Summary

Justin Krane is a certified financial planner, professional and the is the founder of Krane Financial Solutions. Known for his savvy, holistic approach to financial planning, he advises his clients on how to unite their money with their lives and businesses.

Using a unique system developed from his studies of financial psychology, Justin partners with entrepreneurs to identify, clarify and meet goals for increasing their business revenue. He works with entrepreneurs to create a bigger vision for their business with education and financial modeling.

In this episode we discuss money and try to make connection with how be more financially savvy assists you towards living a life with more passion and purpose. Including: 3 key areas you need to become aware of, profit, cash & risk; why people buy things; and the importance of recurring income.

Enjoy!!! Peace, passion and purpose.

Key Take Outs

• Know these three things: Profit, Cash & Risk. Its not necessary to be a financial guru to manage your money- but understanding the basics is key. Know your profit, that is how much money is left after your expenses and your pay. Justin suggests 10-10% is a good goal.

Keep cash available. Don’t spend or tie up all your funds in investments. 1 or 2-months cash to take care of expenses allows you to comfortably choose clients you wish to work with and give you some safety just in case of down time.

Take small to medium risks. If you can master your negotiation skills like Richard Branson you can take greater risk by minimising your risk. Risk is great as it allows you to grow. A suggested risk would give you a 3x return. More is better.

• Pay yourself. You must pay yourself. Neglecting this will minimise your ability to sell your business. It also allows you to manage your money realistically.

• Why people buy. People buy on emotions that may include the need to be part of a social group/tribe, love a great deal, and need to justify their purchase- hence it must represent value. You can design your products and services around this.

People also like choice. Having multiple options allows them to justify value through comparison particularly important if they have no previous awareness of like product/service value. The one you want them to purchase needs to be the one with the best value.

• How to get paid. The traditional thought in society is that the harder you work, the more you get paid. This is not true. Hard work is good but better yet is to focus on the value. An intense work out is a quicker way to build muscle and will save you time. Offer greater value and you can earn more money.

• Recurring income. A recurring income will allow you to live, breathe and keep growing. When income is not constant or stable its hard to stay afloat. Look for ways to generate recurring incomes.

What advice would you give to your 20-year-old self?

Be present and conscious of what you are thinking and be ok with taking risk and failing.

His interpretation of success.

Love for yourself and others in your life. And happiness.

Quick round questions

Favourite Food

Sushi

Favourite Leisure Activitiy

Running

Favourite book(s)

Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future by Ashlee Vance

Quote

“More of the same equals more of the same.”

What does living life with passion and purpose mean?

Loving your family. Loving your spouse. Helping people. Travelling. And ultimately having many great experiences.

How to find Justin and other links

You can find out all the information about Justin and reach out to him at his website here.