Mapping Your Own Journey to Financial Freedom with Justin Buonomo
Sep 10, 2024Today, Shannon sits down with Justin Buonomo, CEO and founder of Journey to Financial Freedom, to explore the complex emotions surrounding money and actionable steps to achieve financial freedom.
Justin's financial journey was shaped by a challenging childhood marked by his parents' bankruptcy and the loss of their home. These experiences fueled his determination to gain financial stability and eventually help others do the same. "I made a promise to myself that I would never have to worry about money again," Justin shared.
Interestingly, Justin's path to financial literacy began not with a finance degree but with a master's in healthcare administration. His job at Johns Hopkins exposed him to financial management, where he began to implement what he learned into his own life, seeing excellent results. "Our company slogan is money is the tool, freedom is the goal," he explained, emphasizing his mission to help entrepreneurs use money to unlock new opportunities.
A key point in their discussion was the gap between financial information and implementation. Shannon likened it to the misleading food pyramid, where bad information led to bad habits. Justin categorized financial behavior into two types: the "woo" (belief systems) and the "do" (actions taken). "Your reality is a direct correlation from your behaviors that come from your beliefs, and those beliefs were formed from your traumas and experiences," Justin stated. He stressed the need to address these beliefs for sustainable financial habits.
Justin recommends a four-step approach to financial freedom: Self-Assessment (understand your money story), Education (learn financial basics), Implementation (start financial strategies with accountability), and Monitoring and Adjusting (regularly review and tweak your finances).
Both Shannon and Justin highlighted how financial anxiety affects even the most successful individuals. "Most people's stresses and anxieties in life are strongly correlated to finances, whether they realize it or not," Justin noted. Addressing money beliefs can reduce unnecessary stress and open the door to better opportunities. Many business owners mistakenly think making more money will solve their problems, but without addressing poor money habits, more income can amplify these issues. Justin used the metaphor of "digging trenches" to collect rainwater, emphasizing the importance of creating systems to manage money effectively.
Wrapping up, the focus was clear: financial freedom is as much about mindset as it is about money. Both Justin and Shannon agree that while the journey to financial freedom is challenging, it is far from impossible. "Financial information should be a source of inspiration, not intimidation," said Shannon. With the right mindset and tools, you too can turn your financial dreams into reality.
CEO & Founder of Journey to Financial Freedom, which provides financial coaching and consulting for business owners. Justin and his company help business owners take control of their finances and unlock new levels in their lives and businesses. Justin & JFF are extremely passionate about helping business owners live their dream life that is fueled and funded by their dream business.
Instagram: https://www.instagram.com/justin_buonomo/
Freebie (How to make AND keep more money): https://www.group.journeytofinancialfreedom.co/free-masterclass
What you'll hear in this episode:
04:56 Promised to never worry about money again.
08:46 Sudden revelation led to life-changing realization.
10:40 Balancing strategies and internal beliefs for success.
16:32 Conversations about money impact business success.
19:13 Address money habits before seeking more income.
If you like this episode, check out:
Silence These Voices In Order to Succeed
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
