Episode Summary: In this episode of "Financial Advisors, Say the Darndest Things," AB Ridgeway tackles the crucial question of understanding one's current income stability. He emphasizes the importance of realistic financial planning and challenges societal perceptions about income and value. With practical insights and biblical principles, Ridgeway guides listeners through assessing their income stability and preparing for financial uncertainty.

Key Takeaways:

Realigning Value Perception: Ridgeway challenges the societal notion that income equates to personal value, highlighting that true worth transcends monetary earnings. He encourages listeners to detach their self-worth from their income, emphasizing the importance of diligence and integrity in all endeavors.
Assessing Income Stability: By categorizing income stages into growth, maintenance, and decline, Ridgeway helps listeners evaluate their current financial trajectory. Understanding where one stands in these stages enables better planning and preparation for future financial challenges.
Diversifying Income Sources: Ridgeway stresses the significance of diversifying income streams to mitigate financial risks. Whether through investments, additional training, or side ventures, having multiple sources of income provides resilience in volatile economic climates.
Investing in Continuous Learning: Emphasizing the value of education and skill development, Ridgeway advises listeners to seize opportunities for training and advancement in their careers. Continuous learning not only enhances individual marketability but also increases income potential and financial stability.
Preparing for Financial Uncertainty: Ridgeway underscores the importance of proactive financial planning in anticipation of unforeseen circumstances. By prioritizing savings, tracking expenses, and seeking professional guidance, listeners can navigate economic fluctuations with confidence and resilience.

Quotes:

"Your income has no bearing on the value that you actually give to the world."
"When things are sunny and fun, we should be harvesting. In these good times, we have a good job, we're paying our bills, it's time to harvest."
"It's not how much you make per year that is important. It's how much you can keep."

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.