My 8 Money Mindset Principles to Become Rich
Becoming rich and achieving financial and personal freedom is all about mindset and knowledge. If you want to become rich, the very first thing that must change is the way you think about money.
You must understand money is symptom. It is an outcome.
People are not poor because they lack money. Rich people are not rich because they have money.
Rich people don’t live their lives the way they do because they have a lot of money.
Rich people have a lot of money because of the way the live. their lives.
There is no better example of this thinking renaissance than in my book,
Get Rich in 5 Hours: How to Go From Being Poor to Being Rich
In the book I identify the 6 Life Assets every person has and what to do and not do with them if you want to have a lifestyle of expansion, growth, abundance, and prosperity.
I wrote the book because I wanted to share with everyone how I changed what I was doing with my 6 Life Assets, in particular the Life Asset of Mindset and how it pertains to financial and personal freedom.
No. 1 - Be very very clear on your WHY
1. Take care of my family
2. Help other people
3. Have a life full of personal freedom
No. 2 - Cash Flow Quadrant
Employee Business Owner
Self-employed Investor
· Owners and Others
o A consumer or a producer
o A tenant or a landlord
o An employee or an employer
o A Spender or an investor
No. 3 - Money is not the root of all evil. It is okay to love money
No. 4 - You either grow or you die
No. 5 - View money as a multiplier – What would you do with a $1,000,000?
· Loan it out
· By a rental property
· Invest in yourself-education with a coach, take a Seminar, online course, Join a paid Mastermind group
· Start a business
· Use it to Monetize your own knowledge and skills through coaching services, paid masterminds, digital courses, etc.
· Buy products you can sell for a profit
· Flip a house, car, or business – it can be someone else’s, become a broker
No. 6 – If you want more money, then solve bigger problems
The Law of Compensation
“The amount of income and goods you receive is in direct ratio to the need for what you do, your ability to do it and the difficulty there will be in replacing you.”
THE LAW OF INCOME
“Your income is directly proportional to the value you bring to other people”
Joe Herbert
“You must work smart and hard over time bringing value to other people”
Airbnb, Uber, Amazon
Zewe deal, Hoffman deal in Millcreek
Next Level Mastermind
No. 7 - The 4 types of Leverage
1. Other People’s Time
2. Other People’s Money
3. Other People’s Knowledge
4. Other People’s Property
No. 8 - Get Other People’s money instead of earning it yourself – leverage OPM
Get $1 from a million people instead of trying to earn a million on your own
· Find a private lender and borrow their money
· Become a Private lender and collect interest
· Rent other people’s stuff to other people – Uber, Airbnb, jewelry, clothing, purse swap, etc.
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