Episode 25: Getting Started on Your Financial Future with Damon Hurst
Damon Hurst is a financial and banking professional with ten years of experience in a large financial institution. He specializes in helping individuals, families, and businesses to maximize the full benefits and resources of a deeper banking relationship. Together with his team of experts who specialize in the different areas in Finance, they manage multi-million-dollar books of business.
During this episode, Damon will share the three building blocks that will enable your financial success. Learn the books that inspired and transformed his and James’ perspectives on finances. Know the three essential ways to grow your money and the three things that Damon focuses on every day, making him feel he lived his purpose. Lastly, discover the four-letter word that holds people back not only in finances but in life in general. This episode is power-packed with the perfect tools and equipment to help you climb the ladder of financial success that you shouldn’t miss.
01:26 – Damon explains how his role as a Finance professional works with his team and clients
02:28 – Advice for a new college graduate who’s thinking of building his blocks for his financial future – “Learn the value of goal setting.”
04:33 – Advice when people say that they don’t have extra money to start saving – “One thing that we have control over is where our dollars go every month.”
07:51 – First building block: delayed self-gratification and spending in control as the in finances
09:04 – Second building block: Increase your income through building skills you need you to take the next step in your career
12:47 – Third building block: Start to educate yourself on financial literacy.
15:16 – James shares his favorite books on finances (Think and Grow Rich, The Millionaire Next Door, and the Rule of 72)
16:56 – Damon recommends his good reads on investments (Rich Dad Poor Dad and Think and Grow Rich with emphasis on the value of masterminding)
20:00 – Advice on how to grow your extra money aggressively – “It’s time to take action. Start to implement and start to act on some things that you’ve been researching and following through because now you have the means to do so.”
21:22 – Make your money work for you through the following ways:
- Start investing in stocks or mutual funds with smaller sums using mobile apps
- Peer to peer lending
- Look out for experienced teams who you can delegate and trust your work with
23:49 – James recaps the three ways that Damon mentioned to make money work for you
26:41 – Damon went back to discussing the quarterback analogy and the value that working with his team provides
28:45 – Fear as the typical barrier from going into starting to saving
31:39 – Three things that Damon focuses on daily:
- Inspiration – Focus on your “why”
- Education – Master your craft. Add value to people you work with.
- Communication – Be a better communicator by investing yourself in seminars, conferences, etc.
36:14 – Damon’s advice to his 20-year old self – “I think one of the things I would change is I would’ve gotten more serious earlier and focused on being that go-to person earlier. All the stuff that I’m talking about now has been steps that probably come within the past few years that I really would’ve probably taken a step further earlier and become a master of my craft and understand the importance of what it means to be an expert.”
38:20 – James shares his five takeaways on this episode:
- Budget sacrifice
- Move your surplus to a separate account and forget about it.
- Become financially literate.
- Investing is so important.
- Take action now.
“I think that’s one of the things I was fortunate in being able to have delayed self-gratification because you’re working towards a bigger goal and it is huge. Because I think we’re in such a microwave society where we want everything instantly. We want it right now. We don’t want to wait. We all like to put things in the oven anymore and let it cook and marinate it. Don’t get me wrong. It pays a lot better when it’s in the oven.” – Damon Hurst
“I think a lot of it comes to self-discipline. It’s understanding how bad you want it. How bad do you want to achieve success financially and in a lot of times, what holds people back is not necessarily that they don’t want to go after their goals, it’s they’re not willing to give up the things they need to give up to get them there. And so, if you can get past that point and understand that it’s not a “no” with the “not now” with some of those luxuries, then you’re definitely on a better track to get where you want to be.” – Damon Hurst
“People tend to over-estimate what it takes to reach their desired goal and underestimate the action to take now to get there.” – Damon Hurst
“That’s some value that having a team like that can add to you is being able to know where to look, where the opportunities are and also kind of gauge overall where you want to be and where you are in your bigger picture. And time is not always on our side. So, having a team can help you get there a little bit quicker without having to go through some of those trial and errors.” – Damon Hurst
“What holds people back, not just in finance, is the fear of the unknown, of not knowing to have a guarantee on the other side of what the outcome is going to be. And so, it takes courage, I believe, to overcome that. And having trust and belief in yourself and, and being okay with being put out there and there will be some cases where maybe it doesn’t work out.” – Damon Hurst
Rule of 72
“The rule of when you invest money, it helps you calculate the interest rate and how often your money will double. You take your interest rate from the account that you’re going to put your money into and divided into the number 72. For example, 10% interest and you divide that into 72 and then that’s going to take 7.2 years for your money to double.”
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