Set goals in the following areas

  • Health
  • Wealth
  • Social
  • Personal

To make headway financially you need to make financial freedom top priority. Meaning amidst the other areas you have to move wealth to higher priority and skew your finite resources of time, money and talent more in that area

You Also need to be clear in your mind on how much wealth is enough. The one thing that is harder than creating wealth is staying content, so it is important to determine ahead of time how much is enough.

Achieving financial freedom early will require increasing income by necessity

2 ways to be able to stash 20 -200K a year

  • Invest in a brand new business
  • Invest directly in real estate

Save as much up to where it is not a pinch (Save more the more you make). Try to save at least 15% of pretax income

On making yourself invaluable/irreplaceable to your company

  • Understanding the money drivers and seeking ways to save or increase revenue
  • Figure our what helps the bottom line
  • Be known as a money maker
  • Send periodic updates to key stakeholders
  • Develop protegee relationships with key individuals
  • Be seen as dependable
  • Be seen as trusthworthy

What are your boss’s concerns, goals, objectives, needs and problems?

Sell only what youu have passion for Avoid deals where you have no passion and the people around you can’t be trusted Learn to sell Don’t be afraid to protect your business interests using attorneys

On Real Estate

Rules to follow

  • Fixed interest rate only
  • Make sure property will cash flow (understand renting in your market)
  • Make sure you always buy under value
  • Buy at the price or below price of comparable homes in the area
  • Good things are happening in the area to support rising prices (new construction)
  • Income from house will cover carrying cost and still generate cash flow to build up reserve to cover maintenance and vacancies

On Starting a business

Don’t start a business you know nothing about

Product market fit is essential. The most important thing with starting a business is sales. Focus on selling the product or service

Customer satisfaction is paramount. they pay your wages as a business owner. Under promise and over deliver (Exceed customer expectation) Go the extra mile

4 Business Categories

  • Retail
  • Service
  • Manufacturing
  • Wholesale

You can make more money by:

  • Charging more (increase quality or offering first)
  • Increasing number of customers

On becoming a Speaker, Author, Consultant

  • Narrow that field field of expertise
  • Master your subject
  • Promote yourself

Ask In my line of work who gets paid the most? What kind of problems are hard to solve? What kind of opportunity generates profits?

Competence - Mastery - Virtuosity

Seek competence at the very least

On Seeking Mentors

Think about the ff:

  • What do I want out of this mentor?
  • What do I feel I need to learn?
  • What can this person best teach me?
  • Be clear on your list of goals

A good mentor should:

  • Offer advise, feedback and support
  • Help your focus on your goals and give you direction that helps you succeed
  • Help you learn the secret to success in your field of interest
  • Help highlight skills you need to succeed
  • Counsel you on various opportunities in your industry
  • Not come up with every solution for you
  • Respect the mentor-mentee relationship

On Getting Started

  • Find ways to increase income
  • Pursue equity in a business
  • Real Estate

Next Steps

  • Make a plan of action
  • Make time to execute plan
  • Commitment and accountability