Episode 11: The Wealth On Any Income Book – Introduction: Part 1 – Transcript
Hi Folks, Welcome to the Wealth On Any Income podcast. This is where we talk about money tips, techniques, attitudes, information and provide inspiration. I’m your host, Rennie Gabriel.
Today I will be reading the first part of the Introduction to my award winning, best-selling book, Wealth On Any Income. You will hear an overview of the entire book.
In the next podcast episode you will hear about the twelve steps that can lead from wherever you are with money to a place of Complete Financial Choice™. You’ll hear where to find the inspiration so you can take the actions to create a financial transformation, and the tools you will be able to use to support your transformation.
As I read, I will be updating the book where appropriate from the last revision in 2017 to issues that are happening in 2020. That only means the last revised print version of the book will not be an exact match to this audio version. This episode will be about 17 minutes.
Hello. I'm delighted you chose this book for your financial growth. And, if you continue to take actions on the exercises and tools provided, you can achieve financial independence. This is when work becomes a choice, and not a requirement. I still work because I love what I do, not because I have to earn money. I created this after struggling for years thinking that making more money would lead to financial independence. I was wrong, and you can use my experience, and the experience of the thousands of others with whom I have worked, to avoid wasting your time and get on the fast track to wealth.
The first third of this book is about your feelings, attitudes, and values about money. This is the first of three secrets of the wealthy. Those three secrets are Attitudes, Forms and Investments. If we don’t address your attitudes first, then all of the great tips, advice, exercises, and tools in the other two-thirds of the book are just a waste of words, because you probably would not take action on any of it. Your beliefs can block you from taking the actions your intellect tells you are the right things to do.
It doesn't matter where you are now. You may be earning an excellent income but feel it's not enough. You may be struggling to get by and don't even know where to start. In 1998 I was practically broke. I had gotten divorced for the second time and had nothing more than a little equity in a rental property and about $2000 of cash to my name. My house was mortgaged to the max, and with the credit card debt I had, if I sold the house I would walk away with about $500. I did say five hundred dollars.
I first began re-writing this in the spring of 2008 and then set it aside for six years. It was at the time of a sub-prime mortgage crisis; the failure of Countrywide Mortgage, one of the country’s largest home lenders; the failure of two of Wall Street’s biggest brokerage houses, Bear Stearns and Lehman Brothers; and the willingness of the Federal Reserve to allow securities firms, not just banks, to make loans. Foreclosures in California hit a record with 47,171 in the first three months of 2008. This is more than four times the number of foreclosures that occurred one year earlier. Default notices in the same period, which is the first step on the road to foreclosure, were at 110,000. This is an increase of 143% from the same period one year earlier and represents 1.4% of all the homes in California. About 68% of the default notices will end up as foreclosures. Even before the sub-prime mortgage meltdown is factored in, bankruptcies for 2007 increased by 38% to 850,912 for the year 2007 for individuals and businesses, with 96.6% representing individuals. In 2006 there were 617,660 bankruptcy filings.
By September 2008, Washington Mutual, the nation’s largest savings and loan, and 6th largest bank, failed. Lehman Brothers brokerage failed. Merrill Lynch, the largest brokerage was taken over by Bank of America. The government said it would pump $700 BILLION to maintain confidence in the financial markets. In October, Wells Fargo and Citibank were fighting over who would get Wachovia Bank.
Let’s face it; we went through tough economic times in 2008. It wasn’t the first time, and it won’t be the last. As I’m reading this in 2020, 12 years later, we’re in the midst of a global pandemic that has caused untold financial hardship on individuals and businesses around the world.
When you have your finances in order, based on the principals in this book that have worked for 5,000 years, you will be able to survive any economic meltdown. Most of the material from my award-winning book, Wealth On Any Income, which was a #1 selling book at www.Amazon.com in 2002, has been updated. And this was before people knew how to game the best-seller status at Amazon. Many thousands of copies have been sold over the years and I received many testimonials from insurance agents, stock brokers, entrepreneurs, and notable authors.
Here are two examples:
“I love this book. Everyone, that includes you, can become wealthy. I bought 100 copies of this book to give away because it makes the journey to financial freedom one of seeming effortlessness.” - Mark Victor Hansen, co-creator, # 1 New York Times Best-selling Chicken Soup for the Soul ® series
“This is perhaps the most important subject you will ever deal with and this book gives you a step-by-step roadmap to follow. You can achieve all your dreams of financial freedom by putting these ideas to work.” - - Brian Tracy, America’s #1 Training Authority. Author of Maximum Achievement, seven other books and 300 different audio and video learning programs
Putting into practice the same concepts and material I used will allow you to prosper through any rollercoaster economic environment. You will be able to prosper in good and bad economic times. The point is this: When you have the right attitude and you know how to handle money effectively, it doesn’t matter what is going on in the economy. You will be able to save money, you will be able to invest money, and you will not have credit card debt.
In this book, I'll show you how to Move from Debt to Wealth, On Any Income. This is the name of the UCLA class I have been teaching since 1994. Following the same advice I give my students, I rebuilt my financial life to a greater wealth than I had prior to either of my divorces.
More importantly, testimonials have come from those for whom this book was written; ordinary working people who struggle from paycheck-to-paycheck, often struggling with credit card debt who feel like things have little hope of changing. Because of my presentations to corporations and other organizations, testimonials have come from the employees at the Los Angeles Department of Water and Power, the FBI, Toyota Motors, Ford, the US Postal Service, Fox Television, HBO, Cal-Tech, UCLA, Union Bank, Transamerica Insurance, and other groups plus the tenants of the apartment buildings owned or controlled by the various entities we’ve set up.
This book can be of assistance to everyone, from the person who received no instructions from either their school or their parents to professional financial planners and accountants. How can that be? Easy. It's written in a simple, practical, and step-by-step approach. Anyone who can read at a sixth grade level and knows how to add, subtract, multiply and divide will be able to work with this material.
Whether you have a Ph.D. in economics, or didn't finish high school, you can create value from this book. This book is about the basics. The greatest athletes in any sport have the best grasp of the basics. Basics are the strong foundation upon which they built their success. If you have already mastered the basics of handling money effectively and you have created financial prosperity for yourself, then you can use this book to teach others how to do it because it provides the 12 steps to creating wealth using a systematic approach. Those of you who have created financial prosperity will quickly recognize the value in this book and can create additional value for yourself. This book is for people who want to have both spiritual and financial wealth.
This book is for people who want to have financial wealth. While this book can be used by people who want others to think they have wealth, that is not my purpose. I’m referring to the people who want to impress others. We all want to do that to some extent, but I’m referring to those who are living beyond their means so that others will think they are successful. My intention is to support those who want the security and peace of mind that comes from having money in the bank, stocks, bonds, mutual funds or income-producing real estate. You may be living paycheck-to-paycheck now and perhaps you want to have a business which generates an income whether you're present at the business or not, knowing if you chose not to work, you don't have to. You may want to buy a new car and pay cash for it. You might want to have the money to travel anywhere in the world and choose if you will go or not. Maybe you want to buy a home for yourself or your children. All of this is possible and possible for YOU.
What do I mean by wealth on any income? It doesn't mean your debts will be gone instantly, like the mortgage on a house, your car loan, or other debts. It means you will see how you can live within your income, payoff your debts and begin the path to creating financial independence or financial freedom in any economic environment. Again, I define this as the ability to choose to work or not work. This happens when your financial needs are met by your money working for you, instead of you working for money. This is where work becomes a choice and not a requirement and I call this Complete Financial Choice™
In this program you'll learn a process of combining three things: Awareness, Tools and Actions to create financial prosperity. It incorporates using The Financial Coach Spending Plan Checkbook Register to track expenses and measure the level of pleasure you get when you spend your money. This system requires you to treat yourself like you deserve to keep some of the money you earn, and I'll ask you to take actions consistent with your values in order to achieve Complete Financial Choice™.
There are two ways this book can serve you. First, you can just read it to get some new and valuable information. Or, you can use the tools I provide and make powerful new decisions. It doesn't take a rocket scientist to figure out you'll get far more from using the tools and applying the skills than just listening to me read this book to you.
Don't let the word “tools” concern you. I use this word to describe the forms and concepts I've provided. If you wanted to prepare a gourmet meal you would need cooking tools, also called utensils, like a knife, spatula, grater, pot, pan and so on. If you wanted to repair a car you would need things like a wrench, screwdriver and pliers. (When I was young, car repair tools were chewing gum and wire.) If you wanted to build a house you would need a hammer, nails and a saw. As you use the tools in this book, you will be developing the skills to build a financial house; one that will shelter you from fear, anxiety or concerns about your economic circumstances regardless of what is happening in the general economy.
Also, as I read, think about others. You may hold the key to the financial growth of someone else. My agenda is for everyone to have financial prosperity easily and effortlessly. And, when you've created it for yourself, I feel you have an obligation to help others. Not only that, but helping someone else achieve their goals makes it easier for you to achieve yours. You will see how this works in the section on coaching.
You may think you're the only one with financial concerns. Or, even if you know others are having difficulty, it's not likely you talk about it in any detail. This program has assisted thousands of people to overcome difficult financial issues. It has helped people from a wide range of occupations. You may not have realized this, but just because someone like a doctor, financial planner or CPA knows how to do things for other people, like heal them or take care of their investments or taxes, doesn't mean they've done what they need to do for themselves.
You may be wondering where I get off writing about wealth on any income. Besides my financial mess in 1998 after my second divorce, I was also flat broke 16 years earlier. I was struggling in my own business and I had to recycle soda pop bottles and cans at the grocery store to get the refund money to buy for food for my family. I was three months behind on my mortgage payments and the bank was preparing to take away my house. My wife and children were at their wit's end. I was selling poster art at the time, more like a salesman than a business owner, and obviously not a good one. I was at least smart enough to figure out this wasn't working.
I returned to selling pension and profit-sharing plans, and with the help of two other people formed a pension administration company. After four years, we negotiated the sale of our company to a division of a public corporation. I became financially independent at age 39, and it didn't take millions of dollars to do it. In addition to the equity in my home and one rental property, I was able to choose work, or no work, with $300,000 of additional cash. I invested this money and produced $60,000 per year of income and, based on my lifestyle at the time, I could cover my expenses whether I worked or not. Creating the money you want can be done either all at once, or little by little, which is how most people do it. If your lifestyle would require $3 million or $30 million, you’ll see how to do that, too.
Then in 1987 I got divorced, and this cut into the investment that created my income. I re-married a couple of years later and then got divorced again in 1997. By now my net worth had been cut in half, and then cut in half again. As I said earlier, in 1998 I was practically broke. But the principals that you will read about in this book, or listen while I read it to you, do work, and I am married for the last time. And using the principals in the book I built up my wealth to a multi-million dollar level in just six years. I am not special; I am average and I failed high school math. You can choose to apply these principals and prosper, or you can choose to continue doing what you have been doing, and continue to get what you have gotten.
In the next podcast episode you’ll hear about the twelve steps that can lead from wherever you are with money to a place of Complete Financial Choice™. You’ll hear where to find the inspiration to take the necessary action to create a transformation, and the tools you will be able to use to support your transformation.
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Here’s your opportunity to grow: Calculate the monthly income you would need, in today’s dollars, to have Complete Financial Choice™ where you can cover your living expenses and have the money to pursue what calls to your heart.
Until then, have a prosperous week. Bye, bye for now.