Every Entrepreneur should have buckets for their money and the decisions for where their money should go are set before your money comes in. The number 1 money rule needs to be set aside money for tax time.

Simple Money Rules

* Run a Profit and Loss Monthly

* Put away money for taxes into a separate account. Rule of Thumb (30%)

* Pay yourself

* Giving (10%)

* Necessities (10%)

* Low Risk Investments (10%)

* High Risk Investment (5%)

All Assets minus Liabilities

There is opportunity for everyone in our country to build wealth, however opportunity does not show up the same for everyone.

Net worth Facts for the USA:

* The top 1% owns 30% of the net worth in this country

* 99% of the country owns 70% of the net worth

* Top 10% own 69% of the wealth in the USA

* Bottom 90% owns 31% of the wealth in the USA

* Bottom 50% of the USA owns less than 2% of the country’s net worth

* This part of the population doesn’t have $400 of savings

The second episode in the series around wealth building.  Marcus and Joe discuss the first 3 of the seven points that build the foundation of your wealth journey.

Get on the right path!

* Emergency Funds

* You Must Run a Profit and Loss on your Business

* 25-30% must be set aside for taxes.

If you are looking for more conversations on building wealth we recommend:

* Think Like A CEO with Gary Keller & Jay Papasa‪n‬

* Win Make Give with Ben Kinney

Welcome to the Wealth Series with Joe Reardon and Marcus Green.

Joe Reardon Owner of The Joe Reardon Team is a successful residential real estate team within Keller Williams that has served Utah since 2007. Since 2012, we have used our expert knowledge to help nearly 600 families find home. Whether you are buying or selling, we’d love to be your real estate team! https://www.joereardon.com/

Maslow’s Hierarchy of Needs

This pyramid basically has five levels to it.

So starting from the bottom is physiological needs, you know your food, water, shelter, then you have safety needs right, health, employment, property

Then above that is where you get into more psychological needs where love belongs.  With family, friends, relationships.

Next level up is esteem, self esteem, respect and recognition,

The top one is self actualization, which is reaching your full potential.

Key Takeaways:

The Secret to building wealth is that there’s no secret, it’s a process.

Delayed gratification is not putting yourself in a worse financial situation by buying that depreciating asset, it’s the work you’ve done over the last several years that set you up to be in a position to make this purchase.  This is a reward that doesn’t inhibit your continued financial and wealth building journey.

If we don’t understand our personal relationship with money, then we can’t lean on the strong parts of that relationship or fix the difficult or wrong thinking around that relationship right.

Is the 3 an example of Confirmation Bias?

Is the number 3 special?

Where did this idea come from that we think these bad or good things happen in three?  

As humans have this innate ability to create patterns within things.  This is actually a good thing.  It’s one of the things that sets us apart as human beings as opposed to every other species on the planet. The ability for mentally healthy people to identify and exploit patterns in nature has given us a tremendous evolutionary advantage. Think about it from an engineering and a science standpoint, people finding patterns within themes and finding solutions.  

There are threes everywhere:

The Holy Trinity 

Three the three little pigs 

Goldilocks and the Three Bears

3 Outs

A Hat Trick is 3 Goals 

For some reason, we tend to find this number of three really easy to find patterns with but there’s really no historical basis behind why three. 

Russie Edwards Team Leader at KW Success has been a realtor for about 14 years. She got really involved with different organizations. She has always been involved with the association.    She is currently on the board of directors for Northern Wasatch Association and is very involved with the Women’s Council, which is where a lot of her leadership journey began.  Otherwise, she’s married and a mom to three amazing kids and two little fur babies. 

So, the topic this episode is around this idea of a balanced life.   We did a quick Google search just out of curiosity about work life balance, and there were 1.5 million or more search options that instantly came up so this obviously is something that people are talking about, and frankly a lot of people are not achieving a work life balance. 

To learn more about Russie Edwards check her out at russieresults.kw.com

www.facebook.com/russieresults

The number 1 predictor of success is your ability to master your calendar.

Many of us have heard about time blocking and many of us try to control our calendar.  It is many times the leading driver for people who go down the path of entrepreneurship.  It is the quest for freedom.  

Many entrepreneurs who find success go through a period of time where they are a slave to their calendar. To realize your quest for freedom you MUST get your calendar in control. 

The number one thing we tend to push to the back of our calendar as we get busy are our personal time such as gym time, and time off.    

Today, Marcus will take us through an evaluation of gratitude.  In life whenever you want to give more of something, you have to create more of that commodity.  How can we create more gratitude so that we can share it with those around us? #givethanks

2 strategies for giving more gratitude.

* Slow down and recognize what is already at our fingertips.

* Give gratitude away freely

The art of using time appropriately.  In this episode Marcus discusses how we trade time for money generating activities, relationships and self.  Affirmation: I am a master of my schedule!

TRANSCRIPT

Welcome to The Whole Enchilada today. Really excited about the topic of conversation today which is time, not necessarily just time as it shows up on a calendar, specifically the art of using time appropriately. Now I think this is something that’s an ongoing conversation of how to time block, which what boards in your calendar, am I wasting time, can I multitask what was on your calendar first.

There’s thousands of books put together on how to properly use your time, and be more productive. And it’s interesting. This last week, around a week and a half ago, my wife and I were on a walk, discussing several things and one of the things that came up in topic was specifically how we want to use our time differently this coming year. And if you were able to listen to the last episode of the whole enchilada we talked about inspecting the reality is one of the things that we want to trade, our time or use our time differently in 2021, it starts with the inspection of how we use our time in the given year, in what ways did we use our time appropriately the yielded of the results we were looking for, as opposed to where did we not spend our time appropriately purposely or unpurposely, be what were those times sucks that sucked as in and by the time we pulled our face on the screen we realized it was four hours later when we intended to be there for four minutes, which I know you’re laughing right now because that’s happened to me, it’s happened to you. We’ve all fall victim to that dreaded screen time.

So today we’re gonna talk about a couple things, I want to share with you kind of what we determined in that conversation, as we were walking along the beautiful beaches of Maui, which is a great backdrop for these types of conversations of reflection and thought. We thought a lot about specifically how we spend time. And I think that spending time may be the wrong terminology, terminology is actually trading time. Spending time was just that we have a certain amount that we’re able to spend on something where I would suggest that instead of spending time, we’re trading time for something in return. Think about the, it’s probably been happening much longer, thinking about the early 1800s of all the trading posts that were going on in the US, as people were migrating from east to west, particularly these fur traders learned that they can go out, you know these beaver pelts come back and trade those beaver pelts for other things that either would help them build additional wealth or things they needed.

Other things were traded in those training posts as well, either on a small scale scale or big scale. But one of the things is that these people learned using the fur traders as an example is it probably started with the idea of just getting first for myself anyway. If I get a few extra of beaver pelts, I’ll be able to trade those for someone that has something that I need, because I have in excess of what I need.  In over time  they learned that that, well, if, if I’m able to trade for other things that I need, what am I just got really really good at this, and got a surplus of beaver pelts well beyond what I would need to be able to trade in excess of what what my current needs are and start building additional wealth.

Well, the idea of trading time. If we don’t have the ability to increase the amount of time that any of us have. We’ve only got 24 hours a day, 365 days a year. But that doesn’t really limit us to increase, how to trade, time for the things that are most important to us because we thought about as we thought about this and really fleshed it out a little bit we identified that generally speaking...

As we approach the process of planning for 2021, in both on a business level and a personal level, let us properly reflect on our 2020 and inspect reality.

This episode talks about the reality of our business and personal goals of this year?  Did the pandemic or other circumstances stop you from pursuing your goal?  Did it freeze you? Or does the activities you did this year created a path in achieving your end goal or result?

TRANSCRIPT

Hello Enchilada Nation, excited to spend some time with you today. It is the time of year where a lot of us are spending significant amount of time putting our business plans together for the year we’re wrapping up 2020 which is an interesting year to say the least, not only with the global pandemic going on but with the president presidential race, and several other things that we made a list of all the crazy things that happen in 2020 would take the entirety of this podcast, but I think it’s safe to say we all agree this year was a little crazy, and things came up that weren’t necessarily on our radar when we were putting together our business plan for 2020.

So, as we approach the process of finding out right here for 2020. I think that a lot of us, myself included, we are such drivers and goers that we are in the middle of trying to tidy up and finish up 2020 at a high level and hit our goals in 2020 at the same time of going through the process of putting together a business plan for 2021. Well, there, there is a process or a gap that should be happening from the hustle of trainer wrap up the current year that actually physically putting together our business plan for the following year that I think we missed the mark a lot.

This goes both on a business level and a personal level and reflection of our year. It’s hard to slow down enough to properly reflect on the results of the year when you’re still actively pursuing the results of that year.

At the same time, if, particularly if we’re in the process. We’re in the business of sales, the activities that we’re doing today are all ready gonna be measured and results to show up the year that comes. So it’s this weird balance of I’m going to slow down enough to actively put together a game plan for the following year, and at the same time, put enough energy in, in focusing to finish the year strong that I’m currently in.

Well, the this process that we’re talking about, but I feel like a lot of us don’t take the time to do is actually an inspection of reality, inspecting reality.

A lot of us measure our success for the current year based on how the income showed up, or what the result would have been. We’ve already talked a little bit about the lag measures but it’s it’s those lag measures that that are the results of the activities we’ve been doing, and we want to measure success on those lag measures. Instead of really saying, was I successful on the lead measures?

I’ve already had the opportunity so far this year to run a couple business planning clinics where I’ve coached hundreds of people already putting together their business plans for the year to come I’ve got several more to do in the next coming weeks. In addition to that actually sitting down with the business plan for my personal businesses, and I go through the same process.

So today we’re going to talk about a couple things that you should be considering from inspecting the reality of your current situation before you go in the process of putting together that business plan. The reason I think this is important is to many of us. This is how we we approach this process is. Oh, I’m a business person I’ve got to put together my business plan for this coming year so we go to our filing cabinet or on our computer pull up our business plan from the year before. And for a lot of you.