“Show Me the Money”
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While interviewing hundreds of people the past 15 years, it has been interesting to find the varying views on the importance of money. These views were drawn out discussing one’s purpose in life. You would think there would be a consensus in the priority and the importance of money, but there was not. In fact people were all over the board on the subject.
Some folks stated “I am here to talk business and in business my purpose, motivation and priority is money.”
Others said “Money is not important to me. I just want to help people.”
These examples show the extreme limits of the discussion. Everyone else fell some where in between money is everything to money is not a factor.
I found myself in these meetings trying to influence the positions back somewhere towards the center. For the extreme “money guy” I would point out the benefits of a balanced lifestyle/philosophy. To the altruistic I would ask do you think you could help more people if you had more money?
I agree with those who explain the difference in views has to do with the individual’s life experience. Michael DiMucio is a very successful business man from Canada and Barbados. He calls this your structure or your education, job experience, family experience and what you were taught at home. So, different structure equates to a different view of money. An example would be: if you were taught that “money is the root of all evil”, money would not be high on your list.
Confused? Let us go to a book by Bob Proctor, entitled “You Were Born Rich” for direction.
Bob says “use money and love people, but never, never get that reversed.”
Logic suggests that money may not be your goal or purpose, but it may play a major part leading to your success. This is why Proctor’s “use money” statement is applicable here. So, where is this money? If “Show Me the Money” has your interest or you were already looking for it, let’s start or continue the search, because it’s not lying out in plain sight. Money is not low hanging fruit or the little guy in the Geico commercials.
In my experience, multiple sources of income are the keys to finding money. It may help you to start with defining where you are presently positioned with multiple streams or sources of income.
To accomplish this we go to Robert Kiyosaki’s cash flow quadrants.
E l B
S l I
Very quickly, we are all in one of the above quadrants. Most of us are in the 1st quadrant, E. E is for employee. If you have a j-o-b, you are in E.
From E come the people to S. Five to ten percent of the E quadrant want to be self-employed. The S quadrant is for folks that are self-employed or own a small business. Doctors and lawyers are in S.
The B quadrant is made up of the very successful business men. Bill Gates and Ebby Halliday are in B. The perks of the B quadrant are freedom and time to enjoy life.
The I quadrant is for the investor. For every one thousand dollars of monthly income, you need $240,000.00 invested at 5% per year. So, for every thousand per month you need, multiply that number by $240,000.00 and you have the target.
With all of that said, you really want to move to the right side of the quadrants to B and/or I. That would be financial freedom.
Worst quadrant is S, the self-employed. According to Kiyosaki, it is easier to move from E to B than from S to B.
For an in depth study of Robert’s quadrants, get his paperback book, “Business School” second edition.
If you decide to go to the B quadrant or you decide that having and using money is good, you might consider multiple sources of income as your financial plan. First, do not quit your job. Presently that’s your primary source of income or your 1st income stream. Some call your job plan A. Plan B is building other income streams. Plan B also rhymes with the B quadrant (cool?). Income from plan B should replace income from plan A before you quit your job.
Designing plan B should be fun, a new adventure. There are many choices. You might consider starting your I quadrant by saving a percentage of salary. If you know nothing about investing you can get help.
To be continued.
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