Wealth Building
How To Think About Money
www.MikeBrodie.com
March 30,2009 NAR Resort Symposium-Naples
You Won The Lottery When You Were Born In America
Warren Buffett
March 30,2009
NAR Resort Symposium-Naples
Wealth Building
Realtors,and America,are realizing(belatedly)the importance of sound financial planning.
March 30,2009 NAR Resort Symposium-Naples
Planning
Most people spend more time planning a two week vacation than planning their lives.
March 30,2009
NAR Resort Symposium-Naples
Most Popular U.S. Landmarks(to visit)
10.Mt.Rushmore 9.Liberty Bell 8.Vietnam Memorial 7.Empire State Building 6.Grand Canyon
March 30,2009
5.Statue of Liberty 4.Golden Gate Bridge 3.White House 2.Capitol Building 1.Washington Monument
NAR Resort Symposium-Naples
A Financially Wealthy Person
Someone who has accumulated the financial wealth that delivers the unearned income (passive) necessary to become self-actualized and achieve their personal life mission.
March 30,2009
NAR Resort Symposium-Naples
They Don‟t Give Out Awards/Plaques/Trophies For….
Balance Time With Kids Community Profit Etc…..
March 30,2009
NAR Resort Symposium-Naples
Mike‟s Objective
Fund Your Life,Helping People, Having Fun.
March 30,2009
NAR Resort Symposium-Naples
Gold Is Reserved For Those Who Know It‟s Laws And Obey It‟s Commands
The Richest Man In Babylon
March 30,2009 NAR Resort Symposium-Naples
Facts About The Rich
Married 28 Years 3 Children Net Worth 9.8 Million Annual Income 1m+ Love Their Work
Have A Strong Spiritual Faith Used Their Business To Create Wealth Have A Budget
March 30,2009
NAR Resort Symposium-Naples
Millionaires Top Ten Success Factors
Well Disciplined 57% Honest With All People 57% Good At Getting Along With People 56% Having A Supportive Spouse 49% Work Harder 47% Love Their Career/Business 46%
Strong Leadership Qualities 41% Very Competitive Spirit/Personality 38% Well Organized 36% Ability To Sell Self/Ideas 35% Made Wise Investments 35%
March 30,2009
NAR Resort Symposium-Naples
“If You Want to Manage the Future…Create It”
Peter Drucker
March 30,2009
NAR Resort Symposium-Naples
Hints From The Rich
Rich
People Save First And Spend What‟s Left Poor People Spend First And Save What‟s Left
March 30,2009 NAR Resort Symposium-Naples
Hints cont‟d
The
Rich Invest In Assets The Poor Pay Debts
March 30,2009
NAR Resort Symposium-Naples
Broke Is Temporary, Poor Is Forever or
Broke IS A State Of Account Poor Is A State Of Mind
March 30,2009
NAR Resort Symposium-Naples
Views Of Money Are Heavily Affected By Family/Parents
March 30,2009 NAR Resort Symposium-Naples
Taught All Three?
Budget Save Invest
March 30,2009
NAR Resort Symposium-Naples
Some Are Uncomfortable With Money
Some Are Uncomfortable Without Money
March 30,2009
NAR Resort Symposium-Naples
Views Of The Rich(Welfare)
Inherited It Lucky Dishonest
March 30,2009
NAR Resort Symposium-Naples
Views Of The Rich(Middle Income)
Right Place/Right Time Inherited It Great Investments
March 30,2009
NAR Resort Symposium-Naples
„Cash Flow Quadrant‟
Income Wealth
E S
B I
March 30,2009
NAR Resort Symposium-Naples
People Radically Overestimate What They Can Accomplish In One Year…… People Radically Underestimate What They Can Accomplish in A Decade.
Brian Buffini
March 30,2009
NAR Resort Symposium-Naples
The 9 Key Money Mistakes Most People Make
1.Consumptive Lifestyle 2.No Financial Goals 3.No Personal Budget 4.Buying On Anticipation 5.Over Focus On Tax Reduction 6.Perceive „Saving‟ The Same As „Investing‟ 7.”Should I” v. “Where” 8.Accumulate v. Preserve 9.Debt Mistakes…Discipline Now….More Later
March 30,2009
NAR Resort Symposium-Naples
Failure Is An Event, Not A Person.
Zig Ziglar
March 30,2009
NAR Resort Symposium-Naples
If You‟re Riding A Dead Horse…….
Dismount!
March 30,2009 NAR Resort Symposium-Naples
No Matter How Far You‟ve Gone Down The Wrong Road….. Turn Back!
March 30,2009
NAR Resort Symposium-Naples
Ten Basic Laws Of Personal Money Management
1.Pay Cash-clear all “plastic” at month‟s end 2.Purchase Protection: -adequate disability/life/health/ home/personal/car 3.Follow a Budget 4.Save…then Purchase (e.g. James Taylor) 5.Needs First-Avoid “Wants” 6.Think“Repair” first/”Replace”second/”New”last 7.Pay Yourself First…Not Last 8.Tithe Regularly with a Grateful Heart 9.Invest/Regularly With a Strategy 10.Save and Invest with No Less Than 20% of Your Personal Income
March 30,2009
NAR Resort Symposium-Naples
Defensive Strategy
Build a Budget Have a Working Budget Create a Surplus Debt Reduction Own a House Have a Retirement Account Have Life and Disability Insurance
NAR Resort Symposium-Naples
March 30,2009
Offensive Strategy
Buy Investment Real Estate Develop a Comprehensive Investment Strategy Tax Advantage Investments Have Stocks,Bonds,Mutual Funds and Cash Consider a Built To Last Portfolio Trust Deeds and Venture Capital Charitable Trust/Foundation
March 30,2009
NAR Resort Symposium-Naples
Thoughts…...’financial’
IRA(2) S.E.P.,408(k) Keogh,401(k),???? Direct Deposit % R.E…… Job or Business? We are all in the learning process….forever! Profits(fortune) are better than wages(living) Try your best to be financially independent as soon as possible
NAR Resort Symposium-Naples
March 30,2009
Consider….’financial’
Professional
“Tithing” 50/15/35(e.g.) Outsourcing(Paychex, Administaff,etc.) People Who Know Why,Hire People Who Know How!(consider a coach) PAY AS YOU GO!!!
March 30,2009 NAR Resort Symposium-Naples
Thoughts….’personal/financial’
Read!(Think and Grow Rich, Richest Man in Babylon, Rich Dad Poor Dad, Millionaire Next Door, Built To Last, Millionaire Real Estate Agent, Millionaire Real Estate Investor) 80% On Your 20% One Car,Two Homes Spend Time On Your Money You‟re Not a Goose….Change Is Possible!
March 30,2009
NAR Resort Symposium-Naples
Lou Holtz
We aren‟t where we want to be, we aren‟t where we should be, and we aren‟t where we‟re gonna be…but thank goodness we aren‟t where we used to be!
March 30,2009 NAR Resort Symposium-Naples