Success in business and success with money often come down to the same thing: discipline. On this episode of Making Sense of Money, we sat down with Billy Jeffrey, of GNC and the Lewiston Center Mall. He shared how goal setting and financial habits helped shape his career and his outlook on money.
His story is a reminder that financial success doesn’t happen by chance. It starts with a plan.
It Starts with a Goal
Billy says that goal setting has been a guiding principle throughout his life. From opening a GNC store inside the mall as the youngest owner in the company’s history at just 20 years old to helping revitalize the Lewiston Center Mall, he approaches everything with a clear vision.
“Everything in my life has a goal,” he said. “Once I set that goal, I have a plan to achieve it.”
This same approach works for personal finances as well. Whether someone wants to build a savings, pay off debt, or buy a home, setting a clear goal makes it easier to stay focused. He also shared some research that supports this idea. “When you set a goal, you’re 35% to 40% more likely to accomplish it.”
Your Finances are Like a Business
As a longtime business owner, Billy views finances strategically. Businesses succeed by tracking numbers, strategic planning, and making thoughtful decisions. “I could have the center full today, but the bigger question is whether those pieces fit the vision for what we’re building.” Taking the time to step back, analyze possibilities, and make thoughtful decisions before moving forward is key.
If you understand goal setting and having a plan, it can work in any aspect of life, whether that be business, financial, or personal,” he explained. Simple steps like budgeting, reviewing spending, and setting financial milestones can help people manage their money more intentionally.
Learning About Interest
One financial lesson he shared, and one many people can relate to, is the true cost of interest and depreciation. Buying something that seemed affordable and has low monthly payments isn’t always the most cost-effective.
Billy shared that when he purchased his first car, he had reached the point where he could afford the monthly payments. But after a few years, the excitement of the new car wore off as he began to understand what interest really was and what the depreciation really meant.
His experience is a reminder that focusing solely on the monthly payment can mask the true cost of a purchase. Understanding how interest and depreciation work can help people make more informed financial decisions and avoid expensive surprises later.
Becoming Financially Fit
Billy also emphasized the importance of preparing for unexpected expenses. From car repairs to household fixes, life inevitably brings financial surprises.
“Things are going to happen,” he said. “You’re going to get a flat tire, something’s going to break at your house.” Having an emergency fund can make those moments far less stressful. Even starting with a small savings goal can help create a financial safety net.
He also compared managing money to maintaining physical health. He refers to these habits as being “financially fit.” Just like physical exercise, financial stability comes from consistent habits such as saving regularly, avoiding unnecessary debt, and planning ahead.
To hear more of Billy’s story and how he is transforming the Lewiston Center Mall, visit our podcast page to listen or stream on your preferred digital platform. You can also follow him on social media to stay up to date and learn more about his take on finances on his Instagram and Facebook.
For more financial tips and strategies to improve your financial well-being, check out our monthly newsletter, Basecamp.
