top of page
  • roshanloungani

9 foundational rules for financial success

RL071 - Retirement Lifestyle: 9 foundational rules for financial success

Today on the Retirement Lifestyle Show, Roshan Loungani, Erik Olson, and Adrian Nicholson get back to the basics of personal finance. They each share three proven fundamental principles and other practical tips that can impact your financial situation for the better. Personal Finance Principles: These tried and tested tips can improve your financial situation and help you have a happier and healthier relationship with money

[06:03] Monitor Cash Inflow and Outflow [09:03] Save 20% of Your Earnings [15:35] The Four Uses of Money [21:09] Create Short and Long Term Goals [26:23] Avoid Credit Card Debt [27:59] Have a Good Philosophy about Money [37:52] Use Technology in Your Finances [43:24] Learn to Invest Early [47:50] Improve Your Financial Situation from “Struggling” to “Surplus” [52:38] Summary of Tips

For links and the full show notes keep scrolling down!

Roshan Loungani can be reached at or at 202-536-4468.

Erik Olson can be reached at or 815-940-4652.

Adrian Nicholson can be reached at or at 703-915-8905.

Listen to the whole episode on our website here:

OR for links to your favorite platform like Spotify, iTunes and so on go here:

Select episodes, like this one can be found on YouTube:

Full Show Notes:

Monitor Cash Flow, Build Your Savings, Create Goals

Make a record of your income and expenses. Even if you don’t have the exact numbers, ball park figures are better than none. Once you start tracking your cash flow, you can then create a budget or plan to follow. Maintain a modest lifestyle and set aside 20% of your salary to build your cash reserve. Live well below your means so that you don’t have to touch your savings. Establish clear short-term and long-term goals. Write specific and measurable objectives to track your progress and increase your chances of getting them done.

The Four Uses of Money

This framework categorizes the uses of money into live, give, owe, or grow. Live refers to living expenses and personal spending. Give can take the form of donations and gifts that are shared with others. Owe is debt or taxes. Grow refers to savings and investments. Categorize your money into these four aspects. You’ll get a better picture of how you spend your money. Each aspect has a role to play and will vary for each person. You can increase or decrease spending in specific areas, depending on your values.

Have a Good Philosophy About Money

Know your perspective on money. Be clear about what it means to you. Your financial philosophy influences thoughts and decisions. It can help guard against fixation on money. Happiness cannot be achieved by building wealth alone. Money is better viewed as a tool that can help you achieve your life goals. It’s a good idea to set financial finish lines so you’re not stuck in an endless cycle of accumulating riches. Take breaks and enjoy what life has to offer.

Use Technology and Learn How to Invest

Today’s technology provides us with endless opportunities and advantages. Look for tools and resources that can help in managing your personal finance. Stay up to date with the latest developments in tech since these can benefit you as well.

One of the things you can learn online is how to invest. Try out different strategies and find out what your investment style is. You’ll make mistakes along the way but that’s part of the process. The sooner you figure out which investments work for you, the better off you will be. Or if you’re not keen on investing, find a professional who can help you.

From “Struggling” to “Surplus”

First and foremost, get out of credit card debt. Then, you can start building your emergency fund. Save 3-6 months’ worth of living expenses just in case unexpected roadblocks occur. Next, save for expenses that are unavoidable. Have enough cash to make purchases so you don’t have to borrow money. Having done all of those, it’s time to plan for long term goals like college, retirement, or financial independence. Once you’ve reached a surplus of wealth, you can engage in more investments. This step-by-step sequence gives you a plan of action you can follow to help improve your financial situation.

All opinions expressed by podcast hosts and guests are solely their own. While based on information that they believe is reliable, neither Arete Wealth nor its affiliates warrant its completeness or accuracy, nor do their opinions reflect the opinion of Arete Wealth. This podcast is for general informational purposes only, and should not be regarded as specific advice or recommendations for any individual. Before making any decisions, consult a professional.

518 views0 comments


bottom of page