It’s always exciting to grow your cabinet shop and buy new tools.
But you also need to create wealth outside of the business.
Whether it’s for your retirement funding. Or for kids' college planning. For a boat. A second home. A new truck… Or just to have stacks of cash in your front pocket.
So recently I met up with Adam Carroll, an experienced financial educator whose viral TED Talk has 6.2 million views.
As the founder of "The Shred Method," Adam focuses on slashing debt and generating massive passive income
Join him as he shares strategies to help you build wealth outside of your cabinet shop.
Fresh out of college Adam found himself deep in debt.
The shift from a well-off student to a life as a broke professional hit him hard.
But here's the twist!
In just 26 months, Adam turned the tide.
He went from drowning in debt to enjoying a monthly $4,000 to $5,000 discretionary income by his mid-20s
Adam then embarked on teaching others the art of winning the money game.
And his simple system is based on a straightforward mindset shift.
Building wealth starts with your mindset.
Let me illustrate that with a quick story.
I went for a haircut. Nothing fancy, just a trim.
I found myself in a bustling barbershop with the owner seated next to me, and I was with his second-in-command.
The guy cutting my hair started talking about success, but his tone was negative.
He was complaining about not being able to get ahead in the west.
He even griped about the high rent for a barbershop.
All the while he’s standing right next to his boss.
Now, here's the kicker…
His boss is ALSO a new immigrant.
But he is married with two kids, owns a second home, and runs a busy six-seat barbershop.
They are literally four feet apart. They’re in the same environment. But their mindsets are worlds apart.
One is stuck in negativity, while the other is on his way up.
It's a powerful reminder of how mindset shapes our money outcomes.
After all, four trillion dollars circulate the globe every day.
And the majority of it is in zeros and ones. Bits and bytes.
Imagine digital currency transfers in the ether, flowing back and forth like a river.
You just need to dip a teaspoon into this river to create a million dollars.
That teaspoon is a system for that money to flow to you.
And the more value you create, the bigger the stream becomes.
But there are obstacles. Most of them are internal. Some of them are external.
Adam’s approach removes obstacles from that stream, especially debt.
We grow up thinking that debt is just a part of life - credit card debt, car payments, mortgages - you name it.
It's like an accepted burden we never question.
Money was a taboo topic at my kitchen table as well.
We never talked about wealth creation.
And debt was just a given, something you'd always have.
But it doesn't have to be that way.
What if we shift our approach and strategize for financial freedom?
When Adam works with people, he encourages them to envision their dream life.
Whether it's a second home, funding their children's education, or just living without financial worries.
He then recommends creating a strategic plan.
With intentional efforts, almost everyone can break free from the chains of debt in three to five years.
And it’s not about playing the "you can't do this or that" game with your family.
You don't need to skip hot dog day, deny school pictures' joy, or veto that school jacket for your kid.
It's about being smart with your money.
People often find themselves financing various aspects of their lives:
From retirement to homes, to cars. They even finance dinners out on credit cards.
Adam focuses on paying off debt as fast as possible, so the money that would be spent on monthly payments becomes available for discretionary spending.
For instance, Adam’s client Oliver, had sinking funds for everything imaginable, from future car repairs to upcoming vacations.
(A sinking fund is essentially a savings account earmarked for a specific purpose.)
However, Adam advised him to hit pause on these sinking funds and reduce the interest expenses on existing debts.
By reorganizing his financial strategy, Oliver knocked out three significant debts in just 12 months.
This freed up an additional $1,500 to $2,000 a month!
The change wasn't about cutting out daily pleasures or drastically altering his routine.
The Shred Method doesn't advocate extreme budgeting or sacrifices.
You can channel your money effectively to achieve financial goals without compromising your enjoyable lifestyle.
There are countless efficient ways for each one of us to handle our money.
But it requires a different way of thinking that might just fast-track you to your financial goals.
If you’d like to hear a more in-depth conversation about money, mindset, and creating wealth outside of your business make sure to listen in to the full episode on the Cabinet Maker Profit Systems podcast.
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