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Seven Secrets of
Extremely Prosperous People
Let’s talk about the seven secrets of extremely
prosperous people. I call them secrets not because very
few of us are aware of them, but because very few of us
practice them. The secrets are, in reality, skills…essential
money skills that all wealthy people practice. I believe
that if you learn these skills, wealth can also flow into
your life....multiple streams of increasing prosperity.
That'd be nice, wouldn't it? Money to buy whatever you want....
houses, cars, travel, freedom. Surplus to share with the
people you care most about. Security. Peace of mind. That's
what these skills will bring you. There are at least 5 things
I hope to teach you in this special report:
-How to gain control of your finances
quickly and easily
-How to cut your living expenses
by 20% in 30 seconds.
-How to invest your extra money at
-How to earn an extra $40,000-$100,000
-How to become a lifetime multimillionaire.
Well, let's get started. With the fundamental skills of
money. Remember the 80/20 principle. 20% of the things you
do give you 80% of your results. Well, the same holds true
for money. Only about 20% of the things you hear are really
critical for you to understand. And that should be comforting.....because
there is a blizzard of financial information swirling around
us every day. How can you make sense of it? It's only been
in the last five years that the average person even understood
what a mutual fund is...and think about all of the other
new words derivatives, aggressive growth fund, foreign markets,
draw down. Almost every day I hear words on the television
that even I am not sure of......and I've been studying these
things for years. It's got to be almost overwhelming to
so many people....and intimidating. It seems as if we'll
never catch up, or to be able to just understand what is
being said, let alone do anything....and then, to be successful
Well, you can relax....because in this one special report
you're going to learn what you need to know about finances
so you can cut through that blizzard of financial information
out there to find exactly what you need to know and discard
the rest. The bottom line is that there are only 7 essential
money skills that will take you to financial security. Seven
things that wealthy people are good at.....that take them
with certainty toward financial success. You only need to
do seven things well. I call these Money Skills. And they
-Money Skill #1. Value it
-Money Skill #2. Manage it
-Money Skill #3. Save it
-Money Skill #4. Invest it
-Money Skill #5. Make it
-Money Skill #6. Shield it
-Money Skill #7. Share it
Money Skill #1: Value
So lets get right into it. Money Skill #1 is to learn how
to value each and every dollar that flows into your life.
Because you can achieve Financial Freedom on just a Dollar
a Day! That's right. A dollar a day. When you think about
it, financial freedom all starts with a single dollar.
Dig one our of your wallet or purse and examine it. This
simple piece of paper doesn’t appear to be worth much.
Buys you a soda. A chocolate bar. A bad hamburger. So what
if you waste one, or lose one or throw one away? It’s
just a dollar. Losing value every second. It's just a dollar.
Use it or lose it.
Or is it? Is this ordinary dollar bill more than what it
appears to be? Could it be a magic ticket to a fuller more
abundant life of anywhere/time/thing you want? I promise,
when you've finished done with this tape, you'll never think
of a dollar bill in the same way ever again. Ever.
You see, prosperous people don't think a dollar "is
just a dollar." They imagine it is a seed....a money
seed...that has the power to grow into a huge money tree,
giving off fruit to fulfill every one of their dreams.
And they are absolutely right.
Every dollar is a money seed. Just like a tiny acorn contains
the power to grow into a mighty oak tree, each dollar has
the power to grow into a mighty money tree. If you destroy
an acorn, the oak tree inside also dies. So, too, with a
You can grow one of these money trees....on as little as
a dollar a day. Could you afford that?
In a few short years, your money tree will be full grown
and majestic, growing right in the center of your future
dream home. Imagine that! Branches of your money tree spreading
along the ceiling into every room of the house. Every few
feet or so is a nodule which pops open once or twice a day....and
releases the fruit of the tree.....a crisp one hundred dollar
bill. That hundred gently floats down and lands in the strategically
placed basket. All night long you hear the pop, pop, pop
as these nodules open and release their fruit. It takes
only a few minutes to collect the fruit in the morning.
24 hours a day, your money tree is producing fruit. While
you sleep. While you work. While you play. While you eat.
It never stops. An endless stream of cash flow. Get the
picture? That's why it is so important to preserve and protect
each of these money seeds. Every time you waste one of those
silly, green pieces of paper, it's just like throwing away
a money seed. No seed? No tree.
So, how much is one those seeds really worth? That depends
on how long you let it grow and at what rate of growth.
Let's suppose you take one dollar and put it into a special
bank account that will let the dollar grow, untouched by
taxes and fees. How long will it take for this ONE SINGLE
DOLLAR BILL to grow into a MILLION DOLLARS? That depends
on what interest rate the bank account pays. If it's like
ordinary bank accounts....paying 3 to 6% interest....then
it's going to take a long, long time.
At 3% it will take 468 years for a single dollar bill to
grow into a million dollars.
What? Not planning on living 468 years? Relax. We're not
done with that dollar bill yet. We've got to supercharge
it, so those nodules can start popping in your lifetime.
How can we do this? Rather than just planting one money
seed, could you plant them more often? Could you afford
to put away a dollar a day? Just a dollar a day. $30 bucks
a month! You can do that.
Well, a dollar a day at 3% grows into a million dollars
in only 147 years. That's still not fast enough, is it?
What if we raised the interest rate from 3% to 5%. That
cuts the time down to about 100 years. Still not fast enough.
How about ten percent interest? Only 56 years.
Hmmm. Not bad. A dollar a day becomes a million dollars
in only 56 years. Let that sink in for a minute. A measly
dollar day can grow into A MILLION DOLLARS in a the span
of a normal lifetime. If you put just a dollar a day away
for each of your children or grandchildren on the day they
were born, they could all be lifetime millionaires.
But what about you? Is it too late for you? Could you still
be a millionaire on a dollar a day? It's going to take some
fancy work, but I think there's even hope for you. First
of all, we'll have to find ways to fertilize your dollars
so that they grow even faster. Suppose someone had put a
dollar a day away for you ...stuck it under the mattress...the
day you were born and every day thereafter. By the time
you were to reach retirement age.....there would be $25,000
waiting for you. Now, what if they stuck it in a bank at
3%. There would be about $75,000. At 5% there would be just
under $200,000. At ten percent interest, there would be
$2.7 million. At 15% there would be $50,000,000. That's
right. Fifty million dollars. And at 20% there would be......One
Billion Dollars!. That's one thousand million dollars. All
from one dollar a day.
I hope that sinks in deep. Most of us waste dozens of dollars
a day without even thinking. No big deal. It's just a dollar.
But extremely prosperous people know the real truth about
dollar bills. Each dollar bill is a million dollar money
seed. After all, it only takes a dollar- a-day.......JUST
A DOLLAR.....to grow into a fortune.
Now, it's no small feat to make your money grow at 20%,
year after year. I'll show you several ways to do this later.
But for now, I want you to just become aware that a single
dollar bill has incredible power.
You could be a millionaire in about 30 years on JUST A DOLLAR
Still not fast enough for you? OK, there's a way to speed
things up. Could you plant two or three seeds a day? Or
five? Or ten? What does that do? We'll let's cut right to
the chase. If you put ten lousy bucks a day away every single
day and put it in the right mutual funds, or stocks or real
estate and let the clock tick at 20 %, you're a millionaire
in just 20 years! (Pop, pop, pop, pop) Excited yet?
What makes a few dollar a day grow into such huge amounts
of money? It's the power of compound interest. You've heard
of this before but I want you to really understand the concept
because it's going to power you on to your dreams. Einstein
himself, said, "The most powerful invention of man
is compound interest." Compound interest is a magic
money magnifier. Compound interest works for you while you
Remember, money that's compounding never sleeps. Every second
of every day. 24 hours a day. 365 days a year. You've got
to figure out a way to get money working for you instead
of you working for money. And all it takes is a few lousy
bucks a day! You don't have to be a financial genius. You
don't have to own a big company. You can do it from your
kitchen table using the money that you're now foolishly
throwing away. If you just re-divert a few of your ill-spent
dollars and funnel them to some well-timed investments,
you can achieve financial success. It's within your grasp.
Look again at that dollar bill. Take care of it. It's a
money seed. I'll bet you'll think twice before you throw
away one of those silly, green pieces of paper. It's like
throwing away the seed to a million dollar money tree. (maybe
even a billion dollar tree.)
Every time you save one of those money seeds, you start
your way to wealth. The real key is to keep socking away
the money, even if it’s only a dollar. Let the numbers
whisper their silent but relentless message. Consistency.
Day in. Day out. Save. Save. Save. Invest. Invest. Invest.
It doesn't much matter what investment you choose. Low yielding
government securities are fine.....just as long as you invest
consistently for the long haul.
Constantly save. Consistently Invest. Like clockwork. Old
Faithful. It might be boring. It might be dull. It might
be hard. It might take discipline, persistence, sacrifice.
No matter. Just do it.
I met a young man in Chicago who had made the decision to
make his future bright by dimming his desires today. He
worked full time as did his spouse. If they had been like
the normal (broke) young married couple, they would have
pooled their two paychecks and bought a new car (with a
fat monthly payment) stretched themselves into "too
much house" and stressed out for the next 30 years.
Instead, this young couple make an uncommon decision. They
decided to live in "too little house." Then they
disciplined themselves to get by on her paycheck and to
save his entire $2,000 a month income. They put the money
into well-selected mutual funds and watched the cash begin
to pile up.
This is true prosperity.
Live on less than you earn.
Invest the surplus.
Build long term security
It's my not be get rich quick. But it's get rich sure.
It's not the exciting rabbit.
But the tortoise laughs slowly all the way to the bank.
But there will be no billions, no millions, no thousands,
no nothing at all unless you get started with this plan.......
you need to start today. Because waiting even one day can
be extremely expensive as I shall now demonstrate.
Suppose you could sock away $200 per month. You set a target
to have it grow at 20% per year for the next 20 years. Now,
20% is no small feat.....but with some fancy stock picks,
some real estate and perhaps a small business on the side,
you think you can pull it off. According to my calculator,
$200 per month at 20% for 20 years grows into $632,000.
Now, suppose, instead of starting now, you wait a year to
get started. This leaves you only 19 years of growth instead
of 20. How much is in your bank account in 20 years from
today? Only $516,000. That's $116,000 less than what you
could have had if you had started on schedule. In other
words, your procrastination cost you $116,000 future dollars!
Procrastination is expensive.
For each of the 365 days that you waited, your future portfolio
was shrinking by over 300 dollars. (116,000 / 365= $317.81)
In other words, every day you put this plan off, costs you
$300 future dollars. Every hour you wait costs you more
than $13. You are wasting 13 dollars an hour, 24 hours a
What if you were to invest the same $200 per month over
thirty years? The cost of waiting that extra year is now
a whopping $842,803. That's right! Waiting an extra year
cost you almost a million future dollars. That's over two
thousand dollars a day. Or almost $100 per hour!
Let me say this again for emphasis. Every day you wait,
every hour you delay, is like burning up your financial
future. Do it now. Yes, it will take sacrifice. It means
deferring gratification for a while to allow your money
tree to grow. When you prematurely pick the fruit from your
money tree, you stunt it's growth and this can dramatically
slow down the time for you to enjoy a fully matured, fruit
bearing money tree.
Now, why do all of this money multiplying? In the truest
sense, money is a spiritual concept. With proper planning,
you can not only take care of yourself and the ones closest
to you but you can leave a positive legacy for your posterity.
If you won't do it for yourself, at least do it for them.
Now, look at that dollar bill one more time.
This simple money seed contains the power to bless you and
countless future generations...if you'll start now. A wealthy
future is awaiting you. It's worth the sacrifice. Let nothing
divert you from your task. As we continue, I'm going to
share with you the six other secrets or skills of that will
make this bright financial future become a reality for you.
Remember, it all starts with a single dollar bill.
The Rockefeller Rules
As I said earlier, money is a game. If you know the rules,
you win. And if you don't know the rules, you don't win.
Warren Buffett, who became the world’s wealthiest
stock market multi-billionaires has two important rules.
Rule #1. Never lose money. Rule #2. Never forget rule #1.
And here are some other simple rules to the Money Game.
Every dollar is a money seed.
You can grow rich on the money you're now wasting.
You can't make poor decisions today and expect to be rich
The longer you wait to get started the steeper the climb.
A dollar squandered today destroys a hundred thousand future
And since you are planning on spending a lot of time in
the future, it would be nice to have plenty of money there
waiting for you when you arrive. Wouldn't it? So if valuing
money is skill #1. What are the other 6 skills? Let just
say, that a couple of the skills are hidden in the following
quote from a book called Kids and Cash about the Rockefeller
family. Let's see if you can pick them out.
According to Nelson Rockefeller, the one time Vice President
of the United States, his father John D. Rockefeller, Jar,
gave each of his five sons an allowance "We got 25
cents a week, and had to earn the rest of the money we got."
To earn part of that extra money he raised vegetables and
rabbits........"We always worked. All the boys were
required to keep personal daily account books. They were
required to give 10 percent of their income to charity,
to save 10 percent, and to account for all the rest."
They had to balance their account books every month and
to be able to tell what happened to every penny they earned.
(From the book, Kids and Cash Ken Davis and Tom Taylor 1979
Oak Tree Publications)
The Rockefeller kids were taught a specific pattern for
dealing with their money. I call them the Rockefeller rules.
Work for all you get
Give away the first 10%.
Pay yourself the next 10%.
Live on the rest.
Account for every penny.
Isn’t it interesting that Rockefeller made his kids
learn the habit of work? But why do you think Mr. and Mrs.
Rockefeller taught their kids to give the first 10% to charity?
Now, if you're an atheist or an agnostic, or in any way
squeamish about the subject of God, you'd better skip over
this section. It's just going to make you all grumpy. But
if you believe there is a Supreme Being, then, read on.
The Rockefellers, like almost all of the great American
billionaires, looked upon their wealth as a sort of spiritual
stewardship. They believed that God gave them the money.
It wasn't theirs....they just were caretakers over it. They
felt a duty to manage it for the betterment of others......while
thoroughly enjoying it themselves, of course. If every dollar
they received was a gift from God, they were glad to pay
10% of it back. (Andrew Carnegie gave all of his wealth
away before his death.) You'd be surprised how many very
successful and very wealthy people today and throughout
the past 200 years have felt the same. God, for them, was
always the best silent partner. And they didn't do too badly
for God and his children, either. Today, the Ford Foundation
gives away hundreds of millions of dollars PER YEAR to various
charities. The Rockefeller foundation gives away almost
50 million dollars.
I wonder if God knew this was going to happen. Looking down
on the earth in the late 1800's did he say to himself. "To
whom shall I give the idea for the automobile? And which
lucky person is going to end up with the concept of oil?
Hmmmm...let's see. There's that Rockefeller fellow. He's
going to end up pretty decent. And most of his money is
eventually going to go to help others. I think he should
get a big chunk of oil. There's that scrappy Henry Ford
down there in Michigan. He's got a few glaring blemishes
but eventually, the money he makes with this idea is going
to belong to his foundation and will bless millions of people.
Let's give him a big chunk of the automobile."
How did Bill Gates end up with the computer? Or Andy Gove
with the silicon chip? Or the guy (what was his name anyway?)
who started Amazon.com? These days, billions can be made
and lost in a single day in the stock market. Who's going
to get the next billion dollar concept? Do you deserve to
get it? What would you do with it if you got it? Could God
trust you with it? Would you squander it? Or would you be
a wise steward over it? Would there be anything left to
bless the lives of others? Tough questions. I would encourage
you that, no matter what your financial circumstances, invest
10% right off the top in your favorite charity or church.
If you don't know where to put it, follow your heart. One
day, all the money in the world, will not keep your heart
beating. Sharing 10% with others will remind you that God
owns everything and we're transients here.
Now, after you pay the first 10% to your "Silent Partner"
you need to pay yourself next. In the classic, "The
Richest Man in Babylon," George S. Clayson tells the
story of the wise investor whose primary rule was, "A
part of all you earn is yours to keep." (If you haven’t
read this book yet, buy it today and read it.) And then,
when these two items are taken care of, Live on the rest.
Make the decision that, starting today, you will no longer
go into debt to support your lifestyle. You’re going
to live below your means....no matter what. It may take
you months to turn your spending patterns around (for an
oil tanker to change course 180 degrees takes many, many
hours and hundreds of miles to accomplish....you're like
that tanker, it will take time to turn your financial bad
habits into good ones....so be patient with yourself.
And finally, account for every penny.
This is the part that all of us seem to hate so much.....accounting
for every penny. I remember when I was doing my initial
research, I looked, in vain, for a way out of this requirement.
It seemed every successful money manager I interviewed was
scrupulously meticulous about knowing where every penny
went. And, of course, this was the exact opposite of my
personality. Although my father was an accountant, I just
didn't seem to be blessed with the same genes. I knew how
to spend money really well.....but I couldn't save a dime.
One day I woke up and realized that in my business career
I had literally gone through millions of dollars in profits
and royalties. If I had religiously saved 10% of that income....if
I had lived the Rockefeller rules....I should have had a
bank account filled with millions of dollars. But I didn't.
I asked myself....of all the millions that had gone through
my life, couldn't I have lived on 10% less. Of course, and
that's when I started to live this rule.
Now, I know that the subject of budgeting and saving and
penny pinching seems tedious to most Americans (as it did
to me for most of my adult life), yet, I can also attest
to the fact that these skills or habits must become part
of your life if you ever hope to achieve any measure of
financial success. Don't give me your old excuses. I used
all of them myself at one time or another and not one of
them every made me richer. Don't you dare tell me you're
not good at math, or that you hate to balance your checkbook,
or that you don't have a head for numbers, or that you never
went to college, or that you don't know how to work a calculator,
or that your spouse takes care of that stuff, or that you
don't have the time, or that life is short and that you'd
better enjoy it while you can. Odds are, you're going to
live to a hundred years old.......that's thirty five years
past retirement..... and you must plan for it by taking
charge of your finances NOW.
You can't delegate this to anyone. You've got to do it.
Truth is, nobody can watch over your money like you can.
(Farmers have a saying that the best fertilizer is the farmer's
own shadow.) Strangely enough, when you make the commitment
to watch every penny, the dollars start to add up quicker.
If compound interest can make a single dollar bill grow
into a million dollars....then it can also make a single
penny grow into a million pennies..... and that's ten thousand
dollars. From a single penny? Have you ever walked by a
penny on the sidewalk and not picked it up because it was
just a penny? The truth is, that hidden beneath that penny
is a pile of a million pennies. Pick up that penny and invest
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Skill #2: Control It
So, having said this, I want to teach you a simple, easy
and extremely powerful way to think about your money. What
Rockefeller was teaching his kids was how to control their
money. And that's the second of the 7 money skills. Controlling
every penny that flows through your life. Let me show you
how to control your money by teaching you a theory I created
called the Bathtub Theory of Economics..
Most people have one simple faucet or main source of income...their
job. This income flows into the bathtub of their life and
flows out through the drains at the bottom. Most everyone
spends every penny their earn....and then some. They never
retain any money in savings. They spend it all. Obviously,
the only way to have an overflowing prosperity in your life
is to plug up those holes and to turn on more faucets...to
have Multiple Streams of Income.
How many leaks are there? I have simplified the many ways
you can spend money into ten categories. It's easy to remember
the categories. Each one flows in order of their priority.
According to Rockefeller, where should the first dollars go?
That's right, to your partners. Who are your partners? God,
first. Yourself, next. And Uncle Sam, third. Then, you can
live maintain your lifestyle with what's left over.
Therefore, the first category is called Tithing or Charity
which represents your contribution toward God, church, God,
charity, others, giving, etc.) I have given this category
the number of 1.
The next category in order of priority is called Self. Take
the next 10% of your money and put it into the Self category...with
a number of 2.
Next, comes your partner, Uncle Sam. The third category, then,
is taxes....and I give it a number of 3.
What's the next most important expense of your life? Category
4 is your shelter....in the form of house payments or rent
payments. What comes next? The fifth category is for household
expenses such as food, clothing, television, normal living
expenses attributed to living in your place of residence.
This will amount to your largest category. Then comes category
6....Auto. Gotta have a car. Every time you pay for gas, transportation,
repairs to your vehicles, or car payments, you should put
it in the category 6. Next is Category 7 for Fun or entertainment.
Usually, whenever you spend money out of the home on movies,
fast food, travel or toys, you should think of these expenditures
as happening in Category 7. Seven is the number for fun....that's
how I remember it. Then, comes Category 8; for all forms of
insurance; health, life, disability, liability, house, homeowners,
Miscellaneous expenditures (including payments toward debt)
come under category 9 Debt/Miscellaneous.
And finally, there is Category 10....for business
Category 1 Tithing
Category 2 Self
Category 3 Taxes
Category 4 Shelter
Category 5 Household
Category 6 Automobile
Category 7 Entertainment
Category 8 Insurance
Category 9 Debt/Miscellaneous
Category 10 Business Expenses
Now, I want every dollar you spend to be labeled into one
of these ten categories. I've kept the categories simple and
broad because if it gets too complicated, you won't do it.
Even when in using a computer finance program, like Quicken,
which I use, I have all my categories simplified into these
10 categories. You'll see why in a minute.
So, let's examine a money transaction....which I call a Money
event. How many times a day do you spend money? 5 times? Ten
times? Rarely more. Think of it. You only spend money a few
times a day. And yet, those few decisions make all of the
difference between poverty and wealth.
Actually, the millionaire spends approximately one minute
more per money event than the poor person. And that one minute
makes a huge difference.
Let's explore what I call the Millionaire's Minute. If I could
show you a simple one minute exercise that you performed every
time you spent money....that would almost guarantee that you'd
become a millionaire....would you do it? Let's examine a typical
Average people go to the store to buy something. They are
in a rush, running late. They quickly snatch up the desired
item without comparing prices. While they're waiting in the
check out stand they see a few impulse items they pick up.
They pay for the items but don't record the event because
other people are waiting in line and besides, they're running
late. They rush off "a day late and a dollar short."
Millionaires, on the other hand, take a few extra steps which
take less than a minute. First of all, before they enters
the store they decide only to buy the planned item and nothing
else. Life is full of things to buy. They can't allow their
impulses to derail their decisions or to control their life.
Then, they spend a few extra seconds to compare prices and
to pick the best value. If appropriate, they locate a sales
clerk and ask if there is a possibility of obtaining a discount
in price. They make a quick mental calculation of their savings.
This makes them feel good. Then, they take the item to the
check out stand. Once again, they are not sidetracked by impulse
buying. They select one of the three methods of payment: cash,
credit card or check. They exchange the money for the items,
collects their receipt, examine it for accuracy and put it
in their wallet or purse for filing later. Then, they make
the most important step...they record the event by writing
down the purchase, determining which category of spending
it was made in, calculate the remaining balance in their account.
Later, at home that day, they file the receipt in a well organized
manner for easy retrieval.
All told, on average, the millionaire spends about an extra
minute per transaction than the poor person. But look at the
savings in time and money. The millionaire saves from 10-20%
in comparison shopping. (What if you could lower your annual
spending by 20% without a lot of sacrifice?) Then, by investing
an extra minute to record the transaction and to file it properly,
she has at her fingertips a vast source of information. She
knows her current account balances. She can compare he spending
to previous months and notice trends. She is more aware of
her actual spending which gives her much greater control of
her finances. She can calculate her tax consequences in minutes
not days. She can back up her tax decisions with instant documentation.
In a case of dispute, she knows where, when and how she spent
her money and has the receipt to prove it. She is in control.
And the resulting peace of mind creates a feeling of power.
This increases her confidence, creativity and judgment. She
makes fast, correct, decisive decisions. This gives her that
secret millionaire's advantage.
So, from now on, every time you spend money take an extra
minute to do these simple things....
1. Plan your needs and procrastinate your wants
2. Shop for value
3. Ask for and expect a discount
4. Examine your receipt. Categorize your receipt. Actually
write a number from one to ten on the receipt....so that you
mentally decide which area of your life you are spending money
5. Balance your accounts....whether it's cash, check or credit
card. File your receive when you get home.
It's simple. Get ten manila folders and number them from one
to ten. Don't throw your loose receipts into a shoe box. File
them daily. This will get you in control of your finances
in a few short weeks. Now, there are lot of advantages of
doing it this way......but let me give you one big one. Taxes.
Most of us don't get receipts, and when we do, we forget what
it was for. Suppose you buy a box of pencils for your small
business.....and everyone in America should have their own
small business. This is a tax deductible expense. Uncle Sam
lets you take this expense off the top before you calculate
your taxes. Well, if you're in the 30% tax bracket, then every
dollar you categorize as a tax deduction gives you a 30% return
on your money. Did you get that? Hello? Where can you, today,
get an instant 30% guaranteed return on your money? From Uncle
Sam. When you get and keep the receipt for a tax deductible
expense and then deduct that expenditure on your taxes, you're
making 30% on your money.....30% return on your money is the
kind of return that makes millionaires....fast.
I heard once, I don't know if it's true but I believe it,
that because of tax deferred or tax free investments the billionaire
Ross Perot only pays 6% of his total yearly income in taxes.
He understands the value of money and how to plug those leaks....and
that's why he's a billionaire and you and I aren't...yet.
The key to financial planning is cash flow management. You've
not only got to get the cash to flow into your bathtub. You
have to manage the leaks so that there is money left over
at the end of the month (profit.) With this profit you buy
stuff....assets. You may also buy stuff by going into debt.
The object of the money game is to accumulate enough assets
so that eventually the income from your personal assets will
support you instead of your personal skills.
Are you good at turning on faucets? Gotta get those multiple
streams of income flowing into your bathtub.
Are you good at plugging leaks? Gotta plug those leaks.
Are you good at getting stuff? Are you accumulating assets?
Are you good at repaying debts? Gotta stay out of debt.
The better you are at managing and controlling these four
activities, the wealthier you'll become.
Wealth Skill #2. Control your money.Start today to
gain a greater control over your money by doing the millionaire
minute....you'll be amazed.
Skill #3: Save it
Wealth Skill #3 is to save money. Wealthy people love to
save money......you know, to buy things at wholesale. They
never like to pay retail for anything. And now, you know why.
But they don't stop there. You see, anyone can save money
by buying at a discount....but do they save the money that
they save? That's the hard part. A friend of mine quit smoking
and was bragging about the $50 a month she was saving by not
smoking. I asked, "Where is the $50?" She didn’t
know. She had saved the money but she hadn't saved it....put
it away. When you save money by changing your buying habits,
take the money out of your purse or wallet and get it out
of your spending grasp. Put it into a savings jar, and frequently
deposit this money into your savings account. That’s
when you’ve truly save/saved it.
And here’s another tip. Would you like to learn how
to cut your living expenses by 30% in 30 seconds? You would?
Well, take out your credit cards, put one away for emergencies,
and cut up the rest. Statistics have proven that this simple
exercise will automatically and almost effortlessly cut your
living expenses by an average of 30% over the next 12 months.
Skill #4: Invest it
With the money you’re save/saving plus the 10%
of the money you pay yourself off the top, you must learn
how to invest your money at billionaire rates. Anyone can
park their money at 3%. The trick is to get it to grow at
10 to 20%. There are many traditional investments that are
ideal to park your money. At the low end of the interest scale
are bank savings accounts and certificates of deposit. Then,
you have government treasuries and bonds. Up the ladder are
corporate bonds......then the stock market.....and some of
the most popular investments these days.....Mutual Funds.
You should have money in all of these areas. Imagine a series
of buckets where money is siphoned off from your bathtub.
The first bucket should be your emergency bucket. Let your
10% flow there first until you have at least three months
worth of living expenses saved. You'd be surprised how many
people in this country are only one paycheck away from bankruptcy.
Don't let that be you. This money should be in the safest
place possible....probably in an insured bank account....at
the highest interest rate you can find where you can access
to your money within 30 days. Once this first bucket is filled
up, the stream of 10% will overflow into one of three additional
buckets---labeled, conservative investments, moderately risky
investments and very risky investments. If you are older,
you should have more of your money in the conservative bucket.
The younger you are the more risk you can take.
The best way to invest for average people is in Mutual Funds.
A mutual fund is a collection of individual stocks purchased
by a major company and managed by professionals. You give
them a small amount of money, they add it to that of thousands
of other investors and they watch over it for you. You'd have
to have lived in a cave for the past 5 years not to have heard
at least something about Mutual Funds.
Here are a few rules about investing.
The longer you invest (leave your money in the market) the
lower your risk.
invest unless you’re willing to leave it for 5 years
or more. Its sole purpose is to grow and compound. Anything
shorter than a year is gambling.
Remember, it's almost impossible to buy low and sell high
in the short run. So don't play the market.
The key is long term dollar cost averaging.
Dollar cost averaging simply means, you should invest every
single month, regardless of where the market is heading. Don't
even read the newspapers....just buy month in and month out.
Over the long run, this is the best strategy. Do it automatically.
Inform your mutual fund company to automatically withdraw
the funds from your account each month. If you have to decide
each month, eventually you will stop the program and your
future will suffer. Do it every month.
When you finish reading this report, if you're not already
doing so, I want you to go to a news stand, and buy a financial
magazine like Money Magazine or Smart Money or Kiplinger's.
Look for an ad for a Mutual Fund company that is No-Load...which
means no commissions. Look for ads where they will let you
get started for $50-100 per month. Sign up for the automatic
monthly withdrawal.....and get started. If you're new at this,
you'll learn a lot by just doing it. This will turn up your
awareness of the entire process. Soon you'll start noticing
ads for Mutual fund families that really fit you. Then, you
can shift your growing nest egg to the new company and start
to watch your money grow. Once you have gotten your mutual
fund investing program funded and on automatic pilot, you
should read some great books on the stock market like Peter
Lynches classic, Beating the Market. And then, you can start
putting extra cash toward a concentrated program of investing
in individual stocks.
Speaking of that, would you like the richest investor in the
world to manage your money? His name, by the way, is Warren
Buffet. He started in the mid 50's with just a few thousand
dollars and some money from a small group of partners. Over
the next 40 years he turned his initial few dollars into tens
of billions of dollars. His yearly compounded rate of return
on his money is about 20%. If you'd like to buy into Warren
Buffets brains, you can buy into Buffets empire....where he
has about 90% of his own money. It's a stock traded on the
New York Stock exchange.....called Berkshire Hathaway. It
trades at many tens of thousands of dollars per share and
is the most expensive stock on the NYSE. Buffet doesn't believe
in splitting his stock price....so it just keeps getting higher
and higher....as he continues to pile more and more money
in it. (Your stock broker can show you how to buy Baby Berkshires…at
a much more reasonable price.) There are several excellent
books on the market about Warren Buffet. If you love the stock
market, you'll love to read about how this man did it. At
the very least, your goal is to get some of your surplus money
siphoned off into mutual funds and forget them.
Skill #5: Making Money
Making money is an entirely different skill from investing
money. Investing is passive. Someone else does the work for
you.....like money growing in a bank. Making money, Skill
#5, is the entrepreneurial side of money. Are you an entrepreneur?
You should be. Everyone will need to create multiple streams
of income in the future. Families used to be able to survive
on one income in the 50's and 60's. Then, in the 70's and
80's it became necessary for there to be 2 income earners
per family. In the 90's, with the stability of those 2 incomes
in question, with corporate downsizing, re-engineering, or
whatever you want to call it, you need to take matters into
you own hands. You must learn the skills of being your own
boss.....even if you're working for a solid corporation and
plan on retiring there. The world is just too insecure to
make long term plans with one company.
When it comes to choosing the perfect home based business,
use the MoneyTree Formula you can learn in my audio cassette
program, Multiple Streams
of Income. The full program from Nightingale/Conant will
show you 7 extremely profitable home based business you can
start with little capital investment. Any of them could take
your to financial freedom. But, when you are doing several
of them simultaneously, you can accelerate your prosperity
curve dramatically. You’ll love the program. Or your
money back. It consists of 8 jam packed audio cassettes (or
CD’s if you prefer) plus a bonus audio and a special
Study Guide. Call 1-800-525-9000 to find out how you can start
on the road to wealth today.
In the meantime, if you’re going to start your own business,
remember these rules:
Rule # 1. Get on purpose. Do what you love
and the money will follow.
Get into a business that is in alignment with your purpose
and values. Here are the purpose questions:
What are you good at? What do you like to do? What is important
to you? What is your destiny?
Answer these questions before you begin.
Rule # 2. Decide on your ideal lifestyle,
then choose a business.
Rule # 3. Become the best in your field.
Rule # 4. Ride a trend that is on the wax
not on the wane
Rule # 5. Be a copy cat. Don't be the first
in. Don't start a trend. Copy others....legally, of course.
Rule # 6. No se habla employees. Be slow
to hire and fast to fire.
Rule # 7. Constantly economize.
Rule # 8. Avoid overhead like the HIV virus.
Rich people don't buy fancy office equipment to impress. Warren
buffet manages his entire empire from a corner desk in a small
office. He has no computer.....as he once said, "I am
Skill #6: Shield It
Making money is one set of skills Keeping it is another.
As you work toward your financial goals, you will need to
learn how to preserve the wealth you are creating. The new
millennium is an infinitely more dangerous environment for
wealth creation that were the 60’s, 70’s, 80’s
or 90’s. New kinds of street gangs roam the streets
seeking prey.....hoards of attorneys looking for victims to
represent. The worst mistake one can make today is leave large
amounts of personal assets unprotected. You must learn how
to get your homes, cars and business entities out of sight
through Nevada and Offshore
corporations to build a financial fortress around your assets.
This information, which used to be available only for the
super-rich, must be put to use by everyone. Why? Because if
you're practicing your money skills, sooner or later there
is a 100% probability that you will be sued....and any smart
attorney will be able to look in the public record to find
out what assets you have in your name. Therefore, the secret
to smart money is to learn to live like a millionaire but
be a pauper on paper. You used to be able to brag about your
money. Not any more. Today, you don’t want to be a millionaire.....just
to live like one. I, myself, am not a millionaire. Or even
a multi-millionaire. I used to be. But not any more. That
doesn't mean that I don’t know where it is....and how
to get to it. But the public will never know. You must protect
yourself today against the catastrophes of tomorrow.
Here are the eleven basic commandments of financial protection.
1. Thou shalt avoid conspicuous consumption
2. Thou shalt avoid putting assets in your name.
3. The shalt never co-sign a loan for anyone, ever.
4. Thou shalt carry adequate liability insurance.
5. Thou shalt not serve on a board of directors.
6. Thou shalt avoid all "recourse" debt.
7. Thou shalt operate thy business from a corporate entity.
8. Thou shalt not go into business without a detailed business
9. Thou shalt never enter a partnership without a simple,
fool proof plan for getting out.
10. Thou shalt never put all of thy eggs in one basket.
11. Thou shalt always assume the worst. You'll probably be
Skill #7: Share It
Finally, skill seven is to share your money. And this really
is a skill. Remember what I said about the Rockefellers. They
believed that giving their money was essential to their wealth.
And so should you. The secret is that money multiplies fastest
when it's divided. It's all God's money, anyway. You're just
a temporary steward. When you share freely, you prime the
pump of the universe. I encourage you to establish a legacy
that will outlive you. Plant money trees from which others
will harvest the fruit. This is true prosperity.
I have a belief which I have learned from the great billionaires
over the past century. Almost without fail, each of them has
been guided by the following principle:
"Ultimately, the only purpose
for having money is to help others."
So, to review. First you must Value money....then, Control
It....then Save It.....then Invest It.....then, Make It......
then Shield It.....and finally Share It. I don’t think
it's possible to make and keep a lot of money without being
good at these things.
Now, look at that dollar bill one more time. This simple money
seed contains the power to bless you and countless future
generations...if you'll start now. The future is counting
on you. A wealthy future is awaiting you. It's worth the sacrifice.
Let nothing divert you from your task.
It all starts with a single dollar bill.
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