Thinking About Wealth vs. Income
Just remember that you cannot be a broke human being because we all have valuable innate gifts - you may be broken by circumstances - wealth is not necessarily money - but everyone needs money - so be a business owner!
1. Never invest $ with people who have less money than you do
Don’t take advice from them either
2. Lots of “millionaires” are in the comfort zone
They think they’re fine & don’t need more money
3. If they work for your company you might consider letting them go
They no longer have the zest for making a difference
4. Know your own balance sheet every day
5. Check your bank accounts every day
If any employees are stealing from you - it’s only one day before you find out
6. Multiple flows of income are easier to buy than to build
There are lots of tired older business owners who would welcome you as an employee particularly if you may want to own the business one day - so look for businesses in your area that have income & no debt - get to work in it to see if it performs
7. Collaborate with powerful people
8. Managers in your business must like graphs & metrics
If they don’t they don’t want to be held accountable to your business
9. The biggest lie is being told to live below your full potential
10. Use debt to buy income producing assets
11. You will never cut expenses to profitability - but unnecessary overhead is deathly to your business
The lowest your expenses could ever go is $0 - but your income potential is unlimited
12. Poverty buys nothing
13. Every business is in sales/marketing
People don’t want to make mistakes these days, so tells your customers they made the right decision - they’ll give you more referrals
14. Because every business is in sales/marketing, if you have skills that a public relations/advertising employee would be expected to have, you SHOULD be able to get ANY business who does not currently have a full time employee…
in such a position to pay you on a monthly basis to do the same thing (their cost to hire YOU as an independent business person is less than the payroll/taxes/benefits cost of a full time employee in their business!)
15. If you have too much liquid money, you do not have enough income producing assets
If you go bankrupt your cash will be taken, so go all in on your businesses/assets - in the US you don’t go to jail for going bankrupt- the US encourages you to invest in the free market & income producing assets - it’s why so many people came to the US to make a better life for themselves & their families
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