301: [Phil McGilray] Grandma's Jars to Business Stars: Simplifying Financial Freedom
- aboutthatwallet
- Jul 6
- 2 min read

Links:
Book The Cash Flow Fix: How to Finally THRIVE as an Entrepreneur: https://amzn.to/3Ii26tT
Money Boss Entrepreneurs Community: https://www.skool.com/thrive-with-purpose-5477/about
the 5 Simple Numbers Every Entrepreneur Should Track - https://docs.google.com/document/d/1mf4fP_YMZDheK729mmCoP2GD5ypGB7qz0OeObWUBkRM/edit?tab=t.0
Youtube video: https://youtu.be/DJf2lppJZf4
About The Episode:
In today's fast-paced world, financial literacy is more crucial than ever, especially for those looking to embark on an entrepreneurial journey. In a recent episode, we had the pleasure of speaking with Phil McGilvray, a financial coach with over 35 years of experience, who shared invaluable insights on budgeting, managing finances, and building a successful business.
Phil's journey began with a simple yet effective technique taught by his grandmother: budgeting using glass jars. This tactile approach to managing money has evolved into a comprehensive system that Phil now teaches to both individuals and entrepreneurs. He emphasizes the importance of understanding where your money goes, creating awareness of spending habits, and developing a budget that works for you.
One of the standout concepts from our conversation was the Thrive Financial Protocol, an acronym that encapsulates the essential steps to achieving financial health. The "T" stands for Transparency, encouraging individuals to have a clear understanding of their financial situation. Phil explains that many people fear what they might discover about their finances, but gaining clarity can be liberating and empowering.
The protocol continues with "H" for Harnessing cash flow, "R" for Reclaiming joy in what you do, "I" for Investing in yourself and your business, "V" for Vision to create a roadmap, and "E" for Empire, which focuses on turning business success into personal wealth. This structured approach not only helps individuals manage their finances but also prepares them for the entrepreneurial world.
Phil also highlights the common pitfalls entrepreneurs face, particularly the tendency to treat business finances like "monopoly money." It's essential to understand that every dollar spent in a business is a dollar that cannot be taken home. By tracking key financial numbers—like revenue, expenses, and salary—entrepreneurs can gain clarity and make informed decisions.
Throughout our discussion, Phil shared his experiences working with clients who have collectively paid off over $18 million in credit card debt using these principles. His passion for financial education shines through as he encourages others to take control of their financial futures.
Quotes:
"We treat the money within our business like it's monopoly money."
"Every dollar we spend in our business is a dollar we don't get to take home."
"The basics are super, super simple. Spend less than you earn."
"We need to build systems so that anyone can repeat them and get the same results."
"The greatest joy in having money is using it to change the lives of others."
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