We were a lower-middle-class family, but my parents made sure I never wanted for anything. As a result, I was kind of shooting low financially in my discussions with my parents about my future, with a focus on serving the needy. My mother, who died two weeks ago, used to always say two things:
1. The best way to help the poor is to not become one of them.
And she also inspired me to become wealthy by saying:
2. Rich or poor, it’s good to have money.
My passion for the underserved never left, but I realized that what my mom taught me was important; someone has to write the big check.
Here are five critical concepts to financial independence and on to financial affluence:
1. You must grow exponentially.
Growing by addition is too slow. In the practice, individual patients must grow into families and associates related to the patient’s everyday life. What an individual receives from you multiplies when there is an organic process to make sure their work, gym, civic organization, religious affiliation, and extended family receive it too.
2. Your practice or business must grow and maintain without you.
The practice has to perpetuate itself without relying only on you. There is only so much any individual can do as the sole driver. Nothing is more common than an NBA or NFL team that stinks because it has only one All-Star player.
You multiply production when individuals within your organization bring plans, create profit, are responsible for goals, and take on the success of the overall operation like an owner. I was taught in Industrial and Organizational Management school that every individual has a P&L. They have profits they bring in and losses attributed to their work, salary, and expenses. A positive P&L means multiplication of resources in your business. A negative one means subtraction. 10 x 10 = 100. 10 – 5 = 5. It’s simple math.
3. Focus on what you know will produce.
When I got into publishing, I was initially spending most of my profits on promotions for my first book. I told one of my billionaire advisers I was concerned about the fact I was bringing home less money than I felt comfortable with.
He brought up Occam’s Razor, which is all about the law of eliminating complexity and getting to the end-result as simply and directly as possible. “Focus on what makes you the most money and eliminate anything that does not,” he said. Fairly sophomoric advice, but it’s also powerful when you put it into practice. It simply means, if something doesn’t produce the most profit for you, or any profit, then you stop spending time and money on it. Over time, some things are an investment; other things are a waste of time and money. Ultimately, my adviser was saying, “Focus on what you know will produce.” When I did, profits shot through the roof again, and my life got easier.
4. Create an exit strategy.
Here are a few questions you need to ask yourself about this:
- Do you know your financial number? The one you need in order to never work again? You may want to keep working, but whether you do or not should be your choice. Also, God forbid something happens to you or your ability to work. This number represents the amount you will need so that your lifestyle and your family are still properly supported.
- If money didn’t matter, how would you practice, or what would you do? Retirement begins when you die. How would you serve if you didn’t need the cash? Deciding this makes for a clear exit. I have exited a few times now. I get to do what I love and offer it at a price people can access reasonably. Because I have planned, I get to invest in and spend time truly reaching the world.
- Is your legacy in place? Are the kids’ and grandkids’ college funds all set? No one in my downline will likely ever need money for college.
- Are you a slave to money or is it a slave to you? Learn how to love to serve and make money work for you so you do not spend your life on money. Money should be going to do the work for you and not the other way around.
5. DON’T MISS THE SERIES: “ESCAPING THE MONEY PIT”
I have been blessed, not just lucky. I’ve read hundreds of books on money. I get 10 letters in my email each day that teach about money. I talk with real estate partners every week. I’ve discussed 200 deals through investment networks over the last decade. I speak to an angel investing guru who has walked me through or talked me away from dozens.
You can’t say you want financial affluence, but haven’t mastered finances. Remember, you don’t get the future you want; you get the one you trained for.
I look forward to speaking with you through this webinar series and helping to give you the future you want, the choices you desire, and the affluence you deserve.
Thanks a million
Dr. Ben
