Mr. Money Banks is the chosen pseudonym of the person behind MultiMillionaireRoad.Com, a website that guides visitors on saving, investing and becoming rich. Asked why he chose to hide his identity behind a pseudonym, Mr. Money Banks replied it makes him more honest to his readers.
Mr. Money Banks started his website while studying economics at the university. Today, he is a qualified accountant working in corporate finance building cash flow models for transactions.
In today’s episode, I invited Mr. Money Banks to the show to talk about his journey to financial freedom and the tools and strategies he uses to get there.
In this episode, we talked about:
- Money Banks’ work in corporate finance
- How close Mr. Money Banks is to being financially free
- Money Banks’ investment strategy towards financial freedom
- Money Banks’ own personal definition of financial freedom
- Why Mr. Money Banks think investing in property and building a share portfolio are powerful strategies towards financial freedom
- Money Banks’ saving strategy
- Why its important to automate your monthly savings process
- How location can influence your idea of a “high net worth”
- Money Banks’ anecdote about Robert Kiyosaki
- Monet Banks’ habit that contritbutes to his success
Quotes and Takeaways
- Pay yourself first by prioritizing savings.
- Put 15% of your net income (minus tax and pension fund) away to savings. You increase that amount and add 5% more to accelerate the growth of your savings.
- Contact your bank and automate your savings process. Do not touch that money unless you are investing it. If your income increases, put more income into the savings