Curtis May - Unpacking Personal Finance Principles

How do you create wealth using the velocity of money? In this episode of the 5 Talents Podcast, Abel welcomes Curtis May. Curtis is the principal of Practical Wealth Advisors LLC., He helps families and business owners learn to plan wisely for the future and to achieve financial independence. He discusses personal finance principles such as saving, investing, and minimizing losses. He shares his own story of growing up in a self-employed family and learning money management from his father.

Tune in now as Curtis dives into understanding wealth transfer processes, the accumulation theory, assets versus liabilities, and reading financial statements to build wealth!

[00:00 - 02:54] Unpacking Personal Finance Principles

• Introducing Curtis to the show!
• Curtis is the principal of Practical Wealth Advisors, LLC.
• Most people don’t have a money problem, they have a philosophical problem  

[02:55 - 10:22] From Self-Employed Family To Business Major

• What are the four things that you can do with money?
• Focus on cash flow and understanding the tax code
• Align your interests with those of the government
• Personal development is key to increasing income

[10:23 - 32:31] Understanding The Principles of Velocity, Cashflow Leverage, and Balance Sheet Neutrality

• Maximum protection: Disability, Life Insurance, Umbrella Coverage, Entities, and Wills
• What is the concept of “Velocity of Money”?
• Numbers tell a story, but you must look at them to understand it
• Invest in real estate for capital gains and use accelerated depreciation to reduce tax liability

[32:32 - 42:06] Closing Segment

• Curtis shares his understanding of wealth transfer processes and reading financial statements to build wealth!  
• See the links below to connect with Curtis!

Quotes:

“The ideal financial plan is it has to work no matter what... You want to transfer the wealth to your family and charities and the plan must work under all circumstances.” - Curtis May

“All successful people operate by principles because if you don't have principles, every time you come across a new thing, it's like seeing it for the first time. So, what are your money rules that you won't violate?” - Curtis May

Connect with Curtis through his Website & LinkedIn!

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