The Road to Wealth Series: Leverage Your Plan

 

The Leverage of Your Plan

• Create an exit strategy
• If you had all the money in the world and never had to work again, what would you do with your free time?
• If you stopped working today, what would happen to your life? How long could you survive and still maintain your standard of living?
• At what age will you be able to retire? Would you like to retire earlier? When you retire, will you be making more or less money than you make today?
• Would you rather live a life where you no longer need a paycheck or would you rather live a life where you’re always working at or looking for a higher paying job? Would you rather be unemployable or more employable? Which life are you leading now?
• Would you rather live a life where you do not have to work hard to earn more or would you rather live a life where you have to work harder to earn more? Which life are you leading now?
• Do you think investing is risky? Do you think it takes money to make money? Would you like to be able to invest without any money and without much risk for very high returns? If you could invest with someone else’s money, would you?
• Who are six people other than your family that you spend the most time around? What is their attitude toward money? Is it rich, poor, or middle-class? Of those six people, how many will be able to retire young and retire rich? Is it time for you to make new friends?
• Would you raht6er live a life where you work to become rich building or buying assets, or would you rather live a life working for job security and a steady paycheck? Which life are you living?
• If you were offered a billion dollars to quit your job, would you? If a billion dollars is more important than your job, why not go for the billion dollars?
• Do you live a life where you make money regardless if the market goes up or down or do you live a life where you live in fear of market crashes and losing money? Which life do you live and why?
• Regarding the subject of money, if you could do things differently, what would you do? If there is something you would do differently, why aren’t you doing it?
• By age 65, for every 100 people
• 36 were dead
• 54 were living on government or family support
• 5 were still working because they must
• 4 were well off
• 1 was wealthy
• What is the goal of your exit strategy?
  

  Title	Income Range
  Poor	$25,000 or less per year
  Middle Class	$25000 to $100,000 per year
  Affluent	$100,000 to $1 million per year
  Rich	$1 million or more per year
  Ultra Rich	$1 million or more per month

  
  
• Plan to use faster words and ideas

Slow Words	Fast Words
High-paying job	Cash flow
Save money	Make money
Appreciation	depreciation
Mutual funds	Regulation D, Rule 506
Pay retail	Buy wholesale
Buy shares	Sell shares
Go to school	Go to seminars

• What is your wealth ratio?
• (passive income + portfolio income) / total expense
• Wealth is the number of days you can maintain your standard of living without working; measured in time not dollars
• Who gets paid first and who gets paid most?
• Business owner (5)
• Investors (4)
• Specialists (accountants, employees, consultants) (3)
• Employees (2)
• Asset (business or other investments) (1)
• Learn how to serve more people; create a product that has a broad customer base
• Have the 3 Es and 5 Ds
• Education, experience, excessive cash
• Dream, dedication, drive, data, dollars
• The Ten Investor Controls
• The control over yourself
• The control over income/expense asset/liability ratios
• The control over the management of the investor
• The control over taxes
• The control over when to buy and when to sell
• The control over brokerage transactions
• The control over the ETC (entity, timing, and characteristics)
• The control over the terms and conditions of the agreements
• The control over access to information
• The control over giving it back, philanthropy, redistribution of wealth
• Categories of Investors

Title	Description
Accredited investor	earns a lot of money and/or has a high net worth
Qualified investor	Knows fundamental and technical investing
Sophisticated investor	Understands investing and the law
Inside investor	Creates the investment
Ultimate investor	Becomes the selling shareholder

• Personal traits required to be a successful entrepreneur
• Vision : the ability to see what others cannot see
• Courage : the ability to act despite tremendous doubt
• Creativity : the ability to think outside the box
• The ability to withstand criticism : there is not one successful person who has not been criticized
• The ability to delay gratification : it can be very difficult to learn to deny short-term immediate self-gratification in favor of a greater long-term reward
• Risk vs. Risky
• Define risk in your own words
• Is relying on a paycheck risky?
• Is monthly debt risky?
• Is asset-generating income risky?
• Is time learning financial education risky?
• Is time learning different types of investments risky?

Resources/References
Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax by Diane Kennedy

*´¨`·.¸¸.* Ebony Ynobe *¨`·.¸¸.*
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