Creating Wealth, the Easier, Faster and Smarter Way | DO 8

We’ve all learned how to do something whether it’s tying our shoes, riding a bike, throwing a ball or driving a car; and most of us can do those things with our eyes shut and one armed tied behind our backs. Learning to create wealth is no different. It is a skill that can be learned like any other, and one that can also essentially be done with your eyes shut and one arm tied behind your back 😀

On this episode of Your Do Over, Matt lays the foundation for successful wealth creation and demonstrates how simple it can be to accomplish with just a few minor tweaks.

creating wealthCreating wealth, once one learns how, is surprisingly simple for most people. The challenge for so many in pursuit of financial freedom is that they’ve never been taught how to create it, grow it or keep it. Years and years of negative money conditioning shows up as secondary challenge for most people, as well.

We’ve all learned how to do something whether it’s tying our shoes, riding a bike, throwing a ball or driving a car; and most of us can do those things with our eyes shut and one armed tied behind our backs. Learning to create wealth is no different. It is a skill that can be learned like any other, and one that can also essentially be done with your eyes shut and one arm tied behind your back 😀

On this episode of Your Do Over, Matt lays the foundation for successful wealth creation and demonstrates how simple it can be to accomplish with just a few minor tweaks.

Your Do Over | Discover a Better Life | Get Lasting Results | Inspiration | Motivation | Success (mp3)

Resources mentioned in this episode:

Podcast Transcript:

Creating wealth, once one learns how, is surprisingly simple for most people. The challenge for so many in pursuit of financial freedom is that they’ve never been taught how to create it, grow it or keep it. Years and years of negative money conditioning shows up as secondary challenge for most people, as well.We’ve all learned how to do something whether it’s tying our shoes, riding a bike, throwing a ball or driving a car; and most of us can do those things with our eyes shut and one armed tied behind our backs. Learning to create wealth is no different. It is a skill that can be learned like any other, and one that can also essentially be done with your eyes shut and one arm tied behind your back .

 

Intro: Are you ready for thee new way of creating wealth? Coming right up, this is Matt “The Do Over Guy”, and this is your do over- episode 8.

Narrator: During an era where countless people, businesses, and organizations are feeling the pinch, running out of time, running out of money, losing confidence, feeling as if life is unfair, praying for another chance, and unless something is done- life is going to pass them by. Life is going to pass them by. Fortunately, in the nick of time there is now a place where the ignored underestimated and unknown steps to producing results and making life work are revealed. Save your career. Save your business. Save health. Save your relationships. Save your life. Get from where you are to where you want to be, faster and with greater ease than you ever thought possible.  Say hello to “Your Do Over”.

Welcome to your do over the place where once a week you will hear, learn, hear, and take action on the ignored underestimated and unknown steps to producing results. This is the show where I your success coach show people unhappy with their current situation how to start over, discover a better life, and get lasting results- easier, faster, smarter. The first step on how to start over is laying a solid foundation as you begin a new life using the Three Pillars of Creating the Ultimate Do Over, they are yours for free at www.freedoover.com it is a 55 minute Mp3 audio program that I created just for you. Download it for free at Free Do Over Dot Com, and live life to the fullest. So, question for you, were you raised in the same house I was?  What I mean by that is that I was raised in a family that frequently uttered expressions like, “money doesn’t grow on trees”, “we can’t afford that,” and “hey, what, you think I am made of money?”  That last one, that was my dad’s favorite. Can you relate, as I got older it became increasingly evident that these types of references to money were not unique to my family, most of the country grew up immersed in the same type of thinking, no wonder 94% of  our population has such challenges with creating wealth. You know my first career music had its roots in my teenage fascination with break dancing and hip hop music, you know being a white kid growing up in the suburbs of the OC in the 80s, interactions with kids my age with similar interests was rather limited, there were not a whole lot of people, or a whole lot of kids,  like me around.  And after taking a job at my favorite music store in the city and establishing relationships, making friends with other teenagers with the same affinity and love for hip hop, yet they were not of my middle class means. After a while I noticed I started feeling ashamed and apologetic of my middle class upbringing. Like any normal teen I just wanted to fit in, as if the pigment of my skin wasn’t enough to cause me to stand out. So was my ranking on the socio-economic ladder. I mean, I remember having conversations with my friends trying to convince them that my family was struggling and we were on hard times, and just like their family, I mean we weren’t really I was just trying to relate and fit in. And then somewhere in my mid twenties when I started my own record label, again I went out of my way to prove that I was struggling just to get by. You know in the beginning it really was just a struggle, but as they say, I would put five on it, I would embellish, the struggle added, I thought, credibility to my business. As my record label popularity grew, I mean I began associating with a large community of young hip hop DJs, producers, and singers and rap artists, graphitti artists, and being involved in the conscious side of hip hop which is where I was, as opposed to the bling, or the gangster sides. It wasn’t cool to perform your craft for money. Okay, it was all about the art, you had to be true to the game.  I mean that was expressed daily, as if making money from your art that wasn’t being true, I mean I never really understood that but that was just kind of the culture. It seemed almost taboo to discuss or make money, and when my label began to generate some decent revenue I didn’t really know what to do. It was as if I were afraid to create wealth and consciously sure I was focused on creating wealth, my sub conscious  however had something else to say about it. In hindsight I absolutely sabotaged my success. I mean I was spread my money around with wreck less abandonee in pursuit of the moniker, the name, I wanted to be known as the label owner who gives back. He is the one that cares. You know I am not saying there is anything wrong with giving back, I am a big proponent, but there is a way to do it. I now know to give back you must get, you must get before you give. I mean doing the opposite it keeps everybody poor and it keeps the giver in debt. Now, given those thirty some odd years of negative money conditioning it is no wonder that I found myself dead broke at thirty-four bagging groceries, just prior to embarking on my do over. And, it wasn’t until I read what in my opinion is  a revolutionary book for the poor middle class, perhaps you have read it, Rich Dad, Poor Dad, not until I read that did my money mindset begin to change. I mean I believe after reading that book that it should be required reading your senior year in high school, if that were my case in my high school I would never have been in the situation I was in. I mean this is when I was first introduced to the term “passive income” and where I learned the clear difference between an asset and a liability. I mean some real keys in creating wealth. More on that in a minute. I remember one day I was on the Los Angeles freeway. I was stuck in traffic, hey hard to believe right, but I was stuck in traffic behind a car that had a unique bumper sticker on the back and it read, “a job is the biggest killer to financial freedom. What is yours costing you?” Boy, did that stop me in my tracks. I mean sure the message was in jest, or not, but it really caused me to analyze life and money. I think most people in America were raised to go to a good school, get good grades, graduate and get a good job. That is what the American system does, it teaches us that. It teaches us essentially to become employees, you know if I didn’t know any better I would think that the system was a conspiracy concocted by the man in order to maintain a steady production of servants. Thank god I do know better, or do I, who knows that seems to be a common debate these days and that debate could probably fill up an entire podcast on its own and perhaps we should do that some day. But that bumper sticker message went against everything I was ever taught and everything I ever believed yet given my life experience up to that point it struck me as being right on the money. Pun intended by the way. I mean it literally took me only three seconds to figure it out. My friends, family, and associates were either employees or unemployed. I mean the only rich person I had ever known Fiancé Conner, maybe you have heard of him if you are a techie, or a software guy, he is the co founder of a company called C8 technology. He was a business owner it took me almost 38 years of my life to have such an epiphany, to really figure out money and how to create wealth and the answer is to not be an employee. Believe that, you know I wondered what all those artists are doing today. The graphitti artists and the rap artists, the DJs and producers, the ones who convinced me that not only is money unimportant, but it is bad. I mean did they figure it out or are they walking around in the same fog that most Americans are walking in?   Now, I am going to say something here that could be controversial and you might have a debate for this or an argument for it, but what I am going to say is what I have come to know, I am not afraid to say it anymore. Money is important. You know we live in a society in which nothing replaces money in the way that it serves us, it puts the cloths on our back, it puts the roofs over our heads, it puts the food in our stomachs, it pays the hospital bills, and it allows us to do all those same things for our family and loved ones. Money is important. You know that epiphany that leads me to the ultimate decision to no longer participate in the notion that money is the root of all evil. Did you know that is not even accurate, did you know that’s a bible misquote it doesn’t even read that anywhere in the bible. I mean it has been so distorted in our society, that distortion has totally warped our thinking, and has us believe that money is bad. I mean the scripture actually reads, “For the love of money is a root of all kinds of evil,” that’s first Timothy 6:10. “For the love of money,” not money, but the love of money, “is a root,” not thee root, it’s “a root of all kinds of evil,” not evil, but “all kinds of evil.” That is a very, very different meaning, I mean it is completely taken out of context and I later learned that the bible has more scriptures supporting money and the market place, than it does in opposition, I mean the bible is replete, it’s full,  with very rich people all of which were blessed by God himself by the way. My intent is not to take you to church, or convert you rather it is just to demonstrate how society will pull evidence and distort it from multiple sources, pull it out of multiple sources, take it out of context, just to support their notion that money doesn’t buy happiness, and rich people are going to hell and only greedy people get rich etcetera. I mean did you know that Ecclesiastics 10:19 reads, “A feast is made for laughter and wine makes life merry, but money is the answer for everything.” That’s in the bible, “money is the answer for everything.” Now, I could easily take that out of context and go and create an entire new following around that maybe, money is the answer for everything. Now, my little biblical tangent here was for the purpose of demonstrating that we have been misled by society that money is evil. Did you know that there are no biblical roots in this ideology? I mean the roots are manmade and likely made by men that don’t have any money. I mean, misery loves company. You know the opening chapter in a book that I read a few years ago by Wallace Waddles, The Science of Getting Rich, if you have not gotten that I highly recommend it. I will put a link in the show notes for you. But, it was written back in 1910, this is back in 1910 it is very much the inspiration for the movie that came out a few years ago called “The Secret”, and everyone thought that was new, no this stuff has been around for a while, back to,  in fact so much of this stuff is in bible itself, it has been around for 2,000 years, anyways, Wallace Waddles in his opening chapter writes, “Whatever may be said in praise of poverty, the fact remains that it is not possible to live a really complete or successful life unless one is rich. No man can rise to his greatest possible height in talent, or soul development unless he has plenty of money. For to unfold the soul and to develop talent he must have many things to use, and he cannot have these things unless he has money to buy them with. “Even back then there was nothing to replace money in the way that it served people. I mean, once accepting that the pursuit of money is not bad, and that it is actually necessary in order to do good in the world. I decided that I would learn everything that I could on how to make money and create wealth and more importantly how to keep it and grow it. And after exhaustive research it was revealed to me that it is much easier to make keep and grow money than I ever could have imagined. I mean, it’s just that most of us were just not taught how, the unicorn in the woods so to speak  wasn’t a myth nor is it elusive, you don’t have to look that hard. And,   once you know how to make money it really is rather simple, you know frequently as a real-estate investor people have a big interest in what I do and they want to know how to do it themselves and I am asked to be followed around by people who want to witness what my typical day looks like. My response is that, “you would be very bored if you followed me around. My ritual is very simple and it would be boring to watch, it is not that exciting.”  And, it is very unfortunate that more of the world’s people don’t recognize how simple it is to create wealth and be financially free. I mean I was amazed at some of the statistics that I uncovered during my research, did you know that according to US Department of Health and Human Services 94% of today’s 65year olds are not prepared to retire, 94% that is almost everybody, virtually nobody knows how to make and keep money. Who in the world are the American people taking their financial advice from? I mean more importantly, from whom are you taking your financial advice? What you want to do is take financial advice from someone who had the amount of money that you want.  Just because a person has the title financial planner doesn’t mean they are qualified to plan you r finances.  I mean anyone can put on a suit and tie and tell people to live below the means and invest the difference. If that advice alone worked, more than six percent of our country would be prepared to retire wouldn’t they?  My research has led me to the painful realization that I had never received any financial advice in my life with the exception of my grandparents sage wisdom of “put something away for a rainy day.”  That was my grandmother’s favorite. I mean I was taught nothing about making money, growing money, keeping money, absolutely nothing about creating wealth and only one percent, only one percent of our country retires with a net worth of five million dollars or more. So, 99% of our country aren’t taught anything about it either. I mean we are the richest country in the world and only one percent of our population, after working forty or fifty years can be classified as rich. Only one percent knows how to create wealth and keep it so that it lasts into their retirement. So, the question is who makes up this one percent club, what are they doing? What is the one percent doing that the other 99% are not? And as I learned from my very first Tony Robins program when I think I was 18 or 19 years old. I learned a very valuable lesson and that lesson was that success leaves clues. I thought that if I was to do what the one percent does, I could produce the same results and join this exclusive club. I could then share with the world how simple it was to accomplish, and then they could do it too. That was the thought then I proceeded to investigate the wealthy one percent, and I found that of this small group that 10% were doctors and lawyers, no big surprise there, 10% were presidents and CEOs of major corporations, 5% were sales people and one percent made it to the one percent club, so one percent of the one percent club made it there by way of inheritance or lottery winnings not necessarily to my surprise but 74% almost 3/4ths made it to rich status by way of business ownership, just like my family friend Finace Conner, and real estate investing, business ownership and real estate investing. So, after this little study  this turned out to be a fairly easy decision of what my Do Over would consist of, you see at age 37 committing the next decade to medical school , or law school , that was not an option for me and pursuing an MBA with the intent of climbing the corporate ladder that was very uninspiring. And working the 70 to 90 hours a week that it would take to become a super sales person that, that just might kill me.  And, my family was not rich so inheritance was out of the question, and the thought of purchasing the winning lottery ticket as exhilarating as it sounds let’s just say that the odds are not good enough on which to gamble my future. Fortunately for me the most appealing path to creating wealth was also the path where the odds of joining the wealthy one percent were the greatest. I mean perhaps that is why more of the wealthy one percent chose that path. Success leaves clues, so I decided I was going to start a business and I was going to take the profits and invest them in real-estate. That was an easy decision, it was an easy decision to embark on this new path of business ownership and real-estate investing, but the analytical side of me wanted to understand what it was the business ownership and real-estate had in common in creating wealth. Why are they the most sure fire path to our nations wealthy one percent?  Well, I discovered two commonalities thoughts and leverage, the way the wealthy, the way the rich think, and the way that they use leverage. And, once I discovered that I mean all of a sudden it was almost no wonder that the biggest selling book on personal development is Napoleon Hill’s Think and Grow Rich the operative word being think. And, it is no wonder that the biggest selling audio recording in the personal development industry in the pre-infomercial era is Earl Nightingale’s The Strangest Secret , the secret being “you are what you think about”, again the operative word being think, I mean the rich defiantly think differently, they know things we do not, and they think about them differently. And, I am not referring exclusively to positive thinking either; I mean they simply know things that everyone else does not. And if you are not doing what they are doing you don’t know. A lot of these things you might have heard of, most of you might have even read these two books, but to know and not do is not to know, you go that, so even if you read the book and you are not doing it, you might as well not have read the book at all. If you are not doing what they are doing you don’t know. The rich were taught and raised differently, rich parents teach their kids to be rich, very simple, poor parents teach their kids to poor very simple. Not intentionally, of course they don’t want their kids to be poor, and there are exceptions to the rule, but simply put people teach what they know. They teach what they know. Here is an example of how the thought process is different between the rich and the poor, it can be a very subtle difference, a poor person might say I can’t afford it, while the rich person might say, “How can I afford it?”, Now, it is a subtle difference, you see a question searches for an answer. And the brain is going to answer any question asked of it. A statement is final the poor person says, “I can’t afford it, that is a statement.”  The rich person said, “How can I afford it. That is a question, and the brain is going to answer any question asked of it. Now, another example is that the statement doesn’t even have an answer, so of course, they can’t afford it. But, when you ask how can you afford it, all of a sudden you start racking your brain trying to figure it out, very subtle difference but very, very different outcome. Another example is that a poor person might ask, “how much will this cost me?”, while the rich person would ask a more empowering question, “how much will this make me?”, now be careful what you ask the brain for it is going to provide an answer and it is going to provide an answer every single time. The subtle difference there in the question but a tremendous difference in the answer. Now, I have noticed that poor people will make up their minds slowly and change them quickly, the poor person will frequently respond to a sound investment opportunity, like a good one,  but that poor person is going to say let me think about it, and rich people make up their minds quickly and they change their minds slowly, in response to the same investment scenario   you will more often here the rich person say I will take it, unless I change my mind. The thoughts between the rich and the poor are distinctly different, so here is a real life example, imagine that a poor person and a rich person both have $30,000 to purchase a new car. Now the poor person has been taught their entire life that debt is bad, I was taught that, most people, 99% of this country was taught that, the statistic reveal it. So, they strolled down to the dealership and laid down all $30,000 cash for the new car, they own the car free and clear, that is what they were taught to do, do not take on any debt, there are no monthly payments, they are happy. They think they did the right thing, but what happens the instant that they drive that car off the lot. I mean that car can lose 30% of its value the second it hits the street. The thirty thousand dollar investment is now worth $20,000 and depreciating by the day. Now the rich person has different thought their first phone call isn’t going to be to the car dealer, it is likely to someone like their real-estate agent or their CPA or their financial mentor, I mean the rich person would probably lay down the thirty thousand dollars on a cash producing asset like a rental property they would then proceed down to the car dealer and possibly lease the car, now being a land lord the rich person can one use the cash flow from the rental property to pay for the car lease, two get a significant tax deduction on the car as a business owner, because as a landlord that equals business owner, you have certain tax rights being a business owner and three they are going to experience the appreciation of the property and they are going to experience the significant tax deductions that accompany the rental real-estate. You know the rich person has essentially after they have taken all of these actions they are essentially getting paid to drive their new car, through the tax breaks and they are also holding onto an appreciating asset at the same time. I mean to me that demonstrates the differences in thinking. It is pretty big. You know the poor person and the rich person they both had the same thirty thousand dollars to spend, yet their thoughts and actions were entirely different, and as a result the poor stay poor and the rich get richer. Their thinking significantly contributes to their creating wealth. The second commonality that the rich share in creating wealth is their use of leverage,  it is the primary reason that the rich can earn ten times, one hundred times, or even a thousand times more than  the poor can even though they both have the exact same 24 hours in a day. You see as we go through life we are constantly leveraging, or being leveraged. It is always one or the other, the rich are rich because they have learned to tip the scale a little bit in their favor when it comes to leverage, now they will leverage other people’s efforts, other people’s money, experience, and education, intelligence, ideas, I mean there are countless examples but a basic one is when you go to work every day, when you go to work every day,  is your boss making money off of your efforts? If so, you are being leveraged. Now if you are making money off of your boss’s efforts you are actually the boss, you get it. You don’t have to be the boss however to experience the benefits of leverage, now ask yourself this, “When I go to work for my money does it return the favor?” That is a good indicator, the answer is a good indicator as to whether you are properly using leverage or not. I mean, what do you spend more of your money on? Assets or liabilities? If you don’t know the difference in their simplest form,   an asset is something that puts money into your pocket, and a liability is something that takes money out of your pocket. You see poor people spend their money on liabilities, cars, toys, rich people spend their money on assets stuff that puts money in their pocket and then they let their assets pay for their liabilities, their assets pay for their toys, they don’t work for their toys they don’t work for their toys, they don’t pay for their toys, they don’t pay for their toys, their assets do, you see that $30,000 car example earlier, that demonstrates this perfectly. The rental property – the asset was leveraged to pay for the car the liability. When it comes to investing money, now the leverage concept really begins to pick up steam, you see just as America’s poor and middle class were taught to go to school and get the good grades and get a good job, they were also taught to invest their money in safe low risk investments like stocks ,bonds , and mutual funds, now if you were going to take $10,000 and invest it in a mutual fund that averages a %6.34 annual return. Now, I used that very specific percentage for a reason and I will let you know that in a second, but %6.3 percent annual return at the end of thirty years, that $10,000 will have compounded to$ 66,000 dollars and some change. By the way a financial planner who could produce that type of return over thirty years would be a super star in his industry. He would probably end up a very rich man himself. Now, let’s take that same $10,000 dollars and invest it using some moderate real world leverage. Leveraging it say into a $200,000 dollar piece of real-estate, over the same thirty years, and the same rate of return of %6.34%, now the reason I use that number is that is the average annual appreciation over a twenty year span for real-estate, so that is why I used it. So, this $200,000 dollars piece of rental real-estate over the same thirty years at the same rate of return of %6.34 that 10,000 investment would have grown to 1.3 million dollars and some change. That is 66,000 dollars invested in stocks, bonds, and mutual funds, verse 1.3 million dollars leverage in real-estate, all with the same 10,000 investment. That is the power of leverage. And again it is no wonder why the gap between the rich and the poor gets wider and wider. I mean the poor’s money invested in stocks, bonds, and mutual funds in this way, in this manner under this scenario it is going to double every seven to eight years, under the same scenario that ten thousand dollars leveraged in real estate  that money is going to double every seven to eight months.  Leverage is a very, very powerful thing. Further, what this example doesn’t show is that this was a rental property, meaning the tenant paid off the mortgage. It doesn’t show the positive cash flow the property produced and it doesn’t show the tax benefits either, real estate rock by the way, just in case it isn’t evident in this example, rental property is a great asset it produces passive income, but there are others I mean royalties from books and music and software also produce passive income. Storage facilities, vending machines, franchising, licensing of your ideas, and the right network marketing companies, can produce great income as well, whatever you choose for your passive income stream and I encourage you to pick more than one by the way, you will want to know that financial freedom is almost impossible for the average person without it. Passive income is a must, and it must be a focus if you ever expect to be financially free. Alright, wealth re-defined, let’s look at this differently, I know we have covered a lot of material and hopefully if I have done my job you are starting to think about money and creating wealth a little differently. As, most of us were raised in a household where the ideology was to go to school, get good grades and graduate get that good job, we can all probably relate to that, we have all heard it all of our lives. As well, we have grown up knowing a person described as wealth as having a lot of money in the bank, or a high net worth, or we have heard things like he is a millionaire ouuuh. Now that seems like such a big amount, maybe today you would have to say billionaire to deliver that same effect as it did when I was a kid. Those would all be terms or definitions we have heard growing up; they comprise the old definition of wealth. Regardless, of how much money you have, unless that money is working for you it has an expiration date. I mean look at it this way, think of a giant water tank, if you go to take a drink every day, without putting more water back in, that water tanks level is going to drop every time you take a drink. And, if your family drinks from the same tank, again the water level will drop every time they take a drink. Unless, you find a way to replenish that water, after so many drinks, that tank will be empty. Is that real wealth? I mean is that real wealth? I mean maybe there is enough water to your lifetime, but will it last your children’s lifetime?  Will it last your children’s children’s life time? I mean unless that water is replenished that water is going to run out, is that wealthy to you? To me that is not, but that is how we are taught. Wealth is having a lot of water; I mean money in the tank. Okay, I know this example could be over simplified for you, and we know most people with a lot of money in the tank, I mean bank, are able to put that money to work for them so that the money replenishes itself, but you see most people don’t put their money to work until they have a lot of money, they seek to make a lot before putting it to work and I am going to come back to this. Rather than defining wealth as having a lot of money in the bank, what if we switched that definition to read, “each and every month you had enough money to pay all of your living expenses, entertainment expenses, and bills for you and your family, and you had enough whether you went to work or not.” How do you like that definition of wealthy, I like that one. Okay this is where passive income comes into play. Enter passive income, suppose your monthly expenses, including everything that I just mentioned and say even a little extra left over, amounted to those ten thousand dollars a month. According to our new definition of wealth, if you earned ten thousand dollars a month in passive income, you would be wealthy. So, tell me, what sounds easier to achieve, saving one million dollars, or building a vehicle that generates ten thousand dollars a month in passive income? Now, you know your situation better than I do, but the ten thousand dollars a month sounds way more doable and easier and faster, and it just sounds smarter doesn’t it?  I mean creating wealth doesn’t sound so much like a fantasy now does it. Earlier I pointed out how most people think they have to for and earn a lot of money, before they can have it start working for them. They keep it replenishing itself, well, what if you started putting your money to work for you right now?  Before you had a lot of it? I mean if you could take ten thousand dollars and invest it in a way that it produced $200 a month in passive income, would you? Would you do it? You might say yes, but most people wouldn’t do it. Even the people that just answered yes to my question, you might have just said yes to the question, but are you actually going to go do it right now? You see the idea of tying up $10,000 for $200 dollars isn’t exciting for most people, I mean they could use that $10,000  on a down payment for a new car, or a family vacation or a new wardrobe, a new 3-D TV, or jet skis, whatever it may be. Why invest $10,000 it is only going to make me $200 dollars a month anyway, I mean $200 isn’t going to make a measurable difference in my life. That is what most people think, and I agree, it is not going to make that big of a difference, but here is where most people miss the point. This is their big mistake, they completely overlook the value of $200 dollars in passive income and the impact that it has in creating wealth. They confuse it with just two hundred dollars, which I agree has very little value today, but two hundred dollar in passive income has tremendous value and here is what I mean, as I am recording this podcast on INGs direct website, I like to use ING as an example because they somewhat built their reputation on advertising large interest rates, as of this  moment they are advertising at 1.1% return on their money market account, so let me ask you, how much money would you need to put into that ING money market account to generate  $200 in passive income?  You would have to deposit over $200,000 dollars into that account specifically $218,000 into that account, so two hundred dollars, yes, it is worth 200 dollars. Doesn’t get you a whole lot, but two hundred dollars in passive income in today’s market is worth 218,000 dollars sitting in the bank. And, you produce that $200 a month in passive income with only $10,000 compared to $218,000 sitting in the bank that you could never touch. And, by the way generating $200 dollars a month off of a ten thousand dollar investment, a very secure investment, they are abundantly available, and I might violate some sort of FCC guideline if I disclose how or where, I am not totally sure, but I don’t want to take the risk and that is not the nature of this podcast anyway. But, if that is something that makes sense to you and you are dying to know, send me an e-mail at [email protected] , [email protected] , now the point I am trying to make is that people will put off building their passive income wealth, the new definition of wealth, the easier, faster, and smarter way of creating wealth, because they never get started mostly because $200 dollars a month to start, that $200 dollars a month of passive income is so unappealing it’s just not sexy, the new TV, the car, the tropical vacation, now that is sexy. Don’t fall into that trap. Don’t do it. A great deal of credit of my new successful do over belongs to my new understanding of money and how it works on how to create wealth, don’t fall into that trap. I’ve been there I have done it. It is a trap. So, here is your homework, I want you to pick up these four books, some of them you may already have, and some of them you may have already read, but are you doing it, are you doing what it teaches? To know and not do is the same as not knowing. Okay and I will put these in the show notes. But, pick up these four books, Rich Dad Poor Dad, if you have it great, read it again. Particularly, especially if you are not practicing the lesson within the book.  Cash Flow Quadrant, both of these books are by Robert Kiyosaki, the third book, Ten Roads to Riches, I think his name is Ken Fischer, or Ken Fisherman, I think it is Ken Fischer,  Ten Roads to Riches, it outlines the ten roads to riches in this country, and what you are going to find you are going to find something very, very compelling inside that book. I want you to get that one, and the fourth book is called The Slight Edge, The Slight Edge, which reveals in much more detail how small little baby steps over time produce success. Okay, so get those four books, Rich Dad Poor Dad, Cash Flow Quadrant, Ten Roads to Riches, and The Slight Edge, now hopefully the idea of passive income is starting to sink in. We are going to talk about it some more, but that is it for this episode. Next episode we are going to dive in deeper to passive income, other methods of creating it, other methods of creating wealth, I mean, passive income, it rocks, I can talk about it all day long, I want you to create multiple streams of it, we are going to talk about it a lot here at this podcast. This is not a money making, or how to make money podcast, but very much my do over has to do with my thoughts and my actions that I take around money, and I want to share those with you, and I want you to create multiple streams of income, multiple streams of passive income specifically, I want it to be flowing in every form, from every direction, right into your bank account, we will cover at least five different ways of creating it. It is your quickest road to the money and time freedom that you seek. Stick around I will show you how to get it.

Narrator: Thank you for tuning into Your Do Over, where the ignored, underestimated, and unknown steps to producing results and making life work are revealed, and remember: “Knowledge is potential power.” Take action on what you learned today. This is not Your Learn Over, its Your Do Over. To review the resources references reviewed in today’s show and to receive a complete show transcript visit www.TheDoOverGuy.com. Stay connected to Matt “The Do Over Guy” Theriault on twitter at the Do Over Guy, and on Facebook at www.Facebook.com/DoOverGuru.

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