#3: Financial and Life Literacy With Nelson Soh

Nelson Soh is a Certified Public Accountant by trade and an entrepreneur, life coach, and author. Nelson is a financial literacy educator who has set a goal to help one million people change their lives financially, physically, mentally, and emotionally. 

Financial literacy is an aspect we should all need to learn about in order to have successful lives in the modern world. Unfortunately, many of us do not get enough opportunities to properly learn and develop financial literacy early in life as it’s something we rarely learn in school nor do many of our parents teach us. 

Throughout today’s episode, we dive deep into numerous topics related to financial literacy, life goals, habits, and more. 

Nelson opens up about the career expectations his parents had for him,  how he eventually convinced them to help him follow a career path he enjoyed, and what we should teach our kids to help them succeed in life. He also talks about the focus of the book he’s co-authoring that’s scheduled to release in August 2021.

In this interview, we dive deep into five key concepts related to financial literacy that we should incorporate into our lives. We also discuss how to carefully handle credit cards so that you don’t end up with astronomical amounts of credit card debt and how to plan your career ahead to reduce the financial stress you get from student loans. 

Nelson co-founded FQS Consulting, a management firm that helps business owners succeed in their ventures. We talk about the unique value the company offers to business owners. 

Another area we talk about in-depth is the concept of Nelson’s critical five. Nelson shares his wisdom on how selecting the five most important practices in your life and focusing on them helps you declutter your schedule and make your day more efficient. Wrapping up the conversation, we discuss how to develop good habits while eliminating bad habits that don’t contribute to your success. 

[01:20] Nelson’s Story – Nelson shares how he had plans to be a doctor when he was in high school, how  Nelson realized what he was really interested in, and the story of convincing his parents to put their expectations aside and help him follow the path he wanted. 

[04:30] Life Literacy – Life Literacy: What We Should Teach Our Kids to Succeed in Life is a book Nelson is co-authoring. Nelson talks about the three different types of life literacy the book focuses on. 

[08:34] What to Teach Our Kids – Nelson shares his thoughts about some of the most important things that parents should teach their kids.

[14:44] Financial Literacy – What financial literacy is, why each of us needs to be financially literate, and some of the key concepts of financial literacy. 

[19:10] Pay Yourself – Nelson shares some tips and tricks for saving some money from your gross income for yourself before allocating money for taxes and other expenses. 

[22:40] Financial Goals – How to set reasonable financial goals and how to prioritize your goals based on your life plans.

[25:09] Needs vs. Wants – Distinguishing between things we actually need and things we want is essential for having a healthy relationship with your finances. Nelson talks about how to prioritize your needs over wants. 

[29:33] Budgeting – How to allocate money for your needs, wants, and other goals and some methods and tools you can use for budgeting.

[33:41] Credit Cards – Despite being a nightmare for many people, credit cards can be extremely useful when used carefully. We discuss how to enjoy the benefits of a credit card without accumulating credit card debt. 

[39:06] Student Loans – How to plan your career to minimize the impact of student debt. 

[45:54] Use Money. Don’t Let Money Use You. – Nelson talks about the concept of using your money to unlock things that give you more fulfillment in life.

[55:42] Nelson’s Consulting Firm – A few months ago, Nelson joined forces with four other like-minded co-founders to start FSQ consulting. Nelson talks about the unique value the company provides to business owners.

[1:04:00] Life Coaching & Life Goals – Nelson talks about how he got into life coaching and developed his career as a life coach, the way he realized what his purpose in life is, and his biggest goal. 

[1:11:37] The Critical Five – The concept of picking five essential practices in your life to declutter your life and what Nelson’s five critical practices.

[1:20:43] External Motivation Does Not Work – Nelson shares his take on why motivation from external sources isn’t effective and how to get motivation within yourself. 

[1:24:24] Habits & Routines – How your success in life depends on your habits and how to identify and eliminate habits that don’t contribute to your success.

Resources:

Nelson’s Book – Life Literacy:
barnesandnoble.com/w/life-literacy-matt-young/1138282838
www.chapters.indigo.ca/en-ca/books/life-literacy/9781631953866-item.html

Connect with Nelson:
linkedin.com/in/nelsonsoh
instagram.com/nelsonsoh_
twitter.com/nelsonsoh_

Atomic Habits James Clear:
jamesclear.com/atomic-habits

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