Stay spoiled! You heard me, I’m broken but not poor. What is the difference? Fracture is a temporary situation. Broken people have money they just misuse it. The poor are getting poorer or do not have enough resources. I got this from Grant Cardone, Millionaire Brochure. It also fits Dave Ramsey’s concept of naming every dollar.
This is about increasing cash flow and building wealth. A broken attitude is a financial strategy to help you achieve financial freedom. What does it really mean to be weak? First, it means having a monthly cash flow plan (budget). Second, you are practicing delayed pleasure. Third, reinvest your money in yourself and your business.
This is for wealth builders. Those entrepreneurs who are not playing average. The average business owner in the United States makes less than $ 25,000 a year. 91% of all small businesses earn less than $ 250,000 a year and 80% of entrepreneurs are failing within 18 months of starting. Playing average suck. So do not play mediocre.
You see examples of highly paid entertainers and athletes and a few years later are filing for bankruptcy. There is no shortage of stories of athletes or entertainers who have gone bankrupt or become spoiled after a big day payday. Drafting choices start with buying toys, living in abundance or making bad business decisions. Entertainers make big parties, “buy” the bar and get into debt by buying things they can not afford.
You look at Wikipedia for statistics on famous people who are breaking or raising bankruptcies. These are prime examples of people who received large payments but did not stay spoiled. Athletes have a short career. There is a short window for them to provide a large amount of income. Entertainers need to stay relevant in their industry before the well dries up. You, as an entrepreneur, have the ability to continue to produce.
Understand that I am not telling you to narrow down your lifestyle. Broken attitude requires discipline. You are making sure to focus 95% of your time building your greatest assets. What are you and your business. Grow faster by staying on a budget and investing back in your business.
People underestimate how long it takes to be successful in generating positive cash flow. They do not prepare for the peaks and valleys that will occur. Moreover, they are not ready for the weak time or when a part of their business fails. But staying broken can help you withstand the oncoming storm.
5.5 Aspects of Broken Attitude
1. Cash flow plan – In order to stay spoiled you need to know where your money is going. Everyone needs a cash flow plan. Know where every dollar is going. Give each cent a task. Money that does not have a task tends to be lost. Keeping track of your dollars keeps you out of financial trouble. Money that goes around without any purpose is wasted, wasted or blown away.
2. Delayed satisfaction – I often made this mistake. I would spend my rewards and any big increases. I was naive to think it would always come. I did not save or reinvest in my business. So I became broken and homeless. “Ballin” is stupid. Especially when you do not have the assets to support it. Leave the glow behind. Forget the impression of people and being “mad”.
That big customer you just reached does not signal that it is time to spend and fool with the new growth. Delay that pulse. Put that money back into your business to generate more revenue. Go to earth some great clients too. Delay the pleasure now so that you can enjoy it later when you are free from finances.
3. Income growth – Income is king and that is the only thing that matters. Remember, we are not playing average. Businesses succeed when revenue increases. Growing growth is essential. Switching from $ 4,000 a month to $ 4 million overnight is nearly impossible. Look to double your income over the next few months. Always look to increase revenue. More sales = success.
4. Sacred Accounts – Put all those extra incomes in the Sacred Accounts. When something is sacred do not touch it. You have not violated it. This money is for future use to help create more wealth. I have a real estate account that I have not touched in years. Put a portion of my income into it each month. All my extra money goes into that account and I do not touch it.
You are saving to invest. It does not save to save. This money is earmarked for a future purpose to generate more revenue. It could be a second business, real estate or something else that will increase your revenue streams. The key is … you are not just saving. You are studying while saving and learning about your future investment.
Understand that it can take years before you pull the trigger. I have saved in my real estate account for 2 years. I am studying and active in the areas where I want to invest. Study while saving.
5. Reinvest your profits – A portion goes to your sacred accounts. Reinvest the rest after all your needs have been taken care of. Decide that the money goes back to your business and yourself. Need to invest in exercise to get better? Atehere beje.
5.5 These things take time – Idea + hard work x Time + Discipline = Success. Are you committed to getting rich? How serious are you in creating wealth? I do not know how long it will take you to generate six figure revenue. I know it takes work, time, discipline and access to capital. My teacher went from welfare to earning $ 10 million in less than 3 years.
Time to play
Success takes time. Stay spoiled and keep grinding. The choice to stay spoiled is yours. You are voluntarily choosing to build your business in order to be financially cheaper later. “Pay the price now so you can pay any price later.” – Grant Cardone