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 5.Statue of Liberty
9.Liberty Bell 4.Golden Gate
8.Vietnam Bridge
Memorial 3.White House
7.Empire State 2.Capitol Building
Building 1.Washington
6.Grand Canyon Monument
March 30,2009 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 Have A Strong
3 Children Spiritual Faith
Net Worth 9.8 Million Used Their Business
Annual Income 1m+ To Create Wealth
Love Their Work Have A Budget
March 30,2009 NAR Resort Symposium-Naples
Millionaires Top Ten Success Factors
Well Disciplined 57% Strong Leadership
Honest With All People Qualities 41%
57% Very Competitive
Good At Getting Along Spirit/Personality 38%
With People 56% Well Organized 36%
Having A Supportive Ability To Sell
Spouse 49% Self/Ideas 35%
Work Harder 47% Made Wise
Love Their Investments 35%
Career/Business 46%
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 B
S 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 5.Over Focus On Tax
2.No Financial Goals Reduction
3.No Personal Budget 6.Perceive „Saving‟ The
4.Buying On Anticipation 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” 6.Think“Repair”
at month‟s end first/”Replace”second/”New”last
2.Purchase Protection: 7.Pay Yourself First…Not Last
-adequate 8.Tithe Regularly with a Grateful Heart
disability/life/health/ 9.Invest/Regularly With a Strategy
home/personal/car 10.Save and Invest with No Less Than
3.Follow a Budget 20% of Your Personal Income
4.Save…then Purchase (e.g.
James Taylor)
5.Needs First-Avoid “Wants”
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
March 30,2009 NAR Resort Symposium-Naples
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
March 30,2009 NAR Resort Symposium-Naples
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