Steve McKnight is an expert when it comes to personal finance and money management. He’s a self-made multi-millionaire, real estate mogul and a financial educator.
He joins us to share insider tips from his book Money Magnet and gives us valuable insights into attracting money, building wealth, and creating a purpose-driven financial future.
Mindset and Attracting Money
- Attracting money as a learnable skill
- Insider tips from Steve’s book “Money Magnet”
- Influence of childhood experiences with money on financial habits
- Contrast between parents’ financial habits and their effect on Steve’s mindset
- Importance of having money conversations in relationships
- The possibility of changing one’s money mindset and seeking help to do so
Real Estate and Wealth Creation
- Early investment experience with term deposit and first investment property in 1999
- Challenges of property investment and the need for new real estate buying tactics
- Viewing real estate as a means of creating wealth rather than the only option
- Importance of investing in what is understood and managing finances
- Acquiring skills to increase returns without higher risks
- Emphasizing accountability to avoid indulgent spending and financial traps
Financial Vision and Habits
- Inheritance of parents’ financial DNA and its impact on financial habits
- Money as a tool with a purpose, rather than just accumulating wealth
- The significance of delayed gratification and discipline in achieving financial goals
- Influence of consumer-driven society and social media on spending habits
- Perils of debt and the need to develop better money habits
- Shifting from survival to significance and casting a vision for a new financial future
- Formula for wealth creation and McKnight’s advice on mastering financial skills and passing on knowledge
Philanthropy and Legacy
- The importance of not letting wealth stem from insecurity or the need to impress others
- Concept of two mountains: survival and significance
- Poor money habits to avoid
- The significance of philanthropy and the organization Tree Change in that regard
- Advices on property investments and McKnight’s top three investing tips
00:00 Weekly podcast explores attracting money and wealth.
03:32 Started with term deposit, now property expert.
08:42 Wealth can stem from insecurity and desire.
12:09 Living without vision, purpose – invest for future.
15:02 Wealth creation formula lies in spending, investing, returns.
17:40 3 tips: measure, learn to multiply money.
22:22 Influencers shape our desires, consider long-term impact.
24:57 Debt can lead to financial disempowerment.
27:14 Passionate about creating native forests for eco-restoration.
Host: Cec Busby
Producer: Michael Marren
Guest: Steve McKnight. Find out more about Steve.