I was invited to speak at the Bedrock Initiative breakfast meeting about my Billionaire Journey.
I shared how I have evolved and what have been involved in the processes of my becoming. The different mindset levels and different work categories. Let’s explore the three of them.
The THOUSANDNAIRE with the mindset of finding a safe and secure job, work harder for years, live by salaries and retire at 65, then depends on pension. Only skill is earning from wages. Habits are spending on liabilities trying to look rich. Work level is Hardwork. Some get stuck at this level while some evolve to the next level.
The MILLIONAIRE with the mindset of making their money work harder for them rather than working too hard. Their skill include knowledge about investments/business and protecting their money. Habits are spending on assets. Work level is Smartwork. Many of use have remained on this level for a long time.
The BILLIONAIRE with the mindset of not only working hard for money like the thousandnaire nor make their money work for them like the Millionaire, rather they create new wealth and print their own money legally in the economy. You will ask How? They solve great problems and build great businesses.
They Billionaires engage thousands of the Thousandnaire to workhard for them and attract millions of the Millionaires to invest in their businesses thereby creating new economy that prints money/value. Their skill is understanding Financial statements. Their Habits are solving problems and work level is Network.
The difference between these three are just their understanding about Financial Statements which is the gateway to building great wealth.
All the great businesses and great men never joke with their financial statements. A record of income, expenditures, cashflows, assets and liabilities.
How come we find it difficult to keep records of our financial statements, this ignorance remains the reason many of us are poor and struggling financially in our lives.
The turning point in my life has been the understanding of financial statements which includes the knowledge of Assets and liabilities, income and expenditures.
I have always made financial decisions with this basic knowledge of Assets/liabilities. Assets – anything that appreciates in value and puts money in my account whether I work or not. Liability – anything that depreciate in value and takes away money from my account.