Small steps – done repeatedly and consistently – can get you to big places.
That’s not just an empty cliché.
Inside the Tom Ferry ecosystem, it’s a way of life.
And today I’ll prove it to you by sharing the story of one of our very own coaches.
He talks the talk with his clients, and he walks the walk in his own life.
And now, in his own words, he’s living the dream… but it wasn’t always this way.
Meet Larry Webb.
A Five-Year Process
Larry says he embarked on this journey toward financial freedom about five years ago.
“I recall Tom saying something like, ‘Do what others aren’t willing to do for the next five years, and do whatever you want for the rest of your life,’” Larry says.
It resonated with Larry, and he’d seen Tom speak about the same financial concepts he covers in his most-watched video.
Then… most importantly, he acted on that knowledge.
And here’s where he’s at today:
- He just paid off his principle residence.
- He pays his taxes regularly and is expecting a sizable refund.
- Against the mantra of “Stop buying dumb $#!/,” Larry fulfilled a lifelong aspiration and bought a red Corvette… but he’ll pay off the remaining balance with his tax refund.
- He’s created positive cash flow and is working now toward the “big savings.”
I’m very proud of Larry’s actions. But even more importantly, I want to share what he’s done with you so you can follow his lead.
Setting Himself Up for Success
Note: Many of the financial principles Larry uses can be found in this video.
Larry began this journey by taking two important steps.
One, he created an S-corp.
Two, he set himself up at his bank by creating “sub-checking accounts” within his main business account. He titled that account “Webb Real Estate & Property Management,” and then named each sub-account including the percentage he’ll allocate from each check.
“So first, 100 percent goes into Business Main account… ‘Webb Real Estate & Property Management,’” he says. “Then I allocate from that feeder account through online banking (transfer funds) to these specific account names. I have to manually do it because Wells Fargo won’t do it automatically:
- 10% TITHE (First 10% goes to my church)
- 10% SAVINGS (Pay myself next)
- 30% TAXES (Set aside for taxes)
- 30% BUSINESS (Re-invest into business)
- 20% PERSONAL (Household/Fun/Vacations)”
Larry’s disciplined savings and his willingness to track and measure everything resulted in a powerful outcome.
“I found out the money lasted longer when I had that plan,” he says. “Awareness is the big takeaway. In the past, I just put everything into a general account. Now I had a purpose. I had more clarity on where to trim and where to increase.”