Transcript of Lifestyle 1 – Inconspicuous Lifestyle 1. Inconspicuous Lifestyle.
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- Lifestyle 1 Inconspicuous Lifestyle 1. Inconspicuous
Lifestyle
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- Mentor 2 - Mentor Example of success No commission or profit
from advice Tax advisors preferred Example - CPA 1. Inconspicuous
Lifestyle 2. Mentor
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- Modest Home 3 - Modest House Often a starter home In a middle
class neighborhood My wise father said to me, Get a modest home and
pay off the mortgage... Gordon B. Hinckley 1. Inconspicuous
Lifestyle 2. Mentor 3. Modest House
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- Home Ownership 97% of millionaires are homeowners 4 - High
Instance of Home Ownership 1. Inconspicuous Lifestyle 2. Mentor 3.
Modest House 4. High % of Home Ownership
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- PAW -vs- UAW 5 - Dr. North (PAW) vs Dr. South (UAW) Can you
live like Dr. North Can you see how easy it is to become Dr. South
1. Inconspicuous Lifestyle 2. Mentor 3. Modest House 4. High % of
Home Ownership 5. Dr. North (PAW) Dr. South (UAW)
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- Education Income 6 - Education IncomeAccumulation Education
Income Income Accumulation Physicians Dentists Orthodontists
Attorneys CPAs Financial Advisors Stock Brokers Insurance Agents
Home Builders Actors Artists Musicians Provide Professional
Services for a Fee 1. Inconspicuous Lifestyle 2. Mentor 3. Modest
House 4. High % of Home Ownership 5. Dr. North (PAW) Dr. South
(UAW) 6. Education / Income / Accumulation
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- Income -vs- Net Worth 7 Income vs net worth def. Net Worth
Financial Assets Liabilities (debts) = Net Worth 1. Inconspicuous
Lifestyle 2. Mentor 3. Modest House 4. High % of Home Ownership 5.
Dr. North (PAW) Dr. South (UAW) 6. Education / Income /
Accumulation 7. Income vs Net Worth
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- Inheritance 8 - First Generation Millionaires 85% are first
generation! Second generation millionaires At a disadvantage:
Overnight millionaires Odds of being an overnight millionaire One
in four thousand 1. Inconspicuous Lifestyle 2. Mentor 3. Modest
House 4. High % of Home Ownership 5. Dr. North (PAW) Dr. South
(UAW) 6. Education / Income / Accumulation 7. Income vs Net Worth
8. First Generation Millionaires
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- 9 Inheritances More than 50% Never receive $1 Majority of
inheritances inheritances Gone by the third generation 1.
Inconspicuous Lifestyle 2. Mentor 3. Modest House 4. High % of Home
Ownership 5. Dr. North (PAW) Dr. South (UAW) 6. Education / Income
/ Accumulation 7. Income vs Net Worth 8. First Generation
Millionaires 9. Inheritances Inheritance
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- Economic Outpatient Care 10 Economic Outpatient Care Less than
2.5%Ever received more than a $10,000 in gifts More than 50% Never
received any education financial assistance from any relative EOC
to Adult Children Rarely Given The more assistance adult children
receive the less likely they are to accumulate 1. Inconspicuous
Lifestyle 2. Mentor 3. Modest House 4. High % of Home Ownership 5.
Dr. North (PAW) Dr. South (UAW) 6. Education / Income /
Accumulation 7. Income vs Net Worth 8. First Generation
Millionaires 9. Inheritances 10. Economic Outpatient Care
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- Monthly Payments 11 Monthly Payments To pay... curse To
receive... Million Dollar Choice TM 1. Inconspicuous Lifestyle 2.
Mentor 3. Modest House 4. High % of Home Ownership 5. Dr. North
(PAW) Dr. South (UAW) 6. Education / Income / Accumulation 7.
Income vs Net Worth 8. First Generation Millionaires 9.
Inheritances 10. Economic Outpatient Care 11. Monthly Payments
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- Budget 12 Budget Intense focus on knowing where money is spent
1. Inconspicuous Lifestyle 2. Mentor 3. Modest House 4. High % of
Home Ownership 5. Dr. North (PAW) Dr. South (UAW) 6. Education /
Income / Accumulation 7. Income vs Net Worth 8. First Generation
Millionaires 9. Inheritances 10. Economic Outpatient Care 11.
Monthly Payments 12. Budget Intense
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- Shopper? 13 Shoppers Not extensive time and energy spent Love
NOT giving away their money Very aware of where to find a good deal
1. Inconspicuous Lifestyle 2. Mentor 3. Modest House 4. High % of
Home Ownership 5. Dr. North (PAW) Dr. South (UAW) 6. Education /
Income / Accumulation 7. Income vs Net Worth 8. First Generation
Millionaires 9. Inheritances 10. Economic Outpatient Care 11.
Monthly Payments 12. Budget Intense 13. Shoppers Not Intense
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- Education 14 Higher Education 80% are well educated No
guarantee of financial success 1. Inconspicuous Lifestyle 2. Mentor
3. Modest House 4. High % of Home Ownership 5. Dr. North (PAW) Dr.
South (UAW) 6. Education / Income / Accumulation 7. Income vs Net
Worth 8. First Generation Millionaires 9. Inheritances 10. Economic
Outpatient Care 11. Monthly Payments 12. Budget Intense 13.
Shoppers Not Intense 14. Higher Education
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- Education 15 Higher Education Spending on Children 1.
Inconspicuous Lifestyle 2. Mentor 3. Modest House 4. High % of Home
Ownership 5. Dr. North (PAW) Dr. South (UAW) 6. Education / Income
/ Accumulation 7. Income vs Net Worth 8. First Generation
Millionaires 9. Inheritances 10. Economic Outpatient Care 11.
Monthly Payments 12. Budget Intense 13. Shoppers Not Intense 14.
Higher Education 15. Higher Education for Children We spend well
for the education of our children?
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- Lifestyle of Prudence 16 JOY of Prudence and Frugality Delaying
Gratification Or Developing a Healthy Preferred Lifestyle 16. JOY
of Prudence and Frugality
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- PAW Asset Formula 17 - UAW AAW PAW Asset Formula Current age
Current income (x) ___________________________ 10 What Your Current
Net Worth Should Be $ 100,000 (x) 10 = $ 450,000 $ 450,000 $
900,000 Underachiever UAW Average Accumulator AAW Prodigious
Accumulator PAW = = 45 ________________ 16. JOY of Prudence and
Frugality 17. UAW / AAW / PAW
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- Your Spouse 87% leading cause of American divorces money
American Bar Association 18 - Spouse Significance I am satisfied
that money is the root of more trouble in marriage than all other
causes combined. Gordon B. Hinckley Cornerstones of a Happy Home
16. JOY of Prudence and Frugality 17. UAW / AAW / PAW 18. Spouse
Significance
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- Your Spouse 19 Marrying the Right Person Very Important +
Important I married the right person Millionaire Mind 84% 16. JOY
of Prudence and Frugality 17. UAW / AAW / PAW 18. Spouse
Significance 19. Marrying the Right Person
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- Divorce 20 - Divorce Rate One-half national average 16. JOY of
Prudence and Frugality 17. UAW / AAW / PAW 18. Spouse Significance
19. Marrying the Right Person 20. Divorce Rate
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- Working Spouse Rarely worked 21 - Working Spouse No time
consuming professional careers professional careers 16. JOY of
Prudence and Frugality 17. UAW / AAW / PAW 18. Spouse Significance
19. Marrying the Right Person 20. Divorce Rate 21. Working
Spouse
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- A Better Life? 22 - The Better than My Life Syndrome I want
your life to be better than mine We forget how we built our
resources Children likely to spend to meet the expectation We
encourage inefficient professional lifestyles 16. JOY of Prudence
and Frugality 17. UAW / AAW / PAW 18. Spouse Significance 19.
Marrying the Right Person 20. Divorce Rate 21. Working Spouse 22.
Better than my life Syndrome
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- Self- Employment 23 - Self Employment Two-thirds of all
millionaires are self employed 16. JOY of Prudence and Frugality
17. UAW / AAW / PAW 18. Spouse Significance 19. Marrying the Right
Person 20. Divorce Rate 21. Working Spouse 22. Better than my life
Syndrome 23. Self Employment
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- Savings 24 - How Much to Save Millionaires Save At least 15%
Average of 20% Joseph to Pharoah - take up a fifth part... Genesis
41:34 16. JOY of Prudence and Frugality 17. UAW / AAW / PAW 18.
Spouse Significance 19. Marrying the Right Person 20. Divorce Rate
21. Working Spouse 22. Better than my life Syndrome 23. Self
Employment 24. How Much to Save
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- Investment Rules 25 - Investment Rules Familiarity with company
or industry Familiarity with company or industry Dull / Normal
investments Dull / Normal investments Twelve per-cent return over
the past 10 years Twelve per-cent return over the past 10 years
Increasing Dividends each quarter Increasing Dividends each quarter
Same Management Team Same Management Team Long - term Long - term
16. JOY of Prudence and Frugality 17. UAW / AAW / PAW 18. Spouse
Significance 19. Marrying the Right Person 20. Divorce Rate 21.
Working Spouse 22. Better than my life Syndrome 23. Self Employment
24. How Much to Save 25. Investment Rules
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- Purchasing Habits Rarely purchase: 26 - Purchasing Habits I
cant get my wife to spend any money Being frugal a cornerstone to
accumulation a cornerstone to accumulation Brand names Expensive
items 16. JOY of Prudence and Frugality 17. UAW / AAW / PAW 18.
Spouse Significance 19. Marrying the Right Person 20. Divorce Rate
21. Working Spouse 22. Better than my life Syndrome 23. Self
Employment 24. How Much to Save 25. Investment Rules 26. Purchasing
Habits
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- Profitable Business 27 - Most Profitable Businesses Begin with
what already works Sole proprietorships: 15 million only made
$6,200 25% made no profit Partnerships - 42% made no profit
Corporations - 45% made no profit The Most Profitable Business The
One that Compels you Most! 16. JOY of Prudence and Frugality 17.
UAW / AAW / PAW 18. Spouse Significance 19. Marrying the Right
Person 20. Divorce Rate 21. Working Spouse 22. Better than my life
Syndrome 23. Self Employment 24. How Much to Save 25. Investment
Rules 26. Purchasing Habits 27. The Most Profitable Business
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- Estate Objectives 28 - Estate Objectives Ambition Discipline
Independence 16. JOY of Prudence and Frugality 17. UAW / AAW / PAW
18. Spouse Significance 19. Marrying the Right Person 20. Divorce
Rate 21. Working Spouse 22. Better than my life Syndrome 23. Self
Employment 24. How Much to Save 25. Investment Rules 26. Purchasing
Habits 27. The Most Profitable Business 28. Estate Objectives
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- Estate 29 - Non-beneficiary Estate Executor Estate Executor 7
out of 10 named non-beneficiary as executor 16. JOY of Prudence and
Frugality 17. UAW / AAW / PAW 18. Spouse Significance 19. Marrying
the Right Person 20. Divorce Rate 21. Working Spouse 22. Better
than my life Syndrome 23. Self Employment 24. How Much to Save 25.
Investment Rules 26. Purchasing Habits 27. The Most Profitable
Business 28. Estate Objectives 29. Non-Beneficiary Executor
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- In-Laws in Estate 30 In-Law Conflicts Majority of family
financial conflicts Best In-Laws stay out 16. JOY of Prudence and
Frugality 17. UAW / AAW / PAW 18. Spouse Significance 19. Marrying
the Right Person 20. Divorce Rate 21. Working Spouse 22. Better
than my life Syndrome 23. Self Employment 24. How Much to Save 25.
Investment Rules 26. Purchasing Habits 27. The Most Profitable
Business 28. Estate Objectives 29. Non-Beneficiary Executor 30.
In-Law Conflicts
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- Live Below Means 31 Live Life WELL Below Means 16. JOY of
Prudence and Frugality 17. UAW / AAW / PAW 18. Spouse Significance
19. Marrying the Right Person 20. Divorce Rate 21. Working Spouse
22. Better than my life Syndrome 23. Self Employment 24. How Much
to Save 25. Investment Rules 26. Purchasing Habits 27. The Most
Profitable Business 28. Estate Objectives 29. Non-Beneficiary
Executor 30. In-Law Conflicts 31. Live Life WELL Below Means
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- Hard Work 16. JOY of Prudence and Frugality 17. UAW / AAW / PAW
18. Spouse Significance 19. Marrying the Right Person 20. Divorce
Rate 21. Working Spouse 22. Better than my life Syndrome 23. Self
Employment 24. How Much to Save 25. Investment Rules 26. Purchasing
Habits 27. The Most Profitable Business 28. Estate Objectives 29.
Non-Beneficiary Executor 30. In-Law Conflicts 31. Live Life WELL
Below Means 32. Life of DISCIPLINE, SACRIFICE, HARD WORK 32 Life of
DISCIPLINE, SACRIFICE & HARD WORK
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- 1.Inconspicuous Lifestyle 2.Mentor 3.Modest House 4.High % of
Home Ownership 5.Dr. North (PAW) Dr. South (UAW) 6.Education /
Income / Accumulation 7.Income vs Net Worth 8.First Generation
Millionaires 9.Inheritances 10.Economic Outpatient Care 11.Monthly
Payments 12.Budget Intense 13.Shoppers Not Intense 14.Higher
Education 80% 15.Higher Education for Children 16.JOY of Prudence
and Frugality 17.UAW AAW PAW 18.Spouse Significance 19.Marrying the
Right Person 20.Divorce Rate the National Average 21.Working
Spouses Rare 22.Better than Mine Syndrome 23.Self Employment 24.How
Much to Save Average 20% 25.Investment Rules 26.Purchasing Habits
27.The Most Profitable Businesses 28.Estate Objectives 29.Non
Beneficiary Executor 30.In-Law Conflicts 31.Live Life WELL Below
Means 32.Life of DISCIPLINE, SACRIFICE, HARD WORK