@@@@@I think he's stopped the burning of holes in
@@@@@I think he's stopped the burning of holes in his pockets
As I said in the section "Pay Yourself First," if a person cannot master the power of self-discipline, it is best not to try to get richFor while the process of developing cash flow from an asset column in theory is easy, it is the mental fortitude of directing money that is hardDue to external temptations, it is much easier in today's consumer world to simply blow it out the expense columnBecause of weak mental fortitude, that money flows into the paths of least resistanceThat is the cause of poverty and financial struggle
I gave this numerical example of financial intelligence, in this case the ability to direct money to make more money
If we gave 100 people $10,000 at the start of the year, I gave my opinion that at the end of the year:
80 would have nothing leftIn fact, many would have created I greater debt by making a down payment on a new car, refrigerator, TV, VCR or a holiday16 would have increased that $10,000 by 5 percent to 10 percent4 would have increased it to $20,000 or into the millions
We go to school to learn a profession so we can work for moneyIt is my opinion that it is also important to learn how to have money work for you
I love my luxuries as much as anyone elseThe difference is, some people buy their luxuries on creditIt's the keep-up-with-the-Joneses trapWhen I wanted to buy a Porsche, the easy road would have been to call my banker and get a loanInstead of choosing to focus in the liability column, I chose to focus in the asset column
As a habit, I used my desire to consume to inspire and motivate my financial genius to invest
Too often today, we focus to borrowing money to get the things we want instead of focusing on creating money One is easier in the short term, but harder in the long termIt's a bad habit that we as individuals and as a nation have gotten intoRemember, the easy road often becomes hard, and the hard road often becomes easy
The earlier you can train yourself and those you love to be masters of money, the betterMoney is a powerful force