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 PrinciplesIntroducing 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 MajorWhat are the four things that you can do with money?Focus on cash flow and understanding the tax codeAlign your interests with those of the governmentPersonal development is key to increasing income [10:23 - 32:31] Understanding The Principles of Velocity, Cashflow Leverage, and Balance Sheet NeutralityMaximum protection: Disability, Life Insurance, Umbrella Coverage, Entities, and WillsWhat is the concept of “Velocity of Money”?Numbers tell a story, but you must look at them to understand itInvest in real estate for capital gains and use accelerated depreciation to reduce tax liability [32:32 - 42:06] Closing SegmentCurtis 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! Connect with me: www.5talents.capital LinkedIn Instagram Watch 5T CRE on YouTube Leave us a review and receive your free ebook Email us --> abel@5tcre.com  5 TALENTS CAPITAL | ABEL PACHECO If you are ready to start your investment journey with 5 Talents Capital, here are the next steps you should take:View our informational video and case study at https://5talents.capital/grow-your-wealth/After viewing the video follow the prompts which will lead you to a scheduling link to meet one on one with Abel Pacheco. Register for our investor portal here investor portal once registered you will be able to review some of our past deals and you will receive alerts for upcoming investment opportunities.Support the show