Featured Coaching Excerpt - Notes & Transcript, Part 1
Step #3: Wealth Is Created by Earning and by Saving
Notable Quotable: “If you cannot save money, then the seeds of greatness are not in you.” -W. Clement Stone (He was a businessman, philanthropist and New Thought self-help book author. Wikipedia)
Action Step: Get a white board and every time you save money put a checkmark by it.
Lesson Nugget: Teach yourself to get excited about saving money because the more you save, the more you will be able to overcome emergencies.
Lesson Nugget: If you don't have money saved, you cannot stay in "the game."
(rap music) Step number three, wealth is created by earning and by saving, okay. So W. Clement Stone, he wrote the book, the autobiography, The Success System That Never Fails. He teamed up with Napoleon Hill and he wrote the Positive Mental Attitude book. You're making me purr, this guy's awesome.He's awesome, he writes, "If you cannot save money, "then the seeds of greatness are not in you." Wow, one more time, "If you cannot save money, "then the seeds of greatness are not in you." That's kinda like, that's candor, that's kinda like a truth cannon there, it's kinda like hard to think about. You need to make sure you get excited about saving. So here's an action step for every Thriver. Get a whiteboard, my wife on I have done this before. Get a whiteboard, and every time you save, let's say $500, put a check by it, checkmark. Or every time you save $1,000, put a checkmark. Or every time you save $10, wherever you're at in life right now, but get excited about saving money. By default, you're going to be excited about spending money. Teach yourself to get excited about saving. Keep yourself, get to a point where you are pumped up by knowing how much money you saved. The more money you save, the more you're going to be able to overcome emergencies, and everybody will have an emergency, okay. You need to be able to save, if you can save, you can buy opportunities. If you find out that a competitor is going out of business, you can buy them. If you find out there's a piece of equipment on sale, you can buy it. You can have more options with advertising. But if you don't have money saved, you can't stay in the game. Now break down the beginning part of this step for me. Wealth is created by saving, but also you gotta earn first, so break down the whole earning and then saving, that kind of, that perpetual cycle that we're always going through. Earn and then save, earn, save, or they, kind of at the same time, or break that down for me. Just as an entrepreneur, you have to become as excited about saving as you are about acquiring new customers. You have to be, you have to be unbelievably excited about saving, you have to do it, so. I know many entrepreneurs who have a forced savings plan, where they just automatically withdraw money out of their bank, they talk to their financial planner and they just deduct $500 a month out of their savings, or out of their checking and it goes into a savings account, or $10 a week, or whatever. But you have to get excited. I remember as a kid, when I got to the point where I got excited about saving, I remember saying, once I save $500 I'm gonna buy this. And it felt so good to say, I just bought, you know the big trampolines, Sure.You know the big ones that all the kids wanted.Yeah.I remember when I bought that I was going, yes, I bought it! You know 'cause I saved up enough money to buy it. I remember when I bought a boxer, the dog. You know, a dog. Yeah.Her name was Lucy, by the way. But I remember going, I want a boxer. Every other kid wants a boxer. But I remember going, gosh, every kid wants to have a boxer, I wanna have a boxer, all of my friends who wanna have a dog, but I actually have saved up enough money to do it. That felt so good. You've got to find a way to get excited about saving. You have to do it. And then when you do spend and you make big purchases, make sure you leave a cushion for bad stuff, because bad things are going to happen, emergencies are gonna happen, you have to plan on saving money, you have to be intentional with it. It's a forced savings plan, or it's an accountability partner, or it's a whiteboard that you check off, you've gotta get excited about saving.