3- Day workshop of Millionaire Mind Intensive 2

3- Day workshop of Millionaire Mind Intensive 2

Winning the Money Game

The #1 reason most people don’t get what they want is because they don’t know what they want.

Clarity leads to power.

Power is the ability to do or act.

The essence of winning the money game is choice.

Choice comes from financial freedom.

Exercise:

Write your definition of Financial Freedom:

Financial Freedom is the ability to live the lifestyle you desire without having to work, or rely on anyone else for money.

Income without work is called passive income.

The objective of money game is: to earn enough passive income to pay for the lifestyle you desire.

You become truly financially free when your passive income exceeds your expense.

Exercise:

How much money will it take for you to live the lifestyle you want?

Write the total amount of money you need to earn per year, plus 50% for inflation and taxes:

$ _____________.

There are TWO primary sources of Passive Income:

1.     Investment income (money working for you).

Exercise:

At 10% interest or return on investment, how much lump sum capital do you need working for you to derive the annual income you wrote? ( clue: multiply how much you need per year by 10). If you said you need 100K per year to live 100K x 10 = 1 million in capital or golden goose: $ ______________ .

2.     Ongoing passive business income (business working for you).

Write some examples of passive business income vehicles:

The secret is to have multiple streams of passive income.

To have enough to pay for your desired lifestyle, your best bet is to have BOTH investment income working for you and passive business income working for you.

There are 5 critical factors in the Financial Freedom Equation:

FINANCIAL FREEDOM = Working Income + Savings + Investments + Passive Income + Simplify

Exercise : What is your Financial Freedom Formula status ?

1.      Rate your current personal status in each of the five freedom factors from 1-10 ( 1 dismal – 10 masterful)

_ Working Income    _ Savings   _ Investments  _ Passive income  _ Simplify 

2.     Circle the factor(s) that need major improvement 

Wealthy people aren’t any smarter, they just have better money management habits.

To master money I must manage money.

Managing money doesn’t restrict freedom, it promotes freedom.