"The way to wealth, if you desire it,
is as plain as the way to market.
It depends chiefly on two words,
industry and frugality; that is
waste neither time nor money,
but make the best use of both."
Benjamin Franklin
The Ten Minute Millionaire
In the previous chapter you learned how easy it could be for you to be financially free. A few dollars a day compounded over a long period of time….anyone can do that. You COULD--but WILL you? Do you have the WILL for it? It’s easy to dream. But do you have the discipline to do it…..a dollar at a time? To weaken your will, the World of Stuff beckons…. “Buy this. You need this now. Spend, spend, spend.” What do prosperous people do when faced with the relentless siren song of instant gratification?
Prosperous people practice seven financial secrets. I call them secrets not because very few of us are aware of them, but because very few of us use 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. Wouldn’t that be nice? 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
Throughout this book, you’ll learn how to cut through the blinding blizzard of financial information swirling around us every day and focus on the 7 essential money skills that will take you to financial security. I call these skills MoneySkills.
Share
Shield
Make
Invest
Save
Control
Value
The first three Money Skills form the foundation of all financial success. Without them, none of the other skills have power. If you don’t value money, you won’t make the effort to control it. If you can’t control it, you won’t be able to save it. And if you can’t save it, there won’t be any surplus to invest. If you don’t understand investing, you’ll be a less effective entrepreneur. Therefore, you won’t have any to shield. And if you don’t have any to shield, you won’t have any to share.
Now, you may be tempted to skip over this chapter and get to the real “money making” chapters, but please be patient. This is the foundation building stage of financial freedom. For many years I have taught real estate investing seminars where people learn how to buy millions of dollars worth of property for little or no down payment. I find that a certain percentage of people can buy the property but then, don’t know how to manage the cash flow of the property they are buying.
I remember one of these students who was especially impatient. He didn’t want to waste time learning basic money management skills. He wanted to make some “real money” and then, he could hire someone to take care of his money. By asking him a few pointed questions, I discovered that his personal finances were in a shambles. Here was a person, living in financial chaos, lacking the discipline to even balance his own checkbook, who could hardly wait to acquire a 50 unit apartment building so he could get rich quick. If he thinks his money problems are bad now, wait till he adds the problems of managing a 50 unit apartment building. That would multiply his financial chaos by 50!
So, no matter where you are....whether you're starting from scratch or doing well financially.....we're going to start at the foundation and build sound financial management skills. Then, we move to the next stage of wealth. I want you to build on a strong foundation of proven financial strength. If you can manage the pennies in your life, they you’ll be ready to manage the millions that will soon be flowing into your life. But in you can’t manage the pennies, even though the millions may come, you won’t be able to hang onto them. For proof, I simply point to the dismal experience of lottery winners. If they had simply followed the ideas in this chapter, many of those lottery millionaires, instead of being broke, would be multi-millionaires today.
is as plain as the way to market.
It depends chiefly on two words,
industry and frugality; that is
waste neither time nor money,
but make the best use of both."
Benjamin Franklin
The Ten Minute Millionaire
In the previous chapter you learned how easy it could be for you to be financially free. A few dollars a day compounded over a long period of time….anyone can do that. You COULD--but WILL you? Do you have the WILL for it? It’s easy to dream. But do you have the discipline to do it…..a dollar at a time? To weaken your will, the World of Stuff beckons…. “Buy this. You need this now. Spend, spend, spend.” What do prosperous people do when faced with the relentless siren song of instant gratification?
Prosperous people practice seven financial secrets. I call them secrets not because very few of us are aware of them, but because very few of us use 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. Wouldn’t that be nice? 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
Throughout this book, you’ll learn how to cut through the blinding blizzard of financial information swirling around us every day and focus on the 7 essential money skills that will take you to financial security. I call these skills MoneySkills.
Share
Shield
Make
Invest
Save
Control
Value
The first three Money Skills form the foundation of all financial success. Without them, none of the other skills have power. If you don’t value money, you won’t make the effort to control it. If you can’t control it, you won’t be able to save it. And if you can’t save it, there won’t be any surplus to invest. If you don’t understand investing, you’ll be a less effective entrepreneur. Therefore, you won’t have any to shield. And if you don’t have any to shield, you won’t have any to share.
Now, you may be tempted to skip over this chapter and get to the real “money making” chapters, but please be patient. This is the foundation building stage of financial freedom. For many years I have taught real estate investing seminars where people learn how to buy millions of dollars worth of property for little or no down payment. I find that a certain percentage of people can buy the property but then, don’t know how to manage the cash flow of the property they are buying.
I remember one of these students who was especially impatient. He didn’t want to waste time learning basic money management skills. He wanted to make some “real money” and then, he could hire someone to take care of his money. By asking him a few pointed questions, I discovered that his personal finances were in a shambles. Here was a person, living in financial chaos, lacking the discipline to even balance his own checkbook, who could hardly wait to acquire a 50 unit apartment building so he could get rich quick. If he thinks his money problems are bad now, wait till he adds the problems of managing a 50 unit apartment building. That would multiply his financial chaos by 50!
So, no matter where you are....whether you're starting from scratch or doing well financially.....we're going to start at the foundation and build sound financial management skills. Then, we move to the next stage of wealth. I want you to build on a strong foundation of proven financial strength. If you can manage the pennies in your life, they you’ll be ready to manage the millions that will soon be flowing into your life. But in you can’t manage the pennies, even though the millions may come, you won’t be able to hang onto them. For proof, I simply point to the dismal experience of lottery winners. If they had simply followed the ideas in this chapter, many of those lottery millionaires, instead of being broke, would be multi-millionaires today.
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