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How do you get more of the things money will buy? It is reasonable close to oxygen. I mean you know when you need it you really do need it. That is what I am getting at. Now I got to tell you in all honesty I like what money buys I like to live in a big house, drive a nice car, take that beautiful red headed wife of mine out to nice restaurants and a nice trip, I like to play gold at the country club and every one of those things cost money. Money will buy you companion. Money will buy you a good time.
Financial independence is the ability to live from the income of your own personal resources. Financial independence now it depends on how you want to live. If you need two three thousand dollars a month, if you need four or five thousand a month, if you need ten thousand a month, some people may need you know hundred thousand a moth but whatever you would need to live and you could earn that living from the income of your own personal resources that is what I call financial freedom financial independence.
And let me show you how to acquire it if you start at age 15 between age 15 and 35 is 20 years and in my personal opinion based on my own studies and my own experience 20 years in my opinion is enough time to become financially independent if you are not you do not live in the wrong country. Probably what is happened is you have the wrong plan and it is easy to be a nice person with the wrong plan I found that when I was 25 years old I was broke at age 25 and I was a nice guy yu would have liked me but I am telling my plane up until then especially my financial plan left me broke.
I totally changed it the next six years and I become financially independent so I know what I am talking about it is possible in a reasonable amount of time is 15 to 35 whatever 20 years times enough time you can do it in much shorter period of time like I did if you want to but this is a reasonable enough but here is number one first of all y0ou to have the right philosophy.
Philosophy is our ability to gather knowledge and sort through it and decide what is valuable to develop a philosophy about life a philosophy about our health, a philosophy about our family relationships, a philosophy about economics and if you develop the right philosophy that is what helps to set this sale.
So that in six years it takes you when you want to go instead of winding up like I did that first six years of my economics broke no money empty bank account the right philosophy. Now let me give you a couple of philosophies to consider here. The first one it is called the philosophy of the poor and here it is poor people usually spend their money and invest what is left that is the philosophy of the poor. Now here is the philosophy of the rich. Rich people invest their money and spend what is left and here is the staring answer it realty does not matter what the amount is what is most important is not the amount that is really important is the philosophy. So I would ask you to adopt this philosophy of spending after you have invest. Invest first then spend and I have got a little formula that I am going to share with you now.
Should a child do with a dollar I mean there is a lot of debate going on? A person economic future states with a child with a dollars. Somebody say oh, no you are only young once let him spend it all well when would you hope that would stop. If I would know earlier that age 25, I would have changed in high school if I if they would have chasses called wealth 1, wealth 2, I would take both classes, I would not have w2atited until age 25. So the earlier the better, so what should a child do with a dollars her is the simple promise to begin with do not spend it all. Anyway do not spend the whole dollars now, never spend more than 70 cents now, you got to pick some number and number you pick is going to be determined by your philosophy.
What do I do with the other 30 cents and here is what I teach them 10 cent for charity or church were helping people. 10 cents to support worthy projects. Projects that you feel good about 10 cents out of every dollar. But 10 cents of dollars as a active capital. Active capital means, so something to make a profit. Active capital set aside a portion f your income. Wages are okay but I am telling you wages will make you a living profits will make you a fortune, so set aside part of your income as capital called active capital any kind of project you can possibly think of you can possibly come up with.
Making a profit then you must jot this down if you are taking notes profit is better than wages. One you can usually start wages until you are about to 13, 15, 16 but you can make a profit long before you are eligible to start earing wages and there is not limit to profit. They can double and triple and quadruple you know that will be no limits. Wages make you living and profit make you fortune.
Wages make you living and profit make you fortune. Last 10 cents put into passive capital, somebody use capital such as financial institutional stock and bonds. You furnish the money they use it to make a profit but they pay you for the use of it called interest. And here is none of things that will make you financial independent fairly quickly and that is called compound interest and this is how you get and this is how you get it letting someone else use a portion of your money. And this passive capital I am telling you over a sustained period of time, especially starting at age 15 I am telling you by time you 35 you will be financially independent.
