Episode 12: The Wealth On Any Income Book – Introduction: Part 2 – 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 completing the Introduction to the award winning, best-selling book, Wealth On Any Income. In this podcast episode you will hear about the three sections of the book, the attitude mindset section which is part one, before get to any tips and techniques of handling money powerfully. Your goal is to move 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. You will hear a summary of the 12 steps of the book which are the tools you will be able to use to support your transformation.
As I read, I may stumble over some words, and I’ll be updating the book where appropriate from the last revision in 2017 to issues that are happening in 2020. That means this audio version will not be an exact match to the last revised publication of the book. This episode will be less than 15 minutes.
Now, let's get to the three sections that make up the 12 steps to Complete Financial Choice™. The Wealth On Any Income book is based on the concepts from many books, and some of them I will mention as we go along. The following books are highly recommended: Couples and Money by Victoria Collins; Rich Dad, Poor Dad by Robert Kiyosaki; Your Money or Your Life by Dominguez and Robin; The Richest Man in Babylon by George Clason; Wishcraft, How to Get What You Really Want by Barbara Sher; How to Get Out of Debt by Jerrold Mundis and The Millionaire Next Door by Stanley and Danko.
This book is laid out in three sections. The first two sections, or almost half the book, are about your feelings, attitudes, beliefs, and values about money. Again, if we don’t first deal with how you feel about money and where those attitudes came from, then all of the great tools, tips and techniques would just be a waste of words because you probably wouldn’t take any actions or put any of those tools into use.
In Section I, you will have the opportunity to examine what makes you tick. You will see the attitudes and beliefs that may have held you back. You’ll establish goals based on your values. You’ll be able to achieve them because they are based on who you are. This is the most important part of the book. This is what my UCLA students and the participants in my workshops say makes it all worthwhile. This is the part where you get the motivation and inspiration to use the tools you’ll learn.
You may have a financial problem and then you learn how to solve it. Big deal! What reason do you have to do it? The reason is established in the first part of the book. This is where you will be inspired to write your goals; the things you want to have and how you want your life to be. You’ll create your reasons for using the tools you'll be provided. If you want to have work as a choice and not a requirement, you're listening to the right book. Even if you just want to end the day-to-day struggle over money, or get out of credit card debt, you’re listening to the right book
Also, in the first section of the book you'll set up a method for writing long term goals and create the action structure to achieve them. I want to emphasize structure. Results are not produced just by taking random actions, but by taking actions within a framework designed to produce a specific result. This is what I refer to as an Action Structure to Produce Results. You'll learn how to write a goal from the future, not for the future.
I’ll talk about some things you've probably not heard about anywhere else that will provide the motivation for you to go after your goals and use the tools provided. You'll learn about the two ingredients most often missing in goal setting workshops and books. I'll give you these two powerful items that are responsible for 90% of the success that people achieve.
My objective is that you eliminate any unsecured debt, if you have any, (I’m talking about credit cards) and create financial freedom; the choice to work or not work. Or, pursue your passion regardless of the income it generates. I’ve trademarked the term Complete Financial Choice™ to describe having the financial freedom to choose whatever moves your heart, whether it’s travel, philanthropy or anything else.
Many of the tenants to whom I have given copies of this book have ended up moving out of our apartments and purchased their own home. That thrills me. If something like this is what you want, hang on, and get ready to make it happen.
Section 2 is The Inspiration and Action Structure.
In Section 2 we look at how we find the inspiration to take the actions to produce results and achieve our goals, and we also need to know the roadblocks to financial success and understand the difference between good debt and bad debt. These are the first four of twelve steps of the book. I'm going to be talking about the challenges we face financially. As an example, bad debt will have you suffer and good debt will set you free. These challenges are based on an inability to handle money effectively, whether due to our emotional reactions or lack of education. We're going to use the word challenges for what most people see as problems. I want to emphasize the importance of the words we use, and get off to the right start.
The words we use have a direct impact on how we feel about things, situations, people and so on. If I talk about having hope rather than confidence I create two different images. When I say you face a financial problem rather than a financial challenge, you will probably have less desire to face the problem, but more willingness to overcome the challenge. In this section, you'll see the challenges you need to overcome.
Some parts of the book are not pleasant to read. But unless you know the problems or challenges, how could you possibly prepare for them, and solve them? We'll discuss what results from a lack of education or a lack of discipline, and it's not pleasant. So, just bear with me, it gets much, much, better.
To make you feel better, let me ask you a few questions: First, can you recall when you were in high school? Did you have a class that taught you how to handle money effectively? Probably not. I've asked this question to thousands of people and only 3 or 4 people out of every 100 say they learned how to handle money from some high school class. Next question: Can you recall when you were of high school age having your parents instruct you on how to handle money effectively? Again, probably not. I get a similar small percentage, about 4-6 percent, who say their parents taught them anything about handling money.
Unfortunately, when people tell me what they got from their parents, most often I hear things like: "My mom told me to spend less than I earn," or "My dad said, 'If you don't have the money, don't buy it, and don't use credit,' or "My parents said, 'Save something from everything you earn.'" You need to understand, these aren't instructions. These are what I call admonitions. They might as well have said, "Be good!" It’s like throwing you in the water and then saying, "Swim!" With those kinds of statements our parents made, they contained no instructions on how to be good, or swim, or how to live on less than we earn. Please, don't think I'm blaming parents. What were they supposed to do? They did the best they could and they couldn’t give you information they didn't have.
Section 3 The Tools
In Section III, of the book we’ll deal with steps five through twelve. You’ll hear the information you should have been given in high school, or by your parents, but didn't get. Included in this section are the tools. This is the information we ought to have been provided. This is the information to which I say everyone is entitled. It's not your fault if you're having problems handling money effectively. You haven't been given the tools to do any better.
We will go over the tools you can use to overcome the challenge. These are the same tools the wealthiest people in this world use.
As documented in the book The Millionaire Next Door by Stanley and Danko, these are the tools millionaires use to become wealthy and the tools they use to stay that way. When William Danko interviewed me for his next book, I saw that I was beginning to take for granted how easy it became to create wealth when using those tools. And those tools, the same ones that are in this book, also allowed me to stay on track.
You'll learn how to payoff consumer debt and set up a spending plan. This is a plan to spend money, not budget, and reach your financial goals. This is not just semantics; words can help you or hurt you in your progress. You'll learn how to project expenses and income, find out where your money goes, and have the tools which will make it possible to live within your income in 90 days, guaranteed! And, you don’t have to be a math wiz to understand how this works.
Whether you are a business owner or individual, you don’t need any financial background to do anything in this book. If you do have a financial background, you'll instantly recognize the value of the simple approach I've taken. You'll learn how to choose powerfully from the products, companies, and advertising that scream for your attention. You'll learn how to measure the level of pleasure you're getting for the money you're spending. In this way, you'll be able to adjust and align how you spend your money with your values and reach your goals.
You’ll discover the way to create financial independence through a method called 'Pay Yourself First.' You may have heard about this before, but not the way I'll talk about it. This concept has worked for over 5,000 years and it still works today. Dr. Jerry Buss said this is what he did. He worked six days and lived on five days income. He saved that extra day of income and used his savings to invest in apartment buildings and then he bought the Los Angeles Forum, the Lakers basketball team, and the Kings hockey team. The last part of the book will illustrate the magic of compound earnings. You'll read about what this means to you in creating Complete Financial Choice™ and achieving your goals from part one.
Let's use an analogy: Say you have some lumber, which we'll call raw material. Plus, you have some tools, such as a hammer, saw and nails. And, you have someone available with expert advice. What are some of the things you could build? You could build a house, boat, fence, apartment building, furniture, bridge or whatever. Practically anything. Right? Howard Hughes built the Spruce Goose. It may be the largest airplane ever built, and it was made from wood.
What if you still had the lumber and expert advice, but chose not to use the tools? What could you build? Practically nothing. Right? Well, you have the raw intelligence to create financial freedom. I'm going to supply the tools and expert advice. You can choose to use the tools or not. The financial house you build will be based on whether or not you choose to use the tools provided.
These next few paragraphs may alter your life, regardless of what you do from listening to this book. It involves how to read, or how to listen, to any material or information that may already be familiar to you. There are two ways to pay attention to familiar information: You can either make statements or you can ask questions.
An example of something familiar could be that you are aware you will not have the money to cover your bills in full this month. You could make a statement like, "I'll have more money next month." The statement may be wishful thinking. Regardless, it will not produce any thoughts or actions to create a change in your situation.
Instead, I'm requesting you ask yourself a question such as, "What do I need to do to have more money next month?" The question could create answers that could move you to action and create the changes to your situation. Statements rarely produce anything other than agreement or disagreement. Questions produce answers. And the answers to your financial concerns could lead you to the financial freedom you're seeking.
As I read this book to you, ask yourself questions as you listen, such as, "How can I use this in my situation? Where can I go to get what I need? Who can I work with to support me in getting what I want? What can I do to create the changes I want to have in my life?" Answering these questions and taking action on the answers can alter your life forever.
In the next episode we’ll start on Section 1 where you’ll hear about the Beliefs, Values and Attitudes that will either support you to achieve Complete Financial Choice™, or those that are blocking you from reaching your financial, and other life goals.
Listen to the Wealth On Any Income podcast on your favorite platform and please rate, review and subscribe.
Here’s your opportunity to grow: Commit to asking questions when you hear familiar information instead of making statements. This is what the wealthy do. Start your questions with the words who, what, where, when or how.
Until next week, be prosperous. Bye, bye for now.
Return to podcast by clicking here.