The past year has been a real eye-opener for all in terms of health, family, career, and especially money. Everyone wants to be financially independent and not have to worry about where the next check to pay the bills is going to come from, but few know how. Entrepreneur and mentor Chris Naugle has over 20 years’ worth of practical understanding about the ins and outs of money. Here he shares 4 money lessons for 2021.
1. Actively seek out information that is not taught
Naugle shares how money consciousness is one of the biggest obstacles when it comes to becoming money-independent, and how easily it is fixed. He explains, “Find authorised experts, blogs, programs, books and there is always scope for improvement.” He understands that there is a lack of understanding and fear when it comes to investments, loans, and other money matters.
2. Evaluate market conditions regularly
This has been especially pivotal during 2020, since market conditions became unpredictable and people struggled to maintain a stable income, including entrepreneurs all around the globe. “Analyzing the market is non-negotiable, whether you are looking for investment options, making retirement plans, or anything else,” shares Naugle.
3. Understand the risks before jumping in
Too many people will simply put their hard-earned money aside or give it to a bank and not think about it for years. Naugle explains, “I believe finding a balance between risk and opportunity for growth is a learnable skill.” He trusts his concept of “becoming your own bank” to be a sure way of ensuring financial freedom. As one of the most well-known money mentors in America, he has helped thousands build successful businesses against the ever-present risks in the industry.
4. Always have a contingency plan
“Again, this is something absolutely non-negotiable. Having some form of an emergency fund can save lives during dire situations. Whether it is for your parents, children, or yourself-there are so many unavoidable expenditures every month. I grew up in a lower-middle-class family myself and know how difficult it can be to stay afloat,” says Naugle. Today, he manages millions of dollars’ worth of properties and hosts a TV show “Risky Builders,” and his journey is testament to his incontestable expertise in the field of financial services.