The Simple Principles Of Mass Wealth Creation – Matthew Pillmore
2020 has been a rollercoaster, a whirlwind, and all sorts of metaphors you can come up with. Current events, economic crises, and politics are served continuously on social media and national television.
So, where do we begin? Can we even start building wealth during this pandemic?
Matthew Pilmore, CEO and Founder of VIP Financial Education, has been in the business for more than two decades, teaching people proper budget management and accountability. He discusses essential yet straightforward points on how to go about creating wealth that’s applicable during a troublesome period or not.
3 Key Points
- Having a budget or tracking your finances allows you to see your cash leftover. Cash Flow equals choices.
- Be consistent and have discipline.
- Surround yourself with the right community and know who to ask when you need help.
Since most people never had formal education about money, both parents and children are deprived of this learning while growing up.
Most people make the biggest mistake by not tracking. It’s a must to track. A “budget” doesn’t have to be considered a restriction, a sacrifice, or cutting back.
Having a budget is understanding what’s coming in and what’s coming out. You need to have awareness.
It will outline for you what’s leftover at the end of each month. Concentrate on education and focus efforts on the number that matters the most, which is Cash Flow.
If you want to have freedom of choice, you need to have cash flow. To increase your cash flow, you need to either make more money or spend less money.
There are infinite ways to make more money; it is limitless.
There’s only so much we can do with spending less money to try and shuffle various necessities aside.
It boils down to consistency and discipline.
Short-term net cash flow feeds my long-term net worth investments.
Always give more than you ask for.
Focus on yourself first. Only do things that you want to do and avoid going with the motion.
The king of mastery is repetition.
Asking for help is the best thing anybody can do for themselves.
Hearing concepts from another person could help in getting you to understand and grasp things better.
Suppose it’s a significant business decision that I anticipate to be actively involved in the next five years. In that case, I’m going to ask every single person I can think of who I admire, respect, who has a history of success, who’s good about decision-making, and who has my best interest in mind.
Emotional decision-making and logical, rational decision-making are not the same things. Get those extra sets of eyes and extra brainpower so you can see outside of your emotional blinders and make better decisions.
Stop doing things alone.
Try to identify trends. Trends are more obvious now versus pre-COVID19.
Overcome fear and discomfort.
Free Budgeting Tool – Cash Flow Cruncher: https://www.vipfinancialed.com/cashflowcruncher
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