195: Quit Working For Money and Be Yourself | Prosperity Economics with Kim Butler
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 2 July 2018
⏱️ 54 minutes
🧾️ Download transcript
Summary
#195: If I had maxed out a loser 401(k) when I worked a "day job", you never would have heard my name. I'd still be working.
Learn how to build multiple income streams. The average millionaire has 7 income streams.
Be frugal with your time, not your money.
I discuss the mindset around building passive income to have time freedom in your life.
If you don't invest in real estate, then how else will you acquire wealth? Options explored.
Be yourself. When you strictly trade your time for dollars, you aren't being yourself.
When you have more time, it makes you more of what you are.
Kim Butler of Partners For Prosperity joins us. She's an original Rich Dad Advisor.
She & I discuss retirement, the importance of passive income, and more.
"Financial planning" has an ugly connotation. Kim & I break it down.
We discuss why people keep investing in losing 401(k)s, IRAs, and other "life deferral plans".
Want more wealth?
1) Grab my free E-book and Newsletter at: GetRichEducation.com/Book
2) Actionable turnkey real estate investing opportunity: GREturnkey.com
3) Read my best-selling paperback: getbook.at/7moneymyths
Listen to this week's show and learn:
00:46 You are an investor.
02:19 Your life's cash inflows & outflows.
09:16 Be yourself.
13:01 How you benefit when you're "halfway there".
18:08 Kim Butler interview begins. "Financial planning" has an ugly connotation.
25:57 Why do people still invest in 401(k)s and IRAs?
28:46 Retirement.
36:04 Why every human is an investor.
39:42 The 7 Principles Of Prosperity: Think-See-Measure-Flow-Control-Move-Multiply.
42:18 Whole Life Insurance.
45:36 Book recommendations.
50:44 If I had maxed out a 401(k), you never would have heard of me.
Resources Mentioned:
Mortgage Loans: RidgeLendingGroup.com
Cash Flow Banking: ProducersWealth.com
Apartment Investor Mastery: BradSumrok.com
Find Properties: GREturnkey.com
Transcript
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| 0:00.0 | Get Rich Education is brought to you by Ridge Lending Group, apartment investor mastery, and producers' wealth. You're listening to the show that has created more passive income for people than nearly any show in the world. This is the powerful Get Rich Education. The President get rich education hey welcome to get rich education |
| 0:31.6 | hey welcome to get rich education episode one hundred ninety five i'm keith weinhold from |
| 0:37.4 | Beirut Lebanon to to Lebanon, Pennsylvania, |
| 0:39.7 | and across 188 nations worldwide, there is one thing that I definitely know about you, |
| 0:47.9 | and that's the fact that you are an investor. I know that about you for sure, And how could I know? That's because you actually make |
| 0:56.5 | hundreds of investment decisions every single day. If you've decided to do a cash out refinance |
| 1:03.6 | on your own home to free up some investable dollars, that was an investment decision. If you |
| 1:09.8 | just decided to have your car's oil change postponed for a month, that was an investment decision. If you just decided to have your cars oil change postponed for a month, |
| 1:13.5 | that was an investment decision. If you just bought rental property in Memphis rather than Birmingham, |
| 1:19.1 | that was an investment decision. And if you decided to bake a pie rather than walk your dog, |
| 1:24.8 | that was another investment decision. |
| 1:28.1 | Now, other than just the investor that you and everyone is, |
| 1:32.5 | you might be a real estate investor too, |
| 1:36.2 | maybe even one that focuses on looking to build cash flow. |
| 1:40.4 | We discuss that a lot here. |
| 1:42.3 | But as an investor, your best and highest use could very well be |
| 1:47.0 | building multiple income streams, especially passive ones. In this world and in this one life |
| 1:55.8 | that you've been given, you need multiple income streams if you want to live your best in this world and give |
| 2:05.4 | your best to this world. So then let's look at your life and see which activities are |
| 2:13.0 | therefore putting money into your pocket and which ones are taking money out of your pocket. |
| 2:19.7 | What about going to college? That does not create income. That is an outflow. |
| 2:27.4 | Now, college does train you, but it trains you to learn to work, which only brings you one |
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