The Key to Building Generational Wealth Faster with Adam Carroll
Are you ready to discover the surprising secret to eliminating debt and creating generational wealth? Get ready to be empowered with the knowledge to engineer your financial future and change the trajectory of your family tree. Stay tuned for an eye-opening revelation that will leave you equipped to revolutionize your approach to money and wealth creation!
In this episode of Profit with Law, host Moshe Amsel interviews financial literacy expert and author, Adam Carroll, diving into the concept of The Shred Method as a powerful tool for eliminating debt and achieving financial freedom. Adam shares his personal journey of overcoming significant debt after college, emphasizing the importance of financial literacy and generational wealth. The conversation revolves around the practical application of The Shred Method, focusing on efficient debt repayment and strategic financial management. As a business owner or individual seeking financial independence, listening to this episode provides valuable insights into leveraging financial tools and resources to create lasting wealth and eliminate debt, making it a must-listen for those aiming to gain control over their financial future.
With Adam's expertise and real-life experiences, this episode offers actionable steps and a fresh perspective on wealth creation and financial freedom.
Episode Highlights
00:00 Introduction to Generational Wealth
Moshe introduces the mission of empowering wealth generation. He shares a personal story about his grandfather creating generational wealth and the impact it had on him.
06:12 Adam Carroll's Journey to Financial Literacy
Adam shares his journey into financial literacy after graduating with debt. He discusses his motivation to create generational wealth and focuses on helping people derisk their business and minimize interest expenses.
12:16 Understanding Risk vs Calculated Risk in Business
Adam discusses the difference between calculated risk and being risky in business. He emphasizes the importance of minimizing monthly expenses and targeting the interest expense on debt to expand wealth-building potential.
16:37 The Burden of Student Loans
The conversation focuses on the burden of student loans and the surprising increase in balances despite years of payments. Adam and Moshe explore the long-term financial implications of student loan debt.
17:54 The Concept of Financial Efficiency
Adam uses the analogy of a running car to illustrate the concept of financial efficiency. He explains how money sitting idle in checking or savings accounts can actually cost individuals in terms of interest paid on other debts.
21:11 The Power of The Shred Method
Adam introduces The Shred Method, a financial strategy that aims to help individuals pay off debt faster and save on interest payments. He highlights the potential for significant savings and debt elimination using this approach.
27:48 Balancing Business Growth and Financial Stability
Moshe and Adam discuss the importance of balancing business growth with financial stability. They emphasize the need for adequate capital to support business expansion and the potential risks of over-leveraging without a solid financial foundation.
31:07 The Cost of Living in a Debt-Minded Society
Adam discusses how society operates in a debt-minded manner, clueless to their spending, and the need to reevaluate expenses.
32:22 The Shred Method Components
Adam explains the three components of the shred method: course, community, and coaching, with an emphasis on coaching to help identify unnecessary expenses.
34:01 The Secret Ingredient of The Shred Method
Moshe asks about the effectiveness of The Shred Method software, leading to a discussion on accountability and behavior modification being the key to success.
36:25 Using the Shred Method for Business Debt
Adam shares how businesses can use The Shred Method to eliminate business debt by leveraging a business line of credit and commercial property equity.
45:40 Impacting Future Generations
Moshe and Adam discuss the power individuals have to impact future generations by making sound financial decisions. They stress the importance of not giving up on the possibility of leaving a legacy and ensuring a good quality of life.
46:59 Owning Your Home
The conversation shifts to the topic of home ownership and debt. Adam shares an anecdote about advising a client to pay off their mortgage and stresses the benefits of being mortgage-free. They emphasize the importance of eliminating debt to have more resources for investment and growth.
Resources
Take the Law Firm Growth Assessment and find out how you rate as a law firm owner!
Check out our Profit with Law YouTube channel!
Learn more about the Profit with Law Elite Coaching Program here
Connect with Adam Carroll: Instagram | Shred Method Instagram | LinkedIn | YouTube
Go to Adam’s website to watch a masterclass on TheShredMethod, book a FREE call, and use their Savings Calculator!
Watch Broke, Busted, and Disgusted, a documentary of the true costs of college for FREE with code SHARE - https://brokebusteddisgusted.com/
About Adam Carroll
Adam is a renowned financial literacy expert, celebrated author, and captivating speaker who has delivered over a 1,000 speaking engagements worldwide. With his thought-provoking TED talks, which have amassed over 6 million views on YouTube, Adam has become a prominent figure in the field of finance. His groundbreaking documentary, "Broke, Busted & Disgusted," aired on CNBC and continues to be screened in numerous high schools and colleges nationwide, inspiring young minds to take control of their financial futures.
Adam's expertise extends beyond the stage, as he is the visionary behind The Shred Method™, a fintech company that empowers individuals and families to achieve remarkable debt freedom in their lives at exceptional speed. With his wealth of knowledge and infectious energy, Adam Carroll continues to revolutionize how people approach money, education, and personal growth, leaving a profound imprint on the countless lives he encounters every day.
Connect with Adam Carroll on his Website. You can also follow him on Instagram, Shred Method Instagram, LinkedIn, and YouTube.
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Author
Moshe Amsel
Author
Moshe Amsel the host of the Profit with Law podcast is not an attorney. As the owner of a successful accounting firm DreamBuilder Financial and Law Firm Growth coaching organization Profit with Law, Moshe has proven that there are better and different ways for a law firm to do business and be successful.
