On Take It to the Bank,
00:00:01.36\00:00:02.70
you'll find ways
to get out of debt.
00:00:02.73\00:00:05.67
Solve your credit card problems.
00:00:09.54\00:00:14.64
How to make and
stick with a budget?
00:00:14.68\00:00:16.71
Simple ways to save...
00:00:19.78\00:00:21.52
buying or selling a home,
00:00:24.85\00:00:26.92
and many more financial
matters on Take It to the Bank.
00:00:26.96\00:00:31.26
Hi, my name is Cordell Thomas
00:00:31.29\00:00:32.66
and thank you for joining
us on Take It to the Bank.
00:00:32.69\00:00:35.53
I'm excited to talk to
you about something specific
00:00:35.56\00:00:37.57
that we had a
couple of questions on,
00:00:37.60\00:00:40.44
in reference, there
wasn't direct questions
00:00:40.47\00:00:42.50
on how the wealthy live,
00:00:42.54\00:00:43.87
but that's what
we're going to talk about
00:00:43.91\00:00:45.24
and how they think.
00:00:45.27\00:00:46.61
But the questions
have come in about,
00:00:46.64\00:00:48.01
"How can I think on
a more wealthy basis?"
00:00:48.04\00:00:50.61
"How can I think
about savings and investing
00:00:50.65\00:00:54.22
and what are some of the things
that I should take to heart
00:00:54.25\00:00:57.05
about making these
type of decisions?"
00:00:57.09\00:00:58.99
Well, I think there are several
things we can talk about,
00:00:59.02\00:01:02.16
and I think there are things
that we can make you aware of.
00:01:02.19\00:01:06.23
One of the things
that have happened
00:01:06.26\00:01:08.20
over the past several years
is this evolution of smartphones
00:01:08.23\00:01:12.30
and what they have
brought to the table.
00:01:12.33\00:01:14.44
Now, for every positive thing,
there is a negative thing.
00:01:14.47\00:01:17.51
Now, the smartphones
has given us an opportunity
00:01:17.54\00:01:20.28
to download apps, to
make our life easier,
00:01:20.31\00:01:22.61
and I'm gonna go
through some things
00:01:22.64\00:01:23.98
that you can use apps for,
00:01:24.01\00:01:25.91
that will make your
life a little easier.
00:01:25.95\00:01:27.72
There is a flip side to that,
00:01:27.75\00:01:29.68
in reference to the
things you should be aware of,
00:01:29.72\00:01:32.72
that these smart phones are
actually bringing to the table,
00:01:32.75\00:01:34.92
that you should
be concerned about
00:01:34.96\00:01:37.36
because they are
sharing information and data.
00:01:37.39\00:01:39.69
Remember something,
00:01:39.73\00:01:41.06
business is in
business to make money,
00:01:41.10\00:01:43.73
business is in
business to do business.
00:01:43.77\00:01:46.63
So a lot of
things at play right now,
00:01:46.67\00:01:50.74
in our economy, that
is driving the ability
00:01:50.77\00:01:55.14
for corporations, organizations,
00:01:55.18\00:01:58.05
individuals, groups,
00:01:58.08\00:01:59.41
to study each one of
our behavior patterns.
00:01:59.45\00:02:02.25
For example, one of the
things that are of concern is
00:02:02.28\00:02:07.09
trying to limit
government access
00:02:07.12\00:02:09.79
to the private information
00:02:09.82\00:02:11.16
that is pretty much online
now in anything that we do.
00:02:11.19\00:02:17.30
There are many different
identifiers on your computer,
00:02:17.33\00:02:21.14
and when we take a look at
terminology that's being used,
00:02:21.17\00:02:24.74
it's going to be a
lot of it coming at you,
00:02:24.77\00:02:27.58
but I think we'll try to
make it as simple as possible.
00:02:27.61\00:02:29.91
For example,
government wants access
00:02:29.94\00:02:32.58
to a lot of your private data,
00:02:32.61\00:02:34.02
a lot of people want
access to your private data,
00:02:34.05\00:02:36.32
that's how people
are making a lot of money
00:02:36.35\00:02:38.02
by selling information about
how you go on the internet.
00:02:38.05\00:02:42.62
That's how people
recognize who you are
00:02:42.66\00:02:45.69
by different cookies.
00:02:45.73\00:02:47.36
We use the name "cookies"
00:02:47.40\00:02:49.16
not because we
like to eat them, I do,
00:02:49.20\00:02:51.43
but because they are referencing
00:02:51.47\00:02:53.54
more of a technical term
00:02:53.57\00:02:55.10
of how you are
recognized when you go online.
00:02:55.14\00:02:58.91
And based on some
of that information,
00:02:58.94\00:03:01.51
when you go to a specific
URL, it takes that data,
00:03:01.54\00:03:04.55
based on where you go,
what you do, what you see,
00:03:04.58\00:03:07.18
and how you act online,
00:03:07.22\00:03:09.48
and categorizes
it, and compiles it,
00:03:09.52\00:03:11.75
and shares it
with those agencies,
00:03:11.79\00:03:13.92
so they can
make better decisions
00:03:13.96\00:03:15.72
of how to approach you.
00:03:15.76\00:03:17.56
Look, our lives have become
very complicated right now.
00:03:17.59\00:03:23.23
You remember the day
when you could basically
00:03:23.26\00:03:27.64
send a note to
somebody in the mail.
00:03:27.67\00:03:31.97
You send it to them,
you write the letter,
00:03:32.01\00:03:33.34
you put a stamp on it,
00:03:33.38\00:03:34.71
and you put it into the mailbox,
00:03:34.74\00:03:36.08
that is delivered to somebody.
00:03:36.11\00:03:37.55
Now you have email, now
you have social networks,
00:03:37.58\00:03:41.62
now you have so
many different elements
00:03:41.65\00:03:43.89
of where people can access you
00:03:43.92\00:03:46.39
and people are there
looking for that information.
00:03:46.42\00:03:51.73
Facial
recognition, what is that?
00:03:51.76\00:03:54.63
Have you ever
used a social network
00:03:54.66\00:03:56.97
and it captures a
picture of an individual
00:03:57.00\00:03:59.40
that you post online?
00:03:59.43\00:04:01.60
It then can capture that face,
how that face looks, who it is.
00:04:01.64\00:04:06.71
And you put the
name of that person,
00:04:06.74\00:04:09.01
your loved one, your
relative, into the system.
00:04:09.04\00:04:12.51
Now that system has
the name of an individual
00:04:12.55\00:04:16.55
that can now
recognize them anywhere.
00:04:16.58\00:04:19.82
Location devices,
in your smart phone,
00:04:19.85\00:04:23.12
we think it's great,
and it is a great resource.
00:04:23.16\00:04:25.89
We're getting a lot of
wonderful opportunities
00:04:25.93\00:04:28.73
to use
technology to keep us safer,
00:04:28.76\00:04:31.43
to keep us knowledgeable
of where we're going.
00:04:31.47\00:04:34.57
I use my smartphone
00:04:34.60\00:04:36.10
because I don't
have to rent that feature
00:04:36.14\00:04:37.84
through the rental car agency
00:04:37.87\00:04:39.54
and I can know where I'm going,
tapping where I want to be,
00:04:39.57\00:04:42.38
and it will lead me
to that destination.
00:04:42.41\00:04:44.65
But we talk
about this simple thing
00:04:44.68\00:04:46.75
called mail now, email now,
00:04:46.78\00:04:50.15
and it becomes far more complex
00:04:50.19\00:04:53.05
because within e-mail
is the context of phishing,
00:04:53.09\00:04:58.23
P-H-I-S-H-I-N-G.
00:04:58.26\00:05:01.10
It's just the same concept
00:05:01.13\00:05:02.56
as if you like
to go actual fishing
00:05:02.60\00:05:04.53
and you throw out a rod, a line
00:05:04.57\00:05:07.47
to see if you
can capture a fish,
00:05:07.50\00:05:10.17
that's what it is.
00:05:10.21\00:05:11.91
Someone throws
out an email to you,
00:05:11.94\00:05:14.41
or gets in connection with you,
00:05:14.44\00:05:16.04
and it looks
like a legitimate site
00:05:16.08\00:05:18.58
that you can connect with,
00:05:18.61\00:05:19.95
but all they're trying to do
00:05:19.98\00:05:21.58
is to get your
specific information,
00:05:21.62\00:05:24.65
and getting you
to click on a link
00:05:24.69\00:05:27.19
that could download a virus
00:05:27.22\00:05:28.79
that can actually
track your keystrokes,
00:05:28.82\00:05:31.66
that can track
where you go online,
00:05:31.69\00:05:33.80
that can invade your computer.
00:05:33.83\00:05:36.26
One of the major
concerns people are having now,
00:05:36.30\00:05:38.73
is when they make the
wrong click on something,
00:05:38.77\00:05:42.47
there's an automatic download,
00:05:42.50\00:05:44.37
or now they're finding
that their purchasing equipment
00:05:44.41\00:05:47.51
that already have viruses
or applications in the system
00:05:47.54\00:05:52.15
and they cannot get rid of them.
00:05:52.18\00:05:54.15
These are real-time issues
that people are dealing with
00:05:54.18\00:05:58.39
in reference to technology.
00:05:58.42\00:06:00.49
Technology is,
00:06:00.52\00:06:01.86
yes, making life
easier and better for us,
00:06:01.89\00:06:04.26
but technology is
also providing a platform
00:06:04.29\00:06:07.80
to collect more
information, more data,
00:06:07.83\00:06:10.93
more things about what you
do that develops a profile,
00:06:10.97\00:06:15.20
about who you specifically are.
00:06:15.24\00:06:17.34
So now they are beginning
00:06:17.37\00:06:18.87
to develop these
demographic categories,
00:06:18.91\00:06:21.44
demographic, a demography
is a group of individuals,
00:06:21.48\00:06:26.98
you can group them by
psychology, how they think,
00:06:27.02\00:06:30.09
by culture, who they are,
by region, by how they buy,
00:06:30.12\00:06:34.59
how much money they make,
by what kind of car they own,
00:06:34.62\00:06:37.66
by what kind of
house they're in,
00:06:37.69\00:06:39.09
whether or not they're a renter,
00:06:39.13\00:06:40.46
or not they're an owner,
00:06:40.50\00:06:42.10
and the list goes
on, and on, and on.
00:06:42.13\00:06:44.70
And now, that can
be studied even more so
00:06:44.73\00:06:47.27
by where you go online.
00:06:47.30\00:06:49.14
So if I go somewhere
online, now I'm categorized
00:06:49.17\00:06:52.14
that an individual that
likes these type of books,
00:06:52.17\00:06:54.91
that like these type of
extracurricular activities,
00:06:54.94\00:06:57.88
that likes to go biking,
00:06:57.91\00:06:59.45
that likes to do
these type of things,
00:06:59.48\00:07:01.72
and that information becomes
an overwhelming type of things
00:07:01.75\00:07:05.22
where you can't even store
them on your computer anymore,
00:07:05.25\00:07:09.19
but you have to
have this virtual space
00:07:09.22\00:07:12.56
where you can lock
up all the information
00:07:12.59\00:07:16.26
that you can't necessarily
store on your computer.
00:07:16.30\00:07:21.94
Why is this information
for you so important?
00:07:21.97\00:07:26.17
Because it has to do
with you as an individual,
00:07:26.21\00:07:31.08
it has to do with
you as a demography,
00:07:31.11\00:07:33.42
with you as a target group.
00:07:33.45\00:07:35.45
Why?
00:07:35.48\00:07:36.82
You make a
certain amount of money.
00:07:36.85\00:07:38.72
As a middle class American
00:07:38.75\00:07:40.36
or anyone that makes between
$30,000 and $80,000 a year,
00:07:40.39\00:07:43.73
they know that you
spend what you make,
00:07:43.76\00:07:46.29
they know that
you as an individual,
00:07:46.33\00:07:49.36
don't have emergency savings.
00:07:49.40\00:07:51.53
And you are looking for
that next great opportunity
00:07:51.57\00:07:55.00
to make a lot of money.
00:07:55.04\00:07:57.04
Things happen where they can
promise you fortunes and riches
00:07:57.07\00:08:01.91
and you jump into it
without necessarily studying.
00:08:01.94\00:08:05.55
It goes back to that issue
00:08:05.58\00:08:07.02
called the
critical think on money,
00:08:07.05\00:08:09.12
always asking that question,
asking the next question.
00:08:09.15\00:08:12.59
Why are you targeting me?
00:08:12.62\00:08:14.19
Why are you asking
me these questions?
00:08:14.22\00:08:16.46
Why are you asking me to get
involved in this type of thing?
00:08:16.49\00:08:19.29
Why are you doing
these type of things
00:08:19.33\00:08:22.33
and invading my
privacy through the internet,
00:08:22.36\00:08:25.80
through the e-mail,
00:08:25.83\00:08:27.17
through the regular mail system?
00:08:27.20\00:08:28.64
And now you have all of
these different resources
00:08:28.67\00:08:31.91
that are coming at you
in many different ways,
00:08:31.94\00:08:34.18
and studying your
behavior patterns.
00:08:34.21\00:08:36.08
So you're amazed when
you're on your social network
00:08:36.11\00:08:39.18
and up pops on the right
something that you like to do,
00:08:39.21\00:08:41.95
or something you
like to purchase.
00:08:41.98\00:08:43.59
Because they studied it,
00:08:43.62\00:08:44.95
and now they can fine-tune
their advertising directly
00:08:44.99\00:08:49.62
to what they would
like you to buy from them.
00:08:49.66\00:08:52.66
Again, consuming and doing.
00:08:52.69\00:08:55.26
And so it was appropriate for me
00:08:55.30\00:08:57.47
to begin the
process of studying,
00:08:57.50\00:09:00.04
what it is that the wealthy do?
00:09:00.07\00:09:03.84
Now, I categorize the
wealthy as an individual
00:09:03.87\00:09:06.74
that spends less than they make,
00:09:06.78\00:09:09.84
which is the top
thing that comes out of
00:09:09.88\00:09:12.61
how the wealthy think.
00:09:12.65\00:09:15.35
But we also begin to understand
00:09:15.38\00:09:16.79
that they don't
behave the same as we do
00:09:16.82\00:09:20.16
on those social networks.
00:09:20.19\00:09:22.62
They don't do the
same type of things
00:09:22.66\00:09:25.13
and, of course,
when they do participate
00:09:25.16\00:09:29.73
in some of these
networks in online,
00:09:29.76\00:09:32.10
because of their wealth,
00:09:32.13\00:09:33.47
and because they
have been categorized,
00:09:33.50\00:09:35.27
they are targeted
a whole different way
00:09:35.30\00:09:37.74
than we are targeted.
00:09:37.77\00:09:39.44
They make those different
decisions way differently
00:09:39.47\00:09:42.44
than we make decisions.
00:09:42.48\00:09:44.61
Because we are caught up
in the lottery mentality.
00:09:44.65\00:09:48.95
They are caught up in more logic
00:09:48.98\00:09:51.85
and the ability to
utilize their resources
00:09:51.89\00:09:56.02
to gain access to more money.
00:09:56.06\00:09:58.79
So if you begin to
think like the wealthy think,
00:09:58.83\00:10:02.76
it has nothing to do
with how much money you make.
00:10:02.80\00:10:06.63
We go back to
the issue of studying
00:10:06.67\00:10:09.84
where you're at
and where you wanna go.
00:10:09.87\00:10:12.34
If you have debt
that you're dealing with,
00:10:12.37\00:10:14.71
try to get rid of that debt.
00:10:14.74\00:10:16.68
Set up a formal process
of getting rid of the debt
00:10:16.71\00:10:19.61
and we hear many
different, different processes.
00:10:19.65\00:10:22.62
One is, I've heard
and I agree with is,
00:10:22.65\00:10:25.45
start with the smallest
00:10:25.49\00:10:26.89
and work up to the
largest debt that you have
00:10:26.92\00:10:28.89
and pay those off in sequence.
00:10:28.92\00:10:30.86
Pay the minimal
amount you can on the others
00:10:30.89\00:10:33.43
and target one, pay it off.
00:10:33.46\00:10:35.36
And it feels, you feel like
you've accomplished something
00:10:35.40\00:10:38.13
and work on the next until
you've targeted all of those.
00:10:38.17\00:10:41.34
The other thing I
would ask you to use
00:10:41.37\00:10:43.47
are some unique apps online
00:10:43.51\00:10:45.94
that you can actually
download on your smartphone,
00:10:45.97\00:10:49.04
that can help you figure
out how much debt you have,
00:10:49.08\00:10:52.78
and how quickly you
can get it paid off,
00:10:52.81\00:10:54.48
if you can pay
off certain amount
00:10:54.52\00:10:57.79
on each one of
those debts that you have.
00:10:57.82\00:11:00.62
There are
fantastic opportunities
00:11:00.66\00:11:02.29
and it can tell you,
00:11:02.32\00:11:03.66
you're gonna take
about three and a half years
00:11:03.69\00:11:05.09
to pay it off.
00:11:05.13\00:11:06.46
But now you have
not a resolution,
00:11:06.49\00:11:08.33
not an opportunity, but
you have an actual goal,
00:11:08.36\00:11:11.13
and if you follow through,
I'm gonna take a step back.
00:11:11.17\00:11:13.97
Wealth is also about developing,
00:11:14.00\00:11:16.91
developing a mindset
to become a producer.
00:11:16.94\00:11:21.94
Okay, what is a producer?
00:11:21.98\00:11:24.35
When I say wealthy,
producer, it's all the same,
00:11:24.38\00:11:27.75
it's not about
business ownership,
00:11:27.78\00:11:29.25
it's about how
you manage your money.
00:11:29.28\00:11:33.22
The overall context of
what I believe is this.
00:11:33.25\00:11:39.59
A producer is
someone that thinks of wealth
00:11:39.63\00:11:43.47
in a different capacity
than we do as individuals that,
00:11:43.50\00:11:48.07
that spend what we make.
00:11:48.10\00:11:51.04
There are approximately,
in a 2010 study, it said,
00:11:51.07\00:11:54.44
"There's approximately
3.07 million millionaires
00:11:54.48\00:11:57.38
in the United States."
00:11:57.41\00:11:59.48
That's quite a bit.
00:11:59.51\00:12:00.85
And then when
you think about it,
00:12:00.88\00:12:02.78
we have the most number of
millionaires in this country,
00:12:02.82\00:12:07.36
more than any other
country in the world.
00:12:07.39\00:12:10.43
But how did they get there?
00:12:10.46\00:12:11.79
And what did
they do to get there?
00:12:11.83\00:12:13.26
So you begin to
assume that the United States
00:12:13.29\00:12:16.03
is the country where
social economic advancement,
00:12:16.06\00:12:19.93
is better than
any other country.
00:12:19.97\00:12:22.47
But when you look at that study,
00:12:22.50\00:12:24.51
we are really not the country
where you can move up in wealth
00:12:24.54\00:12:29.91
as easy as other countries.
00:12:29.94\00:12:31.61
In fact, in Canada,
00:12:31.65\00:12:33.62
you're two and a half
times more likely to get wealthy
00:12:33.65\00:12:36.95
than in the United States.
00:12:36.99\00:12:39.52
But what is it about
those that understand wealth
00:12:39.55\00:12:43.26
versus those that are consumers?
00:12:43.29\00:12:46.83
Well, there is a
difference between a consumer,
00:12:46.86\00:12:49.66
someone that goes and buy things
00:12:49.70\00:12:51.07
when they get money to do things
00:12:51.10\00:12:52.43
versus those
that produce things.
00:12:52.47\00:12:56.00
Now, let me give you
this type of example.
00:12:56.04\00:12:59.67
There are many,
00:12:59.71\00:13:01.04
if you listen to talk
shows on Sunday mornings
00:13:01.08\00:13:02.71
or if you listen to
different caveats of talk shows,
00:13:02.74\00:13:06.85
where you can hear ex-presidents
00:13:06.88\00:13:08.28
or ex-politicians
or politicians talk,
00:13:08.32\00:13:10.52
you'll hear different
hints to what that is all about.
00:13:10.55\00:13:14.49
The first thing
you think about is
00:13:14.52\00:13:17.09
a tax incentive
verse a welfare handout,
00:13:17.13\00:13:19.76
they're both the same thing
00:13:19.79\00:13:21.13
because we are looking at
government funds being utilized
00:13:21.16\00:13:24.77
to handout to
different agencies.
00:13:24.80\00:13:27.47
It's labeled, again,
categorized as a tax incentive,
00:13:27.50\00:13:32.34
if they see that there will
be a return on that investment.
00:13:32.37\00:13:36.68
They call it a welfare
handout, still a tax incentive,
00:13:36.71\00:13:39.98
to those that are in need of it
00:13:40.02\00:13:41.82
but they know, they know,
00:13:41.85\00:13:44.55
that those that
get a welfare handout
00:13:44.59\00:13:46.92
are those that are
not going to turn around
00:13:46.96\00:13:48.99
and use those
funds to create wealth
00:13:49.02\00:13:51.63
in their own life.
00:13:51.66\00:13:52.99
They're gonna use
those funds to buy things,
00:13:53.03\00:13:56.03
and there is a difference
between the producer mentality,
00:13:56.06\00:14:00.64
of using funds to produce
more funds and create wealth
00:14:00.67\00:14:05.24
versus those that
take money and spend
00:14:05.27\00:14:08.04
without managing the money well.
00:14:08.08\00:14:10.98
Now, as we talk about
wealth and producer mentality,
00:14:11.01\00:14:15.45
it's very easy to
get to that perspective,
00:14:15.48\00:14:18.22
because what it means is
that, you become a process
00:14:18.25\00:14:21.92
in the major continuum of GDP.
00:14:21.96\00:14:27.36
What is GDP?
00:14:27.40\00:14:28.73
Gross domestic product.
00:14:28.76\00:14:30.17
What is gross domestic product?
00:14:30.20\00:14:31.90
Basically,
gross domestic product
00:14:31.93\00:14:33.70
is the amounts of
goods and services
00:14:33.74\00:14:36.04
that United States
distributes on a global basis.
00:14:36.07\00:14:38.67
What is that amount?
00:14:38.71\00:14:40.31
$15.09 trillion
in 2010 and 2011.
00:14:40.34\00:14:44.81
That's a lot of money.
00:14:44.85\00:14:46.61
We have approximately 990,000
00:14:46.65\00:14:49.88
different
products and/or services
00:14:49.92\00:14:51.72
that in the United States
we produce on an ongoing basis.
00:14:51.75\00:14:55.89
And a producer mentality is,
00:14:55.92\00:14:57.26
"How do I access to some
of that $15.09 trillion?"
00:14:57.29\00:15:02.20
Because when you
look at this statistic,
00:15:02.23\00:15:05.57
for an average man of
30 years of age, between,
00:15:05.60\00:15:08.60
I believe it is
1974 and the year 2000,
00:15:08.64\00:15:14.04
his average paycheck
actually dropped about 7%.
00:15:14.08\00:15:18.18
An average paycheck
of about $40,000 in 1974
00:15:18.21\00:15:23.15
has dropped to
about $35,000 a year,
00:15:23.18\00:15:26.02
for a 30-year-old gentleman,
over that course of that time.
00:15:26.05\00:15:29.92
But in reference to
gross domestic product,
00:15:29.96\00:15:33.60
the difference is astounding.
00:15:33.63\00:15:36.30
Because over
the same time frame,
00:15:36.33\00:15:38.67
the gross domestic product,
00:15:38.70\00:15:40.47
GDP of the United
States has grown 150%,
00:15:40.50\00:15:43.61
so the producers who are selling
00:15:43.64\00:15:45.51
and or providing
services to other individuals
00:15:45.54\00:15:48.28
in other
countries has grown 150%
00:15:48.31\00:15:51.21
versus those, in the
consuming perspective,
00:15:51.25\00:15:55.35
their amount of income
has actually dropped off.
00:15:55.38\00:15:58.29
When you take a
look at a minimum wage,
00:15:58.32\00:16:01.02
it's only going up
in real value about 21%.
00:16:01.06\00:16:04.46
When you take a look at
the cost of living index
00:16:04.49\00:16:08.93
and during the same time frame,
00:16:08.96\00:16:10.73
it's actually gone up about 67%.
00:16:10.77\00:16:13.70
So your cost of
living has gone up
00:16:13.74\00:16:15.60
three times the amount
of your, the minimum wage,
00:16:15.64\00:16:20.48
from a real value standpoint.
00:16:20.51\00:16:22.11
And these are
things to keep in context
00:16:22.14\00:16:24.35
because then it takes
you to the realization that,
00:16:24.38\00:16:28.55
"If I really want
to become a producer,
00:16:28.58\00:16:31.65
I need to change my mentality
00:16:31.69\00:16:33.62
and change how I approach
the value of the dollars
00:16:33.66\00:16:36.96
that I'm given
on a monthly basis.
00:16:36.99\00:16:38.89
And if I value that well,
00:16:38.93\00:16:40.33
then I will manage it
well by sticking to a budget,
00:16:40.36\00:16:43.77
by developing a
budget, by paying off my debt,
00:16:43.80\00:16:46.27
and beginning the
process of saving money,
00:16:46.30\00:16:48.74
putting money away,
investing those funds
00:16:48.77\00:16:51.41
and making sure you have access
to something that you can use
00:16:51.44\00:16:55.18
to acquire assets with."
00:16:55.21\00:16:59.38
What is it like to think
like a wealthy individual?
00:16:59.41\00:17:01.98
I've given you a certain hint.
00:17:02.02\00:17:04.15
Start the process now.
00:17:04.19\00:17:05.82
Begin to understand
00:17:05.85\00:17:07.19
what it is in your
life you need to give up,
00:17:07.22\00:17:09.92
so you can bring
the amount of money
00:17:09.96\00:17:11.83
that you spend
on a monthly basis
00:17:11.86\00:17:14.10
under the amount of money that
you spend on a monthly basis.
00:17:14.13\00:17:18.90
And when you can
understand that, you have won,
00:17:18.93\00:17:22.84
you've taken a leapfrog
from where you were in the past,
00:17:22.87\00:17:26.37
so now you have extra
funds on a monthly basis
00:17:26.41\00:17:30.45
to do something with.
00:17:30.48\00:17:31.91
Now what are you going to
do with those extra funds?
00:17:31.95\00:17:34.05
Are you gonna
put it into savings?
00:17:34.08\00:17:36.05
Are you gonna put
it into investments?
00:17:36.08\00:17:37.85
Are you gonna put
some of that money away
00:17:37.89\00:17:40.79
to start a retirement fund?
00:17:40.82\00:17:43.99
These are all things you
should start thinking about,
00:17:44.03\00:17:46.29
and talking to a
financial planner,
00:17:46.33\00:17:47.86
so that you can get
the right type of advice
00:17:47.90\00:17:50.87
and learn from
someone that has managed
00:17:50.90\00:17:54.30
that type of investment
and doing things the right way.
00:17:54.34\00:17:58.34
So that's how
you start thinking,
00:17:58.37\00:18:00.64
and that's how
you start producing,
00:18:00.68\00:18:02.04
but then look for opportunities,
00:18:02.08\00:18:03.88
and I'm gonna
share with you something.
00:18:03.91\00:18:05.51
In many different geographies
around the United States,
00:18:05.55\00:18:07.88
in different markets,
00:18:07.92\00:18:09.25
if you are able to sit
through a six-hour presentation
00:18:09.28\00:18:11.79
on financial literacy on
money, you are then able to be,
00:18:11.82\00:18:17.03
you can apply for
a free savings match.
00:18:17.06\00:18:19.49
What do I mean?
00:18:19.53\00:18:20.86
If you get
involved in the program,
00:18:20.90\00:18:22.43
if you reach your
goal of saving $1,000,
00:18:22.46\00:18:25.53
there are some programs
that will match your monies,
00:18:25.57\00:18:28.77
two, three, or even four to one.
00:18:28.80\00:18:31.01
I know in the
southern California area,
00:18:31.04\00:18:33.24
they have a program
wherein if you target saving
00:18:33.27\00:18:36.68
approximately $1,000
or even $2,000 a month,
00:18:36.71\00:18:39.78
you can get a two to one
match or a three to one match
00:18:39.81\00:18:43.28
on those funds.
00:18:43.32\00:18:44.65
And so you walk
away with after $2,000,
00:18:44.69\00:18:46.76
they will put another
$4,000 into your account,
00:18:46.79\00:18:50.86
so you come out with
$4,000, with about $6,000.
00:18:50.89\00:18:54.43
That $6,000 isn't
given directly to you
00:18:54.46\00:18:57.10
as an individual,
00:18:57.13\00:18:58.47
but is written
towards your specific goal,
00:18:58.50\00:19:00.90
your specific objective.
00:19:00.94\00:19:02.77
So if you want to buy a home
and you need a down payment,
00:19:02.80\00:19:06.68
you can have
access to those funds.
00:19:06.71\00:19:08.28
If you need to pay
tuition for school,
00:19:08.31\00:19:11.65
they'll put the
funds towards tuition.
00:19:11.68\00:19:13.85
If you want to buy a new car,
00:19:13.88\00:19:15.38
they will put the
funds towards that.
00:19:15.42\00:19:16.99
And if you want
to start a business,
00:19:17.02\00:19:19.39
they'll take that
and put the funds towards
00:19:19.42\00:19:21.52
that actual business
that you'd like to start,
00:19:21.56\00:19:23.43
and give you the opportunity
00:19:23.46\00:19:25.23
to become one of
those that produce.
00:19:25.26\00:19:28.73
Being a producer is a
part of gross domestic product.
00:19:28.76\00:19:32.67
And you can be a
part of the solution
00:19:32.70\00:19:35.34
to the problem of consumerism.
00:19:35.37\00:19:37.71
What I would like you to do is
take a look at where you're at,
00:19:37.74\00:19:41.48
become that mindset of
thinking like the wealthy do,
00:19:41.51\00:19:46.08
and then begin to
understand how they think,
00:19:46.11\00:19:49.35
which is what we'll do
towards closing of this session.
00:19:49.38\00:19:52.92
There are approximately,
there is a story written
00:19:52.95\00:19:56.29
of approximately
21 different things
00:19:56.32\00:20:00.10
that the wealthy do differently.
00:20:00.13\00:20:02.56
And what I've done
is try to synthesize
00:20:02.60\00:20:04.10
some of that information
00:20:04.13\00:20:05.47
and then come up
with a top ten list
00:20:05.50\00:20:07.24
of what the wealthy do
00:20:07.27\00:20:08.60
and how they
think about their...
00:20:08.64\00:20:11.54
How they gain their wealth
00:20:11.57\00:20:13.44
and replicate that
process with their wealth gross.
00:20:13.48\00:20:17.15
One of the things they do is,
00:20:17.18\00:20:18.51
they acquire specific knowledge.
00:20:18.55\00:20:22.52
They study certain things.
00:20:22.55\00:20:25.05
They ensure that they understand
00:20:25.09\00:20:27.79
what they're getting into
00:20:27.82\00:20:29.36
and that they make
the right type of decision
00:20:29.39\00:20:33.83
by talking to the
qualified professionals.
00:20:33.86\00:20:36.73
This is one of the major
issues that we begin to see,
00:20:36.77\00:20:39.70
that their mindset is
they get the specific knowledge
00:20:39.73\00:20:43.17
about what they're
trying to get into,
00:20:43.20\00:20:45.44
and then they study it well,
so there's no room for error.
00:20:45.47\00:20:50.88
The wealthy think this way,
00:20:50.91\00:20:52.25
they believe that
poverty is the root of all evil.
00:20:52.28\00:20:56.25
I don't believe
that. I disagree with that.
00:20:56.28\00:20:58.82
But they believe that
poverty is a bad thing
00:20:58.85\00:21:02.29
and they want to
gain access to wealth,
00:21:02.32\00:21:04.43
so that they can
in turn turnaround
00:21:04.46\00:21:06.63
and help solve
some of the problems
00:21:06.66\00:21:09.73
that are out
there in society today.
00:21:09.76\00:21:11.70
So you, as you
change your mindset
00:21:11.73\00:21:13.70
from being a consumer to
one that produces things,
00:21:13.74\00:21:16.97
you now can help
resolve specific concerns
00:21:17.01\00:21:19.64
that our ministries may
have, limitation of funds,
00:21:19.67\00:21:23.38
limitations and access to
certain type of technology.
00:21:23.41\00:21:27.88
That is what you
should begin thinking,
00:21:27.92\00:21:29.92
not it's the root of all evil,
00:21:29.95\00:21:31.32
but it's an
opportunity now to help
00:21:31.35\00:21:35.22
and to do something
that develops your legacy.
00:21:35.26\00:21:38.93
They believe that,
that it's more appropriate
00:21:38.96\00:21:42.90
to take logical
action on opportunities
00:21:42.93\00:21:46.53
that are out
there in the marketplace
00:21:46.57\00:21:49.54
as opposed to the
lottery mentality.
00:21:49.57\00:21:52.81
The chances of
winning the lottery is,
00:21:52.84\00:21:54.44
1 in 176 million.
00:21:54.48\00:21:56.48
And many people fight
to play this lottery thing
00:21:56.51\00:21:59.78
every single month,
00:21:59.81\00:22:01.28
that there's
millions of dollars available.
00:22:01.32\00:22:04.45
I will tell you
that many of the wealthy
00:22:04.49\00:22:07.66
haven't played that game.
00:22:07.69\00:22:09.02
They worked hard
to get their wealth,
00:22:09.06\00:22:11.69
and their wealth
has grown exponentially
00:22:11.73\00:22:14.03
because they take
action and don't take chances.
00:22:14.06\00:22:19.80
There's a story of a
young man that had a father
00:22:19.83\00:22:23.41
or did have a father,
he still has a father,
00:22:23.44\00:22:25.54
the father had a bad back
and was looking to get a chair,
00:22:25.57\00:22:29.31
and needed a
specific type of chair
00:22:29.34\00:22:32.28
to help his back problems
00:22:32.31\00:22:34.18
and this young man at that time,
00:22:34.22\00:22:36.79
searched far and
wide in the United States
00:22:36.82\00:22:38.55
to find that type of chair
00:22:38.59\00:22:39.95
and the cost
associated with the chair
00:22:39.99\00:22:41.52
and wasn't able to find it.
00:22:41.56\00:22:43.66
This is the producer mentality.
00:22:43.69\00:22:46.23
He went in search globally
00:22:46.26\00:22:47.66
and found that
same type of chair
00:22:47.70\00:22:49.60
that was produced
in a different country
00:22:49.63\00:22:51.73
for a lesser price.
00:22:51.77\00:22:53.23
What is... What
did you think he did?
00:22:53.27\00:22:56.24
Well, the rest of
the story is out there.
00:22:56.27\00:22:58.54
Because now he owns
a major organization,
00:22:58.57\00:23:00.78
making hundreds of
millions of dollars a year,
00:23:00.81\00:23:03.04
and now his dad has quit
his work to work for him.
00:23:03.08\00:23:06.15
The context is, "Where do you
see that opportunity coming up?
00:23:06.18\00:23:09.82
Where is that chance to
make a difference in life?"
00:23:09.85\00:23:13.79
Not about making the
hundreds of millions of dollars
00:23:13.82\00:23:15.96
and becoming wealthy.
00:23:15.99\00:23:17.33
Because that young man
wasn't thinking about wealth
00:23:17.36\00:23:21.90
and becoming rich,
00:23:21.93\00:23:23.67
he thought more so
of satisfying a need.
00:23:23.70\00:23:28.44
And that's the first
thing I want you to think about
00:23:28.47\00:23:30.31
when you're
coming into this mindset
00:23:30.34\00:23:32.47
of developing this
producer mentality.
00:23:32.51\00:23:35.21
Okay, so there's several steps
that we've talked through now.
00:23:35.24\00:23:38.05
What is it?
00:23:38.08\00:23:39.41
One is, setting up goals.
00:23:39.45\00:23:41.62
Two is, paying off debt.
00:23:41.65\00:23:43.18
Number three,
setting up that budget,
00:23:43.22\00:23:45.82
so that you can
plan for retirement plan,
00:23:45.85\00:23:49.16
for investments plan, for
the acquisition of assets.
00:23:49.19\00:23:51.89
Acquisition of assets,
00:23:51.93\00:23:53.26
for the purchasing of
things that you can use
00:23:53.29\00:23:57.43
to make a product that
you can sell to the public
00:23:57.47\00:24:00.90
or creating a service that
you can sell to the public,
00:24:00.94\00:24:05.07
and with the internet as it is,
00:24:05.11\00:24:07.48
it provides a virtual space
that people can come to you.
00:24:07.51\00:24:11.15
Did you know over
this last holiday season,
00:24:11.18\00:24:13.25
there have been people,
00:24:13.28\00:24:14.62
the growth of
sales on the internet
00:24:14.65\00:24:16.62
has grown exponentially
and there are people out there,
00:24:16.65\00:24:19.35
simple individuals
that are not wealthy
00:24:19.39\00:24:22.92
but understand how to make
that internet work for them.
00:24:22.96\00:24:26.33
And, yes, the
millionaire next door
00:24:26.36\00:24:29.13
could be that
blue-collared worker,
00:24:29.16\00:24:31.63
an individual
that fixes radiators,
00:24:31.67\00:24:34.14
that individual that understands
00:24:34.17\00:24:35.67
how to manage his money
well, and it's that plumber.
00:24:35.70\00:24:38.41
And it doesn't have to
be that corporate attorney
00:24:38.44\00:24:42.04
and that corporate individual.
00:24:42.08\00:24:43.78
It has everything to do with
00:24:43.81\00:24:47.12
how you manage your money.
00:24:47.15\00:24:51.22
So what is it about the
wealthy and what they think,
00:24:51.25\00:24:53.99
and what they do?
00:24:54.02\00:24:55.49
Successful people
don't create backup plans
00:24:55.52\00:25:00.40
because they plan so detailed
00:25:00.43\00:25:04.10
that they have no
intention of failing
00:25:04.13\00:25:07.90
and having to go to the plan B.
00:25:07.94\00:25:11.07
They also use
other people's money.
00:25:11.11\00:25:13.98
I was amazed at one of
these past election cycles,
00:25:14.01\00:25:17.28
of wealthy people who
are running for office.
00:25:17.31\00:25:19.51
And I receive in the mail,
00:25:19.55\00:25:21.05
I still have that piece of mail,
00:25:21.08\00:25:22.65
I saved it.
00:25:22.68\00:25:24.02
I have an individual
worth well over $250 million
00:25:24.05\00:25:27.32
writing me a letter,
asking me for a donation.
00:25:27.36\00:25:30.09
I hadn't mind to
send him the letter back
00:25:30.13\00:25:31.76
saying, you know what?
00:25:31.79\00:25:33.13
"Why don't I ask you
to donate the money to me
00:25:33.16\00:25:35.56
so I can give it to you?"
00:25:35.60\00:25:37.17
Or if I have that savings,
00:25:37.20\00:25:38.97
I could actually
have taken it from that
00:25:39.00\00:25:41.14
and sent him an
immediate contribution.
00:25:41.17\00:25:43.77
Whatever the case was,
I thought it very humorous
00:25:43.81\00:25:45.84
to think that someone
worth that amount of money
00:25:45.87\00:25:49.44
and, believe me, I don't believe
00:25:49.48\00:25:51.95
that they actually tapped into
any of their wealth and riches.
00:25:51.98\00:25:55.72
What they had done is utilized
the funds of other people
00:25:55.75\00:26:02.59
to run for government.
00:26:02.62\00:26:04.49
And that's the
wisdom of these wealthy.
00:26:04.53\00:26:06.73
They leverage
other people's revenue,
00:26:06.76\00:26:09.43
other people's cash to
grow their own business
00:26:09.46\00:26:12.93
and to make more money,
00:26:12.97\00:26:15.60
one of the things that
you should be aware of.
00:26:15.64\00:26:18.77
Now one of the big things
that I'll leave you with is,
00:26:18.81\00:26:22.51
avoid low expectations
00:26:22.54\00:26:24.91
and don't be driven
by emotion or greed.
00:26:24.95\00:26:28.88
One of the things
that wealthy think
00:26:28.92\00:26:31.15
and what they do is this.
00:26:31.19\00:26:33.66
They set high
expectations for themselves.
00:26:33.69\00:26:36.93
They set high
goals for themselves.
00:26:36.96\00:26:39.36
And they make it a
point to reach those goals.
00:26:39.39\00:26:42.73
They don't let
anything get in their way
00:26:42.76\00:26:45.37
to reaching and
attaining those goals.
00:26:45.40\00:26:47.87
And the other issue
is a true wealthy mindset
00:26:47.90\00:26:50.77
is not about greed.
00:26:50.81\00:26:52.71
It's about
fulfilling a needed service
00:26:52.74\00:26:56.24
by producing a
product and a service
00:26:56.28\00:26:58.01
that people can use.
00:26:58.05\00:26:59.81
How do you get there?
00:26:59.85\00:27:01.72
Wealth is not about
being a millionaire,
00:27:01.75\00:27:04.89
wealth is about
spending less than you make,
00:27:04.92\00:27:08.22
wealth is about taking
advantage of the opportunities
00:27:08.26\00:27:11.33
that God has given
you to pay off your debt,
00:27:11.36\00:27:14.90
thinking wisely,
about creating that budget.
00:27:14.93\00:27:18.23
Go through your
budget line by line by line,
00:27:18.27\00:27:21.14
see what you don't really need,
see what you can live without,
00:27:21.17\00:27:25.54
save that extra
money, put it away,
00:27:25.57\00:27:27.94
put in a place that you
can get access to those funds
00:27:27.98\00:27:31.21
and or put in
investments where you can have
00:27:31.25\00:27:33.65
a retirement
fund actually setup.
00:27:33.68\00:27:36.22
And most
importantly, most importantly,
00:27:36.25\00:27:39.22
begin the process
of thinking more so
00:27:39.25\00:27:41.92
as a producer
mindset and not a consumer,
00:27:41.96\00:27:44.69
think about making that money
make sense and work for you
00:27:44.73\00:27:49.43
because if you are able to
think like the wealthy think,
00:27:49.46\00:27:54.77
you will be far
better than anyone else
00:27:54.80\00:27:57.71
in your category.
00:27:57.74\00:27:59.21
Take that to the bank.
00:27:59.24\00:28:00.58
God bless.
00:28:00.61\00:28:01.94