In today's world, achieving financial stability and freedom is a critical goal for most people. But how do we get there? This podcast episode provides invaluable insights from revered CPA Crystal Todd, who shares her experiences and knowledge on understanding your financial status and building wealth.

Crystal Todd, CPA of the Cash Compass, is a highly respected figure in the world of finance. She began her career as an auditor and later transitioned to a financial reporter. Throughout her career, she's witnessed businesses struggle with their finances and identified a gap in people's understanding of the economy and personal finance. To bridge this gap, she created the Cash Compass, a platform to educate people about money management and the economy.

The reality is that a significant number of Americans live paycheck to paycheck. Given the current recession, it's more important than ever to shift from a scarcity mindset to one of financial abundance and freedom. This podcast episode explores how to identify the gap between your current and ideal financial situation and brainstorm ways to generate income that fuels both your wallet and your passions.

One way to bridge the gap between your current and ideal financial situation is to create a successful budget and plan for the future. The first step is to develop a healthy relationship with money. Crystal suggests starting with a "dream budget" - listing all the expenses associated with your ideal lifestyle. Then, assess your current financial situation and see how realistic your dream lifestyle is.

The next step is to generate multiple streams of income. One of the most significant points Crystal made in this podcast episode was that we should not limit ourselves to a single income source. We live in a digital era, where opportunities for additional income are abundant. From starting a blog or a YouTube channel to offering freelance services in your field of expertise, the options are endless.

The podcast episode also discussed the importance of long-term wealth-building strategies, such as saving and investing. Crystal emphasized the importance of understanding the risks associated with different investment options, like the stock market and cryptocurrencies. She also underscored the importance of utilizing retirement options like IRAs and 401ks.

The journey to financial freedom isn't easy. It requires patience, perseverance, and an abundant mindset. But with the right guidance and strategies, it's possible. This podcast episode serves as a comprehensive guide to help listeners navigate their path to financial liberation.

Remember, building wealth isn't just about accumulating money. It's about creating a life of abundance and freedom. As Crystal said, "You have to figure out that number. Then from there, that's when you go back to your actual budget now and then kind of really start piecing things together. It's about the economy and that's something that I think people really miss. And then you're wondering why you're in the middle of a recession. There's been signs for a long time, but you had no clue."

Take control of your financial future today. Start by understanding your financial situation, setting clear goals, and implementing a plan. As Crystal suggests, stay positive, stay informed, and stay focused on your financial future. It's time to chart your course to financial freedom.

Listen to the podcast episode to gain invaluable insights and strategies to construct a solid financial foundation and embark on your journey towards financial liberation.

**This is NOT financial advice. This is information. Do what is appropriate for your circumstances.**

Episode Transcript