February 19, 2018
Topics: Podcast, Sales

636: What is your Money Mindset? w/ Bill Carmody

 

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

 

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.”