The 3 types of Workshop Attendees

April 12, 2018 | Filed under: Uncategorized

Which one are you? 

I have seen thousands of folks attending seminars. Most searching for an answer or a solution to a problem or to improve their lives. After seeing and talking to tens of thousands of folks, over a 30 year span, I know they fall into 3 major groups. I have a specific message for each group. Buy the way. Also, I know what limiting beliefs, they have that need to be changed to succeed in life.

LIMITED FUNDS: 60 percent of the folks attending a workshop are struggling. They have less than 5k in money or assets. Some much less than that, a few even with negative balances. They have no money for anything extra in life. They struggling to pay the monthly bills. Some are behind on their credit cards or have poor credit.  Some even fried their credit. (It is OK you can come back–I did). The JOB keeps their head just above water. Work is the only choice. And they work hard. Now listen to me, For things to get better you have to CHANGE and STRETCH. Your major word, should be STRETCH. Stretch your comfort zone. Stretch you resources. Do more with less. Get creative. Beg, borrow and borrow (no stealing). Your Plans should include:

  • 10 percent solution. Save 10 percent of paycheck for the future. DO NOT touch. 
  • Invest in your practical education (skills sets). Learn about real estate, stocks, investments, money, taxes. 
  • Look for JV partners. Look for an investor. You do the work and they profit. Wholesaling in real estate is a great example of this. 
  • Tap the bank of love. Family and Friends.
  • Cut back on expenses, if you can. Don’t go out for dinner every week. Take a sandwich to work. Ride share. Buy the used car not the new car. 
  • Learn to make life tax deductible. If I can write off $ 3000 on a car, or business trip. or meals. that is about 1000 in savings. IN my pocket. Go to IRS.gov. Pick UP publication 334. 

Do whatever it takes to get on the path to prosperity & riches. Stretch Yourself.

SOME MONEY: These folks have some cash. They are paying their bills, have a little extra, saved or invested some money. Often have good or Ok credit. Own a house, and a good job. Life is OK. But working to hard. Often 40-60 hours. No time for kids or family. Miss a lot of fun activities. Vacation for a week and nothing extravagant. Cause it is too costly (Florida comes to mind). Their word is LEVERAGE. They have to: LEVERAGE their existing Assets. Plans for them are:

  • Extend your credit card capacity, but only for cash flowing assets. Income Streams.
  • Borrow against your house for cash flow assets.
  • Get private or business loans for skills or assets.
  • Take control of investing. Get better ROI, than 7 percent a year in a mutual fund. 
  • Buy at least one more property. One rental property can save you selling your house to live in retirement. A dozen can make richer. Notice I did not say RICH. There are better strategies than renting. 
  • Treat investing as a business. Realize the tax deductions and take home more money. 
  • Start working on you asset protection. 

You don’t have enough yet, but a good start. Leverage your existing assets, borrow money and use that money to grow your portfolio. The cost of the money is not important, the ROI is extremely important.

COMFORTABLE LIFE: They are doing well. Your Job income is great and you are successful. You have put away some money for the future (100k to 1 million). They own their house (mostly paid off). Have good or great credit. Life is GOOD. The challenge for this individual is COMFORT  (and BLINDERS). They think life will continue this way forever. But life often has accidents, down the road. Some we don’t expect like: Downsizing, loss of job, illness, death, lawsuit, tax problem, failed investment, or even a physical accident. Your key words are :  Protection, and Diversification. They should plan to:”

  • Replace Income with ONE Cash Flow asset.
  • Protect Your assets. One lawsuit kills you. The loss of love one or income earn, can kill your retirement. One drop in the stock market like 2008, you lose half your wealth. Never mind a death or long term illness. 
  • Work less not more. ONE asset and DONE. Focus on bigger deals. 
  • Work on ROI returns. Turn 1 million to Three Million in a few years, not a lifetime. 

Your life can change in a moment. The Moment you decide to make a change. To live a different or better life. Make your life a masterpiece.

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