Daily Motivations - HOW TO GAIN FINANCIAL INDEPENDENCE FAST

Episode Date: August 23, 2022

"To become financially independent, you must turn part of your income into capital; turn capital into enterprise; turn enterprise into profit; turn a profit into an investment, and turn the investment into financial independence." 2. "Formal education will make you a living; self-education will make you a fortune."                  Financial Freedom Quotes “The speed of your success is limited only by your dedication and what you're willing to sacrifice” ― Nathan W. Morris “Nothing has meaning except for the meaning you give it.” ― T. Harv Eker, Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth “If we were not impressed by job titles, suits, and jargon, we would demand that financial advisors show us their personal bank statements before they tell us what we could or should do with our own money.” ― Mokokoma Mokhonoana Instagram - @daily_motivationsorg     Facebook- @daily_motivationsorg Interested in sponsoring this show reach out to us via [e-mail] Speakers: Jim Rohn Grab your Ultimate Female Body Fitness Guide Ebook  copy now at an exclusive 50% off discount  https://selar.co/42zb40?currency=USD Kindly Support Us Below to sustain future episodes. Support the Show.

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Please play responsibly. If you have questions or concerns about gambling or someone close to you, please contact Connex Ontario at 1-866-531-2600 to speak to an advisor free of charge. BidMGM operates pursuant to an operating agreement with iGaming Ontario. Mr. Shove told me when I was 25 and first met him, he said, Mr. Owen, in my personal opinion, financial independence is a worthy goal. Now, he really said that for a reason, because a lot of people are having problems with financial independence simply because they have some moral issues really confused in their minds about the value of money or the danger of money or having too much money or that the true values of life are not wrapped up in money so money really doesn't matter that much and some people have some problems in this area and I'll admit I had some.

When I first started making more money in one month than my father made in one year, I was, at first, I was very disturbed by that. And guess what? For a long time, I wouldn't even tell my parents. I didn't tell them. I said, what are they going to think? I make more money in one month than my father makes in one year. How can I tell them. I said, what are they going to think? I make more money in one month than my father makes in one year. How can I tell them? And I was really confused about that. I was really

bothered by that for quite a while. I think it was several months. No, because here's when it ended. I finally worked up the courage to tell them how I was doing I can't remember now just how I put it I was just trying to figure out some way to put it right to break the news to them so it wouldn't be too great a shock when I told them what I was doing and what was happening

and what was going on they were just incredibly delighted they were terribly happy terribly excited and I discovered that I'd worried and been bothered all those months for nothing. Because I had this in my mind, how am I going to justify? How am I going to, you know, work this whole thing out? How are they going to feel? And sure enough, I had just conjured all this stuff up in my mind and it really was not real but some people really have some

problems on financial independence because they feel that the morality of earning lots of money is is a very valid question every once in a while someone after my seminar says i think you talk too much about money success and that's not where the good life is the good life is not just money and success and making a lot of money and doing well financially and I understand that I really do and I have pondered those subjects all these years and I don't want it to make it seem like just going for money or financial success is where the true values are they are not and hopefully in my seminar I've got enough in there to try not to mislead people that I'm just thinking

of financial success. But, so Mr. Shope said to me, in my opinion, financial independence is a worthwhile objective. He said, here's why. He said, Jim,

once you get money out of the way, you can't believe the other dimensions of your life you can work on. Once you solve the money problem

he said now you'll have the time more time to work on certain other projects of your life that will really start to grow and expand. So he said

for that reason I think financial independence is a worthwhile objective. And I know part of it's a moral question. There is a Bible phrase that says, the love of money is the root of all evil. But I'm sure the phrase is probably more correct in saying, the love of money.

The love of money. Now, when I did start getting some of those big, big bonus checks way back in those early days, my first crack at money, right? I wasn't too worried about, you know, whether or not it was going to ruin me. One of my friends, right, his wealthy friend,

when he started making a lot of big money, he said, Robert, I don't know if I should give you all this big money or not. Because, you know, money's ruined a lot of people. And Robert said, just try me one time. I mean, let's just see. So we're all willing to go through it, I'm sure, that first time. But I know it is a moral question. Sometimes it's something you just have to wrestle with.

But here's what I found out. Financial independence is not something you have to throw away all of your values to acquire. You don't have to throw them all away. Now, you could. And that would be foolish. If there's a half a dozen major values and you threw away five to go for one, see, that would be foolish. But in my opinion, you really don't have to

but now in the moral question for those who press me a little bit about talking too much about money and finance welcome to daily motivation where you get motivated and inspired being successful i have another question in response sharpening up my debating skills. And here's my question. If you could do better, should you? That's pretty good. On my side of the debate, right?

If you could do better, should you? Sometimes people use the moral question as an excuse to be lazy and not to improve then on the other side part of it is just

the challenge to see what you can become regardless of what the amount is a man said to me one time well Mr. Owen I'm making about $50,000 a year isn't that enough what you can become regardless of what the amount is. A man said to me one time, well, Mr. Owen, I'm making about $50,000 a year.

Isn't that enough? And I said, yes, it's enough if you're bumping your full potential. But if you're capable of half a million dollars a year, you're somewhat of a loser. See, it's not the amount that counts. It's the extent of your reach that counts.

That's what we want to do. Employ the the extent of your reach that counts. That's what we want to do. Employ the full extent of our reach. Whatever that amount turns out to be. If it's 5,000 a year, wonderful. If you're really extending yourself economically, doing the best you can, and those numbers turn out to be 5,000,

wonderful. If it's 50,000, wonderful. If it's a half a million, wonderful. As long as you're extending yourself, your mental, personal capacity to its limit, whatever those amounts are, those are the amounts. Because Mr. Schultz had this simple, simple philosophy. How far should you go? Answer, as far as you can. How much should you learn? As much as you can. How many books should you read? As many as you can. How much should you learn? As much as you can. How many books should you read?

As many as you can. How much should you earn? As much as you can. How much should you share? As much as you can. What should you accomplish? As much as you can. That's a good philosophy.

What could I do in comparison to what I am doing? What could I do to extend my reach? Am I fully employed? Good question. And I think that's the answer to some of the moral question. If you're properly using your eight hours and you're extending yourself and you're doing your best, whatever that amount is, that's the amount. But financial independence is a worthwhile goal. If you can finally

set money aside as being such a major object in trying to accomplish and paying the bills. And Mr. Shovel said to me, Mr. O'Neill, I think the only way to get money out of the way is to have plenty. So, I went for that.

Here's what also I found out. The time you've already set aside for labor is enough time to become wealthy. If you're working 8, 10 hours a day, that's about it. You can't put in more than about 8 or 10. But see, if you better utilize that 8 or 10, and you double, triple, quadrupled your income, see, that would be okay. Just better utilization of the time you're already spending laboring, just a better use of it.

Now, see, if you start throwing your health away by going for the money and working 20 hours a day, and slighting all your friends and walking away from your family. See, now you've lost all the other values to go for one and that would be, in my opinion, shortchanging yourself. But financial independence, let me give you just a few clues on financial independence because part of it depends on the plan you have.

It isn't necessarily how hard you work or whatever else you sacrifice to go for it. You really don't have to do that. Most of us live long enough, and especially in this country of unique prosperity, we have chances enough to fairly quickly, before too long, solve the money problems of our life. One of the major reasons why most people don't is because they're operating on the wrong plan. And here's the key. It's not so much what you earn as what you do with what you earn. It's not so much what you earn as what you do with what you earn.

I think according to the latest figures, the average person in this country now, in a working lifetime, makes half a million dollars. Average. In a working lifetime. The question is, at the end of the working lifetime, where is it?

Now, see, some people have got it, and some people haven't got it. Right? They both earned it, but they both didn't keep it. And part of it is just simply operating on the wrong plan. For financial independence,

here's a good book to get to start giving you some ideas. It's called The Richest Man in Babylon. The Richest Man in Babylon by Clayson, George Clayson.

It's a good book to start with on financial independence. Neat little story. Give you some great ideas. Here's the theme of the book, The Richest Man in Babylon. Learn to live on 70% of your net income. This is just a suggestion plan. Learn to live on 70% of your net income. Now, net simply means after taxes,

because that's the only money you get to see anyway, right? Jesus' master teacher said, pay Caesar first. And in this country, Caesar takes it before we ever see it, right? So, Caesar gets paid. But those were the instructions.

Pay Caesar first. Okay? Give Caesar what belongs to Caesar. In translating this into kids language we call it the care and feeding of the goose that lays the golden eggs everybody's got to be taught

the care and feeding of the goose that lays the golden eggs you don't tear up the goose and divide it up guys that got me a handful of feathers oh no somebody else says I got me a handful of feathers oh no somebody else says I got me a wing oh no poor goose we don't have a goose very long

you must care and feed the goose that lays the golden eggs and you say well the goose eats too much well that may be true maybe we all pay a little too much in taxes I'm sure right the president is trying to get through the congress

some way to reduce our taxes so the goose won't eat too much and I every goose has an inclination to eat too much right the government spends too much money

the goose is overweight. I understand that. But we're all a little over. Right? Everything by longevity tends to get off course. Everything. Everything needs to be corrected. And that's just part of life.

The longer something goes, the more tendency it is to eat a little too much indulge a little too much try to gather up a little too much power you know that's just natural right and the government's the same way you hire somebody to be a servant in your house now they want to take over you say no I hired you to take out the trash

not to run the house but sure enough by longevity, right? People just gather up, gather up, gather up. You know, more power and whatever. And then it's got to be corrected put back in place, put back in place. Everything needs to be corrected.

Our diets, our lives our friendships, marriage everything tends to get off course. Goes along pretty good and starts to drift. Got to bring it back, starts to drift. Bring it back, starts to drift. That's just part of life.

So the goose does overeat. I understand that. And perhaps, you know, we do pay too many taxes. And the government does, you know, spend some of our money a bit recklessly. I understand that. But see, Jesus did say you've got to take care of Caesar. Because part of Caesar's responsibility is to be the goose that lays the golden eggs.

We do have to have a society. We do have to have a government or you have no market. And among the governments of the world we do have to protect ourselves. Somebody's got to pay for the radar. And the Polaris submarines and the B-52s

and the missiles somebody's got to pay see I don't mind picking up my share of the radar you know and hire somebody to watch it and make sure they stay over there you've got to do that. So you've got to care and feed the goose. Mr. Shoaff taught me to be a happy taxpayer. Now that was a whole new thing for me. Be a happy taxpayer, not a reluctant taxpayer.

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And in this country, of course, you know, for a portion of our incomes, maybe it's a little too much, but pay it happily anyway. You know, maybe they'll straighten it out and it'll come down a little bit. Well, whatever. Just pay it gladly. To know that we've got to have the Army and the Navy and the Air Force and the submarines and the battleships. We've got to have a show of strength.

We've got to be a leader among the free world. We really do. And all that's got to be paid for. So I don't mind picking up my share. And everybody ought to pay their share. In my personal opinion, the poorest of the poor ought to pay federal income taxes. If it's only a dollar a year, so they have the sense

of contributing to the care and feeding of the goose instead of just taking. They also contribute at least a dollar a year, the poorest of the poor. So that they have a sense of helping to pay for the safety and the security of the country. Because see, with our present Navy and Army and Air Force and the governmental structure

and what safety we do have around the world, keeps us here secure in our homes, right, where we can work and enjoy each other's, you know, commerce possibilities, trade goods and services, and make money, enjoy ourselves, and have a party. Now, if somebody's willing to do all that out there while we're here having fun,

making money, and having parties, I don't mind picking up my share of the tab. Okay. So, Caesars So, Caesar's first. Pay Caesar first. Then, what you got left after Caesar needs to be divided up. And the book,

The Richest Man in Babylon gives you some suggestions on how to divide up your money and where to put it so that you'll have a good plan. Everybody needs a financial plan. Because here's how you surely wind up broke. Spend all you make.

So you just wind up broke. Now in those early days way back there, I spent more than I made. That's why I'm making it down to budget. Finance. To finance the deficit in my spending. Okay. Some suggestions on what to do with the money you've got left now after taxes.

One is learn to be enterprising. Profits are better than wages. Everybody should turn part of their income, even if it's from wages, into capital and become a capitalist. The healthier the country becomes

is going to be a result of more and more people becoming capitalists. Not just letting big business be the capitalists. Now communism teaches that all capital should be in the hands of the state. And we should take it out of the hands of the individuals

because they're too dumb and stupid to know what to do with it. All we want them to do is just show up and do their work and go home and behave themselves and stay out of trouble. And we will take care of the capital, the government. Now see, in this country we don't believe that. Communism teaches everybody should blend into the mass to the glory of the government. Now see in this country we don't believe that. Communism teaches everybody should blend into the mass to the glory of the state. And we all

say heck with that. The state is the servant and all glory to the individual. That's what we believe in capitalism. Take the capital and divide it up among all the people and let the people start a business and start this thing going with

commerce and interchange of goods and services and you will create a dynamic society unprecedented in the history of the world. And we've proven that that's true. But see, communism says give the state all the capital. And we don't believe that. We believe that everybody ought to be capitalist. Use it in their own way. They'll think

of things the state can't think of. and they'll react much quicker than the state will right the state's always two three four years late government's always late and they always spend too much money right capital ought to be in the hands of the individuals now if you don't use capital and become a capitalist and you don't and you don't and you don't and everybody doesn't pretty soon guess what now the capital will all start going toward the state because the society has to survive. Okay, now these are just some of my personal opinions, but I'm entitled to those, right? I don't even claim they're right. I just claim they're my opinions. That way I'm off the hook.

But anyway, be a capitalist. make sure you've turned part of your income into capital and see you can teach kids how to be enterprising and capitalist from the time they're little just little kids

you'll teach them how to have two bicycles one to ride and one to rent to earn money One to ride and one to rent. To earn money. Okay. And teach kids how to earn money.

Not just get a job. Teach them how to be enterprising. Teach them how to sell. One of the best ways to learn about life is just get out and sell something. And little kids can sell. Teach them how to buy a bottle of soap for $2 and sell it for $3. Right down the street. Your market's next door. You don't have to go very far.

Teach kids how to knock on doors. Say, Ms. Brown, I got this soap. It's the finest in the world. Teach them how to do that, and then teach them all the advantages of being a kid. Some people will buy from you just because you're little. They will. It's an advantage

and the littler the better so you teach them how to be little and you've got to hurry because you won't be little forever right get out there and take advantage right so a little kid knocks on the door and says miss brown i've got this soap it only costs three dollars and it's the best there is and I'm your neighbor I can take care of you you should buy it and besides I'm little Ms. Brown says hey I appreciate you

coming by that's really nice I appreciate that but look I've already got plenty of soap little kid says well let me come in and check. See, kids don't mind doing that, right? I mean, they know how to overcome objections. You don't need to give them classes.

They're incredible. Now, little kid makes a sale, got $3. Now what you got to do is not only teach him how to earn the $3, how to get the $3 by making a sale. Now you got to teach him what to do with the money. Now, it's very simple what to do with $2 teach them how to earn the three dollars how to get the three dollars by making a sale now you got to teach them

what to do with the money now it's very simple what to do with two dollars right set it aside so you can buy another bottle of soap kid says

well that makes sense otherwise you'd be out of business that's right and I know some adults are a little short on that information

so you got to set aside two dollars kid says okay then I got a dollar to spend say no no if you spend that you'll wind up like most people age 65 broke and then take them to that part of town where people are 65 and broke and show them let them walk around the neighborhood drive around and the kid says well i don't want to live like this say fine now here's what you do with your money you just got to show

sometimes you got to go and touch and look and see what you don't want so that you'll make arrangements over here not to ever be there

what was that little movie that movie they came out with where they took the kids to the jails scared straight let them visit with the prisoners right

and first hand they looked around saw these bars in the jail, prisons, talked to some of the prisoners, and firsthand got somebody to say, whatever you do, don't come here. Now, that's not some minister saying, don't go there. That's the man saying, don't come here, whatever you do. Let me show you what it's like here's where I have to sleep I can't get out

I've got 15 more years to spend here kids eyes get about this big saying I don't ever want to wind up here see that's good right and to teach us all

we've just got to go where it is where people have had the wrong plan and that's sad right to look back and say I picked up the wrong plan at age 20 look where I am who talked me into this plan I bought the wrong plan so then the kid says okay what do I do with my dollar say here's what you do with your dollar ten cents is for the increase of capital

and everybody ought to have the same plan ten cents out of every dollar should be for the increase of capital now see the kid understands this right away he says well that's true

if you saved up your dimes and could buy two bottles of soap instead of one you save yourself a trip that's right now not only do you save yourself a trip some people will sell you two bottles cheaper than one you buy one bottle for two dollars they sell you two bottles for $3.80

kid says how clever then when you sell it you make more money that's right that's why you've got to accumulate your capital because everybody benefits from it they get to sell two bottles instead of one at a time so it's better for them and it's better for you

and it's better for everybody now you're starting to teach commerce capitalism how to earn money how to be responsible and mainly what to do with it Everybody. Now you're starting to teach commerce, capitalism, how to earn money, how to be responsible, and mainly, what to do with it.

Here's another ten cent. Another ten cents is to give. Charity. I really should have put that first. Right after Caesar, Jesus said, pay Caesar Caesar first then pay God charity some churches teach 10%

that's good like give it to the church and let the church distribute it however or distribute it yourself whatever but make sure you put back part of what you take out charity some people are less fortunate some people you know

live tragic lives and they need our help so 10% set aside to help those that are unfortunate cannot help themselves 10 cents for giving and a good time to learn 10 cents for giving is when you're little. Because it's pretty easy to flip a dime out of a dollar. What's a little more difficult is to give a hundred thousand out of a million. Somebody says,

oh, if I had a million, I'd give a hundred thousand. I'm not that sure. That's a lot of money. We better learn it now just in case, you know, you get the big stuff and won't turn loose of it. So better learn it now just in case, you know, you get the big stuff

and won't turn loose of it. So develop the habit now of the ten cents, right? Kids should learn the first dollar you get, you should learn how to divide it up. Because if you let a kid, when he gets his first dollar,

spend it all, you've already started them on the wrong habit pattern. Now what if they do that the rest of their life? They will be in serious trouble. So you've got to teach them what to do with the first dollar, the first dollar, or as quickly as possible correct what might be wrong. So 10 cents for charity, 10 cents for

the increase of capital, and 10 more cents is for investing. Now at first, use that ten cents. The richest man in Babylon says use ten cents to pay off all your bills, which is good. Now you can start using it for investing. Pay off all your bills first. All the little accumulation of credit cards and all that stuff.

There's a Bible phrase that says the borrower is servant to the lender. And as quickly as possible, you don't want to be a servant anymore what you want to be is a lender not a borrower get on the other side of the table as soon as you can the borrower is servant

to the lender now once you've got all those little bills paid off the borrower is servant to the lender. Now, once you've got all those little bills paid off, just cleaned up all the little bills, Arnold's, linoleum, everything, all that stuff, just clean all that up. Now you've got some money to invest.

Now here's where you should invest some of your money, in financial institutions, so that it provides a larger capital pool for successful people to borrow and start big businesses that you at first can't start. Build big factories and employ lots of people. There needs to be a collection of capital so that people can borrow it. Guess what they will do when they borrow your money? Pay you for the use of it.

So you teach kids how to put their money savings accounts financial institutions in Australia not long ago a man said to me I'm recommending everybody put their money in gold take it out of all the banks

I said then you'll bankrupt the country you can't do something and teach everybody else that's going to bankrupt the country you can't be totally self-protective you must care and feed the goose that lays the golden egg to everybody else that's going to bankrupt the country. You can't be totally self-protective. You must care and feed the goose that lays the golden egg. If you're going to drive

on the society's streets and if you're going to drive on and walk on society's sidewalk and indulge in society's commerce and goods and services in the community, you've got to do your share to care and feed the goose. You can't grab yours and put it in gold and hide it and put it in the ground, because if everybody did that, we would have no society. So you can't teach

something that if everybody did would wreck the whole thing. He said, well, I never thought about that. I said, that's obvious. Right? Now, you must. You must think. You must ponder. What's going to help all of society? Somebody says, well, I'm going to grab everything I got, barricade myself, go off to a cave in the mountains,

and wait with a gun. Well, if everybody did that, then the world would be over. And God would have to start all over again. Which he's done on occasion. But most people didn't enjoy the process. So what's going to help everybody? What's going to help commerce? What can I do on my part on taxes and my part on savings and my part on helping financial institutions that will build businesses and employ more people

and keep the health of the country going and alive right, you just have to think not just about yourself right, self-thinking is for the development of skill now we need to think also outward about what can I do my part, my ten cents, my percentage. And you can teach this to kids.

Put your money in financial institutions. Kid says, well, do you get it back? They say, sure you get it back. They borrow it for a while and give it back to you. And they also pay you interest on it. Pay you money for using it. Kid says, how clever. And then you give them the blockbuster.

He says, yeah, but what do they pay kids? And you give them the good news. Same rate as they pay adults. Now you can start acting big. Because now, number one, you are a lender instead of a borrower, and you're getting paid as much as adults. Even if you're 10, they pay you the same percentage. It's just, wow. Now then, you also have to teach kids how to be happy taxpayers, because kids become taxpayers as soon as they spend money. They go down to the local store, spend 50 cents.

Shopkeeper wants what else? Three more cents. Kid says, it says 50 cents here. Says, it's 53 cents. You got to give me three more cents. Kid says, what's that for? Who gets that money? Now at age 10, he's a taxpayer.

Three cents he's got to cough up out of his hard-earned money. He earned it. The shopkeeper says, you've got to give me three cents. It's taxes. Little kid says, well, I'm only 10. Doesn't matter. At 10 you become a taxpayer. Now you've got to teach kids how to be happy taxpayers and what the three cents is for otherwise they will be confused. So you teach them

what the three cents is for. See the sidewalks and the streets everybody can't make their portion of the street. You don't have the equipment so what we do is we all gather up this money from all of us and we pay somebody to build these streets and these sidewalks.

So you have something to ride your bicycle on and you can go places. Kid says, well, that makes sense. Then here's my three cents. I'll make my contribution. It's part of the care and feeding of the goose that lays the golden eggs. And then you also teach kids.

See the police car going there? You own that. It's yours. And the guy in it's one of your servants. Servant. Called public what? Servant. So at age 10,

you got some servants. Servant. Taking care. Keeping the bullies away. servant so at age 10 you got some servants servants taking care keeping the bullies away when you get in trouble give a call see once kids understand once people understand

where the money goes what's it for make the happy contribution divide up your money gladly instead of reluctantly okay then you can just change a lot of this inner turmoil.

And you get more excited about participating and doing your part and learning skills and growing so that you become an incredibly unique part of society rather than a reluctant part and a foot-dragging part and an unhappy part and a miserable part. And you do it with animosity instead of joy. You can imagine what the complex of society and how it would change if everybody had those feelings.

But if enough of us do, we will be able to affect all the others, at least in some measure. What you do with your money. So now we've got 30% set aside. Learn to live on 70. Okay?

Caesar first. Then God. 10 cents for increase of capital. 10 cents to invest. Live on 70. Now once you get doing extremely well, you can even start living on less and less and less. Because the amount is more and more and more.

Now, a few more tips on financial independence and we'll take our first break. Here they are. Number one, if you haven't done it in a long time, put together a financial statement on yourself. A financial statement simply is a piece of paper divided in half and on one side is all the list of your assets.

The value of your assets. On the other side of the paper is all that you owe called liabilities. Then you subtract one from the other and that now is called your net worth. Mr. Schofast, have you put together a financial statement recently? I said,

I never have put together one. He says, well, now is the time to do it. And I wasn't too happy about putting together that first one. I said, well, it's not going to look that good. He said, it doesn't matter how it looks. You got to have one. To get where you want to go, first of all, you got to know where you are. Say, where am I without kidding anybody? Okay, now this first financial statement, you don't have to publish it in a public record it's for your own private eyes to see but you got to see where you are take a look now when i put my first one together i had no problem on the liability side i mean that was long list budget finance all they were all on there money i'd borrowed from my parents i mean it was all on there right

on the asset side though i really started scraping the bottom of the barrel i put the value of my shoes on there i put shoes there was 10 bucks at least right i mean i'm scraping so i won't look so bad right but anyway so if you putting together your first one right you know whatever you got to do make it look as good as you can but also make sure it's accurate and make sure you take a good look

at where you are now then play this financial independence program like a game be delighted in reducing your liability and increasing your assets once I got the hang of this I started putting together

a financial statement about every 30 days. Sometimes even less. If I knew the picture had changed quite a bit, I'd draw me up a new financial statement. So I could put away the old one. Here's the new one. You just play it like a game.

And then learn to be excited about reducing your liabilities. Shope taught me how to pay my bills with enthusiasm. Now, see, that was a whole new thing for me. He said, the next time you pay $100 on an account, put a little note in there and say, with great excitement, I send you this $100. He says, you won't believe what it'll do on the other end right when they get that note but he says most important of all you won't believe what it'll do on your end

now starting to part with your money with with with excitement with enthusiasm he started changing my whole opinion about money and about paying my bills and about capital and learning to live within restricted limits. He got me excited about it. And see, a big part of what you do with your plan is going to be your attitude about it. So develop a whole new attitude

about your money. Remember, it's not the amounts that count. It's the attitude and the plan. He got me to open up my first savings account. And he said, go down there with excitement and open it up. I'd never had a savings account. So I told him, I said, well, I don't have any money to open up a savings account. He said, have you got $10? I said, yeah, I got $10. He said, then go get it open.

It's not the amount. It's the plan plan so I marched down to the bank and opened up my first savings account now that took a little bit I'm a grown man and I said to the lady that waited on me there at the bank I said I want to open up my savings account she said fine what's your name

I said Mr. Rohn she said Mr. Rohn just fill this out I said okay so I filled it out I said there it is she looked it over and she said that's fine she said how are we going to get this started I said to put 10 in she said 10 what I said 10 dollars now Shofstead be enthusiastic

now see I had trouble there I'm 25 I'm married my family's starting I'm working and I've been to college and I'm opening up my first savings account

with only $10 now that was tough but Shofstead swallow hard and just go do it do it with excitement because it'll change it's the plan that counts

not the amount wow so I put the $10 in I said hey this doesn't look like much Just go do it. Do it with excitement because it'll change. It's the plan that counts and not the amount. Wow. So I put the $10 in. I said, hey, this doesn't look like much, but I said, I'll tell you what. Before long,

I will have the largest savings account in this bank. She said, well, you say so. Guess what? Within less than two years I had the largest savings account in that in less than two years

Shof was right it wasn't the amount it was the attitude it was my new plan I got excited about rearranging my life putting it together here's a couple more I got excited about rearranging my life, putting it together. Here's a couple more.

Keep strict accounts. Have you ever heard the old expression, I don't know where it all goes? Let me give you probably one of the most important phrases of the whole weekend you've got to know where it all goes you just got to know the Rockefeller boys said their father, grandfather grandfather made them keep track of every penny they got and where it went. It's called habit.

You just gotta know where it's going. What's happening. Get a handle on it. It's part of how you become financially independent. Because I found out even early in the game when I was making some pretty good money, I found out you could make $5,000 a month and go

broke. Somebody says, how could you go broke making $5,000 a month? It's easy. Spend $6,000. And nine months from Thursday, it's over. If your outgo exceeds your income, your upkeep becomes your downfall. You've got to know where it goes. So keep strict accounts. Now then, when you can start investing, start a little business on the side, do a little buying and selling. See, some of the people just got incredibly wealthy in this part of the country, right? In real estate in the last 12, 15 years.

Unbelievable. Be on the lookout for buying. Now, collectively, for us, you know, in doing business, we have somebody who specializes in looking for investment. But until you can afford that kind of luxury where people can look and find places, you know, to put your money to get best advantage of making it useful as well as making money. You've just got to be sharp enough on your own to do some buying, do some selling. Now, see, you can even teach kids how to make proper investments. What if kids bought light bulbs three years ago and just put them aside, put them away? Went down the safe way and bought them.

And brought them home, put them under the bed, put them in the closet. Three years ago. What are they worth today? Two or three times as much as they were three years ago. How would you like to make that kind of return on your money? Incredible. Kid says, light bulbs, I never thought about that. Just buy some and set them aside. Buy one, buy ten, buy a dozen, buy a hundred, save up your money, put them in light bulbs, set them aside.

Okay, three years later, now you've got some light bulbs to sell. At an incredibly inflated price. Kid says, yeah, where do you sell light bulbs? Same people that are buying your soap, just right down the street. Financial independence. Put your plan together and get your family excited about it. Get the kids excited about it. Husband excited. Get the wife excited. This is something that if everybody works on, if everybody has a financial statement, if everybody's knowing where it's going

and everybody has a celebration every once in a while when the assets are going up and the liabilities are coming down and the net worth is changing, make it a source of celebration. Right? We're among an incredible group in comparing financial statements.

I think the major guy in our group is worth about 50 million. So, you know, he informs, he becomes an incredible incentive for the rest of us. It's nice to have somebody around, right, that's carrying that kind of heavy, right, that gives you something to shoot for.

You're looking, say, I'm looking pretty good. And then you see somebody else's financial statement well i got a little ways to go but anyway play it like a game get excited about it develop the skills and how to earn money thinking of enterprises investments developing more skills so you can earn more money but then have an incredibly excellent plan on what to do with your money and sure enough very quickly very quickly, the first year, the second year, the third year, you can't believe the changes that'll start to be made. And the major change, of course, is in your own self-confidence. And that's where riches come from,

self-confidence. It's not the growing bank account. It's your growing awareness that you're in charge. You got a plan. You're on track. It's changing because you changed it. It's different because you made it different. It's growing because you changed it. It's different because you made it different. It's growing because you made certain commitments to yourself. And those kinds of feelings are where the treasure is. Because the true treasure is in personal development. Happiness is not contained in what you get. Happiness is contained in what you become.

But sure enough, what you become is related to what you get. Happiness is contained in what you become. But sure enough, what you become is related to what you get. So you can take a look at what you've gotten and have great satisfaction that you're the one that designed it. You're the one that defined it.

You just didn't let it drift and drift and get into trouble. You made the changes. You made the hard decisions. So for your own financial independence, get the book,

get some other books, do some reading, make it a game, play it, have a plan, change your attitude, become a happy taxpayer, pay your bills with enthusiasm, put all this together, and I'll tell you what, it'll start to change, you won't believe. Okay, financial independence. Thanks for listening. Kindly support the movement of this podcast by supporting us or subscribing to our premium content for more exclusive stuff. When you do so, you also get a shout out in our next episode. Thank you.