The Importance of Learning To Manage Your Money.

???How do you manage your money??Well, first of all, again, you’ve got to want to.?You have to want to manage your money.?Most people and the financial system are setup for sheepology, where you’re just going to get a job, put your money in the bank, and pay your bills.?Your income is automatically put into a bank account, and you spend it until it’s gone, and then you go back two more weeks to have a job.?That cycle is called the lifestyle cycle, and that’s not managing your money.

????What are the basics you have to have to learn how to manage money??You’ve got to know your income, your expenses, your assets, and your liabilities.?So, let’s define them.?Income is any money that you’re making, active or passive, and it’s consolidated financial statements, which means that it’s you and every company you have.?So, what in total are you making??And then you are broken down by company, and by you as an individual, or you and your partner.

????Number two is, how do you spend it??And again, a lot of you are stuck, and you’re not making money, because you personally are making all the money.?The best kind of money is company money.?Your companies get paid.?I would say companies make money; individuals get taxed.?So, you need to understand income, and making money.?You need to understand how you spend it.?I call that forecasting.?And you spend in the right company.?If you just learned how to make and spend, you are lightyears ahead of most people.

????Then, if you go to the balance sheet side, which is how do you become a millionaire, you have to learn what assets are.?Just like there’s good debt and bad debt, there’s good and bad assets.?A lot of people are going to put your house, your vehicles, and yes, they’re assets by definition in the tax code, but really are they making you money??Not really.?Not unless you rent out your house or have some Airbnb.?You can, by law, have fourteen days to rent out your house, and have the entire thing deducted.

????So, why learn to manage money??So, you can use all of these strategies in your life.?A lot of you, you just don’t know how to do it, and you hire some local stock and block company, and you think they’re going to do all these strategies for you.?They’re not.?On the liability side, it’s everything that you owe.?There’s a management of everything you owe, and what do you pay monthly towards it?

????If it’s good debt, it’s really low interest debt.?If it’s lifestyle debt, we got to get rid of it.?so, there’s a whole process in The Millionaire Maker book that I really want you to understand.?If you just read Rich Dad Poor Dad out of The Millionaire Maker, your light bulbs should go off and say, I need to manage this.?No one cares about your money more than you.

????Making your first hundred thousand as an entrepreneur is the hardest thing you’ll ever have to do.?Now, if you’re already at a hundred thousand, going from a hundred thousand to a million in business is quick.?You could do that in a year.?You just have to ramp up three things in my blueprint.?You got to ramp up marketing yourselves, cash flow, and your team.

????You’ve got to buy into a team, that’s going to help you move this.?You cannot do this by yourself.?So, as you leverage yourself and the team, you’re going to lead more, you’re going to do less.?The blueprint is, you’ve got to sell leads, and forecast your cash flow.?So, you can actually run it, and then you really have to pay yourself first, which is not pay yourself personally.?It’s you’re going to loan money from your operating company into an investment LLC.?It’s a loan, so it’s not taxable, instead of going to you.

?????The most important part though is your commitment.?What do you want??So, the discipline and consistency, and persistence, because you’re going to run into roadblocks.?That’s not failure.

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