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\\xa0Nation! We\\u2019ve received many write-ins from our audience asking how to invest and start saving for retirement. We listened, and I brought in one of the smartest guys I know about those subjects, Wealth Advisor Scotty Neal. Scotty is a friend I met through our Mastermind group, and he has over 25 years of Wealth Advisory experience. Scotty is part of a Wealth Advisory Team that primarily works with a small group of successful business owners, professionals, and executives who are five years out (or less) from an exit. He is an expert at listening to his clients\\u2019 needs and catering a financially sound investment plan crafted to his clients\\u2019 specific wealth goals.\\xa0\\xa0

Scotty is going to share financial advice with Scaling Up! H2O listeners which he would give to people who are just starting their investment journey, to individuals well into their retirement years. We\\u2019re going to discuss everything from credit card debt to creating your first budget to which program is right for you:401(k), IRA, ROTH IRA, Mutual Funds to BBQ, yes, that\\u2019s right, BBQ.\\xa0

I hope that if you listen to today\\u2019s podcast, you will be empowered to take steps towards securing your financial future. We love hearing from you, our listeners! If you have an idea for a future show, or have a question you\\u2019d like me to answer in a Pinks and Blues Questions from the Nation episode, please send us a message\\xa0HERE. Thanks and enjoy today\\u2019s podcast!\\xa0

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Timestamps:\\xa0\\xa0

Trace\\u2019s challenge: Everyone has expectations of you. Are those expectations clear? The next time you are talking with someone, make sure both sides clarify the expectations so you can equally move forward with confidence [00:10]\\xa0

James\\u2019 Challenge: Explain cycles of concentration to a non-technical person. [06:15]\\xa0

Introducing Scotty Neal [10:20]\\xa0

Let\\u2019s talk about money [16:10]\\xa0

How do I know if I am saving enough? [27:50]\\xa0

What is the best way to invest in your future: 401(k), IRA, Roth IRA, Mutual Funds, SEP? [29:45]\\xa0

How do stimulus checks work? [33:45]\\xa0

Where should I start investing and how do you know what\\u2019s best for me? [39:00]\\xa0

What is the advice you give to people with different levels of investment experience? [42:12]\\xa0

What is the biggest mistake people make over and over again when it comes to investing? [53:20]\\xa0

Lessons learned from Trace\\u2019s first financial advisor, his grandfather [59:30]\\xa0

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Quotes:\\xa0

\\u201cSave money for your future. You need to pay yourself just like you are paying your other bills.\\u201d - Trace Blackmore\\xa0

\\u201cTime. Time. Time spent in the market is the number one thing that affects investment returns.\\u201d - Scotty Neal\\xa0

\\u201cFrom age 0-18 you are a \\u201cconsumer\\u201d and only take financially from your parents. From age 18-65 you are a \\u201cconsumer\\u201d but you\\u2019re also a \\u201cproducer\\u201d because you are working; that\\u2019s your time to make money and save money. From age 65 till the end, you\\u2019re back to being a \\u201cconsumer\\u201d because you are not working.\\u201d - Scotty Neal\\xa0

\\u201cYou\\u2019ve got money coming in and out. The difference is savings and investable dollars.\\u201d - Scotty Neal\\xa0

\\u201cYou have to deny yourself in order to invest.\\u201d - Scotty Neal\\xa0

\\u201cHave money make money for you.\\u201d - Scotty Neal\\xa0

\\u201cAsk yourself: Is this a want, or a need?\\u201d - Scotty Neal\\xa0

\\u201cYou make what you make. You need to spend less in order to invest.\\u201d - Scotty Neal\\xa0

\\u201cWhen it comes to 401Ks, I tell my employees, \\u201cInvest at least the minimum that will allow you to take the maximum of what I can give you.\\u201d - Trace Blackmore\\xa0

\\u201cA 401K, is part of your pay. You have to take it. It\\u2019s free money!\\u201d - Scotty Neal\\xa0

\\u201cThere has never a better time to start investing than right now.\\u201d - Scotty Neal\\xa0

\\u201cGet a Will.\\u201d - Scotty Neal\\xa0

\\u201cStick. Stay. And Make It Pay.\\u201d- Scotty Neal\\xa0

\\u201cSave. Save. Save. Early and Often.\\u201c - Scotty Neal\\xa0

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Links Mentioned:\\xa0

The Rising Tide Mastermind\\xa0

173 The One With the Exit Plan \\xa0

179 The One That Teaches Us to Communicate Better With Others Kathleen Edelman Part 2 \\xa0

184 The One Where I Interview My Mastermind Mentor\\xa0

178 Pinks and Blues Questions From The Nation!\\xa0

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Books Mentioned:\\xa0

The Millionaire Next Door by Thomas J. Stanley

The Whistler\\xa0by John Grisham

The Rooster Bar by John Grisham

I Said This, You Heard That Workbook by Kathleen Edelman

I Said This, You Heard That 2nd Edition by Kathleen Edelman

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