stay broke not poor

Website design By BotEap.comStay broke! You heard me, stay broke but not poor. What is the difference? Bankruptcy is a temporary situation. Broke people have money, they just waste it. Poor is being indigent or lacking sufficient resources. I got this from Grant Cardone’s, The Millionaire’s Brochure. It also aligns with Dave Ramsey’s concept of naming every dollar.

Website design By BotEap.comIt’s all about increasing cash flow and building wealth. Staying bankrupt is a financial strategy to help you achieve financial freedom. What does it really mean to stay broke and not be poor? First, it means having a monthly cash flow plan (budget). Second, you are practicing delayed gratification. Third, reinvest your money in yourself and your business.

Website design By BotEap.comThis is for wealth builders. Those entrepreneurs who are not playing average. The average business owner in the United States makes less than $25,000 per year. 91% of all small businesses make less than $250,000 per year and 80% of entrepreneurs fail within 18 months of starting up. Playing half sucks. So don’t play average.

Website design By BotEap.comperfect examples

Website design By BotEap.comYou see examples of artists and athletes getting paid a lot and a few years later going bankrupt. There is no shortage of stories of athletes or entertainers going bankrupt or going broke after a big payday. The best picks start buying toys, living lavishly, or making poor business decisions. The artists throw big parties, “buy” the bar, and get into debt buying things they can’t afford.

Website design By BotEap.comCheck Wikipedia for statistics on famous people who go bankrupt or go bankrupt. These are great examples of people who got big paychecks but didn’t go broke. Athletes have a short career. There is a short window for them to produce a large amount of income. Artists need to stay relevant in their industry before the well runs dry. You, as an entrepreneur, have the ability to continue producing.

Website design By BotEap.comstay broke

Website design By BotEap.comUnderstand that I am not telling you to limit your current lifestyle. Staying broke requires discipline. It’s making sure you spend 95% of your time building your greatest assets. What are you and your business. Grow faster by staying on a budget and reinvesting in your business.

Website design By BotEap.comPeople underestimate the time it takes to succeed in generating positive cash flow. They don’t prepare for the peaks and valleys that are going to occur. Also, they are not prepared for tough times or when a part of their business fails. But staying broke can help you weather the coming storm.

Website design By BotEap.com5.5 Aspects of staying bankrupt

Website design By BotEap.com1.Cash flow plan – To stay bankrupt, you must know where your money is going. Everyone needs a cash flow plan. Know where every dollar goes. Give each allowance a hundred years. Money that has no allocation tends to get lost. Tracking your dollars keeps you out of financial trouble. Money lying around for no purpose is spent, wasted, or wasted.

Website design By BotEap.com2. Delayed gratification – I made this mistake often. I would spend my bonuses and every big raise. I was naive to think that it would always go in. I did not save or reinvest in my business. So I was left broke and homeless. “Ballin” is stupid. Especially when you don’t have the assets to back it up. Leave the ostentation behind. Forget impressing people and being “turned out”.

Website design By BotEap.comThat big client you just landed doesn’t mean it’s time to spend and get stupid with the new raise. Delay that urge. Put that money back into your business to generate more income. Go get some bigger clients. Delay the indulgence now so that you can indulge later when you are financially free.

Website design By BotEap.com3.Increase revenue – Income is king and this is the only thing that matters. Remember, we are not playing average. Businesses succeed when revenue increases. Incremental growth is key. Going from $4k per month to $4 million overnight is next to impossible. Look to double your income in the coming months. Always seek to increase income. More sales = success.

Website design By BotEap.com4. Sacred Beads – Put all that extra income into Sacred Accounts. When something is sacred you don’t touch it. You don’t violate it. This money is for future use to help create more assets. I have a real estate account that I haven’t touched in years. I put a portion of my income into it each month. All my extra money goes into that account and I don’t touch it.

Website design By BotEap.comYou are saving to invest. Don’t save for saving. This money is designated for a future purpose to create more income. It could be a second business, real estate, or something else that increases your income streams. The key is… you’re not just saving. You are studying while saving and learning about your next investment.

Website design By BotEap.comUnderstand that it can take years before you pull the trigger. I have saved in my real estate account for 2 years. I am studying and active in the areas in which I want to invest. Study while you save.

Website design By BotEap.com5. Reinvest your earnings – Separately it goes to your sacred accounts. Reinvest the rest after all your needs are covered. Put that money back into your business and yourself. Do you need to invest in coaching to improve? Then do it.

Website design By BotEap.com5.5 These things take time – Idea + Hard Work x Time + Discipline = Success. Are you committed to getting rich? How serious are you about building wealth? I don’t know how long it will take you to produce a six figure income. I know it takes work, time, discipline, and access to capital. My mentor went from welfare to making $10 million in less than 3 years.

Website design By BotEap.comGame time

Website design By BotEap.comSuccess takes time. Stay broke and keep working. The choice to stay broke is yours. You are voluntarily choosing to build your business so that you can be financially free later. “Pay the price now so you can pay any price later” – Grant Cardone