274 - Finding Your Financial Independence Number with Chad Hufford

Is your business building your wealth, or just funding your lifestyle? In this eye-opening conversation with financial advisor Chad Hufford, we break down how contractors can define their "target number" for financial independence and create a clear path to achieve it—without sacrificing the present. Discover practical strategies to build wealth both inside and outside your business.What You’ll LearnHow to calculate your specific "target number" for financial independenceWhy creating a "work-optional lifestyle" is crucial for business ownersThe proven debt elimination strategy that creates momentum for wealth buildingHow to balance business cash reserves with personal financial planningWhy most financial advice fails (and what actually works for contractors)Time Stamps01:04 - Episode Intro01:28 - Life Lessons and Reflections02:58 - Guest Intro04:05 - Importance of Having a Financial Plan05:15 - Proactive Financial Strategies07:59   - Creating a Closer Relationship with our Future10:36 - Setting Financial Goals27:39 - Living Within Your Means32:54 - Debt Elimination Strategies37:20 - Investing for the Future38:02 - Customizing Your Financial Plan39:07 - Mortgage vs. Investment Dilemma40:58 - Consumer Debt and Long-Term Goals44:08 - Business Cash Reserves46:53 - Investment Strategies and Diversification53:18 - The Role of a Financial Advisor56:49 - The Importance of Adherence01:00:58 - Building a Long-Term Financial Vision01:05:49 - Final Thoughts and Getting StartedSnippets from the Episode"Nobody would ever buy a house that was built without a blueprint, but too often we let our futures unfold without one. We end up being a little more haphazard, sometimes aimless."— Chad Hufford"If you don't know where you're going and you start feeling lost, the tendency is to just go faster, to double down on everything you're already doing."— Chad Hufford"Education without execution is merely entertainment. If you are learning things without implementing them in your life, you're not gonna get much benefit."— Chad HuffordKey TakeawaysDefine Your Financial Independence Target NumberReduce Personal Lifestyle Expenses Before Building WealthPay Off Consumer Debt Before Aggressive InvestingBuild Business Cash Reserves of 3+ MonthsFocus on Investment Income, Not PrincipalDiversify Like an Orchard, Not a Single TreeChoose a Financial Advisor Who Holds You AccountableResources⁠⁠24 Things ⁠⁠⁠⁠Construction Business Owners Need to Successfully Hire & Train an Executive Assistant⁠⁠⁠⁠Schedule⁠⁠⁠⁠ a 15-Minute Roadblock CallCheck out⁠⁠⁠⁠ OpenPhone⁠⁠⁠⁠Build a Business that Runs without you. Explore our ⁠⁠⁠⁠GrowthKits ⁠⁠⁠⁠Need Marketing Help? We Recommend⁠⁠⁠⁠ Benali⁠⁠⁠⁠Need Help with podcast production? We recommend ⁠⁠⁠⁠Demandcast⁠⁠⁠⁠More from Chad HuffordChad Hufford - Financial Advisor, Veritas AlaskaWebsite: Veritas AlaskaVeritas Alaska PodcastLinkedIn: Chad HuffordMore from Martin Holland⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠theprofitproblem.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠annealbc.com ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Email Martin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Meet With Martin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠More from Khalil⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠benali.com ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Email Khalil⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Meet With Khalil⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠More from The Cash Flow ContractorSubscribe to our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠YouTube channel⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Subscribe to our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Follow On Social: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠,⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Facebook⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Instagram, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X(formerly ...