So here\u2019s a question: are you in a situation where, in order to earn an income, you have to be involved? That could mean either working a job or having your own business like this couple.<\/p>\n
If you said yes, that sucks.<\/p>\n
And not because it\u2019s inherently bad. It sucks IF one of your primary goals is to create wealth<\/span><\/a>.<\/p>\n The number one rule for wealth is: there are no limits on your income<\/strong>. But your time and energy do have limits, so if your income depends on them, it\u2019s limited too!<\/p>\n If you\u2019re trying to get rich like this, it\u2019s like you\u2019re playing tennis on a soccer field! You\u2019re not even on the right court!<\/p>\n If you want to win at tennis, you need to be on a tennis court, and if you want to create wealth, you have to be on a wealth court. Whatever you want to achieve, you need to be in the right place for the game you\u2019re intending to play.<\/p>\n To explain this, let\u2019s look at what it takes to achieve the different levels of wealth.<\/p>\n To create financial success, the first step is to get clear on what you want.<\/p>\n There\u2019s no right or wrong answer, but you should know what you want and what you\u2019re choosing. So to make this super simple, I\u2019ve defined 3 basic categories for you: 1) earning a living, 2) financial freedom, and 3) building wealth.<\/p>\n I focus on numbers 2 and 3 with my students. Number one is fine for a lot of people, but if that\u2019s what you\u2019re aiming for, I\u2019m not the best teacher for you. I\u2019m just including it here so you can understand the difference.<\/p>\n So let\u2019s look at each of these.<\/p>\n If you have a decent income and you save some of it, you can have a decent living<\/strong>. If you don\u2019t save any of it, you\u2019re not going to have a decent living. You\u2019re always gonna be living in fear and stressing about money because you won\u2019t have any…since you already spent all of it<\/em>!<\/p>\n I don\u2019t care whether you earn $100,000 or $500,000. If you spend it all, you will live in fear and stress and die of a freakin\u2019 heart attack. So a decent living is the minimum you should be aiming for.<\/p>\n Then the next stage is financial freedom<\/strong>.<\/p>\n Does financial freedom mean you\u2019re rich? It can, but not necessarily.<\/p>\n Is freedom good? Yes, I think freedom is really good, and that\u2019s why in our programs we teach you to become financially free at Level 1. Freedom comes before<\/em> rich<\/strong>.<\/p>\n Here\u2019s what I mean. For the first time now, you have another element \u2013 another workhorse \u2013 working for you, and that is what? Money. Your money is generating more money for you.<\/p>\n This is about adding to your living with investments<\/strong>.<\/p>\n Now you might say, \u201cI don\u2019t have a lot of money, so how could that work?\u201d You need to start. That\u2019s why you have to have a financial freedom account<\/span><\/a>. It\u2019s easy to start an investment plan with just 10% of all your income going into that account.<\/p>\n You\u2019re going to start like everybody else with $100. Eventually, it will be $200. Then it will be $500, and then $1,000. You start where you start, and eventually, your money is producing enough new money to cover all your needs and wants<\/strong>. That\u2019s freedom.<\/p>\n Now let\u2019s talk about building wealth and getting rich. First, let\u2019s get on the same page about what \u201crich\u201d means.<\/p>\n In general terms, I\u2019m going to start \u201crich\u201d at a minimum of $5 million in net worth. That\u2019s the starting point of rich.<\/p>\n So now how do we get to rich? Well, the number one rule for building wealth is: there are no limits on your income<\/strong>.<\/p>\n One way is if you can build up enough financial freedom elements, that can lead to getting rich over time. But there\u2019s a faster way.<\/p>\n And that is to have a vehicle that has the possibility of creating wealth<\/strong> \u2013 it has to create some serious income. I\u2019m talking about a business. But not just any business, a wealth-generating business. If you have to be there in order for your income to happen, you do not own a wealth-generating business.<\/p>\n For a lot of people, if you\u2019re not in a job, and you \u201cown your own business\u201d like the couple I mentioned at the beginning, here\u2019s what\u2019s happening…<\/p>\n You own a job. It\u2019s called a \u201cpersonal service business\u201d, but it\u2019s a job with you as the boss. And that can be the worst boss you can possibly have because you never get away from them!<\/p>\n For a business to make you rich<\/span><\/a>, you have to ask, \u201cWill this vehicle allow me to leverage, systemize, and get out of here…and still deliver the value through other people, other technologies, and other means?\u201d<\/p>\n The value must be delivered, and the problem must be solved for the clients, but not by you.<\/p>\n Now does it start like that? No. Usually, at first, you have to be the one who does every freakin\u2019 thing in the business, yes or yes?<\/p>\n But if you want to build wealth, you need to be looking beyond that stage and taking steps to remove yourself as soon as possible. When you have a business that generates a lot of money without your involvement, then you can get rich!<\/p>\n Boom.<\/p>\n Now, I don\u2019t tell everyone, \u201cYou have to be wealthy.\u201d<\/p>\n You just need to know what you want in your life. If you want to create wealth, this is what you need to do. You need to run the freakin\u2019 show and then hand it off. And no matter what you want, you need to be real with yourself and take charge of the steering wheel of your life.<\/p>\n Going back to my lunch conversation with the would-be restaurant owners, it was frustrating for me to hear these two wonderful, beautiful human beings who are hard workers, describing the road they were on, which would NOT lead to wealth. Yet they were saying, \u201cWe want wealth.\u201d<\/p>\n I told them, \u201cYou can be financially free, but you\u2019re not going to get rich. I\u2019m sorry to have to be the one to break the news to you, but it\u2019s better you find out now than in 20 freakin\u2019 years doing the same freakin\u2019 thing.\u201d<\/p>\n And not only would their service businesses not make them rich, but if they tried to add in the restaurant, their energies would end up being too scattered, and they could struggle even more just to earn a living. I know, because that\u2019s what I did for years.<\/p>\n I told them that to be successful you have to focus 100% or it’s not gonna work. And that if you are going to focus that amount of energy, it better be something that you really want to put your heart and soul into.<\/p>\n They went back with that advice and came to a decision that the restaurant wasn\u2019t really what they wanted to do. They had just thought it was a good opportunity.<\/p>\n We\u2019re still friends. He decided to put 100% focus on his mortgage company that he\u2019d turned away from, and last I heard he\u2019s doing extremely well and really enjoying it. And she really loves coaching.<\/p>\n They\u2019re earning a great living and moving toward financial freedom. And they\u2019re already more free internally because they\u2019re focused on doing what they love. If they decide at some point they want to grow their businesses into wealth-building vehicles, they can do it. But by getting clear on what they valued most, they were able to get on the best playing field for that.<\/p>\n Remember, if you want to win at tennis, you need to get on a tennis court.<\/p>\n And if you truly want to create wealth, and you\u2019re willing to do whatever it takes, you have to get on a wealth court<\/span><\/a>. AND, you have to get yourself into the right position. Can you guess where that is?<\/p>\nThe Three Levels Of Wealth And How To Achieve Them<\/h2>\n
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Earning a Living<\/h3>\n
Financial Freedom<\/h3>\n
Wealth<\/h3>\n
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Know What You Want And Get In The Right Position<\/h2>\n
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