In the latest episode of Big Ideas, Small Business with Doreen Milano, Doreen interviews Tim Mullaney, Financial Professional of Wealthwave Crusade. The interview consists of two sections: a book review that assists in understanding how money works, and Tim’s business in the financial industry.
Watch this episode of Big Ideas, Small Business TV here:
Have you ever tried to read a book about finance and find yourself falling asleep? During the first half, Tim talks about the book How Money Works: Stop Being A SUCKER (Matthews, Siebold, 2019) and how the book is an easy read. As Tim discusses with Doreen, most financial books are long, boring, and can put you to sleep. This book is only around 100 pages and has illustrations, so it is fun and interesting to read with great information. It is geared toward the reading level of a 14-year-old and has eight different characters, which makes the book very relatable. The book can be purchased on Amazon or you can reach out to producers of this episode and they will get a book to you.
How much of the population understands how money works? Tim says around 30% DO NOT understand how money works. This book makes it easy to understand the financial intricacies without being cumbersome. In fact, there is an ongoing effort to get legislation passed to have the book available in schools so that our upcoming generations can learn how to manage their money.
Tim has videos for each chapter of the book that he shares in a weekly class he hosts. The videos are also available On Demand making them highly accessible for group training or continued education. Tim says the book is also a great employee benefit as it helps them learn how to manage their money. What is the number one action item we should be doing with our money? Start saving now. If you save $7 per day, it adds up to over $2,500 annually.
During the second half of the interview, Tim tells Doreen about being a financial professional in a highly-competitive industry and how he stays viable. Tim consolidated and moved his business recently and that meant he went back into start-up mode. He and his team decided to get back to the basics of education with their business clients and right-size their offices. As Tim states, “Being nimble is very important these days.”
Have you ever heard of the Rule of 72? It is a basic banking principal that Tim explains he learned from his brother at the age of 22. It changed how he looked at money.
When Tim was asked what it takes to survive in this business, he says it starts with change in yourself and your mindset – “ownership vs. loanership”. Also, it is imperative to have gumption to succeed and coaches to help you move forward.
Tim can be contacted at www.wealthwave.com/TimMullaney.
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