but the shelf 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 and 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 him I said
what are they gonna think I make more
money in one month and my father makes
in one year how can I tell him and I was
really confused about that I was really
bothered by that for quite a while I
think was several months no because
here’s when it ended I finally worked up
the courage to tell him how I was doing
I can’t remember not just how I put it I
was just trying to figure out some way
to put it right that break the news to
him so you know wouldn’t be you know too
great a shock when I told him what I was
doing and what was happening or 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 gonna justify how am I
gonna you know work this whole thing out
how are they gonna feel and sure enough
I had just conjured all the 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 yeah 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
much Ashok 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
the worthwhile objective and I know part
of its 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 crackit and
running right I wasn’t too worried about
you know whether or not I was gonna ruin
me
one of my friends right his wealthy
friend when he started making a lot of
big money said Robert died I don’t know
if I should give you all this big money
or not said you know money’s ruined a
lot of people and Robert said just try
me one time that’s even better 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 their
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 it 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 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. hora 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 full extent of our reach
whatever that amount turns out to be if
it’s 5,000 year wonderful of that if
you’re really extending yourself
economically
and the best you can and those numbers
turn out to be 5000 wonderful if it’s
50,000 wonderful if they 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 amount because mr. chef
had this simple simple philosophy how
far should you go answer as far as you
can how much did you learn as much as
you can how many books should you read
so many as you can how much did you earn
as much as you can
how much did 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 compression 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 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. Schwab said to me mr.
honor I think the only way to get the
money out of the way is to have plenty
so I went for that here’s what I found
out the time you’ve already set aside
for labor is enough time to become
wealthy if you’re working eight ten
hours a day that’s about it you can’t
put in more than about eight or ten but
see if you better utilize that eight or
ten and you double triple quadruple 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
in working 20 hours a day and sliding
all your friends walking away from your
family see now you’ve lost all the other
values to go for
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 correctly
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 an average in a working
lifetime the question is at the end of
the working lifetime where is it now see
some people got it and some people
haven’t got it right they’ve 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 claisen George claisen
it’s 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
men in battler 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 these are gets
paid but that 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 egg
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
gosh that got me a handful of feathers
Oh No somebody else says I got me a
wings oh no poor goose all right we
don’t have a goose very long you must
care and feed the goose that lays the
golden eggs
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
that 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
right you hire somebody to be a servant
in your house and now they want to take
over you say no I hired you to take out
the trash not to run the house but
you’re not my 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 drip got to bring it back
starts to drip bring it back starts to
drip
that’s just part of life so the goose
does overeat I understand that and
perhaps you know we do pay too many
texts and the government does you know
spend them 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
responsibilities 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 okay
and among the governments of the world
we do have to protect ourselves if
somebody’s got to pay for the radar
and the polar Asst submarine and the
b-52 and the missile 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 got to do that so you got the
care and feed the goose mr. chef taught
me to be a happy taxpayer now that was a
whole new thing for me
be a happy taxpayer not a reluctant
taxpayer okay you got to care and feed
the goose and in this country of course
you know first 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 calm down a
little bit or whatever just pay it
gladly to know that we got to have the
army in the Navy in the Air Force and
the submarines and the battleships we
got to have a show of strength we’ve got
to be a leader among the free world we
really do and all that got to be paid
for so I don’t run picking up my share
and everybody often pay their share in
my personal opinion the poorest of the
poor off 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 to see what our present may be
an 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 somebody’s willing to do all that
out there while we’re here having fun
making money having parties I don’t mind
picking up my share of the tab okay so
Caesars 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 bro
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
– finance the deficit in my spending
okay some suggestions on what to do with
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 for more ages 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 big
business be the capitalist now communism
teaches that all capital should be in
the hands of the state and should 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 stay out of trouble and we
will take care of the capital of the
government now see in this country we
don’t believe that communism teaches
everybody should blend into the master
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 divided up among all the
people and let the people start a
business and start this thing going with
Commerce and interchange of goods
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 don’t think of things the state
can’t think of and they’ll react much
quicker than the state will right the
state should always two three four years
late governments 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’ve been
Tyler rose right
I don’t even claim they’re right I just
claimed 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 so
you can teach kids how to be
enterprising and capitalist from the
time they’re little just little kids you
teach them on how to have two bicycles
one to ride and one to rent morally okay
and teach kids out everybody not just
get a job teach him how to be enterprise
and 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 him how to buy a
bottle of soap for $2 and sell it for 3
right down the street your markets next
door you don’t have to go very far
teach kids out of knock on doors they
miss Brown I got the 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
buy from you just because you’re level
they will it’s an advantage and the
littler the better until 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 says Miss
Brown I’ve got this soap it only costs
$3 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 Miss 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’re they know how to
overcome objections you don’t need to
give him classrooms they’re incredible
now little kid makes a sales got $3 now
what you got to do is not only teach
them how to earn the $3.00 how to get
the $3.00 but 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
right set it aside so you can buy
another bottle of soap kids does that
make 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 satisfy $2
kids says ok then I got a dollar to
spend say no no if you spend that you’ll
wind up like most people aged 65 Brooke
and then take them to that part of town
where people are 65 and Brooke and show
them let them walk around the
neighborhood drive around and the kid
says well I don’t want to live like this
they fine now here’s what you do with
your money you just got the 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
they’d ever be there
oh is that no route that movie they came
out with where they took the kids to the
jails
scared-straight let them visit with the
prisoners right and firsthand they
looked around saw these bars in the jail
prisons talked to some of the prisoners
and firsthand got somebody 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
here whatever you do let me show you
what it’s like here’s what 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 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
plant I bought the wrong point so then
the kitchens okay what’ll I do with my
daughter say here’s what you do with
your dollar ten cents is for the
increase of capital and everybody ought
to have the same point ten cents out of
every dollar should be for the increase
of capital now see the kid understands
this right away says well that’s true if
you saved up your dimes and could buy
two bottles of soap instead of one you
saved 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
$2 they sell you two bottles for 380
kids 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
here’s another 10 cents
another 10 cents is to give charity I
was really sure to put that first right
after Caesar Jesus said pay 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 and 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 us when you’re
little because he’s pretty easy to flip
the dime out of the dollar looks a
little more difficult is to give a
hundred thousand out of a million so
this is all 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 we’ll turn this of it so
develop the habit now if the pin says
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 at all
you’ve already started them on the wrong
habits better now what if they do that
the rest of their life they will be in
serious trouble so you got the teaching
what to do with the first dollar the
first belt 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 expenses for
investing now at first use that ten
cents thinking the richest man in
Babylon says use 10 cents to pay off all
your bills which is good now you can
start using it for investing to pay off
all your bills first all a little
accumulation of credit cards and all
that stuff there’s a Bible phrase that
says the borrower is servant for
Linder and as quickly as possible you
don’t want to be a servant anymore what
you want to be as the 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 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 in 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
men 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 it to everybody else
it’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 gonna drive on the society
streets and if you’re gonna drive on a
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 beers 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
Soph is right now you must you must
think you must ponder what’s gonna help
all of society somebody says well I’m
gonna grab everything I got barricade
myself go off to a cave in the mountains
and wait with a gun well if everybody
did that right then the world would be
over and God would have to start all
over you which he’s done on occasion but
most people didn’t enjoy the process so
what’s gonna help everybody what’s gonna
help Commerce what what are 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
stop thinking is for the development of
skill now we need to think I also
outwards 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 kids as well you
get it back maybe sure you get it back
they borrow it for a while and give it
back to and they also pay you interest
on pay your money for using it kid says
how clever and then you give them the
blockbusters
he says yeah before do they take 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 ten they pay you
the same percentage it’s as well 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
fifty cents shopkeeper one foot out
three more spins kids as the cents 50
cents here says it’s 53 cents you got to
give me three more sense kid says what’s
that for who gets that money now at age
ten he’s a tax payer three cents he’s
got the coffer up out of his hard-earned
money
he earned it kid Kitson the shopkeeper
says you got to give me three cents it’s
taxes
little kids will I’m only ten doesn’t
matter at ten you become a taxpayers now
you’ve got to teach kids how to be happy
taxpayers and what the three fences for
otherwise they will be confused so you
teach them with the three sentences so
you’ll see the sidewalks on the street
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 in these
sidewalks so you have soda 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
keeps kids seats
see the police car going there you own
that and the guy in a 20-year service
service called public what servant so at
age ten you got some service service
they can 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 contribute
should 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 so you can
imagine what the complex of society and
how it would change if everybody had
those feelings but if enough of us do
they 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
percent set aside learn to live on the
seventy okay
Caeser first then God ten cents for an
increase of capital ten cents to invest
live on seventy 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 a
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. chef at me have you put together a
financial statement recently I said I
never have put together one he says well
now’s the time to do it and I wasn’t too
happy about putting together that first
one that says well it’s not gonna 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 in
mind 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’ve 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 it
money I’d barred from appearance I mean
it was all on it right on the asset side
though I really started scraping the
bottom of the barrel I put the value of
my shoes on there but shoes there was
ten 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 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 asset 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 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 liability Shoal 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 hunter dollar
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 wrist with excitement with
enthusiasm he started changing my whole
opinion about money and about paying my
bills and about capital and learning to
live with within restricted limits
he got me excited about it and she 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’ve never had
a savings again cycle I said oh I don’t
have any money to open up a savings
account he said have you got $10 I said
well I got $10 you said then go get it
open it’s not the amount it’s the claim
and so I marched down to the bank and
opened up my first dating account now
that felt a little bit I’m a grown man
and I said to the lady like the way to
tell me there today but I want to open
up my savings account she said fine
what’s your name I said Mr Rohn she said
mr. Owen just fill this out I said okay
so I filled it out I said there it is
she looked it over and she picked that
fine
she said that how we gonna get this
started I said to put in it she said 10
what I said $10 now chef said be
enthusiastic now see I had trouble this
I’m 25 I’m married my family 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 the
chokes did 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 but I said I’ll
tell you what before long I will have
the largest savings account in this Bank
she said well if you say so
guess what within less than two years I
had the largest savings account in that
and in less than two years chef 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
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 that their
father grandfather made them keep track
of every penny they got and where it
went
it’s called habit you just got to 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 running I found
out you could make $5,000 a month and go
broke Sammy says how could you go broke
making 5,000 a month it’s easy spend six
thousand and nine months from Thursday
it’s over okay if your outgo exceeds
your income your upkeep becomes your
downfall
you’ve gotta know where it goes so keep
strict accounts narrow 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 and 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 so you can
even teach kids how to make proper
investment
[Music]
what if kids bought light bulbs three
years ago and just put them aside put
them away went down as a Safeway and
bought up 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 lightbulbs I
never thought about that just buy some
and set them aside by one by ten by a
dozen by a hundred tape up your money
put them in lightbulbs set them aside
okay three years later now you got some
lightbulbs to sell at an incredibly
inflated price hisses meow where do you
sell light bulb same people that are
buying your soap just by chemistry
[Music]
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 then the net
worth is changing make it a source of
celebration right we’re among an
incredible group when comparing
financial takers I think the major guy
in our groups worth about 50 million so
you know he formed he becomes an
incredible incentive for the rest of us
it’s not an stably around fact it’s
carrying that kind of heavy right gives
you something to shoot for your look at
the I’m looking pretty good and then you
see somebody else’s financial things
there 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 skill 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 the first
year the second year the third year you
can’t believe the changes little stock
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 made certain commitments to
yourself and those kinds of feelings are
where the treasure is because the truth
treasure is in personal development
happiness is not contained in what you
get happiness is contained in what you
become but Chernov 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
defines it
you just didn’t let it drift and drift
and get into trouble you made the
changes you made the hard decision 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
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 and 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 him I said
what are they gonna think I make more
money in one month and my father makes
in one year how can I tell him and I was
really confused about that I was really
bothered by that for quite a while I
think was several months no because
here’s when it ended I finally worked up
the courage to tell him how I was doing
I can’t remember not just how I put it I
was just trying to figure out some way
to put it right that break the news to
him so you know wouldn’t be you know too
great a shock when I told him what I was
doing and what was happening or 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 gonna justify how am I
gonna you know work this whole thing out
how are they gonna feel and sure enough
I had just conjured all the 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 yeah 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
much Ashok 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
the worthwhile objective and I know part
of its 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 crackit and
running right I wasn’t too worried about
you know whether or not I was gonna ruin
me
one of my friends right his wealthy
friend when he started making a lot of
big money said Robert died I don’t know
if I should give you all this big money
or not said you know money’s ruined a
lot of people and Robert said just try
me one time that’s even better 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 their
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 it 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 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. hora 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 full extent of our reach
whatever that amount turns out to be if
it’s 5,000 year wonderful of that if
you’re really extending yourself
economically
and the best you can and those numbers
turn out to be 5000 wonderful if it’s
50,000 wonderful if they 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 amount because mr. chef
had this simple simple philosophy how
far should you go answer as far as you
can how much did you learn as much as
you can how many books should you read
so many as you can how much did you earn
as much as you can
how much did 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 compression 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 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. Schwab said to me mr.
honor I think the only way to get the
money out of the way is to have plenty
so I went for that here’s what I found
out the time you’ve already set aside
for labor is enough time to become
wealthy if you’re working eight ten
hours a day that’s about it you can’t
put in more than about eight or ten but
see if you better utilize that eight or
ten and you double triple quadruple 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
in working 20 hours a day and sliding
all your friends walking away from your
family see now you’ve lost all the other
values to go for
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 correctly
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 an average in a working
lifetime the question is at the end of
the working lifetime where is it now see
some people got it and some people
haven’t got it right they’ve 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 claisen George claisen
it’s 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
men in battler 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 these are gets
paid but that 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 egg
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
gosh that got me a handful of feathers
Oh No somebody else says I got me a
wings oh no poor goose all right we
don’t have a goose very long you must
care and feed the goose that lays the
golden eggs
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
that 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
right you hire somebody to be a servant
in your house and now they want to take
over you say no I hired you to take out
the trash not to run the house but
you’re not my 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 drip got to bring it back
starts to drip bring it back starts to
drip
that’s just part of life so the goose
does overeat I understand that and
perhaps you know we do pay too many
texts and the government does you know
spend them 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
responsibilities 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 okay
and among the governments of the world
we do have to protect ourselves if
somebody’s got to pay for the radar
and the polar Asst submarine and the
b-52 and the missile 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 got to do that so you got the
care and feed the goose mr. chef taught
me to be a happy taxpayer now that was a
whole new thing for me
be a happy taxpayer not a reluctant
taxpayer okay you got to care and feed
the goose and in this country of course
you know first 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 calm down a
little bit or whatever just pay it
gladly to know that we got to have the
army in the Navy in the Air Force and
the submarines and the battleships we
got to have a show of strength we’ve got
to be a leader among the free world we
really do and all that got to be paid
for so I don’t run picking up my share
and everybody often pay their share in
my personal opinion the poorest of the
poor off 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 to see what our present may be
an 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 somebody’s willing to do all that
out there while we’re here having fun
making money having parties I don’t mind
picking up my share of the tab okay so
Caesars 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 bro
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
– finance the deficit in my spending
okay some suggestions on what to do with
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 for more ages 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 big
business be the capitalist now communism
teaches that all capital should be in
the hands of the state and should 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 stay out of trouble and we
will take care of the capital of the
government now see in this country we
don’t believe that communism teaches
everybody should blend into the master
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 divided up among all the
people and let the people start a
business and start this thing going with
Commerce and interchange of goods
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 don’t think of things the state
can’t think of and they’ll react much
quicker than the state will right the
state should always two three four years
late governments 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’ve been
Tyler rose right
I don’t even claim they’re right I just
claimed 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 so
you can teach kids how to be
enterprising and capitalist from the
time they’re little just little kids you
teach them on how to have two bicycles
one to ride and one to rent morally okay
and teach kids out everybody not just
get a job teach him how to be enterprise
and 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 him how to buy a
bottle of soap for $2 and sell it for 3
right down the street your markets next
door you don’t have to go very far
teach kids out of knock on doors they
miss Brown I got the 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
buy from you just because you’re level
they will it’s an advantage and the
littler the better until 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 says Miss
Brown I’ve got this soap it only costs
$3 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 Miss 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’re they know how to
overcome objections you don’t need to
give him classrooms they’re incredible
now little kid makes a sales got $3 now
what you got to do is not only teach
them how to earn the $3.00 how to get
the $3.00 but 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
right set it aside so you can buy
another bottle of soap kids does that
make 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 satisfy $2
kids says ok then I got a dollar to
spend say no no if you spend that you’ll
wind up like most people aged 65 Brooke
and then take them to that part of town
where people are 65 and Brooke and show
them let them walk around the
neighborhood drive around and the kid
says well I don’t want to live like this
they fine now here’s what you do with
your money you just got the 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
they’d ever be there
oh is that no route that movie they came
out with where they took the kids to the
jails
scared-straight let them visit with the
prisoners right and firsthand they
looked around saw these bars in the jail
prisons talked to some of the prisoners
and firsthand got somebody 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
here whatever you do let me show you
what it’s like here’s what 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 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
plant I bought the wrong point so then
the kitchens okay what’ll I do with my
daughter say here’s what you do with
your dollar ten cents is for the
increase of capital and everybody ought
to have the same point ten cents out of
every dollar should be for the increase
of capital now see the kid understands
this right away says well that’s true if
you saved up your dimes and could buy
two bottles of soap instead of one you
saved 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
$2 they sell you two bottles for 380
kids 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
here’s another 10 cents
another 10 cents is to give charity I
was really sure to put that first right
after Caesar Jesus said pay 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 and 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 us when you’re
little because he’s pretty easy to flip
the dime out of the dollar looks a
little more difficult is to give a
hundred thousand out of a million so
this is all 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 we’ll turn this of it so
develop the habit now if the pin says
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 at all
you’ve already started them on the wrong
habits better now what if they do that
the rest of their life they will be in
serious trouble so you got the teaching
what to do with the first dollar the
first belt 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 expenses for
investing now at first use that ten
cents thinking the richest man in
Babylon says use 10 cents to pay off all
your bills which is good now you can
start using it for investing to pay off
all your bills first all a little
accumulation of credit cards and all
that stuff there’s a Bible phrase that
says the borrower is servant for
Linder and as quickly as possible you
don’t want to be a servant anymore what
you want to be as the 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 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 in 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
men 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 it to everybody else
it’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 gonna drive on the society
streets and if you’re gonna drive on a
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 beers 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
Soph is right now you must you must
think you must ponder what’s gonna help
all of society somebody says well I’m
gonna grab everything I got barricade
myself go off to a cave in the mountains
and wait with a gun well if everybody
did that right then the world would be
over and God would have to start all
over you which he’s done on occasion but
most people didn’t enjoy the process so
what’s gonna help everybody what’s gonna
help Commerce what what are 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
stop thinking is for the development of
skill now we need to think I also
outwards 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 kids as well you
get it back maybe sure you get it back
they borrow it for a while and give it
back to and they also pay you interest
on pay your money for using it kid says
how clever and then you give them the
blockbusters
he says yeah before do they take 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 ten they pay you
the same percentage it’s as well 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
fifty cents shopkeeper one foot out
three more spins kids as the cents 50
cents here says it’s 53 cents you got to
give me three more sense kid says what’s
that for who gets that money now at age
ten he’s a tax payer three cents he’s
got the coffer up out of his hard-earned
money
he earned it kid Kitson the shopkeeper
says you got to give me three cents it’s
taxes
little kids will I’m only ten doesn’t
matter at ten you become a taxpayers now
you’ve got to teach kids how to be happy
taxpayers and what the three fences for
otherwise they will be confused so you
teach them with the three sentences so
you’ll see the sidewalks on the street
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 in these
sidewalks so you have soda 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
keeps kids seats
see the police car going there you own
that and the guy in a 20-year service
service called public what servant so at
age ten you got some service service
they can 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 contribute
should 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 so you can
imagine what the complex of society and
how it would change if everybody had
those feelings but if enough of us do
they 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
percent set aside learn to live on the
seventy okay
Caeser first then God ten cents for an
increase of capital ten cents to invest
live on seventy 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 a
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. chef at me have you put together a
financial statement recently I said I
never have put together one he says well
now’s the time to do it and I wasn’t too
happy about putting together that first
one that says well it’s not gonna 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 in
mind 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’ve 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 it
money I’d barred from appearance I mean
it was all on it right on the asset side
though I really started scraping the
bottom of the barrel I put the value of
my shoes on there but shoes there was
ten 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 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 asset 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 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 liability Shoal 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 hunter dollar
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 wrist with excitement with
enthusiasm he started changing my whole
opinion about money and about paying my
bills and about capital and learning to
live with within restricted limits
he got me excited about it and she 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’ve never had
a savings again cycle I said oh I don’t
have any money to open up a savings
account he said have you got $10 I said
well I got $10 you said then go get it
open it’s not the amount it’s the claim
and so I marched down to the bank and
opened up my first dating account now
that felt a little bit I’m a grown man
and I said to the lady like the way to
tell me there today but I want to open
up my savings account she said fine
what’s your name I said Mr Rohn she said
mr. Owen just fill this out I said okay
so I filled it out I said there it is
she looked it over and she picked that
fine
she said that how we gonna get this
started I said to put in it she said 10
what I said $10 now chef said be
enthusiastic now see I had trouble this
I’m 25 I’m married my family 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 the
chokes did 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 but I said I’ll
tell you what before long I will have
the largest savings account in this Bank
she said well if you say so
guess what within less than two years I
had the largest savings account in that
and in less than two years chef 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
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 that their
father grandfather made them keep track
of every penny they got and where it
went
it’s called habit you just got to 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 running I found
out you could make $5,000 a month and go
broke Sammy says how could you go broke
making 5,000 a month it’s easy spend six
thousand and nine months from Thursday
it’s over okay if your outgo exceeds
your income your upkeep becomes your
downfall
you’ve gotta know where it goes so keep
strict accounts narrow 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 and 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 so you can
even teach kids how to make proper
investment
[Music]
what if kids bought light bulbs three
years ago and just put them aside put
them away went down as a Safeway and
bought up 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 lightbulbs I
never thought about that just buy some
and set them aside by one by ten by a
dozen by a hundred tape up your money
put them in lightbulbs set them aside
okay three years later now you got some
lightbulbs to sell at an incredibly
inflated price hisses meow where do you
sell light bulb same people that are
buying your soap just by chemistry
[Music]
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 then the net
worth is changing make it a source of
celebration right we’re among an
incredible group when comparing
financial takers I think the major guy
in our groups worth about 50 million so
you know he formed he becomes an
incredible incentive for the rest of us
it’s not an stably around fact it’s
carrying that kind of heavy right gives
you something to shoot for your look at
the I’m looking pretty good and then you
see somebody else’s financial things
there 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 skill 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 the first
year the second year the third year you
can’t believe the changes little stock
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 made certain commitments to
yourself and those kinds of feelings are
where the treasure is because the truth
treasure is in personal development
happiness is not contained in what you
get happiness is contained in what you
become but Chernov 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
defines it
you just didn’t let it drift and drift
and get into trouble you made the
changes you made the hard decision 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
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