I will never forget the time I was sitting in a seminar presented by T. Harv Eker on the Secrets Of The Millionaire Mind and the crowd of nearly a thousand people were all asked to bring with them a $100 cash bill to the evening session of the seminar for an exercise to teach us about our mindset and blueprint we all have about money. We are all asked to hold up our $100 bill and if you were unable to bring that bill with you then you were politely asked to leave this part of the seminar and demonstration.
We then watched a few of the seminar staff line up in front of the stage with burning candles for the crowd to begin to line up and prepare to burn your $100 cash bill to prove to yourself you are in control of your money and money is not in control of you. As I sat there I saw a wave of emotion come over the crowd as some people are getting angry and others are starting to cry and others are really showing no sign of emotion of what they have been asked to do.
Personally I am sitting there saying to myself I can do this but honestly I wish I could give it to someone in need or it go to better use but if I need to do this to prove to myself money is not in control of me then so be it. They slowly have the crowd stand and begin to line up in front of each of the staff members holding the open burning flame and let the emotions and energy build and build in the room. Then at the very last second they say “ok, everyone sit down and put your $100 bill away and start journaling what you experienced and what you felt through that exercise.”
So how would you feel about doing that? Would the money control you or would you be in control of the money? Would it make you mad, sad or feel nothing? Here are seven powerful tips I used myself from Clason’s novel “The Richest Man In Bablyon” and strategies for you to implement and be in control of your money in real estate and not the money in control of you.
- A Part of all you earn is yours to keep.
The most powerful and most important message you read and hear from all experts in financial prosperity. “PAY YOURSELF FIRST.” Clason refers to this as “Starting thy purse to fattening” He uses the story of the humble egg merchant. If the egg merchant put ten eggs in his basket each morning and take out only nine by evening. Eventually what will happen? It will in time become overflowing. Or how about every ten coins you place in your purse you take out and use only nine. Your purse will fatten and soon will build increasing weight and bring you great satisfaction. Create a second account that is difficult to access and take that one egg, take that one coin and let it build and overflow over time. Just like this merchant you too create an account at a different bank and set up automated withdraw into this account, that can’t be readily accessed to build up your purse.
- Control your expenditures.
“BUDGETING” – All men are burdened with more desires than they can gratify. We have this false idea we can gratify our every desire. Clason states there are limits to your strength, limits to the distance you may travel, limits to what you may eat and limits to the zest you may enjoy. The key to controlling your expenses is taking the time to really identify your fixed expenses and eliminate or minimize your non fixed expenses. Discipline yourself to live lean and mean. Pay yourself your fixed expense amount at beginning of the month. Review Constantly – identify habits; implement cost savings i.e. basic cable or even no cable. Apply the same principle to your business accounts.
- Make your gold multiply.
“INVEST” – The greatest opportunity and wealth building strategy we all have is buying what we know… Stocks, Bonds, Mutual, Commodities, Mortgages, Rentals, Loans etc. Clason states a man’s wealth is not the coins he carries in his purse but it is the income he buildeth, the golden stream that continually flows into his purse and keeping it bulging. Amortization in wealth building is key… Example: Only $5,000 per year or $416 / month Invested. Over 10 years – at 5% becomes 66K at 15% becomes 116K… Over 20 years at 5% becomes 173K at 15% becomes 589K.
- Guard your treasures from loss.
“INVEST WISELY, CONSERVATIVELY” – Start by investing small amounts and learn to protect and grow those first. Clason said every man is tempted by opportunities where it would seem he could make large sums by its investment in the most plausible projects. So often we are urged by friends or family to eagerly enter these high return investments. Remember the risk or penalty is probable loss. TIP – borrowing to invest. Ask your advisor for their personal net worth statement. WORDS OF WISDOM – Invest only where the principal is safe and where the principle may be reclaimed if needed and where you will not fail to collect a fair return. Consult with wise men. Secure their advice and let their wisdom protect your treasures.
- Make of Thy Dwelling a Profitable Investment
“OWN A HOME” – To a man’s heart it brings gladness to eat the figs from his own trees and the grapes of his own vines. To own his own domicile and to have a place he is proud to care of and put confidence in his heart and reward behind his endeavors. Discipline yourself to pay this home off. Blessings to the man who owneth his own home. Greatly reduces his cost of living and making available more of his earnings to build his wealth.
- Insure a Future Income
“SAVINGS” – It behooves a man to make preparation for a suitable income in the days to come, when he is no longer young and to make preparations for his family should he be no longer with them to comfort and support them. It is important you maintain savings and have funds put away for many different reasons. Health, emergency expenses, major financial setbacks or economic down turn. You will get old. You may get sick. You will die one day and you should be prepared. TIP – wills, insurance life & disability
- Cultivate, Study & Learn
“BECOME A STUDENT” – Constantly improve yourself and become more skillful. Act on these principles and have the discipline to learn and implement them. Then begin to teach them to others including your own children. Clason reminds us “There is more gold in Babylon my students than you could dream of. There is abundance for us all.”
So there you have it, 7 powerful financial laws that made a difference with my control over money vs. the money having control over me. I challenge you to implement these strategies into your personal and professional lives and take control over the finances and win the money game.
Strength and courage,
Please share this post using the buttons below…