focus on the passive income you see for me,

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Speaker 1: freedom isn't it about being worth a eight figure number.

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Speaker 1: It's actually about having consistent, long term, growing passive income

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Speaker 1: that flows in consistently whether I'm working or not. That

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Speaker 1: is my money working for me and not the other

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Speaker 1: way around. Now, this principle has shaped so many of

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Speaker 1: my biggest and most important financial decisions, in particular, of course,

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Speaker 1: my investment decisions. I am constantly working towards growing my

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Speaker 1: passive income through regular investing, reinvesting and using intelligent financial

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Speaker 1: strategies such as debt recycling, and even using some of

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Speaker 1: the tax benefits of superannuation, and will cover both of

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Speaker 1: those things in the next step. So let me tell

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Speaker 1: you this, there is nothing more liberating knowing that your

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Speaker 1: investments are working for you. They're generating more and more

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Speaker 1: passive income every single day, even whilst you're sleeping at night.

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Speaker 1: And whilst my financial investment plan is definitely a slow

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Speaker 1: and steady, long term gain plan, it is so worth it.

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Speaker 1: So for you right now to start thinking about this

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Speaker 1: particular principle and perhaps maybe even incorporating it into your

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Speaker 1: own life. Starting today, ask yourself this, what are you

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Speaker 1: willing to do today to build your own passive income

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Speaker 1: for tomorrow. How much do you need, how much do

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Speaker 1: you want, Where do you want this passive income to

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Speaker 1: come from? How hard are you willing to focus to

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Speaker 1: help make this happen? If you can grab a piece

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Speaker 1: of paper and a pen so you can start birthing

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Speaker 1: this idea into reality. Principle number four, I use debt strategically.

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Speaker 1: Debt often gets a really bad rap, but it is

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Speaker 1: time to reframe that narrative in an educated way. Debt,

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Speaker 1: when used strategically, can be incredibly powerful for building wealth

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Speaker 1: over the long run. I have used debt to invest

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Speaker 1: by a margin loans, protected equity loans, and of course

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Speaker 1: debt recycling loans. Not only has this been a game

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Speaker 1: changer for my financial journey, it also has been a

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Speaker 1: carefully curated investment strategy that I used also for my

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Speaker 1: financial planning clients to build and diversify their wealth and

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Speaker 1: most importantly, their passive income streams. And of course, there

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Speaker 1: definitely were some very valued tax efficiency incentives along the way.

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Speaker 1: But the key here is to be smart and conservative

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Speaker 1: when it comes to using debt. I only use debt,

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Speaker 1: with the exception of my home loan, to buy assets

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Speaker 1: that grow in value that provide a passive income, and

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Speaker 1: if possible, provide some tax incentives along the way, such

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Speaker 1: as franking credits. I will never ever borrow more than

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Speaker 1: I can afford, and I always make sure that I

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Speaker 1: can service the interest, with my loans always being set

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Speaker 1: at principle and interest, never interest only. And I will

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Speaker 1: always factor into my budget before I sign any papers

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Speaker 1: that I can handle the impact to my cash flow

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Speaker 1: and my budget that is of multiple interest rate rises.

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Speaker 1: And because I have set these parameters and these boundaries

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Speaker 1: and these checks before I've taken out these loans, it's

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Speaker 1: also allowed me to be able to at times chip

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Speaker 1: away at the capital loan over to be able to

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Speaker 1: chip away at the principal loan. And this is done

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Speaker 1: by small ad hoc repayments if and when I can

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Speaker 1: fit them in. So at the end of the day,

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Speaker 1: when it comes to debt, it's about using the right

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Speaker 1: type of debt and using it with a sense of

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Speaker 1: control and balance, using other people's money that is obviously debt,

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Speaker 1: to leverage those opportunities that are aligned to your financial

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Speaker 1: goals and your risk profile and comfort levels without letting

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Speaker 1: it control you. If you're going to use debt. Don't

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Speaker 1: get greedy, don't be impatient, don't bite off more than

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Speaker 1: you can chew. Use it slowly, steadily and carefully, and

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Speaker 1: of course always under the guidance of a financial planner,

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Speaker 1: accountant and experienced mortgage broker. So think about it for yourself.

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Speaker 1: I'm definitely not recommending you card and borrow money to invest,

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Speaker 1: but perhaps there are ways that you could use debt

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Speaker 1: strategically at some point in your life to help grow

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Speaker 1: your wealth. Of course, not borrowing money to buy more stuff,

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Speaker 1: but borrowing money to buy things that will actually help

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Speaker 1: build your wealth and compound your financial growth over time,

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Speaker 1: and of course are in alignment to those newfound passive

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Speaker 1: income goals of yours. Number five strategy leveraging strategy. Building

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Speaker 1: wealth isn't just about saving and investing, It's about working smarter,

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Speaker 1: not harder. Over the years, I have learned to navigate

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Speaker 1: the laws, the incentives, the legal loopholes, and of course

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Speaker 1: all those opportunities around me and you every single day

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Speaker 1: that exist to help grow our wealth more efficiently. This

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Speaker 1: includes superannuation, for example, the co contribution that I did

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Speaker 1: when I was a student. Of course, then there's obviously

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Speaker 1: debt recycling that I've used over the last fifteen years

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Speaker 1: to help build my wealth. And then there have been

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Speaker 1: really powerful tax concessions like the small business rollover relief,

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Speaker 1: which saved me over one hundred and fifty thousand dollars

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Speaker 1: in capital gains tax. You see, by underst standing these rules,

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Speaker 1: knowing that they exist, getting great quality advice, using the tools,

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Speaker 1: and leaning on people who are qualified and are experts

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Speaker 1: in this area can add so much efficiency to your

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Speaker 1: financial journey and really help you leap frog, breaking through

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Speaker 1: each level, each barrier as you go from wealth stage

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Speaker 1: to wealth stage to weal stage, getting wealthier and more

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Speaker 1: financially secure. Now, of course, not everybody is an expert

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Speaker 1: in these areas, and this is why you really need

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Speaker 1: to outsource to delicate to the people who know and

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Speaker 1: understand this stuff. They do it, they use it, and

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Speaker 1: they breathe it, and they recommend it every single day.

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Speaker 1: So this is your sign to pick up the phone

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Speaker 1: and to call your mortgage broker. Ask them what financial

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Speaker 1: strategies do they know about to help you power for

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Speaker 1: your home loan sooner. Ask those questions, get them thinking,

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Speaker 1: pick their brains. Call up your accountant, ask your accountant,

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Speaker 1: All right, how do I save more money on tax?

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Speaker 1: How can I start earning more money? What can I

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Speaker 1: do to get ahead financially? If you don't have a

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Speaker 1: financial planner, this is the time to go and find

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Speaker 1: one that will work with you. Talk to them about

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Speaker 1: what your goals are, Ask them what would they recommend?

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Speaker 1: What are the things that you need to be thinking about.

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Speaker 1: What can you do in the lead up to maybe

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Speaker 1: getting a financial plan If you're not quite ready for

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Speaker 1: that step yet, start picking the brains of experts around

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Speaker 1: you so that you can harness obviously your own hard

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Speaker 1: work through regular investing, saving and managing and paying down

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Speaker 1: debt responsibly, but also using all of the tools the

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Speaker 1: strategies out there which will really help you take your

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Speaker 1: wealth to the next level. And I can say this

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Speaker 1: with my hand on my heart. So much of my

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Speaker 1: own wealth creation progress and journey into becoming a self

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Speaker 1: made multimillionaire has been the combination of my hard work,

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Speaker 1: my dedication, and my commitment to regularly investing and paying

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Speaker 1: down debt, but has been equally matched by smart, intelligent

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Speaker 1: financial strategies legal of course, that have helped me save

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Speaker 1: money on tax, therefore help me save on time and

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Speaker 1: also helped me save on expensive interest. Knowledge truly is power,

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Speaker 1: especially when it comes to wealth building. So work with

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Speaker 1: the experts, educate yourself, jump online, use the Money Smart website,

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Speaker 1: the ATO community, and stay ahead of the game when

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Speaker 1: it comes to using the right intelligence strategies in combination

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Speaker 1: with your investment, wor creation game plan. This will make

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Speaker 1: a powerful difference. So there you have it, my five

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Speaker 1: transformative money principles that I live by and have helped

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Speaker 1: make me a multi millionaire. So to quickly recap, Number one,

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Speaker 1: always have a financial goal, a meaningful financial goal that

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Speaker 1: makes you want to spring out of bed, even at

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Speaker 1: four o'clock in the morning. Number two, respect your money.

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Speaker 1: Understand how long, how many minutes, or how many hours

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Speaker 1: it takes you to earn one hundred dollars, so that

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Speaker 1: you can then think twice before you go and spend

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Speaker 1: one hundred dollars on something that is potentially wasteful or

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Speaker 1: something that you don't really truly love, you use, or appreciate.

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Speaker 1: Number three, focus on your passive income. Stop getting caught

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Speaker 1: up in this egotistical idea of talking about how much

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Speaker 1: you are worth the end of the day, how much

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Speaker 1: money do you earn without having to get out of bed.

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Speaker 1: The more you earn in passive income, the more financially

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Speaker 1: free you are. Think about how much passive income you

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Speaker 1: would like per anam and start working on building that today.

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Speaker 1: Number four use debt strategically. Using debt in a smart,

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Speaker 1: intelligent way for the right reasons at the right time

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Speaker 1: with the right professional guidance can really help build your

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Speaker 1: financial wealth, particularly your passive income, and take you from

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Speaker 1: strength to strength as you smash through your financial goals

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Speaker 1: with so much more efficiency. So learn about debt, how

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Speaker 1: to set it up correctly, how to borrow the right amount,

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Speaker 1: when are the signs that this is the right strategy

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Speaker 1: for you, and when do you need to up the

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Speaker 1: anti and potentially borrow more. If you have any questions

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Speaker 1: around this, wrap a copy of Mindful Money because I

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Speaker 1: talk about this in so much detail, as well as

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Speaker 1: about seven different strategies to help make sure that your

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Speaker 1: debt recycling strategy or gearing strategy is completely bulletproof. And finally,

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Speaker 1: number five leverage off financial strategies. This is where you

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Speaker 1: need to educate yourself about all the different tax concessions,

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Speaker 1: even government grants opportunities to save money, particularly around tax interest,

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Speaker 1: and learn about how to use your time more efficiently.

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Speaker 1: As are saying, goes work smarter, not harder, and it's

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Speaker 1: the same with your money. So I have just shared

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Speaker 1: with you the principles that are continuing to help me

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Speaker 1: create the life of my goals and dreams, a life

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Speaker 1: filled with freedom, time, health, and adventure. I hope for

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Speaker 1: you today from this particular episode is to inspire you

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Speaker 1: to reflect on your own financial journey and to perhaps

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Speaker 1: adopt a principle or two of these that I've just

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Speaker 1: shared in your own life. Now, I would absolutely love

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Speaker 1: to hear from you which of these five principles resonates

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Speaker 1: with you the most. Do you have your own money

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Speaker 1: principle that's been a game changer. If so, I'd love

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Speaker 1: to hear it. Please share it with me by putting

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Speaker 1: a comment in the podcast review, or of course, you

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Speaker 1: can always send me a DM on Instagram at sugar

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Speaker 1: Mama TV. And my one favor to ask with you

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Speaker 1: right now is to please go and share this particular

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Speaker 1: episode with anyone that you can think of that needs

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Speaker 1: a little financial inspiration in their life right now and

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Speaker 1: in the meantime, Thank you so much for tuning into

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Speaker 1: Sugar Mama's Fireplay. Please don't forget to subscribe, rate, and

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Speaker 1: review this podcast, as well as share your feedback today's episode.

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Speaker 1: Your support means the lot to me and helps make

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Speaker 1: others discover this empowering free content. Until next time, keep

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Speaker 1: that financial fire burning bright and I will see you

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Speaker 1: next Monday morning at five am. Jo