What purpose does money serve for you? Do you have a purpose for your money? Saints, money is not a bad word. It is a tool that we can use to enhance our lives, fund our purpose, and serve the Kingdom. I invited wealth strategist Acquania Escarne to the show to talk all things wealth building and investing with us. She broke down the purpose of money and how you can start saving and investing now, like today.
Acquania Escarne is a wealth strategist, who helps clients across the country build and maintain generational wealth through saving and investing.
Acquania’s powerful and direct style of financial coaching and speaking, has helped her clients expand their mindset, business, and wealth through her one on one coaching programs, events, seminars, and workshops.
Acquania’s guests are working women and entrepreneurs that have found ways to build wealth and create more freedom in their lives today.
The Purpose of Money
The Purpose of Money is the platform Acquania built to help women build generational wealth $1 at a time.
She started out with a blog in 2018, on thepurposeofmoney.com, where she shared wealth building stories, mostly her own, and also some tips to help others with their finances.
And then in January of 2020, she launched the Purpose of Money Podcast, where she actually shares the stories of entrepreneurs and women who have found ways to create more income and more freedom in their lives.
The Importance of Saving Money Early
Acquania shared that it’s recommend that you always check in with your finances every year, and at least have a plan on how you’re going to attack your savings goals.
She encouraged everyone to figure out how much you would like to invest and how much you need. The earlier you start working on that plan with someone, the better you’ll be in 20 or 30 years when you decide to retire.
If you don’t get started, you’ll find yourself in an awkward situation where you may have to work longer, but you may not be in a physical position to do so.
A lot of people assume that they’re going to be able to work forever, but the reality is, health issues that normally impact older people in their career are sometimes the reason they have to retire earlier than they expected.
So it’s always good to plan ahead.
Acquania also provided some helpful tips about life insurance and how you can leverage it to build wealth. She highlighted the following:
- You can have more than one life insurance policy, and they can serve different purposes.
- Life insurance is a guaranteed way to leave a legacy to your family.
Look at life insurance policies outside of work. When you have a policy that’s tied to your job, it also means that that coverage only exists while you work there.
You can use the cash value in life insurance policies to support vacations, to buy real estate, or to invest in what Acquania calls a family banks.
When pursuing an investment in real estate Acquania advises:
Reading Rich Dad, Poor Dad by Robert Kiyosaki.
- Partnering with someone else, this way you can minimize the cost and not go at it alone.
Communicate and make sure that your helping each other and doing what is needed to do to ensure the property is profitable and safe for the tenant(s).
If you don’t want to be a landlord or do rentals long term, passive real estate investing maybe an option.
Now would be a great time to start if you’re serious about saving.
If you enjoyed this episode about the purpose of money, then check out an episode of the show I recorded about the purpose of a money coach and this episode of the show that outlines how to use life insurance to build wealth.
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Disclaimer: If you happen to purchase anything I recommend in this or any of my communications, it’s likely I’ll receive some kind of affiliate compensation. Still, I only recommend things that I truly believe in and have personally experienced. If you ever have an issue with anything I recommend, please let me know. My goal is to help you thrive in your purpose. — Pavielle