10 Steps To Become A Millionaire In 5 Years

10 steps to becoming a millionaire in five years. If you don't have this book, go grab it. If you don't have it, go get it on Amazon or my store. Actually, go to my store. I'll actually autograph and send one out to you, but I have a better deal later on, so just hang tight. Those of you who have it, though, I'm going to refer to it a lot because this is the gem of the enterprise on The Millionaire Maker. 10 steps to becoming a millionaire in five years. I'm going to put them in a little different order now that we're a few years past the book and when it was published. Number one, get a pen and paper. You got to change your pattern. In our money world, the way that we're taught, and a lot of you that have been listening and you've been on my channel for a while, I shouldn't say it's repetitive. It's in a different order that you've ever probably heard me speak because there's seven families in The Millionaire Maker and there's seven patterns that happen to these folks. For you to figure out your pattern, we took four of them. Go to integratedwealthsystems.com and take my financial personality quiz. See where you are. Better than that, read The Millionaire Maker book so you have all seven patterns and let's start looking there first. First of all, I don't care who you are. There's some pattern about money that has to change. We're taught to go to school, get good grades, go to college, get a job, get a 401k, blah, blah, blah, blah, blah. Now that's changing. The pandemic actually has changed that pattern, but I don't know that it's a great pattern. Staying on unemployment and not working is kind of an interesting strategy to try to be rich. I just think people have a lifestyle goal instead of a money goal and they're making an excuse. So here's what I'm going to say to you because I have a huge lifestyle. I built assets, then I built a lifestyle. So there's my pattern. And I would encourage you to do the same because then you'll have sustainable wealth whenever you want. And we're going to talk a lot about that. Wealth and income are different. So we have a pattern that is the biggest problem is we're taught how to make, spend, make, spend, make, spend. And then you get wrapped up in what I call a lifestyle cycle of worrying about how much you owe. And then the world followed suit, right? All media, all marketing outlets and all the marketing in the world is suited to your really bad money behavior. Oh my God, I'm in debt. And then you have, you know, yappy wrong people over here saying, oh, but you shouldn't be in debt. Are you kidding? Debt's one of the greatest assets and tools you can use to create wealth, not lifestyle debt, good debt. We've got to break this pattern of make spend and being worried about, oh my gosh, how much do I owe somebody? Versus if you took half of the time that you worry about liabilities and your expenses, and you took just a portion of that time and you applied it towards making money instead of worrying about debt and how much you owe and what does it cost per month? Like that's not a psychology of the wealth. Wealthy people act, think, and behave differently. So our pattern, right? So write this down, right? Your pattern is probably make, spend, and worry about debt. What I need you to do is make, invest. And even if it's a small amount, that behavior of make, invest, make, invest is going to change your life with money. And every dollar that you make, I don't care how young you are, you put some money away. Some people call that saving. I call it because I want it to be invested for compounding power. Savings is usually like a CD or a little, you know, few trinkets in the market for interest you're not getting enough. That's why I want to change your language as we're in this conversation. And the topics will be different than I talk about. Usually they'll supplement my YouTube channel, but I want you making comments and talking and asking questions. Number two, I go into page 17 of the Millionaire Maker Book, chapter two, and you do a gap analysis. So a gap analysis is knowing where you are, which is your baseline, and knowing where you want to be, which is what we call your financial freedom day. By the way, those are steps three and four. I'll talk about those in a moment. They're critical to know that gap. See, a lot of people say, well, Laurel, you have to motivate me, or your channel motivates me. Or, you know, when I used to be live on stages, you know, so motivating. Well, no, motivation comes from inside. And it's usually, I don't care what it is. It could be a health goal. Where you are, your baseline, and where you want to be, there's a gap. Let's just talk about your business, maybe in marketing, right? Your baseline, whatever you want to be, there's a gap. So when your gap is irritating enough to you, unacceptable enough to you, you want to move from where you are to a new place. That's motivation. That's internally driven. So this is up to you. I'm just going to be your coach, your guide, your advocate, and be out here telling you, you know, how you can navigate. You're going to make the choices. I can't give advice. That's not what I do. I'm an educator, an advocate, facilitator of your knowledge with money. So figure out your gap. And in our gap analysis, I want you to notice that we only look at your income and your assets. Why? Because you're already in a pattern of worrying about your debt, your expenses, your liabilities. What do you owe other people? When you start getting wealthy, and I'm going to use the EIDL that was hugely beneficial during the pandemic. And if you didn't go get it, I have clients that have got millions of dollars, hundreds of thousands of dollars, and are using it as a good debt strategy to really grow their company. So let's just say you got a million dollars. Oh my gosh, you owe the government a million dollars. So some of you who are so freaked out and wrongly educated about debt, you're thinking you owe a million. Well, you put a million towards a project that could make you 10 million, 20 million. That's good debt. And yeah, it's called leverage. So we have to untangle and unpack your thinking about debt, that it's a bad thing and that credit cards are bad. They're actually extremely useful done right and responsibly. Number three, let's talk about that baseline. So your baseline is getting organized. Now, there's a lot of traditional financial folks, and I won't name their name out here, but you know who they are. They're going to say, get organized first. Are you kidding? Like, you know how boring it is to get organized? Oh, I'm going to go sort out my bank statements and my credit card statements and do all that. You're going to hire somebody to do that, right? So what we need, what an accountant needs to kind of organize where you are is where are you right today? And what have you done? Like, so this would be your bank statements, your credit card statements. One thing, just while I'm talking about credit cards, I do want you to unpack a little bit is your credit card statement. So if you've been commingling, cause you've been a sole proprietor and didn't get organized properly, you want to go through those statements and say, in your best guess, what do you think could have been a debt business deduction? And what's a personal expense? Now, once we get you truly living inside corporate life, because you have a company and your company makes money and you have a legal right for 81,000 pages of deductions, including your dog is a security dog or guns. And those are my two favorite new ones, but obviously your vehicle, your home office, your computer, your phone, all these things. So if you've been paying those bills personally, we've got to sort that out, uncollapse it and get it by paid by the right company. Otherwise you are commingling and you got big issues. Getting your baseline organized is what's your income, personal and company. What are your expenses? Personal and company. And some of you might have two or three companies. You might have your core operating company. Cause you do something, you're a coach, you're an author, you're a real estate agent, you're a real estate broker, you're a real estate investor, you're a chiropractor, whatever you are. And then maybe you're a chiropractor and you have real estate. So you should have two companies. Number four, your freedom day. So freedom day is synonymous to what you would call retirement. And I know the word retirement is very, very widely used and everybody knows what that means. Here's my problem with retirement. If you look it up, it's an agriculture word that means you can put cattle in the pasture to die. We're not cows, we're not dying. Worse than that, I'm going to say worse than that is it's a goal for older age. And I got clients coming to me, like I have several new crypto millionaires and they're 19, 20, 21. I've got real estate millionaires. I have some student athletes that are going for NIL, right? They're like, they're going to be making millions of dollars. You don't have to be old to be done. And so I call it freedom day. Freedom day is going to be around in the chapter 17, which is moving into sequencing, which is page 37, where you have enough money coming from your assets, real passive income, cashflow from real estate, cashflow from gas and oil wells, cashflow from stock or trading markets, like any of those things. It's true cashflow that's coming. And it actually handles your monthly net. When you have enough cashflow to handle your monthly net, and then the business or the thing you do is the gravy on top just to have, you know, honestly, I just buy more assets with it. You know, so many people say, like, I don't understand, why do you manage cashflow so deeply? Because the extra goes to assets. And without extra, what's the point? So it's critical that you have enough cashflow, not only to manage your life, but then you're investing. So you have the passive income. So freedom days, you know, how much is your number? Is it 10,000 a month? Is 20,000 a month? 50,000 a month? What is it? Number five, which is absolutely essential, is forecasting. So forecasting is how you spend your money, right? Now we're in a very inflationary period right now. So I have lots of solutions. In fact, our team, if they're out there on the side, you can put it in our beat inflation link. We have a cool beat inflation, and it's how you can cap your spending so you don't get these inflationary prices in a lot of your products. And it's critical. Like, why would you buy inflationary rates when you don't have to? That's just an odd choice that you continue to do to support the big box stores who's had all the support since the pandemic. And it's killing small and medium-sized businesses. So forecasting is learning to spend. The bigger version of forecasting, which isn't written probably in The Millionaire Maker now that I've been doing this for so many years, as clearly as what we do now, is once we get your baseline from you, it's really helping you understand and learn where should your bills be paid personally, your entity, a different entity, which company pays what bill, which company's going to take your cell phone, which company's going to take the computer, which company's going to take the car, the home office deduction. So there's a spending to forecast of how you do it. That is just essential. It's essential. And no one teaches how to spend money the way that we're teaching you how to spend money. I know that's the truth. And it's down to not just how to pay your bills. It's which company takes the deduction for your bills because you have a larger tax strategy in the plan of your life. And that's actually designed by our corporate teams, our compliance teams, our CPA teams. Now let's get to your cashflow, which is number six and seven, your cash machine, your business. And the only reason I have to say this to start, the only reason why small businesses fail, only reason is because you don't have enough team and systems. And so what we have done now over 20 years, two decades, again, what do I do different than other people? We've actually created the teams that you can use. Now, I mean, we do done for you marketing. We'll do your marketing, help you generate a lead. We're going to tell you what database to use. Why? Because I need your data, right? I need to know, is it a marketing problem or sales problem? A coaching call that sounds like, oh, nothing's working. No, we have to dissect it a little. What's not working? Is it your marketing? And then which channel or which initiative is not working? Is it your sales, which is then generating your cashflow? Your cash machine is critical. I love helping you become your first six-figure business owner. And by the way, that's the hardest money you'll ever make, because you're going from being an employee to being an entrepreneur. And the walk from an employee to entrepreneur is a long walk. And it actually doesn't translate well. We were number eight at the corporate structure. And here's how serious I am about corporate structure and make your kids millionaires. If you haven't gotten this book yet, go to makeyourkidsmillionaires.com, grab the book. When your kid's 18 years old, they're a legal adult, they need to have an entity. That's how serious I am. So my son got an entity. My daughter is turning 16 soon. She will have an entity. I've already formed it for her birthday, which is really, really awesome. And we are going to have so much fun. And like Kamal knows, I mean, he's jumped all the way to what's called Head of the Table, which is working with me, because he knows that I know all these little ninja tricks and being an author. And he's worked with Bob Proctor. I've worked with Bob Proctor. I know how to supercharge him past six figures to seven figures, because I've already done it. I've done it for a lot of people. And there's a lot of glue. I always say, you know what people say, what do you do that's different? I said, I'm like glue and grit. I'm all the little things. Like I was at Georgia Southern teaching some of the men. And I said, you know, do you have your own credit cards? I mean, that's a huge issue of having bad credit or having your own credit cards. And they said, yeah, I got mom and dad's. No, that helps mom and dad's credit. That doesn't help your credit. If you're 18, you need your own company, get your own business. It could just be a little side hustle, do personal training. That's what I did. It was my first companies with personal training. But here's another little tiny mistake that no one's going to tell you about. And you're not going to find on the bathroom wall called the parents were paying the kid's credit card. So as in the kid's name, they had a credit card, but the parents were paying still doesn't work. The financial system watches the whole model. So the parent should be paying the kid. So you pay the kid, the kid pays his own credit card bill, increases their own credit. So there's little tiny things that are so relevant as you get into this. So yes, we're talking about the big 10 steps in between. There's a lot of little stuff that you aren't just going to go find out on the internet. That's going to give you detail, like even applying for a credit card. If you do an application wrong, you could drop 60 to 80 points just like that. If you spread out getting cards too long versus like our opinion is get five to six cards, like right away, all in the same time period. So they don't pull hard credit on you right away. So anyway, just want to share. I know lots of those things. Number nine is huge asset allocation. As you make your money, where are you going to invest it? So what's interesting is out in the world, there's always been stock trading and all of those things. There's been real estate trading. There's been some forex and now some crypto. Those are pretty known assets. But what about the other ones? Where do you learn about gas and oil? In 1999, I was a double millionaire, real estate and gas and oil. How did I learn about it? I just kind of happenstance into gas and oil, quite frankly, because I worked for Chevron. So a bunch of us all left together around the same time, 1996. There was a merger with Texaco back in the day. So a lot of us left. I was friends with a lot of the engineers. We worked out together, we mountain biked together, and they're like, let's go buy our own gas and oil. Well, I'm like, all right, well, that's odd. And so we each put 100,000 and lost it. That was fabulous. Oh, let's go again. That time we each put between 50 and 100 and lost it. All right. Well, third time's got to be a charm. How about we put money across several wells? So we're not buying one. And we call it the one night stand loss because you would lose all of it if the well didn't hit. So why don't we put it across several wells, buy a package of wells instead of one. So in case one doesn't hit, the other two can make up for it. Still since 1996, I am paid. Now that well's drying up, but that's a long time ago. It's 2022 and I'm still being paid on that well from 1996. It's a small amount, but in the beginning, it was 9,000 and went as high as 16,000 a month on $100,000 investment. Now it's down to a couple hundred bucks and the well will dry up and it was a good run. So let's go to number 10, which is the most essential is your team. There are very few people who live and breathe in the alternatives. It's been fun to have my son and I've gotten so close over the last, you know, especially a couple of years of him leaving Georgia Southern. He's still there. He's got his fifth year that he's in his Mac right now, which is a master's of accounting, playing his fifth year of football. Then we'll go on to, we'll see where he goes on to and become a CPA. And it's interesting because he had an accounting and finance degree and said, mom is still not taught like this practical application of being an entrepreneur, living corporate life. Like there's no such thing. I made those terms up because I didn't know how to have you get it. That if you don't have a company, you don't get all these legal deductions. You get a few, if you have a little sole proprietorship, but you also have everything at risk at a sole proprietor level. So again, how did I think about the team and learn about the team? It was the Risk Dad Poor Dad team, right? They were the first ones that I saw, put a team of very diverse experts together to work together on, like I shouldn't say on your behalf, cause that's not how that was structured. It was just showing people there's all these diverse experts. So when I left in 2000, 2001, I said, I'm going to be the glue of those experts. So I'm going to be the educator. I'm going to be the advocate. I'm going to teach. I'm going to educate. I'm not going to give you advice, but boy, am I surrounded by amazing third-party companies. They have phenomenal advice and they're the best in class in taxes, in bookkeeping, in self-directed IRAs. What did I do in the marijuana space? I kind of navigated to find the best in class. What do I do if I want to find a new asset? Cryptocurrency. I went back to Kelly who owns iFlip and actually put together some smart folios. So I've assembled an amazing team that you can just tap into by hanging out with us. So again, have them listen to the book, have them be on the YouTube channel, have them be out here, have them be asking questions and learn that there's a different way. It's not difficult. It's different and it's the alternatives. All right. So a couple of calls to action. Go to MakeYourKidsMillionaires.com. If you don't want to wait for it to be shipped, go to Amazon cause it has our ebook and audio book. Go to AskLaurel.com. Ask any question at any time and then subscribe to my YouTube channel. Like subscribe and listen. Like I need you to binge watch it. In fact, I need so many watchers and so much watch time. I'm willing to credit you $750 towards a new tuition. If you watch, not in money, in credit towards tuition, if you watch 25 hours, that's a pretty good negotiation. And that's actually what I would encourage your negative spouse or family member to do. Go binge watch. Go learn something new. Come back. Let's have a new conversation and ask the questions. So again, AskLaurel.com is our place we want you to go tonight. It's only $17 a month. We'll ask you questions from all over the world and can't wait to work with you. And then in the middle of our YouTube videos today, we lost our electricity. This is just God's way of saying, are you serious about doing this? And we're like a hell yes. So thanks for being out. Appreciate you guys. Be back next time.