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Finances with Network Marketing

Results-Focused Training, Tools, and Workshops from Expert Business Coaches.

Featured Coaching Excerpt - Notes & Transcript, Part 1
  • Corbin & Holly Roush:
    -Daniel McKenna
    (Executive Producer, Thrive15.com)
  • Big Idea:
  • Mystic Statistic: "Sports Illustrated estimated in 2009 that 78 percent of NFL players are bankrupt or facing serious financial stress within two years of ending their playing careers and that 60 percent of NBA players are broke within five years of retiring from the game."
  • Mystic Statistic: The average household with debt carries $15,355 in credit card debt, $130k debt total.
    (Harris Poll)
  • Money Management System: 10% - Giving away
  • Lesson Nugget: Whether it is through tithing or through helping other people around you, you should give 10% of your income away.

- And we don't want people going out and buying a Lamborghini, and now they're having to turn in their Lamborghini and getting embarrassed. So we've come up with a formula that we'll show ya on what you should do and how you should grow your business the right/smart way. - Alright guys we are back with Holly and Corban for yet another training topic here on Thrive for Enrichment. And today, four, today we're talking about finances. And the big idea here is managing your money, right, okay? So as you start making money in this business, you're, in theory you're adding income to your job. Or maybe you're getting to the point where you're replacing your job with this income. Why is managing my money something I should pay attention too.? I mean I could just keep making more money, as one option, or, why is managing the money I'm making, why is that important? - Well, when we first got in, and started making a little extra income, the owner of the company pulled us aside and said, look, you guys are going to have amazing success in this, you're gonna help people have amazing success, you're gonna be creating potential wealth for people. And what we have found and seen in this industry is after the run is over, most people end up broke. Don't be broke, be smart with your money. And so we helped developed a system on how to teach people right off the bat what to do with their money. Because what we don't want is people wanting to come in and all of a sudden they start having success and they go buy this big old house and then the bottom falls out and they're stuck with the house payments filing bankruptcy. And we don't want people going out and buying a Lamborghini, and now they're having to turn in their Lamborghini and getting embarrassed. So we've come up with a formula it will show ya on what you should do and how you should grow your business the right/smart way. - Well, before we get to that, so it's not just the people that maybe your boss knew or the guy that got you in knew, it wasn't just them. We're gonna talk about some other people that maybe had some money that don't have any more money. We're talking about the NBA and NFL players right? So, these are guys that we talked about eariler, if you're in Oklahoma, you're obviously gonna be an NFL player, obviously right? Sports Illustrated estimated, this is back in 2009, that 78% of NFL players are bankrupt, or facing serious financial stress within two years of the end of their playing careers. And that 60% of NBA players are broke within the five years they've been training for the games. These are people making millions of dollars. Millions of dollars that within two to five years of their careers, which typically end between 30 and 40 years old, now they're broke again, right? So, managing money, right? Okay, so let's put the millionaires aside. Let's go back to like the thousandners. Harris poll average household with debt here in America, carries over 15,000 dollars in credit card debt, and 130,000 dollars in debt total. So this is just average. So obviously, not just people that are making tons of money need to hear this, this message today. For the thousanders out there, they might need a little bit of help here managing the money too, right? Okay, so let's get into the system here. Let's get into the system. Number one, we're talking about giving money away. How, hang on, hang on, hang on, hang on. We're talking about giving money away. This says 10% giving money away. Talk to me about that. - And I love to give. - Yeah, she's the giver, I'm the what are you doing? - So the more we can make, the more I can give. That's my goal. - Yeah, and you should, every check, whether it's 50 dollars, 500 dollars, 5000 dollars, or hopefully one day, 50,000 dollars in a week, you should take 10% of that and either tide it. If you're not into tiding, you should be, but if you're not, go give it away. Go find a person, a family, a friend. If you make 50 dollars that week, go buy the person behind you a Starbucks coffee. Just go give 10% away, it's so fun, it's exciting to actually give. Holly and I, every Christmas decide who we're gonna give away stuff too. And our kids, and Holly and I get more excited about giving the money away, than the gifts we're receiving. So it's just become a part of our daily discipline, our yearly disciplines, is give away 10%. - Why do you feel like that's an important part of your budgeting system. Why is that important to like add in here like, it's not just a foot note that, oh by the way, we also do this. This is part of what you're saying, what we should be doing, why is that so important? - I think, developing a culture of giving. One, for yourself and for your kids is important for them to see. Because I think so much in society, it's like we want, want, want, you know? We wanna buy this, we're materialistic, what can we get our hands on. And I think to teach ourselves the first thing that we do is give that away, the more we give it away and do it with a giving heart, the more you're gonna receive from it. It may take a couple of times when you're like oh I don't wanna give it. But once you really start giving it and investing in people, you will see the reward tenfold come back to you. - Yeah, and you'll get where you start giving away more than 10%, because it's so fun and exciting so watch other light up whether it's the Starbucks card you're giving them, or the free Starbucks or the, maybe helping them out with Christmas. - You learn what you really could do without by giving, you're not giving that much, but you learn, did I really need that extra Starbucks. And that maybe brightened that person's day that you did something for them. - And so you're saying, potentially, by giving this away, you're realizing that, how manyyears you have in a bank account isn't the most important thing of all, is what you're saying, okay. Okay, so it's a big part of the system, the 10% giving away, okay. I was making sure I didn't read that wrong. Okay. - [Man] Now you want 10%, is that what you're... -No, we'll talk about that off camera. We'll talk it off camera.

Featured Coaching Excerpt - Notes & Transcript, Part 2
  • Money Management System: 10% - Goes into your savings account
  • Lesson Nugget: Regardless of income level, saving 10% of your money will give you peace knowing that you have money for emergencies while building money for your retirement.
  • Money Management System: 10% - Money you "blow" on whatever you like
  • Lesson Nugget: Knowing that you can freely spend 10% of your income on anything you would like will motivate you to make more money so your 10% budget is a bigger number.
  • Money Management System: 30% - Reinvesting into your business and yourself

- Number two here: 10% for saving. So talk to me about the 10%, putting that aside for saving. - Well, it's so important to realize all those NBA players thought that it was always gonna run. They thought they were gonna make that $1 million contract every year, but you never know when a knee injury happens, you never know what happens. If those guys would've probably saved 10% of that $30 million contract, they wouldn't be in the situation they're in. I found if you start saving right off the bat, it just becomes another one of your daily disciplines. You're doing it, you're just saving. And you're creating eventual wealth. We all wanna make money, we all want income and all that, but what if you could create wealth? What if put that principle into play with your current salary? That where you, like Holly and I do, this is our full-time job, this is what we get paid. We always are tithing 10% and giving away on top of that and we always save 10% or more without fail. It's just our business, it's who we are, it's what we do. And so now, talk about pressure being off, wouldn't it be cool to have so much money set aside that you save, that you've put away? You don't have that much stress. You're not in fear, you're not worried about what happens, and it can be with the $10. Every week that you make that $100 check, you're puttin' $10 aside. Do that all year long over a 20-30 year period, and your retirement just increased substantially. So it's just a good practice to understand. Give away 10, save 10. - And I've read that the new way that retirement works it's a number, it's not an age, right? It's like your trying to get, "I have to have X amount of money before I can retire." - How come that number always gets bigger? - [Woman] And it grows, don't it? - So 10% for saving. Number three, step number 3 here, another 10%. This one is for blowing, 10% for spending. This sounds like the fun part. - [Woman] This is fun part! - Right, okay, so talk about that. - I think it's important to reward yourself. If you've got your weekly check or your monthly, however you're paid coming in 'cause you may do this, decide to use this principle with your salary that you're receiving, but you've gotta reward yourself. You've gotta give something to look forward to, so that it make you wanna go out and talk to another person, it makes you wanna go sign up someone else, it makes you wanna advance to the next rank. Because you get to go now do something great for you. So 10%, whether that's getting your hair done, a new outfit, going to a movie, going to your favorite restaurant, getting a car. - Going to Scottsdale. - Going to Scottsdale, shopping, doing the Pretty Woman shop, I mean that was a big 10% for me. But you have to have this 'cause I think that if you know that you're gonna get some sort of reward like that for you to do something for you, it makes you wanna go out and do more. - And what's fun is as you grow your business in a few years, and you're making really nice money if you stick with it and do the things necessary, it gets a little tougher and tougher to blow 10% every week. You start getting creative, and maybe blowing 10% is giving it away to somebody. - Yeah. Very cool, very cool. So number four here, 'cause that was 10% for blowing, number four here is 30%, and this is reinvesting into the business and to you. Which we'll get back to that, but that only leaves 40% left for the bills and monthly expenses. So, you're saying we should be able to live off of 40% of what we're making, which to me says, to you, 30% is worth, putting 30% and reinvesting into the business, it's that important. We're gonna take 30% of what we're doing and reinvesting it into the business, reinvesting it into ourselves, and only living off of the 40%. This is a big deal.

Featured Coaching Excerpt - Notes & Transcript, Part 3
  • Notable Quotable: "One of the most important things (in this business) is attending the events."
    -Author's Name
  • Lesson Nugget: By putting 30% of your money into the "reinvesting" portion of your budget, you will be able to attend events, continue to develop yourself personally, and purchase more product to sample, all of which will help you grow your business.
  • Money Management System: 40% - Go to monthly expenses and bills
  • Lesson Nugget: Putting 40% of your money towards bills or debt will help you grow at a sustainable rate and discourage an immediate change in lifestyle (which can be a dangerous move.)
  • Lesson Nugget: The extra money you make from this business should first be used to free yourself from any debts, not immediately used to buy flashy things.
  • Notable Quotable: “A budget is telling your money where to go instead of wondering where it went.”
    -Dave Ramsey
    (Best selling financial author and radio host)

- Number two here: 10% for saving. So talk to me about the 10%, putting that aside for saving. - Well, it's so important to realize all those NBA players thought that it was always gonna run. They thought they were gonna make that $1 million contract every year, but you never know when a knee injury happens, you never know what happens. If those guys would've probably saved 10% of that $30 million contract, they wouldn't be in the situation they're in. I found if you start saving right off the bat, it just becomes another one of your daily disciplines. You're doing it, you're just saving. And you're creating eventual wealth. We all wanna make money, we all want income and all that, but what if you could create wealth? What if put that principle into play with your current salary? That where you, like Holly and I do, this is our full-time job, this is what we get paid. We always are tithing 10% and giving away on top of that and we always save 10% or more without fail. It's just our business, it's who we are, it's what we do. And so now, talk about pressure being off, wouldn't it be cool to have so much money set aside that you save, that you've put away? You don't have that much stress. You're not in fear, you're not worried about what happens, and it can be with the $10. Every week that you make that $100 check, you're puttin' $10 aside. Do that all year long over a 20-30 year period, and your retirement just increased substantially. So it's just a good practice to understand. Give away 10, save 10. - And I've read that the new way that retirement works it's a number, it's not an age, right? It's like your trying to get, "I have to have X amount of money before I can retire." - How come that number always gets bigger? - [Woman] And it grows, don't it? - So 10% for saving. Number three, step number 3 here, another 10%. This one is for blowing, 10% for spending. This sounds like the fun part. - [Woman] This is fun part! - Right, okay, so talk about that. - I think it's important to reward yourself. If you've got your weekly check or your monthly, however you're paid coming in 'cause you may do this, decide to use this principle with your salary that you're receiving, but you've gotta reward yourself. You've gotta give something to look forward to, so that it make you wanna go out and talk to another person, it makes you wanna go sign up someone else, it makes you wanna advance to the next rank. Because you get to go now do something great for you. So 10%, whether that's getting your hair done, a new outfit, going to a movie, going to your favorite restaurant, getting a car. - Going to Scottsdale. - Going to Scottsdale, shopping, doing the Pretty Woman shop, I mean that was a big 10% for me. But you have to have this 'cause I think that if you know that you're gonna get some sort of reward like that for you to do something for you, it makes you wanna go out and do more. - And what's fun is as you grow your business in a few years, and you're making really nice money if you stick with it and do the things necessary, it gets a little tougher and tougher to blow 10% every week. You start getting creative, and maybe blowing 10% is giving it away to somebody. - Yeah. Very cool, very cool. So number four here, 'cause that was 10% for blowing, number four here is 30%, and this is reinvesting into the business and to you. Which we'll get back to that, but that only leaves 40% left for the bills and monthly expenses. So, you're saying we should be able to live off of 40% of what we're making, which to me says, to you, 30% is worth, putting 30% and reinvesting into the business, it's that important. We're gonna take 30% of what we're doing and reinvesting it into the business, reinvesting it into ourselves, and only living off of the 40%. This is a big deal.

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