What is your Money Mindset? will Bill Carmody [Episode 636]

Bill Carmody, speaker, leadership coach, and author of Online Promotions: Winning Strategies and Tactics, and the upcoming book, Millionaire, joins me on this episode.

If you liked this episode, be sure to listen to Overcoming Adversity And Building Net Worth, with Ryan Stewman .

KEY TAKEAWAYS

  • USA Today says less than 50% of Americans have $400.00 for an emergency. Andy shares a story about a law firm whose partners were living paycheck-to-paycheck when it collapsed. It’s not how much you make, but how much invest.
  • A middle-class truck driver can invest to become a millionaire. Start by paying yourself first. Take a certain percent of every deposit, and put it directly into a separate account. That is your wealth plan.
  • AARP asked people how much in fees they pay in their 401K and 75% thought it was $0.00. That is not the case. The average 401K has $150K — not enough for a comfortable retirement. Aim for $1 million or more.
  • The vast majority of financial advisers are broker/dealers. Look for a fiduciary adviser, instead. They must act in your interest and are paid a fee, not a commission.
  • Money is a taboo subject in most households. Parents are not teaching their children how to invest.
  • Before you can be a great leader, you have to lead yourself. Show leadership by your actions. Wealth creation is about applying leadership skills to your personal life.
  • Bill explains his ‘money imprint’ at age 12 when he chose to become an entrepreneur. Today, Bill helps people figure out their wealth strategies.
  • Don’t risk a dollar to make five cents; risk five cents to make a dollar. The psychology of wealth begins by saying, ‘That’s what I deserve.’ Know the strategies of the wealthy.
  • Bill’s book, Millionaire, starts with the psychology of money. What is the basis of your money mindset? You need the mindset of wealth creation. Don’t keep a poverty mindset. Look at the investment, risk, and the upside.
  • Buying an expensive car (liability) is a different mindset than buying a property (investment) that creates income for you to buy an expensive car. Delay your gratification.
  • Bill talks about an investment mindset quadrant of knowledge and experience. Balance knowledge and experience to be fearlessly effective.
  • 1. Pay yourself first. 2. Get a Fiduciary. 3. Educate yourself to take control of your wealth. 4. Get a strategy and create an action plan for passive income. Start now. “Follow One Course Until Successful.”