Lesson 1: Decide to Be Wealthy
- For the most part, whether to be wealthy or not is your choice.
- Most people never decide to be wealthy…and never become wealthy.
- Choice is the beginning of all journeys.
Lesson 2: Take Responsibility for Your Money
- Know how much you have
- Where it is coming from
- Where it is going
- What it is doing in the meantime
Lesson 3: Keep a Portion of Everything You Earn
- Pay yourself first!
- Save a minimum of 10% or your ongoing salary and 90-100% of your side earnings.
- Take advantage of the power of compound interest.
- Don’t dip into the nest egg as it grows.
Lesson 4: Win in the Margins
- Two ways to win in the margins:
1 – Earn extra income. Look for ways to make extra income and you will find there are opportunities all around you.
2 – Keep more of what you make
- Four key mindsets that characterize the wealth builder:
1. The millionaire mentality carefully consider each expenditure
- Is it really necessary, or is it possible to get the same effect without using money or using less of it
- Is this expenditure contributing to my wealth or taking from it?
- Is this an impulse purchase or a planned purchase?
2. The millionaire mentality believes that freedom and power are better than momentary pleasure.
- Understand the danger of debt.
- Delay gratification.
- Never borrow money.
3. The millionaire mentality does not equate spending with happiness.
- Equating spending with happiness is the first step toward self-destruction.
4. The millionaire mentality protects his nest egg.
- Careful investing rather than gambling
Lesson 5: Give Back
- Ultimately, the most enjoyable use of money is helping others.
- Giving will warm and expand your life. Hoarding money will make you cold.
- We get back when we give.
- Life is not about money. It is about God, love, family, and relationships.
“Live so that even the undertaker mourns your passing.” – Mark Twain