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Proverbs 24:27 (9/16/21)
* The world is changing, and we need to prepare ourselves for what lies ahead.
* One of the ways we need to do that is financially - we need to be wise w/our money!
* If you want to build something of lasting significance financially, you have to focus on ASSETS over liabilities.
* Assets put money in your pocket.
* Liabilities take money out of your pocket.
* Monopoly - the name of the game is the buy property and businesses.
* Vs 27 - Back then, many people were sole proprietors (had their own biz).
* Solomon saw how valuable this was when his dad prepared everything for the construction of the Temple.
* 1) What is your field of work?
* YOU are your #1 asset - invest in making yourself better at what you do.
* Talent - what you were born to do.
* Skill - what you can learn to do.
* Skill comes when you understand that “opportunity” often comes before “passion.”
* A job is an asset, but you have to trade time for money (active income).
* The key is to turn active income into passive income.
* Knowledge economy, real estate, start a biz, etc.
* Robert Kyosoki - #1 thing that makes people rich is their “mindset” (they think assets over liabilities).
* 2) Build your house (the “stuff of life”).
* ** When you view the “stuff of life” as liabilities you’ll be a “user,” not a “collector.” You won’t accumulate (Troy Rice - 250k).
* Your house is a liability (accredited investor).
* There is a time to buy liabilities, even nice ones.
* KEY - Focus on assets first, then buy liabilities out of your assets.
* Process:
* Know your “why.”
* Think “Assets” over “Liabilities.” (Start w/your thinking)
* Make yourself valuable (talent / skill).
* Live below your income.
* Invest in assets (10% are speculative).
* EX: My story.
* Job / Job with Side Gig / Full Time Gig / Joined a Partner / Hired People.
* Lived below my income & stayed in rentals.
* First house was a house-hack (moved in with David).
* Next house was a small fixer-upper (67k).
* ALL THE WHILE - focusing on my asset (me and my business).
* Then, when the biz could afford it, I bought a new house (220k).
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By David and Jason Benham* The world is changing, and we need to prepare ourselves for what lies ahead.
* One of the ways we need to do that is financially - we need to be wise w/our money!
* If you want to build something of lasting significance financially, you have to focus on ASSETS over liabilities.
* Assets put money in your pocket.
* Liabilities take money out of your pocket.
* Monopoly - the name of the game is the buy property and businesses.
* Vs 27 - Back then, many people were sole proprietors (had their own biz).
* Solomon saw how valuable this was when his dad prepared everything for the construction of the Temple.
* 1) What is your field of work?
* YOU are your #1 asset - invest in making yourself better at what you do.
* Talent - what you were born to do.
* Skill - what you can learn to do.
* Skill comes when you understand that “opportunity” often comes before “passion.”
* A job is an asset, but you have to trade time for money (active income).
* The key is to turn active income into passive income.
* Knowledge economy, real estate, start a biz, etc.
* Robert Kyosoki - #1 thing that makes people rich is their “mindset” (they think assets over liabilities).
* 2) Build your house (the “stuff of life”).
* ** When you view the “stuff of life” as liabilities you’ll be a “user,” not a “collector.” You won’t accumulate (Troy Rice - 250k).
* Your house is a liability (accredited investor).
* There is a time to buy liabilities, even nice ones.
* KEY - Focus on assets first, then buy liabilities out of your assets.
* Process:
* Know your “why.”
* Think “Assets” over “Liabilities.” (Start w/your thinking)
* Make yourself valuable (talent / skill).
* Live below your income.
* Invest in assets (10% are speculative).
* EX: My story.
* Job / Job with Side Gig / Full Time Gig / Joined a Partner / Hired People.
* Lived below my income & stayed in rentals.
* First house was a house-hack (moved in with David).
* Next house was a small fixer-upper (67k).
* ALL THE WHILE - focusing on my asset (me and my business).
* Then, when the biz could afford it, I bought a new house (220k).