- There is a difference between being poor and being broke. Broke is temporary. Poor is eternal. The avoidance of money is just as psychotic as being attached to money.
- People’s lives are forever controlled by two emotions: fear and greed. Most people do not know that it’s their emotions that are doing the thinking. Your emotions are your emotions, but you have got to learn to do your own thinking. it is ignorance about money that causes so much greed and fear.
- the fear of public speaking is a fear greater than death for most people. According to psychiatrists, the fear of public speaking is caused by the fear of ostracism, the fear of standing out, the fear of criticism, the fear of ridicule, and the fear of being an outcast.
- When I want a bigger house, I first buy assets that will generate the cash flow to pay for the house.
- most people work for everyone but themselves. They work first for the owners of the company, then for the government through taxes, and finally for the bank that owns their mortgage.
- my real estate strategy is to start small and keep trading up for bigger properties and, therefore, delay paying taxes on the gain. passive income and portfolio income. Passive income, in most cases, is income derived from real estate investments. Portfolio income is income derived from paper assets such as stocks and bonds.
- Once a dollar goes into your asset column, it becomes your employee. The best thing about money is that it works 24 hours a day and can work for generations. Keep your day job, be a great hardworking employee, but keep building that asset column. government workers were a pack of lazy thieves.
financial IQ is made up of knowledge from four broad areas of expertise:
- accounting
- investing
- understanding markets
- the law, tax advantages-protection from lawsuits
Work hard. Pay 50% in taxes. Save what is left.Your savings then earn 5%, which is also taxed.
OR
Take the time to develop your financial intelligence. Harness the power of your brain and the asset column.