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In this video Ken outlines five key take-aways as to how financially successful people manage their money differently. Specifically he covers:
Q1: What is biggest difference between people who are successful with money and those who are not?
KEY TAKE-AWAY #1:
* The biggest difference is mindset
* Financially successful people direct any excess money towards investments or appreciating assets
Q2: What is the difference in how financially successfully people view assets and liabilities?
KEY TAKE-AWAY #2:
* Focus on building income producing assets
* Debt is a powerful tool and can be viewed positively if used to help build income producing assets more efficiently
* Try to avoid using debt to acquire unnecessary depreciating assets such as expensive cars or clothing
Q3: What are some tax & legal strategies utilized by financial successful people?
KEY TAKE-AWAY #3:
* Use an LLC for asset protection to limit exposure to liability
* LLCs help separate business activity from personal which can have tax benefits - please consult your tax advisor
* The tax code is established to motivate specific economic activity so think of ways to utilize these incentives
* Please check out Tom Wheelwright's tax series, here is the link to the first video: • Top 5 Deductions for E...
Q4: How do financially successful people manage their money differently?
KEY TAKE-AWAY #4:
* Be active in the way money is managed and think about the investments being made
* Use personal networks to source knowledge and expertise for better opportunities and consider investing collectively with others
Q5: How do financially successful people view money, currency, and the dollar?
KEY TAKE-AWAY #5:
* Currencies throughout the world are subject to free floating exchanges between countries which are complicated to understand and are exposed to punishing circumstances
* Direct portions of earnings into investments independent of the impacts of inflation, such as bank savings, and into investments with actual economic utility such as real estate
If you like this video you can see many more just like it at this link: kenmcelroy.com
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Ken's Books:
ABC's of Real Estate Investing: goo.gl/ze5RzL
The Advanced Guide to Real Estate Investing: goo.gl/5sQ1SS
ABC's of Property Management: goo.gl/hjUUah
The Sleeping Giant: goo.gl/iZZalj
For more resources on this topic check out the links below.
How to manage your money like the super-wealthy - CNBC.com
www.cnbc.com/2....
Aug 20, 2018 - Even if you aren't raking in millions, you can grow your wealth just by mimicking the financial habits and strategies of the ultra-rich. Here's how.
7 ways to manage your money like a millionaire - INSIDER
www.thisisinsi...
Jul 16, 2018 - It's true: Wealthy people manage their money differently from the rest of ... Here are some ways you can manage your money like a millionaire ...
How Millionaires Manage Their Money Differently? - Lifehack
www.lifehack.o....
If you want to be wealthy, you have to manage your money like millionaires do. There are 10 ways the wealthy manage their money differently than everyone ...
15 Ways Millionaires Manage Their Money That Make Them Richer
www.entreprene...
Mar 22, 2016 - Millionaires, or at least the ones who keep their money, know the difference between wants and needs.