By Richard Paul Evans (2005)
Review (from Amazon):
When Richard Paul Evans was
twelve, his father, a building contractor, shattered both his legs. With no
insurance, no income, and eight children, the family was destitute. At that
difficult time young Evans was introduced to a kind multimillionaire who taught
him the five secrets of wealth. Today, Evans credits those lessons not just
with bringing him wealth and success but with bringing him freedom and
opportunity in a world where financial slavery is ubiquitous.
In his signature motivational voice, Evans interweaves those
influential lessons with personal stories from everyday people. He explains
that money should not be the preoccupation of our lives. Rather, if we follow
the five principles, we will be free to focus on God, family, and relationships
— the true nourishments of life.
Wise and compelling, The Five Lessons a Millionaire Taught Me About Life and Wealth can be read
in a single sitting and will leave you with a new view of what it means to be
rich — and convinced that you, too, can build wealth. The Five Lessons a Millionaire
Taught Me About Life and Wealth is endorsed by financial consultants, churches,
schools, and marriage counselors.
Lesson 1: Decide to Be Wealthy
For the most part, whether to be wealthy or not is your choice. Most people never decide to be wealthy… and never become wealthy. Choice is the beginning of all journeys or the longest journey is the one where you never take the first step…
Lesson 2: Take Responsibility for Your Money
Know how much you have—where it is coming from and where it is going plus what it is doing in the meantime. If you can’t control your costs (live below your means), you’re sunk.
Lesson 3: Keep a Portion of Everything You Earn
Pay yourself first. Save a minimum of 10% of your ongoing salary, use 20% for (good) debt—like mortgage debt (not bad debt like credit card or personal debt that sticks to you) and spend 70% of what you take in. If you have a side gig, try to save 90% of those earnings. Remember that an investor beats a saver every time, so invest (most) of what you save. After your mortgages are retired, you’ll now have 30% (up from 10) to build your nest egg and make further investments.
“Don’t invest what is left after spending, spend what is left after investing,” Warren Buffett (paraphrase—he actually said: “Don’t save what is left after spending; spend what is left after saving.”)
Lesson 4: Win in the Margins
How to win in the margins? Start a PB4L (personal business for life) by looking for ways to make extra income–you will discover that there are opportunities all around you. Invest in real estate and build wealth over time.
“Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate” Andrew Carnegie, billionaire industrialist
There are four key mindsets that characterize a wealth builder:
1. The millionaire mentality carefully considers each expenditure—is it really necessary, is it possible to get the same effect without using money or using less of it, is this expenditure contributing to my wealth or taking from it, ie, what’s my ROI (return on investment) from this expenditure, is this an impulse or planned purchase?
2. The millionaire mentality believes that freedom and power are better than momentary pleasure. Delay gratification and understand the danger of debt. Never borrow money (unless it is good debt).
3. The millionaire mentality does not equate spending with happiness. Equating spending with happiness is the first step toward self-destruction.
4. The millionaire mentality protects his/her nest egg (iron reserve). Successful nest eggers do not invest what they cannot afford to lose.
“There was a time when a fool and his money were soon parted. Now it happens to everybody,” Adlai E. Stevenson
Lesson 5: Give Back
Ultimately, the most enjoyable use of money is helping others. Giving will expand your circle of life. Hoarding money will make you smaller. Life is not just about money. It is about love, family, relationships, trust and spirituality.
“Live so that even the undertaker mourns your passing,” Mark Twain
For real estate investment and business coaching that allows you to take care of yourself and your family for 3-generations, please contact—
Bruce M Firestone, B Eng (civil), M Eng-Sci, PhD
Real Estate Investment and Business coach
ROYAL LePAGE Performance Realty broker
Ottawa Senators founder
1-613-762-8884
bruce.firestone@century21.ca
twitter.com/ProfBruce
profbruce.tumblr.com/archive
brucemfirestone.com
-MAKING IMPOSSIBLE POSSIBLE
-FREEDOM VIA REAL ESTATE INVESTMENT AND PB4L, PERSONAL BUSINESS FOR LIFE
-FEHAJ, FOR EVERY HOME A JOB
-MAKE YOUR HOME WORK FOR YOU, INSTEAD OF YOU WORKING FOR IT
-HIGHER ROI NOT JUST FOR OWNERS AND INVESTORS, BUT FOR TENANTS, GUESTS, VISITORS, NEIGHBORHOODS, COMMUNITIES, TOWNS, VILLAGES, AND CITIES TOO
Other source:
https://www.orgsites.com/ga/goshenreig/five_lessons_excerpts.pdf
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