Have Your Money Work Hard For You
I love the book Secrets of the Millionaire Mind, by T. Harv Eker. It has totally transformed the way that I look at money. If you have not picked up a copy, you should. As a matter of fact, you can purchase it right from this site.
Below is a excerpt from a newsletter that I receive from T. Harv Eker once a money. I thought it is a very important concept that people often do not realize.
Rich people have their money work hard for them.
Poor people have to work hard for their money.
Most of us were programmed with the belief that you “have to work hard for your money.” Chances are good that you didn’t grow up with the conditioning that it’s just as important to make your money “work hard for you.”
No question hard work is important. But hard work alone won’t make you rich. Millions, no — billions — of people around the world work hard every day just to survive. Are they all rich? Are most rich? No. Most are broke or close to it.
Now once again, look at the country clubs, yacht clubs and polo clubs. They got there by hard work, of course. But they also learned a while ago that to get rich you have to work smart. That means taking the money you earned by working hard and it to work for you.
Rich people understand that the more your money works, the less you’ll have to work.
Another problem most people have is they don’t have a clue as to what it takes to win. What’s your goal? How do you know when you’ve won? At the Millionaire Mind Intensive seminar, the goal of the money game we teach is “never have to work again unless you choose to.” In other words, the goal is to become “financially free” as quickly as possible.
That is, to earn enough passive income to pay for your desired lifestyle. In other words, you’ll become financially free when your passive income exceeds your expenses.
I’ve identified two primary sources of passive income:
- Money working for you. This includes stocks, bonds, T-bills, money market funds, mutual funds, mortgages and other assets that appreciate in value and can be liquidated for cash.
- Business working for you. This is a business where you do not need to be personally involved for that business to operate and yield an income. It includes rental real estate, royalties from books, music or software, licensing, franchising, storage units, vending machines and network marketing.
Unfortunately, most people have a tough time creating passive income. Why? There are three reasons, all have to do with conditioning:
- Most of us were actually programmed NOT to earn passive income. We were told to go out and get a JOB. But were you ever told to go out and earn passive income? Probably not.
- Most of us were never taught HOW to earn passive income. We certainly didn’t learn it in school. We learned about the War of 1812, Metalworking, Typing and Home Economics. But passive income?
- We never gave it that much attention. Most of us have focused our career and business choices on generating working income. If you understood from an early age how important it is to create a passive income, wouldn’t you reconsider some of those career choices?
But at the Millionaire Mind Intensive, we use experiential techniques to actually change your money blueprint. You’ll walk out with a blueprint that makes earning a massive passive income normal and natural.
The point is, rich people think long-term. They balance their spending on enjoyment today with investing for freedom tomorrow. Poor people think short term. They run their lives by immediate gratification.
Poor people work to earn money to live today; rich people work to pay for their investments, which will pay for their future.
Rich people buy assets that will likely go up in value. For instance, they collect real estate. Poor people collect bills.
Poor people see a dollar as something to trade for something they want right now. Rich people see every dollar as a “seed” that can be planted to earn a hundred more dollars, which can then be replanted to earn a hundred more dollars, which can be replanted to earn a thousand more dollars and so on.
Personally, I consider each one of my dollars to be an investment “soldier,” and their mission is “freedom.” Needless to say, I’m careful with my “freedom fighters” and don’t get rid of them quickly or easily.
It all comes down to this: poor people work hard and spend all their money, which results in their having to work hard forever. Rich people work hard, save, and then invest their money so they never have to work hard again.
Action #1
Get educated. Take investment seminars. Read at least one investment book a month. Read magazines such as Money, Forbes, Barron’s and the Wall Street Journal. Not necessarily for their advice. But to get familiar with what financial options are out there. Then choose an arena to become an expert and begin investing in that area.
Action #2
Change your focus from “active” to “passive” income. List at least three specific strategies you could use to create income without working, in either the business or investment field. Begin researching and take action on those strategies.
Action #3
Don’t wait to buy real estate. Buy real estate and wait.
Action #4-Declaration
Put your hand on your heart and say,
“My money works hard for me and makes me more and more money.”
Touch your head and say…”I have a millionaire mind.”
Good job. Now practice this principle over the next 30 days and watch your mind, thoughts and financial life transform.
I’ll be sending you another Action Step reminder in 30 days.
For your freedom,
T. Harv Eker
P.S. The Millionaire Mind IntensiveTM is where we can really work with you and change your money blueprint on a deeper and more permanent level. To receive the two complimentary tickets that I included with your book, go to www.millionairemindbook.com.
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