Video: #OolaFinance (Oola 2/7)

Here’s our definition for Finance…

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Stewarding my resources in such a way that they serve me + my calling rather than enslaving me to serve anything else. Don’t serve payments; do serve your purpose.

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Some background on it—

Think about your financial life…

👉 Are you so strapped for cash before each paycheck that you live on credit cards the rest of the month or take money out of your savings or investments?

👉 Have you ever been unable to pay basic expenses at home because of an expensive and pointless impulse purchase you made?

🤷‍♂️ When we ask, “Who out there writes a monthly budget?” fewer than 5 percent of people raise their hands.

Now…

We get that there’s nothing sexy about sitting over a spreadsheet crunching numbers, but this is not cool.

Trying to manage your financial life—not to mention creating an abundant financial future for yourself—is impossible if you’re NOT tracking your spending and sticking with a pre-determined plan.

It’s why so many people have virtually nothing left to invest or save for emergencies—they never budgeted to set aside that money in the first place. Money comes in, money goes out, but nothing sticks.

What’s even more crazy is out-of-control spending—a problem we see everywhere. We want it and we want it now!

And credit makes it so easy to buy stuff we don’t need—usually with high interest rates and hidden fees (and usually overpriced).

Of course, retailers can overprice things because they know we aren’t worried about the price. We’re so excited to buy that we’re only concerned with the payment.

They even tell you it’s “smart” to buy on credit in order to build your credit; what they don’t tell you is that this can keep you in debt indefinitely if you’re not careful. Since everyone else seems to be doing it, most people never consider paying cash or curbing their consumption altogether. It’s so socially prevalent that debt now seems normal.

The reality is, however, if you spend your life serving payments, you can’t live your purpose.

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Super important, b/c, again….

Heavy debt and financial stress is one of the leading causes of marital stress.

You’ve heard the stats— “the two most common things couples fight about is SEX & MONEY.”

(I understand the second, totally don’t get the first. Anyway…)

Money is ALSO the #1 reason why people lose their purpose and passion.

Here’s why…

👉 Debt and financial burdens smother your options, bury your dreams, and take away your ability to make plans and move forward. You can’t think, feel, or find happiness with the weight of unrelenting financial stress. That’s no life. And it certainly isn’t Oola.

Here’s a solution…

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To fast-track your way to being debt-free, we recommend something we call “The Green Gap.”

(This is how Dr. Troy got out of debt + retired in his 40s.)

4 steps…

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1️⃣ Step 1: Budget for the Coming Month, Making Two Separate Lists.

Detail what income you’ll be earning and which expenses will be due.

Total everything on the two lists.

(You can find a simple budget form (printable) at https://www.consumer.gov/content/make-budget-worksheet.)

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2️⃣ Step 2: Identify the Gap.

Subtract the money going out from the money coming in. This equals the gap.

👉 Money OUT - Money IN = Green Gap 👈

(Hopefully, you’ve got more income than expenses which creates “The Green Gap.” If you have more expenses than income, it’s a “Red Gap” and signals a financial emergency.)

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3️⃣ Step 3: Maximize The Green Gap.

Maximize The Green Gap, that is make the gap bigger, by…

👌 First, identifying ways to bring in more money—whether it’s garage sales, selling unused sports equipment, or taking on extra work.

👌 Second, cut down your expenses by cancelling anything that’s not needed.

Yes, you might need to ❌ some things….

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4️⃣ Step 4: Apportion The Green Gap.

Commit 45% of the gap to debt reduction, 45% to investments, and 10% to fun, such as weekend trips, eating out, hobbies, or good times with the kids.

This works, b/c…

👉 You’ll experience the joy of the journey and see your investments grow, too, which keeps you focused on the long-term goal of getting out of debt.

👉 This Green Gap 45-45-10 formula provides a financial feel-good way to become debt-free and increase wealth.

👉 By following this plan, you will see your debt going down, while your investment portfolio is going up, all while having a little fun along the way.

And that is….

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Note….

🤓 The only exception to this rule, is extremely high interest rate loans (i.e., payday loans, etc.) or if the IRS is knocking on your door. In this case, apportion 100% to the financial crisis in front of you until it’s taken care of.

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Want to learn more?

Want to claim your #oolaLife?

Register for the free 21 day challenge (emailed to your inbox once a day for 3 weeks) at—

www.Jenkins.tv/21 

The challenge takes about 5-10 minutes a day, you can start any day you’d like, and the results…

… are stellar.

🤷‍♂️ Why settle for ordinary when you’re designed for extraordinary?

👉 www.Jenkins.tv/21