Pure Wisdom Of 70 Years Shared By Jim Rohn | Motivation Compilation | | Let's Become Successful

take action not hasty if it isn't required but don't lose much time here's the time to act when the idea is hot and the emotion is strong that's the time to act you say mr and i'd like to have a library like yours see if you feel strong about that what you got to do is get the first book and then get the second book before the feeling passes and before the idea gets dim action pronto action immediate action as soon as possible because if you don't here's what happens we call it the law of diminishing intent we intend to when the idea strikes us we intend to when the emotion is high but now if you don't translate that into action fairly soon now the intent starts to diminish diminish diminish and a month from now it's cold year from now can't be found so act set up a discipline when the emotions are high and the idea is strong and clear and powerful that's the time to set up the discipline somebody talks about good health and you're stirred he says right i need to get a book on nutrition get the book before the idea passes and before the emotion gets cold go for the book start the library start the process fall on the floor do some push-ups action got to take action otherwise the wisdom is wasted otherwise the emotion soon passes unless you put it into a disciplined activity capture it is called how to capture the emotion and how to capture the wisdom and translate it into equity disciplines now here's what's important about disciplines all disciplines affect each other in fact here's a good philosophical phrase everything affects everything else nothing stands alone don't be naive in saying well this doesn't matter i'm telling you everything matters there are some things that matter more than others but there isn't anything that doesn't matter [Music] we all pity the man who well this is the only place i let down not true key to take home every letdown affects the rest of your performance every let down affects the rest this is part of the educational process on personal development if you don't take the walk around the block you probably won't do the apple a day if you don't do the apple a day you probably won't consist you know start building your library if you don't build your library you probably won't keep a journal and you won't take pictures and you won't do this you won't do wise things with your money won't do wise things with your time won't do wise things with your possibilities and relationships and the first thing you know six years of that accumulated and we say you have messed up so the whole key to reversing that process now is to start picking up these disciplines now here's the positive side every new discipline affects the rest of your disciplines every new one affects the rest that's why action is so important the least action the smallest action take it because when you start accomplishing and the value starts to return from that one action it'll inspire you to do the next one and the next one and the next one you start walking around the block it'll try to get an apple get an apple it'll inspire you to get a book get a book it'll inspire you to get a journal get a journal it'll inspire you to grow develop some skills all disciplines affect each other every lack affects the rest every new affects the rest the key is to diminish the lack and set up the new and you've started a whole new life process key also one more thought on discipline here's the greatest value of discipline self-worth self-esteem people are teaching self-esteem these days but they don't connect it to disciplines the least lack of discipline and it starts to erode our psyche one of the greatest temptations is to just ease up a little bit right the slightest lack of doing your best starts to erode the psyche instead of doing your best doing just a little less than your best sure enough you say well it's just going to affect my sales no it's going to affect your consciousness it's going to affect your philosophy now you've begun in the slightest way to affect your own philosophy here's the problem with the least neglect neglect starts as an infection and if you don't take care of it it becomes a disease and one neglect leads to another and the worst of all when neglect starts it diminishes our self-worth our self-confidence our self-value you say well how can i get back my self-respect i'm telling you you don't have to go to 29 classes all you have to do is start the smallest discipline that now corresponds to your own philosophy like i should and i could and i will no longer will i let neglect stack up on me so that i will have the sorry scenario six years from now giving some excuse instead of celebrating my progress that's the key to discipline okay let's get kids involved in the least of disciplines one more and then one more and then another one and then another one and then some more and the first thing you know you're starting to weave the tapestry of a disciplined life into which you can pour more wisdom and more attitude and more strong feeling more faith and more courage now you've got something a vessel in which to put it and now the equities start to flow and the early return i'm telling you if you'll start this process the early return will have you so excited you'll commit yourself to this strategy for the rest of your life you'll never go back to the old ways join a new crowd join a new group the disciplines to do it take action i recommended the last time i was here the little book richest man in babylon and i said i've lectured now to over 3 million people in the last 33 years and i've recommended this little book to almost all of them i think guess how many have actually gone and got this little book [Music] answer very few my best guess is ten percent such an easy thing to do in that last seminar right i suggested this little book number one is easy to find number two it's easy to buy the most you can pay for it six seven eight dollars you can borrow that from your kids and number three it's easy to read it's in story form that's why i use it for teenager teaching them how to be rich by 40 35 if you're extra bright much sooner if you find a unique opportunity but if it's easy to find and easy to buy and if it's easy to read why wouldn't everybody go get it we don't know what do you know you don't know i don't know nobody knows here's how profound it is some do and some don't now here's the numbers about 10 do ninety percent don't or won't we don't know the mystery of that and i'm telling you 10 years from now those numbers will still be the same 10 percent will 90 won't the numbers don't change only the faces change you're looking at one of the faces i used to belong to the 90 percent who couldn't be bothered even if it was easy guess how many people have a library card wisdom of the world available transform your life in any value amount you want by the way how much is a library card in texas free here's what free is easy i mean it can't be any easier than free somebody says well would you bring it by well no at least you got to go get it no wisdom of the world available transform your life spiritually socially personally economically in every other way teach you how to be rich and powerful and sophisticated and healthy influential how many people have a library card answer three percent 95 97 couldn't be bothered guy specializes in happy hour but he doesn't have a card and now readily and quickly blames the government blames his company and blames policy and blames the pay scale when if he only knew if he joined the three percent here's my advice to you today walk away from the 97 don't talk like they talk don't act like they act don't go where they go don't specialize in what they specialize in throw away the blameless they cling to start you a new life you say well is it as simple as getting a library card into three percent the answer is of course of course that's how easy this stuff is this is so easy it's so simple it's not complex you don't need a 2000 year old guru you don't need multi-track affirmations i'm telling you don't affirmation without discipline is the beginning of delusion don't let somebody sweep you into some contrary way to nature itself says unless you labor the miracle of the seed and the soil and the seasons and god and all the other stuff that's available sunshine and rain that's not available to you by affirmation it is only available to you by labor so labor well okay learn well discipline yourself well i used to wonder why two people could work for the same company one make twice as much money now see that used to puzzle me and maybe they were the same age graduated from the same school live in the same community work for the same company with the same products and the same services they've got the same traffic the same problems and one makes a thousand a month the other makes two thousand a month now that was my puzzling question why would this long list be the same and the money twice as much i asked what's the difference between a thousand a month and two thousand a month and i don't mean a thousand a month right i could figure that out but what what makes the difference why would one person do twice as well three times as well speaking economically now i know there's more than one way to do well i understand that but in this little narrow area called compensation what's the difference well back then with my faulty thinking i'm trying to reason it out i thought well maybe time makes some of the difference right some people do better because they have more time i used to say harold ought to be able to do well he's got a lot of time if i had all of harold's time i could do well now that's got to be dumb right number one you can't get somebody else's time a guy says to me one time he says you know if i had some extra time i could make some extra money i said then forget it there isn't any extra time now if you can't get more time which you can't what could you get more of that would make a difference in economic results and here's the key word make it a part of your notes we're going to consider it tonight the word is value and i have a little phrase for your notes value makes the difference in results value makes the difference you can't get more time but you can create more value now here's the first lesson of economics everybody should learn it from the time they're old enough to understand what a dollar means how to earn one how to get one how to keep one what to do with it first lesson of economics we primarily get paid for value that's lesson one bringing value to the marketplace that's how you get paid let me give you the four major lessons in life to learn here's four majors it's good to study the majors in our weekend seminar we teach some people don't do well because they major in minor things you've got to be on the lookout at the end of every weekend of every month you got to check make sure you're not spending major time on minor things hey we go through that whole series majors and minors now let me give you two phrases before we get to the four majors this will set it up and you'll see where i'm going two key phrases for your notes here's the first one life and business is like the changing seasons that's the first phrase life and business is like the changing seasons one of the best ways to describe life it's like the seasons frank sinatra sings life is like the seasons now here's the second phrase very important you cannot change the seasons but you can change yourself [Music] and see that's how life gets better for you not by chance but by change now here's the four major lessons in life to learn i've got my first book finished came out a couple of weeks ago this is in it the four major lessons in life to learn here they are number one learn how to handle the winters that's lesson one they come right after falls with regularity some are long and some are short and some are hard and some are easy but they keep coming you must learn to handle the nights they come right after days you must learn to handle difficulty it comes right after opportunity you must learn to handle recessions they always follow progressions for the last six thousand see it isn't going to change the lesson you must learn is how to handle it and there's all kinds of winters right the winter when you can't figure it out the winter when it all goes smash the winter when it turns belly up the winter when it won't work when you've run out of money and you've got a broken heart see those are winter times there's all kinds economic winters social winters personal winters when your heart is smashed in a thousand pieces and the nights are unusually long your prayers seem to go no higher than your head it's winter time you can't get rid of january by tearing it off the calendar but here's what you can do you can get stronger you can get wiser and you can get better the winters won't change but you can and that's how life changes for you see before i understood when it was winter i used to wish it was summer i didn't understand when it was hard i used to wish it was easy i didn't know and then mr schoeff gave me a part of his very unique philosophy when he said don't wish it was easier wish you were better see that triggered my whole life change here's lesson two learn how to take advantage of the spring that's the second one spring is called opportunity and spring follows winter what a great place for it if you were going to put it somewhere that'd be the place to put it right after winter and pray tell how often does spring follow winter every year with regularity six thousand you can almost count on it see opportunity always comes days follow nights isn't that terrific opportunity follows difficulty but here's what you must learn to do underline these two words in that key phrase take advantage underline those two you must learn to take advantage of the spring see just because spring rolls around is no sign you're going to look good come fall you gotta do something with it now here's what else you must do take advantage of the springs quickly because there's only a few just a handful of springs have been handed to each of us they don't come forever life is fairly brief so you got to read every book you can get your hands on and what to do with your springs while they're here and take advantage they soon run out here's the third major lesson in life to learn learn how to protect your crops all summer you gotta take care of what you start sure enough as soon as you've planted your garden in the spring the busy bugs and the noxious weeds are out to take it and here's the next bit of truth they will take it unless you prevent it and that's the third major skill to learn you've got to learn to prevent the intruder from taking all the good you start it's one of the challenges [Music] here's two key phrases on the number three first one all good will be attacked on this planet maybe not the next one we get to but on this one all good will be attacked every garden will be invaded not to think so is naive and here's the second phrase all values must be defended political values social values community values family values marriage values friendship values business values every garden must be tended all summer third major lesson now here's number four fourth major lesson in life to learn learn how to reap in the fall without complaint learn to reap come harvest time without complaint take full responsibility for what happens to you it's one of the highest forms of human maturity accepting full responsibility it's the day you know you've passed from childhood to adulthood the day you accept full responsibility and another note learn to reap in the fall without apology without apology if you do well and without complaint if you don't that's maturity there's nothing you can do about the past but you can do a great deal about your future you don't have to be the same person you were yesterday you can make changes in your life absolutely startling changes in a fairly short period of time you can make changes you can't even conceive of now if you give yourself a chance your abilities will grow you have untapped talents and potential that you haven't even reached for yet and as time goes on you'll be able to reach deeper and deeper the first thing you'll know you'll be able to do things you never thought you could do you'll be able to handle things you never thought you could handle you'll have ideas that you've never had before all of this is sparked by the goal setting process when you know what you want and you want it badly enough the answers will come to you i can't tell you why it works all i know is it works give yourself a chance to become all you can become and to accomplish all you can accomplish let me give you a bible philosophy that teaches how to get whatever you want here's what it says ask that's it ask of all the important skills to learn in life be sure to include the skill of asking what does ask me ask means what do you want and the complete formula is staggering it says ask and you will receive hey we ought to look into that the man says yes but you work where i work with the time you struggle home it's late you've got to get a bite to eat watch a little tv and get to bed you can't sit up half the night and ask ask ask and this guy is behind on his bills he's a good worker hard worker sincere but you've got to do better than work hard and be sincere all of your life you'll wind up broke and embarrassed you've got to be better than a good worker you've got to be a good asker let me give you some key points on this asking and receiving setting goals asking of life here's part of the philosophy that helped me to change first asking starts the receiving process asking is like pushing a button and all this machinery starts working mental and emotional machinery i don't even know how it works but i do know it works there are a lot of things you don't need to know how they work just work them some people are always studying the roots others are picking the fruit it all depends on what end of it you want in on so asking is the beginning of receiving second receiving is not the problem you don't have to work on receiving it's automatic so if receiving is not the problem what is the problem it's failing to ask the man says i see it now i got up every day this year and hit it hard but nowhere in my house is there a list of what i want from my life can you see good worker poor asker third receiving is like the ocean there's plenty especially in this country it's like an ocean here here success is not in short supply it isn't rationed so that when you step up to the window it's all gone no no well if that's true what is the problem well the problem is some people go to the ocean with a teaspoon have you got the picture a teaspoon what i suggest you do in view of the size of the ocean is trade your teaspoon for at least a bucket and you will look better at the ocean with a bucket kids won't make fun of you now here's something else to remember about asking there are two ways to ask one is ask with intelligence it didn't say ask intelligently but i'm sure it meant that don't mumble you won't get anything by mumbling be clear be specific intelligent asking means how high how long how much when what size what model what color describe what you want define it remember well-defined goals are like magnets the better you define them the stronger they pull and give your goals purpose answer both questions what do i want that's the object and the second question what for that's purpose purpose is stronger than object what you want is powerful and it will pull but what you want it for is more powerful here's the second way to ask ask with faith faith is the childish part it means believe you can get what you want like a child not an adult many adults are too skeptical they've lost that wonderful childlike faith and trust don't let that happen to you believe in have faith in yourself and your goals and get excited like a child child like enthusiasm nothing can beat it kids think they can do anything how exciting they hate to go to bed at night and can't wait to get up in the morning develop that kind of enthusiasm toward your life and your goals and be curious like a child kids can ask a thousand questions just when you think they're finished they come up with a thousand more they'll drive you to the brink but it's really a virtue have plenty of curiosity ask questions that's how you learn here's the next one look around you might have overlooked some people that need to be recognized you might have overlooked some talent that you could be using to help in the training and conduct meetings don't miss some of the gifts that are close by you look around and say who's doing a good job that maybe i've missed this last year look around and see if there aren't some people who need to be lifted up who need your inspiration who needs your presence who needs your time here's the next one look down to the work look down to the soil that's ready for the seeds of opportunity that you will share by your voice and your invitation and your language and your meetings your presentation look down to the work that your hands can work miracles look down to the task and see if there aren't some things you might have missed this past year you can pick up on this year and work miracles for yourself for your future for your organization here's the next one it's a word of caution look out for the enemy that's on the outside as well as the enemy that's on the inside look out for your own thoughts that might deceive you saying you're too short you're too tall you're too old you've never done it before what makes you think you can do it now look out for the temptation i've told the story and it bears repeating an ancient story that said there were two nice people this is not a story of one bad person and one good person the storyteller says this is a story of two nice people however and i want you to underline the word however because that's the drama of life however one built his house on the rock and the other built his house on the sand and sure enough the storms came as they always do and the one that built his house on the rock was saved the one that built his house on the sand was lost here's what it means nice people can make careless decisions nice people can make foolish decisions none of us are above temptation that's why the great prayer says lead us around temptation hopefully deliver us from the evil tempted to cross the line a customer shows up across the street from where you live and it's so easy to say rather than being taken care of by someone who lives so far away i can take care of you because i live just across the street don't listen to the tempter stay on track build on the rock look out for your own mind that would tell you your dreams can't come true look out for your own thoughts that would tell you that it's not going to work that well for you look out for that here's the next one look inside some of you have just started to develop your talents and your skills and your abilities some of you have done enough to reach this level to reach these tables to be in this room but i promise you if you go home and take another look inside here's the question to ask what else could i develop of my mind and my spirit and my talents and my abilities that would make me more valuable to myself to my family to my organization what else could i do how far could i reach inside for something i haven't found yet here's the next one look up to the god that made us all to a higher power that's still within reach draw on that spiritual part of human existence and human life it'll work miracles once in a while i get a letter guess what it says dear mr rhone while you travel the world please remember we pray for you i thought wow that's what i felt at 39 000 feet when i was a little weary and tired somebody in south africa was saying a prayer for jim rohn all of that unseen miracle stuff that we all touch at times in our lives i'm asking you to look up and draw on that experience that comfort that uniqueness that makes us who we are work harder on yourself than you do on your job develop the skills learn the lessons take the classes absorb all that is being taught to you these days and then later on of course you can sort it out what's valuable to you and how to refine it for your business and for your life and for your future but the main thing is to get it and start this process of personal change personal development and let me say it one more time if you will change everything will change for you you'll never be the same you'll keep growing as you look back on a few months look back on a few years you won't believe the progress you can make economically your relationship with your family your friends and whether you're in sports or economics or whatever i'm telling you that whole process of committing yourself for personal change personal value can really make your life unique and worthwhile now let's cover the second subject on setting goals mr shelf gave me some tips on setting goals that changed my life forever and i want to share those with you so let's talk about setting goals and i also want to tie it to personal development and you'll see how i'm going to do it as i progress here setting goals we need to take a look into the future there are four things to consider in terms of attitude one is how you feel about the past best advice i can give you on that is treat the past as a school let it teach you the mistakes you've made the things that went wrong the things that didn't work don't use the past as a burden to carry and don't use the past as a club to beat yourself to death past losses past failures past mistakes but let the past be a school tough school maybe we've all been through some tough stuff so if you feel good about the past draw from it for experience and let it teach you then next is how you feel about the future we've got to have the future well designed the future is called the promise and here's what we teach in our leadership series the promise of the future can be an awesome force for your own future the promise of the future designing the future there's two ways to face the future one is with apprehension and the other is with anticipation i promise you in my travels around the world most people face the future with apprehension and here's why they don't have it well designed they've sort of left that up to someone else to fix but here's the best way to face the future with anticipation and you can you can face the future with anticipation if the future is clear if the future is well designed and i would like to have you consider some thoughts with me that helped me to really change my future by giving it some thought and some consideration and here it is in setting goals it's very simple number one decide what you want you just take a little time you sit down and say what do i want what kind of skills do i want what kind of income do i want for the future uh what would i like where would i like to go places i'd like to visit uh habits i'd like to acquire skills i'd like to have you just take a little time to think about what you want economics friendships people you'd like to meet places you'd like to go you just take some time and then i suggest when you've thought about what you want for the future make a list just jot it all down it's a really a very simple process and then here's number three keep all the old lists i'm telling you this served me so well keeping my old list of goals i look back now 10 20 years ago at goals i said lists i made and i smile now because here's what i thought was so important you know 20 years ago now some of those things aren't even on my list i've got a new list i've grown i've changed i've matured but i give you that advice decide what you want number two write it down number three keep the old lists and then here's number four when you get something that's on one of these lists check it off part of the fun of having a list is checking it off and then if you can add some drama to checking it off see that's what really helps i set a goal to go to spain many many years ago and when i finally made my first trip to spain i had that journal with me that had that list in it and while i had my journal on my lap waiting for the wheels to touch down in madrid i waited until the wheels touched the runway and i checked it off just adding a little drama so part of the fun of having a list is checking it off now here's what's important about the list and designing your future if the future gets clear the price gets easier because you got to remember for every promise there's a price to pay everybody's got to pay the price everybody's got to do the deal everybody's got to do the disciplines everybody has to pay but here's what i've discovered if the promise is clear and powerful the price is easy to pay the prices some classes the price is a few books the price is a few disciplines the price is finding something that'll make your life better make you grow make you change make you develop so the first part of the key is to design the promise then what is the price to pay i'm telling you the price will be easy anybody in my audience can pay you no matter where you are where you come from color doesn't matter religion doesn't matter where you grew up doesn't matter circumstances don't matter i'm telling you if you'll make the promise of the future clear for yourself the things you want the places you want to go the things you want to have the person you want to become the skills you want the homes you want the future you want the friends you want all of the values of life that you could possibly want if you'll make that clear make those lists and be serious about it i promise you it's an easy price to pay anybody can pay it and the best advice i can give you is if i can do it you can do it farm boy from idaho raised in obscurity i changed my life turned it upside down turned it all around found economics found future found promise and if i can do it you can do it so start setting your goals and see if you can't get a better excitement going for the things you want to accomplish for the future one of the major reasons for setting goals is for what they make of you in achieving them my teacher advised me when i first got started at age 25 he said jim why don't you set a goal to become a millionaire he said it's got a nice ring to it you know enough zeros to impress your accountant and he said i'm here to help you you're only 25 years old you've been to one year of college you've got a beautiful family every reason to do it why don't you set a goal to become a millionaire and he said here's why and i thought he doesn't need to teach me why wouldn't it be nice to have a million dollars he said no then you'll miss it he said here's why for what it will make of you to achieve it i'm telling you that statement changed my life set the kind of goals that will make something of you to achieve them he said now once you become a millionaire what's important is not the money i thought that's kind of strange teaching he said honest it isn't important he said you could just give the money away now i did better than that i lost it all by the time i was 31 i was a millionaire by the time i was 33 i was broke and i'll tell you a little bit about that story later but when i lost all my money guess what i found out mr chef was right what was valuable was not the money what was valuable was what i became to earn the money the skills i had the knowledge i had about the marketplace the values that i had going for me they were more valuable than the money and here's an important statement to remember it's not what you get that makes you valuable it's what you become so part of the key here is to set the kind of goals that will make something of you don't set them too low so that you don't have to grow and you don't have to read and you don't have to try and you don't have to stretch don't set them too low and then don't sell out don't go for something that's going to cost you your virtue or cost you your values or sell out your principles there's a good middle road here to follow goals that will inspire goals that will help you grow change develop and become better than you are okay now let's talk about financial independence how to become rich by 40 35 if you're extra bright much sooner if you find an opportunity like i did let me show you how i did it financial independence i like the phrase financial independence some people are a little bit concerned about using the word becoming rich or becoming wealthy and i can understand that i struggled a little bit with this is it okay to go for becoming rich go for becoming wealthy and maybe that's a bit too strong the word or stronger term so here's what i've come up with that i think is comfortable for me and that is how to become financially independent i think it's every person's heritage here especially in america to become financially independent now let me give you my definition of financial independence financial independence is the ability to live from the income of your own personal resources financial independence now it depends on how you want to live if you need two three thousand dollars a month if you need four or five thousand a month if you need ten thousand a month some people may need you know hundred thousand a month but whatever you would need to live and you could earn that living from the income of your own personal resources that's what i call financial freedom financial independence and let me show you how to acquire it if you start at age 15 between ages 15 and 35 is 20 years and in my personal opinion based on my own studies and my own experience 20 years in my opinion is enough time to become financially independent if you're not you don't live in the wrong country probably what's happened is you have the wrong plan and it's easy to be a nice person with the wrong plan i found that when i was 25 years old i was broke at age 25 and i was a nice guy you would have liked me but i'm telling you my plans up until then especially my financial plan left me broke i totally changed it the next six years and i became financially independent so i know what i'm talking about it is possible in a reasonable amount of time 15 to 35 whatever 20 years time enough time you can do it in much shorter period of time like i did if you want to but this was a reasonable enough time but here's number one first of all you gotta have the right philosophy philosophy is our ability to gather knowledge and sort through it and decide what's valuable to develop a philosophy about life a philosophy about our health a philosophy about our family relationships a philosophy about economics and if you develop the right philosophy that's what helps to set this sale [Music] so that in six years it takes you where you want to go instead of winding up like i did that first six years of my economics broke no money empty bank account the right philosophy now let me give you a couple of philosophies to consider here's the first one it's called the philosophy of the poor and here it is poor people usually spend their money and invest what's left that's the philosophy of the poor now here's the philosophy of the rich rich people invest their money and spend what's left and here's the startling answer it really doesn't matter what the amount is what's most important is not the amount what's really important is the philosophy so i would ask you to adopt this philosophy of spending after you have invested invest first then spend and i've got a little formula that i'm going to share with you now what should a child do with a dollar i mean there's a lot of debate going on i'm sure across the country on what a child should do with the dollar here's one opinion it's only a child and it's only a dollar what difference does it make well in my opinion it makes all the difference in the world a person's economic future starts with the child with a dollar somebody says oh no you're only young once let him spend it all well when would you hope that would stop somebody says well wait at least 50 and broke like me and you know and then he'll learn well no we don't want to wait that long if i would have known earlier than age 25 i would have changed in high school if i if they would have had classes called wealth 1 wealth 2 i'd have taken both classes i would not have waited until age 25 so the earlier the better so what should a child do with a dollar here's the simple premise to begin with don't spend it all and if a child wants to spend the whole dollar you got to say hey don't spend at all you know don't spend it all they'll say why not it's my dollar i earned it you say i know you earned it but don't spend it all they'll still say why not say let me show you why not so you put them in your car take them to the other side of town and show them where people live that spend the whole dollar just drive them around kids learn best by visual just drive around and say would you like to live here kid says no would you like to live like these people live kid says no no then you can't spend the whole dollar so kids will get the message so you know take them to the other side of town show them around unless you already live there and then just show them around anyway don't spend the whole dollar now let me give you my best view of what to do with the dollar and i promise you if you started at age 15 now if you're over 15 right you've still got plenty of time you still got 20 years you know if you're 30 you've still got 20 years i mean you know you still got plenty of time to start what i'm about to share with you what to do with a dollar [Music] here's my first bit of advice never spend more than 70 cents never spend more than 70 cents now you got to pick some number and the number you pick is going to be determined by your philosophy it's going to be determined by what you've been taught or your experience teaching yourself when i first met my teacher mr show i was at about 110 of each dollar you know i'm down at budget finance hawking my furniture in my car one more time and then i learned a whole better formula for financial independence number one don't spend more than 70 cents now kids say to me well okay what do i do with the other 30 cents and here's what i teach them 10 cents for charity charity or church or helping people that can't help themselves 10 cents to support worthy projects projects that you feel good about 10 cents out of every dollar it's called being generous with part of what you've taken out of society now in my opinion nothing teaches us character better than generosity no class no teacher no book teaches generosity teaches character better than generosity and the best time to start is when the amounts are small and i know if kids learn these lessons well they'll give a dime out of a dollar help people that can't help themselves support worthy projects or if you belong to a church they teach tithe piece of that's very important now because when the amounts get larger sometimes it's a little more difficult you know giving a hundred thousand out of a million someone says oh if i had a million i'd give a hundred thousand i'm not sure that's a lot of money so the time to start is when the amounts are small ten cents out of the dollar okay next 10 cents i call active capital active capital means do something to make a profit active capital set aside a portion of your income wages are okay but i'm telling you wages will make you a living profits will make you a fortune so set aside part of your income as capital called active capital any kind of project you can possibly think of you can possibly come up with i'm going to write a new book i think for kids i think the title is going to be of course kids should pay taxes it's kind of an interesting title in california kids do pay taxes when a child walks into 7-eleven buy something that costs a dollar the proprietor says give me seven more pennies and the child says hey what's these seven pennies for the proprietor says that's the taxes kid says well hey i'm only eight years old proprietor says congratulations you're my youngest taxpayer give me the money so in california where i live kids do pay taxes big question is should they and my book will answer that question of course kids should pay taxes nothing is for free if you want to ride your bicycle on the sidewalk instead of in the mud you got to pay the seven pennies nothing is free so we all have to pay so 10 cents out of your living out of the money you earn set aside for capital capital to try your best to show a profit and in my books going to be all kinds of ways kids can make money right two bicycles one to ride one to rent i mean you know it doesn't take long to figure out some enterprise that'll start making a profit then you must jot this down if you're taking notes profits are better than wages one you can't usually start wages until you're about 16 15 16 but you can make a profit long before you're eligible to start earning wages and then there's no limit to profits and they can they can double and triple and quadruple you know there's no limit it's incredible how fast profits can grow so profits are better than wages wages make you a living profits make you a fortune now the third ten cents is vitally important i call it passive capital [Music] capital you let somebody else use a financial institution stocks and bonds mutual funds whatever let someone else use it you furnish the money they use it to make a profit but they pay you for the use of it called interest and here's one of the things that'll make you financially independent fairly quickly and that's called compound interest and this is how you get it letting someone else use a portion of your money your substance they show the profit they pay you interest and this passive capital i'm telling you over a sustained period of time if you'll develop this little 10 10 10 and 70 especially starting at age 15 i'm telling you by the time you're 35 you will be financially independent you'll have the ability to live from the income of your own resources and then one more point on passive capital there's a bible philosophy i'm an amateur on the bible but there's a bible philosophy that teaches the borrower is servant to the lender and if you want to be in a powerful position as you grow older finally when you become mature maybe have your own business things have worked out for you for the future the position you always want to be in is the power position and that's called the lender the lender is the power position so if kids learn early enough and then you ask them what they'd like to be when they grow up i'm telling you once they understand they'll say well one of the things i want to be is one of those lenders that's the power position not the spender no you'll be pitied the rest of your life if you just become a spender you got to become a lender and i think this is one formula to follow 10 cents out of every dollar let someone else use it be the lender power position then try to show a profit can't we teach our children how to take a dollar search the neighborhood find a broken wagon pay a dollar for it bring it home you know clean it up sand it until it's clean paint it red till it shines straighten out the wheels till they're true take it back to the neighborhood sell it for five dollars anybody can do that now does the child deserve four dollars profit and the answer is yes society now has a mended wagon that's what america is all about finding something touching it making it better making a profit taking part of your resources helping people who can't help themselves let someone else use it to make a profit some projects require more capital than one person has exciting and then let them pay you for the use of it america's had this philosophy now these years communism is taught all these years capital belongs in the hands of the state not in the hands of the people we've been teaching all these years capital belongs in the hands of the people not in the hands of the state and we turned out to be right capital in the hands of the kids capital in the hands of the people enterprises that make a profit enterprises that grow it's the hope of our future so that little simple formula i hope will help you now one more key on financial independence and that is attitude attitude here's number one i used to say i hate to pay my bills my teacher straightened me out on that he said let's see mr owen what you hate to do is pay a hundred dollars on an account and reduce your liabilities and increase your assets i said well no not if you look at it that way he said well it all depends on how you look at it so wouldn't you love to pay your bills reduce your liabilities increase your assets you got to have that kind of attitude i found out the same attitude about taxes i used to say i hate to pay my taxes mr shelf said well that's one way to live but don't you understand taxes is how we care and feed the goose that lays the golden eggs wouldn't you want to do your share someone says yes but the goose eats too much probably true but hey we all eat too much we all need to go on a diet better a fat goose than no goose so i finally became a happy taxpayer now i think taxes are too high so i'm working to get taxes lowered for our economic future but then whatever they turn out to be i gladly pay do my part because that's what makes the whole system run each of us doing our part now i want these three subjects to be valuable for you i want them to have meaning for you i want you someday to be financially independent uh i want you to have the personal development so that you feel good about yourself if i had a chance to meet you someday i'd like to have you show me the list of goals that you got started and say mr owen here's some i've already checked off uh here's the books i'm reading now here's what's happened i'm developing the skills i'm better this year than i was last year i've got more self-confidence my skills are developing that's what i want for you and now i'd like to leave you with these four questions called questions to ponder these questions were valuable for me and i want to make them valuable for you here's the first one why we all ask why we should work this hard why take that many classes why go to school that many years you know why take the notes why read the books why work that hard why put yourself through the push-ups and the disciplines why good question why best answer to why i think is the second question why not why not see how many books you can read how many classes you can take how many skills you can develop why not see how valuable you could become to the marketplace and to your friends and to your family why not see what you can make of yourself why not see how far you can go how much you can see how much you can earn how much you can share why not that's the heritage all of us have in america especially is to see what we can make out of our lives now that we've been given this extraordinary opportunity now my third question i'd love to ask you in person but since i can't do it in person i want to ask it of all of you but i want you to take it personally and my third question is why not you why not you with good self-esteem why not you starting to change and setting goals why not you starting to make progress toward financial independence uh if i can do what you can do i wish i had a lot more testimonials here today besides mine a whole steady stream that would come by and tell you their story someone who started with nothing finally run a big enterprise a mother who was on welfare now she owns her own business in addition to my story i wish i had a lot more and if all of them told their story guess how they would probably wind up their story they'd probably say just like me why not you if we can read you can read if we can change you can change if we can figure it out you can figure it out if we can turn it around you can turn it around there isn't anything you can't accomplish that's what those testimonials would say and so i want to say it to you personally why not you you've got the brains you've got the the stamina you've got the vitality you've got the interest you've got your life ahead of you you've got the future you can do it if anybody can do it you can do it if one of us can do it hey we all can do it and now here's my last question why not now this is a good time to set your goals work on yourself work on your skills what a good time to get it together what a good time to start this process personal development growing changing developing having a good plan for your money and for your life and for your future why not now you

Channel: Let's Become Successful

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Id: ITkRzmbEUTg

Length: 57min 2sec (3422 seconds)

Published: Thu Nov 26 2020