025: The Language of Money with Jakob Palmqvist

Another special interview with Jakob! After I finished the last interview with him, we started talking about one of his real loves in life and I had to invite him back.

Let me remind you about Jakob. What does it mean to live life on your terms? A dramatic wake-up call meant the ignition of a different path for Jakob.

A path away from finance and the rat race, leaving his old self and life of conformity behind. Now he wants to serve others so that they too can start living their life on their terms.

He will explain how this path is available to all of you in the ImagineNation!

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Episode Resources:

Three Key Points:

Once you learn the basics of the language of money, then you’ll be able to understand more, and dig deeper.

When you become aware of what you’re spending on, and control your finances consistently, eventually you’ll dig yourself out of financial stress.

Once you get to the point of having money, now you can start asking, “What can I do with this money?” Find a way to make money while you sleep. Investing in yourself and your future is so critical. Talk to someone who is smart in money who you can learn from.

Show Notes:

2:10 — Jakob Palmqvist shares how one small bad decision in finance can lead to an expensive loss.

4:00 — Around 60% of the U.S. population are financially stressed. Why is that? When you ask someone, “shall we discuss your 401k?” you get a panicked look on their faces. We need to clear the fear and stigma around financial talk, and realize it’s a lot easier than most people think.

8:00 — In order to start with learning the basics of the language of money, you need to start by taking control. What is your income? Where is it going? Then take control.

10:00 — Jakob shares how you can start investing to make money in your sleep.

12:00 — Once you’re making more and more money, then you can say to yourself, “Well I guess I do understand the language of money, it’s not so hard after all.” However, you must start with where you’re standing. Jakob shares some of the best ways you can get started with understanding how to speak money.

15:00 — There will be a lot of internal blockages if you’re constantly worried and constantly thinking about something negatively about money. This will affect you, and it will be a lot harder for you to figure out everything.

17:00 — Jakob reveals that making simple, and smart money choices will leave you richer in the long run. By setting up priorities of things you buy that are “nice to have” or “need to have,” you can start making smarter financial decisions.

20:00 — Most people ignore or don’t understand warning signs in the financial world. By understanding the language of money, you can foresee drastic events like your employer going out of business, mortgage payments increasing, and many other examples.

25:00 — The first step to learning how to handle money is to learn the words “income” and “expenses.”  How to invest, stock market, debt, and compounding (interest on interest, return on return) would be the best place to start.

26:00 — Ask yourself if you think the decisions you’re making, and will be making over the course of your life, will have an impact on how you and your family can live your life. Is it not worthwhile to start doing something now?

Imagine Miracles Resources:

1) Your Unique Purpose Formula: Vince's Five Step Process to Discover Your Purpose and Your Miracle Life.

2) C.R.E.A.T.E Model: Vince's Six Steps to Creating and Living the Life that You Desire.

3) Free Chapter: From Vince's Best-selling Book Sharing the Four Things You Don't Know Keeping You From Living a Miracle Life.