A Study Of Money Flows In The United States Stay Broke Not Poor

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Stay Broke Not Poor

Stay broke! You heard me, stay broke but not poor. What is the difference? A break is a temporary situation. Broke people have money they just abuse it. A poor person is destitute or has insufficient resources. I got this from Grant Cardone, The Millionaire Booklet. This is consistent with Dave Ramsey’s concept of giving every dollar a name.

It’s about increasing cash flow and wealth. A financial strategy to help you reach financial freedom. What does it mean to not be poor? First, it means having a monthly cash flow plan (budget). Second, you are practicing delayed gratification. Third, reinvest your money into yourself and your business.

This is for wealth builders. Entrepreneurs who don’t 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 per year and 80% of entrepreneurs fail within 18 months of start-up. The gameplay is disappointingly average. So don’t play average.

Perfect examples

You see examples of entertainers and athletes who receive huge salaries and file bankruptcy after a few years. There is no shortage of stories of athletes or entertainers who have filed for bankruptcy or gone broke after huge paychecks. Top draft picks start buying toys, living lavishly, or making bad business decisions. Entertainers throw big parties, “buy” bars, and buy things they can’t afford.

You check wikipedia famous people broke or filed for bankruptcy. These are prime examples of people who received huge salaries but didn’t break even. Athletes have short careers. There is a small window for them to earn a large amount of income. Entertainers have to stay relevant in their industry before the well runs dry. You, as an entrepreneur, have the ability to continue production.

Stay broken

Understand that I am not asking you to cramp your current lifestyle. It takes discipline to stay broke. This is ensuring that you spend 95% of your time focused on building your greatest assets. Which is you and your business. Grow faster by staying on budget and reinvesting in your business.

People underestimate how much time it takes to be successful in generating positive cash flow. They don’t prepare for the peaks and valleys that will happen. Moreover, they are not prepared for lean times or if some part of their business fails. But staying broke can help you weather the coming storm.

5.5 Aspects of being broke

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 is going. Assign each cent. Unassigned money is lost. Keeping track of your dollars keeps you out of financial trouble. Money that has no purpose is spent, wasted or blown away.

2. Delayed gratification – I made this mistake many times. I will spend my bonuses and every huge raise. I thought it would always come. I did not save or reinvest in my business. That left me broke and homeless. “Bolin” is stupid. Especially when you don’t have the assets to back it up. Leave the shine behind. Forget impressing people and being “turned up”.

That big client you just landed doesn’t mean it’s time to spend and go crazy with a new raise. Delay that impulse. Put that money back into your business to earn more. Go to some more big customers. Delay indulgence now so you can indulge later when you are financially free.

3. Increase Income – Income is king and that’s what matters. Remember, we don’t play average. Businesses become successful when revenue increases. Incremental growth is important. Going from $4k to $4 million overnight is almost impossible. Consider doubling your income in the next few months. Always try to increase revenue. More sales = success.

4. Sacred Accounts – Put all that extra income into a holy account. When something is sacred, you don’t touch it. You have not violated it. This money is for future use to help build more assets. I have a real estate account that I haven’t touched in years. I put a portion of my income into it every month. All my extra money goes into that account and I don’t touch it.

You are saving to invest. No savings to save. This money is earmarked for the future purpose of generating more income. It could be a second business, real estate, or something else that will increase your income stream. The point is… you don’t just save. While you’re saving, you’re studying and learning about your next investment.

Understand that it may be years before you pull the trigger. I have saved in my real estate account for 2 years. I am studying and active in the fields I want to invest in. Study while you save.

5. Reinvest your profits – A portion goes to your sacred account. Reinvest the remaining amount after taking care of all your needs. Put that money back into your business and yourself. Need to invest in coaching to get better? then do

5.5 These things take time – Idea + Hard Work x Time + Discipline = Success. Are you committed to getting rich? How serious are you about building wealth? I don’t know how long it will take you to earn a six figure income. I know it takes work, time, discipline and access to capital. My mentor went from welfare to earning $10 million dollars in less than 3 years.

Game time

Success takes time. Stay broke and keep grinding. The choice to stay broken is yours. You are voluntarily choosing to build your business so that you can be financially free later. “Pay the price now so you can pay any price later.” – Grant Cardone

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