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Stay Broke Not Poor
Stay broke! You heard me, stay broke but not poor. What is the difference? Broke is a temporary situation. Broke people have money they just abuse it. The poor are missing or lack sufficient resources. I got this from Grant Cardone’s, The Millionaire Booklet. It also ties in with Dave Ramsey’s concept of naming every dollar.
This is about increasing cash flow and wealth building. Staying Broke is a financial strategy to help you achieve financial freedom. What does it really mean to not stay poor? First, it means you have a monthly cash flow plan (budget). Second, you practice delayed gratification. Third, reinvest your money in yourself and your business.
This is for wealth builders. Those entrepreneurs who do not play average. The average business owner in the United States makes less than $25,000 per year. 91% of all small businesses make less than $250,000 a year and 80% of entrepreneurs fail within 18 months of starting up. Playing average sucks. So don’t play average.
You see examples of entertainers and athletes who get paid big and file for bankruptcy a few years later. There is no shortage of stories of athletes or entertainers who have filed for bankruptcy or gone broke after a big payday. Top draft picks start buying toys, living lavishly, or making bad business decisions. Entertainers throw big parties, “buy” the bar, and get into debt buying things they can’t afford.
You check Wikipedia for the statistics of famous people who are broke or file for bankruptcy. These are prime examples of people who got big salaries but didn’t stay broke. Athletes have a short career. There is a short window for them to produce a huge amount of income. Entertainers need to stay relevant in their industry before the well runs dry. You, as an entrepreneur, have the ability to continue producing.
Understand that I am not telling you to cramp your current lifestyle. Staying broke requires discipline. It ensures that you focus 95% of your time on building your biggest assets. What are you and your company. Grow faster by staying on a budget and reinvesting in your business.
People underestimate how long it takes to be successful in generating positive cash flow. They don’t prepare for the peaks and valleys that will come. Furthermore, they are not prepared for the lean times or when a part of their business fails. But staying broke can help you weather the storm that’s coming.
5.5 Aspects of Broke remain
1. Cash flow plan – To stay broke you need to know where your money is going. Everyone needs a cash flow plan. Know where every dollar goes. Give every cent an assignment. Money that has no purpose tends to be lost. Tracking your dollars keeps you out of financial trouble. Money hanging around without a purpose is spent, wasted or blown.
2. Delayed gratification – I made this mistake often. I would spend my bonuses and every big raise. I was naive to think that it always comes in. I have not saved or invested in my business. So I became broke and homeless. “Ballin” is stupid. Especially if you don’t have the ability to support it. Leave the flashes behind. Forget about impressing people and “standing up”.
That big client you just landed doesn’t mean it’s time to spend and get silly with the new raise. Slow down that impulse. Put that money back into your business to generate more revenue. Go land some more big clients. Delay the vacation now so you can enjoy it later when you are financially free.
3. Increase Income – Income is king and this is the only thing that matters. Remember, we don’t play average. Businesses succeed when revenues increase. Incremental increase is key. Going from $4k a month to $4 million overnight is almost impossible. Look to double your income over the next several months. Always looking to increase revenue. More sales = success.
4. Sacred accounts – Put all that extra income into Sacred Accounts. If something is sacred, you don’t touch it. You did not violate it. This money is for future use to help create more assets. I have a real estate account that I haven’t touched in years. I put part of my income into it every month. All my extra money goes into that account and I don’t touch it.
You save to invest. Don’t save to save. This money is earmarked for a future goal to generate more income. It could be a second business, real estate, or something else that will increase your income streams. The key is… you don’t just save. You study while you save and learn about your next investment.
Understand that it may take years before you pull the trigger. I have saved in my real estate account for 2 years. I study and work in the areas in which I want to invest. Study while you save.
5. Reinvest your profits – A portion goes to your sacred accounts. Reinvest the rest after all your necessities are taken care of. Put that money back into your business and yourself. Need to invest in coaching to get better? Then do it.
5.5 These things take time – Idea + Hard work x Time + Discipline = Success. Are you committed to getting rich? How serious are you about creating wealth? I don’t know how long it will take you to produce a six figure income. I do know that it takes work, time, discipline and access to capital. My mentor went from welfare to earning $10 million dollars in less than 3 years.
Success takes time. Keep breaking and keep grinding. The choice to stay broke is yours. You voluntarily choose to build your business so that you can be financially free later. “Pay the price now so you can pay the price later”.-Grant Cardone
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