J.D. Roth: How to Become the Money Boss TPS230

tps230J.D. Roth is an accidental personal-finance expert. In 2006, he started the award-winning site, www.GetRichSlowly.org, where he chronicled his journey out of debt to financial prosperity. He went on to write Your Money: The Missing Manual, as well as the “Your Money” column for Entrepreneur magazine. Today he writes about mastering your money (and your life) at his new site, www.MoneyBoss.com.

Highlights:

  • J.D. shares how his family background affected his financial habits – and how he got into a lot of debt.
  • GetRichSlowly.org began in 2006 after J.D. did a lot of research and decided to dig out of debt. He shared what he learned on the site.
  • His decision came after he hit rock bottom in 2004.
  • J.D. started a number of successful businesses, realized he knew how to run a business and decided to manage his personal life the way he managed his business.
  • In handling personal finances, people are often not clear on what it is they’re trying to accomplish in life.
  • We talk about practitioners who don’t know how to treat their businesses like a business.
  • If you’re clear about your mission and purpose, it’s easier to build a business.
  • It’s important to ask why you want a lot of money.
  • J.D. made a lot of money from his Get Rich Slowly website and came to realize that money doesn’t magically solve problems, you have to take responsibility.
  • You’re responsible for your life and until you really take hold of it, it’s not going to change no matter how much money you have in the bank.
  • Instead of making a list of New Year’s Resolution, you pick one facet of life that you want to improve and focus on that for the entire coming year.
  • Get clear on what your purpose is.
  • Looking at the “how” is very important, but it’s also very important to look at “why”.
  • When you truly focus on something and truly want it, you’re almost always able to achieve it.
  • If you earn more than you spend, you’re going to build wealth.
  • When it comes to personal finances, mindset is more important than math.

Links:

You can download The Money Boss Manifesto here.

J.D.’s Get Rich Slowly site