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!
- 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.”