285: [Dr. Constance Craig Mason] Ai Review

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>> Ai Sarah: Welcome back, everybody. Today we're going to be taking a deep

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dive, you know, um, into this fascinating

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conversation between Anthony Weaver and Dr. Constance

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Craig Mason on episode 285, the about that Wallet

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podcast.

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>> Ai Sarah: Okay.

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>> Ai Sarah: And, um, I think you're going to be, you know, like, really

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interested in what Dr. Craig Mason has to say, especially about your own

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personal journey, you know, from poverty to

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financial empowerment.

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>> Ai Sarah: Yeah. What really struck me right away was her story. Growing

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up in poverty in Baltimore,

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uh, she knows firsthand the challenges so

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many people face. But she didn't let that you

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hold her back.

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>> Ai Sarah: Right.

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>> Ai Sarah: She turned it into a driving force to help others achieve

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financial freedom.

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>> Ai Sarah: Yeah. And that leads right into her central

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message, this idea that wealth is not what you

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hold, it's what you heal. And that's a pretty

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powerful shift in perspective.

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>> Ai Sarah: Yeah, it really is. I mean, when you think about it, we often

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focus on the practical steps, you know, saving, investing,

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budgeting.

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>> Ai Sarah: Right.

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>> Ai Sarah: But Dr. Crir Mason, she reminds us that

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our mindset are our emotional well being.

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They play a huge role.

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>> Ai Sarah: Yeah. And, you know, it makes me think about how those early

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experiences with money can really shape our beliefs.

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Mhm. Anthony. Dr. Craig Mason both talked about

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growing up in poverty and how it can create

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this feeling of scarcity. Have you ever noticed that, like in

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your own life, that feeling of never having

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enough, no matter how much you earn?

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>> Ai Sarah: Oh, yeah, absolutely. It's that scarcity mindset that can lead

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to, you know, bad financial decisions like

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overspending or avoiding investments.

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>> Ai Sarah: So how do we break free from that?

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>> Ai Sarah: Well, Dr. Craig Mason really emphasizes the

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importance of recognizing those beliefs, those

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deeply ingrained beliefs, and working to heal

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from past financial traumas.

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>> Ai Sarah: Right.

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>> Ai Sarah: It might involve therapy, journaling, or even just having open and

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honest conversations about money, you know, with people you

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trust.

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>> Ai Sarah: This is where it gets really interesting.

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>> Ai Sarah: Okay.

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>> Ai Sarah: Dr. Craig Mason talks a lot about the importance

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of options as a key part of

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wealth.

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>> Ai Sarah: Yes. And it's a much broader view than, you know,

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just having money in the bank. It's about having the

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freedom to choose how you spend your time and resources.

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Financial freedom opens up possibilities,

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allows you to live a life that aligns with your values.

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>> Ai Sarah: She also highlights the importance of mentorship.

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>> Ai Sarah: Yeah.

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>> Ai Sarah: Specifically how an early mentor encouraged her to start

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her own financial planning business.

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Do, uh, you think finding a mentor is essential

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for financial success?

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>> Ai Sarah: I think it can be incredibly valuable. You know, a good

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mentor offers guidance, support, a different

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perspective. They've been there, done that, and can

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help you navigate the challenges, the uncertainties

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of your financial journey.

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>> Ai Sarah: Yeah. But it's inspiring to see how Dr. Craig Mason

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pays it forward by mentoring others.

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Mhm. Helping them break free from the cycles of

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financial trauma that she herself overcame.

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>> Ai Sarah: It really speaks volumes about her character and her desire to

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make a real difference in the lives of others. She

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understands firsthand the power of mentorship

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and its potential to create a ripple effect of positive

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change.

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>> Ai Sarah: Now, let's talk about a topic thateah, uh, many people find difficult

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to discuss. Life insurance.

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Anthony even asks Dr. Craig Mason for advice on how to

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approach parents about it.

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>> Ai Sarah: It's a conversation a lot of people avoid because it forces

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us to confront our own mortality.

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>> Ai Sarah: Right.

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>> Ai Sarah: The potential financial burdens we might leave behind.

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But as Dr. Craig Mason points out, having

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these conversations, even though they're tough, is

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crucial for protecting your loved ones.

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>> Ai Sarah: Sheiban gets into the, you know, nitty gritty of different types

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of policies, explaining that some,

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like whole life insurance, offer a unique feature called a

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cash value component.

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>> Ai Sarah: Mhm.

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>> Ai Sarah: It's like a savings account built into the policy that,

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that you can potentially borrow from during tough times.

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>> Ai Sarah: Right. It's important to remember that borrowing against your life insurance

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policy has its own implications and

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potential drawbacks.

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>> Ai Sarah: Sure.

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>> Ai Sarah: But it's definitely an option worth exploring and understanding

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fully before making any decisions.

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>> Ai Sarah: Anthony also brings up the common misconception that

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you need a ton of money to start building generational wealth.

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Yeah. And Dr. Craig Mason debunks that myth

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beautifully.

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>> Ai Sarah: She breaks it down to a simple formula. Money plus

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time plus rate of return minus

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inflation and taxes. Takeaways. You dont

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need a windfall to build wealth. Its about consistency,

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patience and leveraging the power of compounding.

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>> Ai Sarah: And thats where the rule of 72 comes in.

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>> Ai Sarah: Right.

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>> Ai Sarah: It's a handy tool for estimating how long it takes for

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your investments to double.

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>> Ai Sarah: Yeah. Let's say you get an average annual return of

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7%. Divide 72 by 7

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and you get roughly 10 years for your investment to

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double. The matic of compounding is that your earnings

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are continuously reinvested, generating

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even more earnings over time.

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>> Ai Sarah: So it really highlights the importance of starting early, even if

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it's with small amounts.

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>> Ai Sarah: Oh absolutely. Time is your greatest ally when it comes to

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investing. The sooner you start, the more time your money has to

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grow.

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>> Ai Sarah: Now Dr. Craig Mason is also a big advocate for self care,

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delegation and having systems in place,

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especially for entrepreneurs.

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>> Ai Sarah: Right.

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>> Ai Sarah: It's so easy to get caught up in the hustle and burn out.

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>> Ai Sarah: You know, it's a common trap. And she speaks from

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experience. You know, building a Successful business doesn't

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mean sacrificing your well being. Delegating

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tasks, creating efficient systems can free up your time and

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energy so you can focus on what truly matters.

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>> Ai Sarah: It's about working smarter, not harder. Right.

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And creating a sustainable model for success.

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>> Ai Sarah: Exactly. And this ties back to her focus on

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options and financial freedom.

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>> Ai Sarah: Right.

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>> Ai Sarah: When you have a solid foundation in place, you have more choices and

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flexibility in your life.

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>> Ai Sarah: One thing that really stood out to me was Dr. Craig Mason's

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emphasis on utilizing resources like

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public libraries.

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>> Ai Sarah: Oh ye.

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>> Ai Sarah: She even hosted financial empowerment events at

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libraries.

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>> Ai Sarah: I love that she highlights this often overlooked resource.

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You know, libraries offer a wealth of knowledge

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and support for entrepreneurs and anyone seeking

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financial education.

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>> Ai Sarah: Right.

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>> Ai Sarah: It's a reminder that you don't need a lot of money to start a business or

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make a positive impact.

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>> Ai Sarah: It's about being resourceful. Right. And tapping into

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the opportunities available in your community.

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>> Ai Sarah: Absolutely.

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>> Ai Sarah: Speaking of making an impact.

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>> Ai Sarah: Yeah.

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>> Ai Sarah: Dr. Craig Mason is also a best sellling author and speaker.

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>> Ai Sarah: Yes.

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>> Ai Sarah: Her work goes beyond just financial advice. It's

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about empowering people to recognize their own

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significance and value.

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>> Ai Sarah: Mhm.

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>> Ai Sarah: She wants people to understand that they have the potential

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to create a positive ripple effect in the world.

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>> Ai Sarah: Right. And she doesn't shy away from sharing her own struggles and

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setbacks.

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>> Ai Sarah: Right.

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>> Ai Sarah: She openly talks about her experience with bankruptcy,

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emphasizing that even financial experts make

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mistakes.

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>> Ai Sarah: The makes her so relatable.

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>> Ai Sarah: Yeah. It's refreshing to hear that honesty. It makes her

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message so much more relatable and reminds

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us that it's okay to make mistakes. The key

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is to learn from them and keep moving forward.

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>> Ai Sarah: She also encourages listeners to embrace a

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mindset of gratitude. Mhm. Even when

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facing financial challenges.

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>> Ai Sarah: That's such an important point. It's easy to get caught up in the

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negative. But shifting your focus to what you're grateful

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for can make a world of difference in your overall

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well being.

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>> Ai Sarah: Now at the end of the episode, Anthony asks Dr. Craig Mason

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his four signature questions. OK. First up, he

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asks what does wealth mean to you?

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>> Ai Sarah: And her answer perfectly encapsulates her

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philosophy. Creating options. Um, it's not

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just about money. It's about the freedom and possibilities that

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come with financial security.

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>> Ai Sarah: Next, Anthony asks about her worst money

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mistake.

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>> Ai Sarah: She admits that she wishes she had started saving and

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investing earlier.

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>> Ai Sarah: It's a common regret.

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>> Ai Sarah: It is. And it highlights the power of compounding

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over time.

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>> Ai Sarah: For the third question, Anthony asked asked about her favorite book.

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>> Ai Sarah: Okay.

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>> Ai Sarah: And her response was quite touching.

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>> Ai Sarah: Yeah. She shared that her favorite non financial

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book is the Bible. Emphasizing Its profound

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impact on her life and her sense of self worth.

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>> Ai Sarah: And finally, to lighten things up, Anthony asks about

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her favorite dish to make.

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>> Ai Sarah: She keeps it simple and healthy with salmon and fresh

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greens.

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>> Ai Sarah: Okay.

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>> Ai Sarah: It's a reminder that even amidst the complexities of

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finance, it's important to enjoy the simple pleasures in

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life.

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>> Ai Sarah: It's a great reminder that, you know, wealth isn't just about

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fancy meals or expensive possessions. It's about having

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the resources to, you know, nourish yourself and live

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a healthy life. Dr. Craig Mason's insights really

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resonated with me.

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>> Ai Sarah: Yeah, me too.

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>> Ai Sarah: What stood out to you the most?

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>> Ai Sarah: You know, her emphasis on healing financial

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trauma. That really struck a chord with me. It's something we don't talk

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about enough, but it can have a profound impact on

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our financial decisions and our overall well being.

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>> Ai Sarah: Absolutely.

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>> Ai Sarah: Yeah.

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>> Ai Sarah: It's not just about, you know, crunching numbers,

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creating budgets. It's about understanding our relationship with

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money.

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>> Ai Sarah: Right.

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>> Ai Sarah: Addressing the emotional baggage that might be holding us back.

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>> Ai Sarah: And her message of empowerment is so important. You know,

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she reminds us that we all have the potential to create a life

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of abundance and make a positive impact

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regardless of our financial background.

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>> Ai Sarah: You know, it's easy to feel overwhelmed by the complexities of

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Financeeah, but Dr. Craig Mason

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breaks it down in a way that feels approachable and

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inspiring. She reminds us that small steps

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taken consistently over time can lead to big

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results.

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>> Ai Sarah: Exactly. It's not about trying to do everything at

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once or get rich quick.

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>> Ai Sarah: Right.

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>> Ai Sarah: It's about building a solid foundation, making informed

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decisions, and having the patience to let your wealth grow.

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>> Ai Sarah: So what's one actionable step our listeners can take

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today? To you start building a brighter financial

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future?

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>> Ai Sarah: I'd say start with Dr. Crrag Mason's call to

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action. Assess. Take some time to

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reflect on your current financial situation. What's working

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well, what areas need improvement. From

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there, you can start setting realistic goals and creating

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a plan to achieve them.

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>> Ai Sarah: And remember, it's okay to ask for help along the way.

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>> Ai Sarah: Absolutely.

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>> Ai Sarah: Find a mentor, connect with a financial advisor.

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Or, you know, join a community of like minded

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individuals who can offer support and guidance.

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>> Ai Sarah: Yeah. And don't forget to celebrate your wins. No matter how

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small they may seem, every step you take towards

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financial empowerment is a victory worth acknowledging.

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>> Ai Sarah: Well said. If you enjoy this deep dive

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into Dr. Craig Mason's insights, be sure to check out

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episode 285 of the about that Wallet

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podcast to hear the full conversation.

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>> Ai Sarah: Yeah, and dont forget to like subscribe and lib are review on your current

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platform. If you want even more insight behind the scenes,

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sign up for the about that wallet

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newsletter@aboutthatwallet.com

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Newsletter until next time, keep learning, keep

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growing, and keep striving for a life of financial welling

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and fulfillment.