[Applause]
the more you can cultivate that sense of
wealth that sense of abundance in you
the more you can feel that sense of joy
the more easy it's going to be if you do
financially because you're not going to
be in this scarce fearful mode
now that's anonymous by itself you have
this great sense of abundance and do the
wrong mechanics and be a disaster true
or false but if I had to have an area to
get you started with you want to have
the emotion psychological strength is
that's going to carry you through when
the mechanics are boring or frustrating
or when things aren't working out your
emotion your psychologies will carry you
it will get you to keep doing it
everyone knows if you've done any
studies dr. Seligman very famous for
doing studies on optimism and in those
studies you really found out people that
are pessimists are much more realistic
they're much more accurate if you give
them a test and you ask them to look at
something and give you a size
measurement of it or to evaluate their
own success or failure at a task and
every study Sullivan's done into the
University I think Pennsylvania if I
remember correctly originally we found
was that optimists always see themselves
as doing better than they really did
they basically be asking selves what
happens the pessimist there tends us
more accurate but here's we found out we
found out is because the people who are
accurate never push themselves because
they know it's never going to work
anyway whereas the optimist sees it
better than it is so they keep doing it
because they have the illusion they did
well well I'll do even better next time
and because that optimism they did it
more often it's so optimists succeed at
a four to five full depending on the
task result ultimately beyond anything
that a pessimist will do and they're not
as accurate all that's a big way of
saying is if you can develop a
psychology of resilience in yourself you
don't have to be optimistic or fake you
can be real the realness is whatever
shows up you are larger than anything
that can happen to you you are larger
than any financial challenge you could
ever say initially we'll say well look
at their houses look at their homes and
they don't really have electricity on
this but they don't feel for if your
identity the way you define the wealth
determines whether you're wealthy or not
so are there enough things for you
knowing the two-thirds of planet lives
on $2 a day that you could get yourself
to really feel grateful yes or no how
much of your life do you get benefits
from today that you never had to create
think about I guess have to rode you
ride on the library the books you didn't
have to write I think the Internet you
can access and settings to get answers
just about anything the people in your
life you didn't have to raise but are
there for you think about all the
different aspects of your life if you
want to be wealthy all you have to do is
associate so before we do the financial
part the financial independence is
different than wealth wealth is that
State of Mind financial dependence is
being in that position where you don't
ever have to work again that if you work
you do it because you really want to now
give you a clue if you get financially
dependent you don't work you'd be
miserable I can't tell how many friends
I have it sold their company made 50
million dollars one man made almost a
billion dollars and was really excited
for a while but after a while it was
like bored his vehicle of his business
gave him a sense of contribution and he
was always growing figuring how to solve
problems and yet all the people he was
connected to in the business all the
employees and friends and a socialite Lu
I'm not just saying this as some little
positive thinking technique I'm telling
you this is the secret the real secret
to shift it inside of you and add the
real value most people are trying to
pursue something in the future that they
already have
I want you to think of what it is you
think you want that will make you
wealthy or financially free by defining
the game in a winnable way a certain
amount of money that we meet and that
covers what we're going to call a
financial security which might be your
housing your cars your food and basic
entertainment company would feel bridge
if you didn't have to work if your
investment alone the income from your
investments the income covers those four
items your housing for the rest of your
life your food right your travel and
some entertainment I think that would
feel pretty good say I and by the way
that number is way smaller than what
most of you think of when you think
about being financially independent
which is everything covered without
working so why not get the first one
down pat and you know exactly what that
number is for you and what it's going to
take for that number we don't have to
work to meet it then we could look at
financial independence where you don't
have to work and everything is covered
then we go to finance for freedom you
have to work and everything you can
think of is color and then you ever want
to do for yourself or others those you
want to give that's a different level
isn't it and most people think of
financial freedom they come with a
gigantic number that if you even figured
out everything you want it's nowhere
near as big as you think and because
it's so big you never even start the
journey and you don't think it's going
to happen so you talk about it you hope
you'll get some big hits sometime with
your business or something but you never
get going how many follow to say I you
were significant in other people's eyes
what will that do for you well you know
in my eyes somebody that I would look
somebody that but we're not in a sample
but when you get there you won't look to
yourself anymore when you get there
you'll just be in a different level then
you'll be trying to figure some other
level of what you need to get to so you
would respect yourself that's a good boy
he always makes a good point you notice
that
so what you're doing is here's the game
you're playing I want all of you to hear
this no amount of money will ever make
you wealthy because as soon as you get
there you will raise the game now here's
what's great about that to continue
growing in all areas of life if you
could grow emotionally should you yes or
no if you could give more should you yes
or no yeah if you grow intellectually
should you yeah if you get more love
should you if you could grow more
finance Lisa G yes because growth is
life but having to grow in order to feel
significant enough means you will always
be poor it's a game that never ends
let's talk about money now not wealth
what does it take mechanically to get
this thing called financial independence
and what does financial independence as
opposed to wealth wealth is a product of
the mind again
no amount of money you ever achieve will
make you wealthy financial dependent
means you never have to work again in
order to live your life that when you do
work you're doing it because you really
want to not because you have to how many
of committed not only being wealthy but
also financially independent say ah how
do we get there let me give you the
lesson how to get there it is so simple
that when I tell you're going to go
thank you for the breakthrough thought
but even though you may know this
intellectually whether you're
sophisticated or not you probably know
this the formula for financial
dependence is so simple and you can't
achieve financial abundance unless you
really learn to apply this not just in a
concept you have to consistently in your
life and that formulas simple spend less
than you what you know thank you for the
breakthrough thought Tony but is this
what most people do yes or no no one of
the most people spend more than they
earn there's no way around this no one
how much money you have if you spend
more than you earn it got a challenge so
there's no way to be financially free
financially independent without spending
less than you earn and what do you got
to do with what you don't spend you got
to invest the difference because what I
want to show you right now is how do you
build what everybody should own every
one of you should leave here with your
own personal money machine you want to
create a money machine a machine that
while you're sleeping
can you money right so you're no longer
trading the most valuable resource you
have in life your time for money you
want to trade money for money you want
money to go to work you want to put that
money to work for you so while you're
sleeping it's making a difference you
want to create a machine and that
machine you want to create it's
something you want to be able to feed
you at some stage where you don't have
to work that's what the money machine is
the second secret to this is you got to
reinvest how many of you have ever made
a big hit in your investments and went
oh my god that's so cool and took the
money and spent it on something raise
your hands say aye
come on say aye I know you all anybody's
invested has done this if you gotta bake
8000 as is it nothing wrong with that
but you got to make sure a significant
about that you reinvest your returns so
you get compounded what compounded
growth is the most basic principle in
the world we all know it intellectually
but you've emotionally associated enough
that you're really utilizing it to its
maximum capability if you don't you're
not going to get financially free you
will never get financially independent
by your earnings alone
every one of you in this room is going
to lose money every one of you there's
no way the person I work with on the top
financial traders in the history of the
world top ten in the history of the
world is not even like half the time how
could you make billions of dollars
you've not even write half the time not
even 51% of the time I'm going to show
you in a few moments
so as asset allocation it's the way and
that's just what you do that's what's
going to shift this so first step spend
less than you earn and that's a
different second step reinvest it so you
get compounded growth until you reach
the home run your money machine until
you reach a critical mass a critical
mass of capital investment capital when
you get to that critical mass and what
determines the critical mass is how much
you need for the lifestyle that you want
once you get to a critical mass what it
provides for you is what you're
investing for who knows no matter what
and guess what you're doing what are you
really investing for whether you're
investing in cars stocks bonds real
estate financial instruments what are
you investing for they not further
you're not investing for returns that
illusion will keep you from getting to
the endgame if you're wealthy here's
what makes you wealthy income
not assets assets you can buy an assets
change in value all the time you need
income this is the only reason to invest
you invest for one reason so you have an
income for life without working and to
do that you got to build a critical mass
of capital that the interest on it alone
will give you that income and you can
have the life you want without working
and then let me do that is do those
first two steps spend less than you're
invested
reinvest it to hit that critical mass
now how to do that is actually a lot
simpler than you think we make things
more complex than it really is you got
to think of this as your target in order
to achieve what you want well you have a
money machine here's what you must do
you must pick out a minimum financial
goal for yourself even in achieve your
minimum financial goal you're going to
pick out a specific amount of money that
you're going to death every month every
year no matter what a specific
percentage of your income if you don't
do that forget the rest of course so
waste your time because you will make a
bunch of money but you won't be
practicing the fundamentals and
eventually you'll make a mistake and
you'll lose it let me tell you another
secret to life if you do the right thing
at the wrong time you contain if you
plant in the winter I don't care how
hard you work I don't care if you work
day at night and you work to the bone
and you plant your seeds in the middle
the winter what's going to happen when
fall comes are you going to be rewarded
yes or no no so if you don't understand
that the seasons are changing you're in
trouble what does that set allocation it
means how does the money you have to
invest we're going to create three
buckets
really simple way of thinking in us now
the first bucket is the security bucket
when you think about investing think of
two types of investments there are fixed
income investments and most you're clear
what this means what does it mean when
it's a fixed income investment who knows
what does that mean
you got a guaranteed rate of return
assuming they deliver and anyone can not
deliver including the US government they
haven't not delivered but they could is
there risk in any investment yes or not
so just ratios of risk as we know you
know no risk no no reward so if you
don't invest you're going to lose if you
invest the times but if you don't ask
you've already lost and you can never
win never of a money machine never be
financially free the second type of
investment you can make and helped you
understand what you do is something
that's going to be growth rhythm and
growth investments are investments where
you probably have a much greater
potential for growth which means you get
a greater return if you're successful
but if you're not successful do you have
a guaranteed rate of return yes or no no
so in a growth investment you have the
potential of greater return but also
greater later loss the security bucket
is where you want to put investments
that are secured by their nature because
they're secure is this going to give you
a huge compounded return per year yes or
no but can give you a huge compound
return even if the number is small if
you do it long enough yes or no so what
we want to do is your first investments
have to be in your security bucket and
everybody wants to do the opposite the
question that becomes what percentage
you put your security bucket what goes
in there well here are some things that
go in there if you don't have at least
two to six months worth of cash that
covers your overhead you're in deep
trouble the first step to getting
financially secure not financially
independent is to make sure you have
enough cash that something happens you
can go for six months you got the
freedom what else might you put in there
types of investments an IRA goes in here
right pretty secure insurance the
insurance is protecting you that's part
of security what else you doing there
your home don't think of your home as an
investment because for most of you
you're eventually not going to sell that
home and eat it you're not going to sell
your home and get income also now some
of you maybe you made a stage of life or
you're accumulating the same homes and
eventually you going to sell and buy a
smaller home and take that critical mass
that came from selling the big home and
it's going to take care of you for life
if you're doing that great but the place
to think about your home in terms of
leverage put in your security bucket
how many degrees beyond this by the way
say off because cuddly
home you're gonna be really stressed out
right so I got to think of my growth
outside my home really think of your
compound interest outside your home or
maybe a bonus for you and sixth income
investments all fit in this category now
what's the second bucket second bucket
is grow two ways you're going to learn
about the growth the buying whole
strategy which is the strategy of an
owner and by the way that buying and
holding that is less risky to some
extent than momentum because of the
timing but it can be just as risky what
is momentum trading that's when you're
no longer an owner you're a trader a
financial trader everybody's as ansel
trader most of you trading time for your
money here you're trading money for
money here what you're looking at is
you're seeing movement in prices and
what a momentum player is doing is
they're playing for the short-term usual
third bucket is the dream bucket the
dream bucket is you want to travel
around the world the dream bucket is you
tape on the size of how you think of
what you're doing or your economics you
want to own a condominium and ask them
I'd be the boat it might be a trip you
might be owning a basketball team owning
an Iowan the pinnacle the size of what
it is you want to do by the way bigger
isn't better the more you have to have
to feel financially free the more stress
or how many follows it's the opposite of
what you think the more you have the
more you got to manage the more time the
more energy the more risk the more
capital that doesn't mean you should do
it some of you are very very driven to
create and risk that's a personality
type we know it's crazy I happen to be
one of those types to some extent but
even a crazy person's got to make sure
the securities there or their craziness
at one point will bite them how many
follow if you can get financially free
for Less do it be wealthy now and get
financially feet quicker and then walk
in you one and then keep that stuff in
your security pocket if you want to play
a bigger game now you've already won
everything you're playing now that's
where the house is money you can go for
something bigger and if it doesn't work
out you still handle your security what
you're here for is totally free how many
follow what I'm talking about here say I
[Music]
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