I’ll never forget when my mentor explained this concept. We were sitting at dinner one night and I stated to him how difficult it was trying to build a business and achieve my dreams. After hearing me out completely, he simply said, “You know, getting rich is easier than working for a living.”

I had just been out of town 4 days straight, been to 3 cities with no profitable results, and I had a training to prepare and present in 2 days which I had not even started on yet. Confused, yet eager to learn something from this statement, I listened closely without any response. My mentor went on to ask me a question. “How many people do you know trying to get rich? And I’m not talking about just financially, but in every area of their life.

I thought for a minute and I knew a few people who were trying to get rich financially but not spiritually. I knew people who were trying to get rich emotionally, as far as personal growth is concerned, but not physically because they weren’t taking care of their health. So it was hard for me to give him an answer. After a while of pondering and staggering over my words of empty names to list, he simply said, “Okay, don’t worry about that one. How many people do you know just trying to get by?”

My face lit up with excitement because I knew I had an answer for that question. Eager to answer the question, I immediately said, “EVERYBODY!” His answer shocked me. He said, “Exactly! That’s why getting rich is easier than working for a living, because you have NO COMPETITION! No one else is even trying!” Then he said something that changed my life forever! “If you want to be successful, look at what everyone else is doing and you do the EXACT OPPOSITE! Most people work a job and struggle financially; you should build a business to become financially free! Most people get married and get a divorce; you should get married and have the all American family. Most people don’t foster their relationships; you should because relationships create opportunities. This is why getting rich is easier than working for a living. There is no competition on the journey to achieving your dreams!”

When I realized this, it made me have a new perspective on life. That’s when I really started to educate myself on getting rich! Because you can not be something you don’t know how to be. So in this blog, I will cover a few tips on heading in that direction.

1st of all, in order for you to get RICH, you have to THINK RICH! That’s why I am in favor of Financial Education. Not just your college education, but true financial education. If you want your life to change, its not about motivation and inspiration, but the key to life change is education.

Contrary to what most people know, the definition of wealthy actually means the number of days you can survive without physically working. This is measured in time and not dollars. Also, it is not how much you make that makes you wealthy; it is how much you keep. This is how to measure wealth.

Robert Kiyosaki is one of the most sought after financial guru’s in America after his best selling book “Rich Dad Poor Dad” had been on the New York Times best seller list for multiple weeks. He then wrote a book called “The Cashflow Quadrant”. In short, the left side of the quadrant is after security while people on the right side of the quadrant enjoy FREEDOM!

Employees and Self-Employed people are on the left side of the quadrant.

Employee – The more money you make as an employee, the more taxes you pay. Taxes grow as you make more money as an employee. Interest on debt grow as you make money as an employee. If you are an employee, you are basically a 50/50 partner with the government.

Self-Employed – This is the hardest quadrant to work in. You will have to work the hardest for the longest time in the self-employed quadrant. 90% of self-employed businesses fail in the first 5 years. 90% of those fail within the next 5 years. Which means, 99% of self-employed businesses fail within the first 10 years.
The ultra-rich begin as business owners, and then they go to the investor quadrant.
The Rich get richer because they make a large sum of money and don’t legally have to pay taxes on a percentage of it. Rather they make money in their asset column rather than their income column.

There are 4 types of People Trying to Get Rich
1. Risk Adverse – These people are totally ignorant (lack of knowledge completely)
2. Gambler – Rolling the dice every time (risk not calculated)
3. Turns risk over to someone else or gets help – Has CPA, financial planner, or mentor.
4. Skilled Investor – Very knowledgeable and has superior guidance

Identify which type of person you are above trying to get rich and try to become person 3 and 4 if you are not there yet.

It is important that you manage financial risk and don’t run from it. Manage financial problems and don’t run from them. If you hide from your financial problems, they will only get bigger. Get with someone that can help you get a plan together.

Here are 8 steps to build towards TRUE WEALTH!

1. Create an income balance sheet to identify assets and liabilities.
2. Identify every monthly bill, your income, and create a budget.
3. Reduce unnecessary expenses such as going out to eat, entertainment, or useless activities.
4. Set small obtainable goals to pay down debts, increase cash flow, and acquire assets.
5. Build up a 6-month reserve fund as quickly as possible and do not withdraw from this account unless it is a dyer emergency. This is 6 months of your total bills saved up.
6. Get a financial mentor who has proven financial results.
7. Pay off debts, increase reserve fund, continue making money to build cash flow, start investing, you’re knocking on the door to freedom.
8. Gain knowledge before investing large and small amounts of money. Warren Buffet has been quoted saying that the number 1 rule of business is “Never lose money.” He also said that the number 2 rule of business is “Never lose money.” It probably would be safe to say that “Never lose money” is the TOP 10 Rules of Business.

Always remember that investing is Capital Knowledge Intensive!

God Bless and Good Luck in your Endeavors!

Reco McDaniel

Reco T. McDaniel is the founder and CEO of C.O.D.E. R.E.D. Marketing, which he founded in July of 2001. They are a marketing and training company comprised of a team of like-minded individuals focused on personal growth, spiritual fulfillment, and financial stability. Their focus is helping individuals create wealth in all these areas and helping them realize the champion within themselves! His mission is to personally create 100 millionaires by the year 2016 within his organization!

Reco started his road to entrepreneurship while in college full-time and working a full-time job. Upon seeing that his job was keeping him from accomplishing many of his personal goals, he started working very diligently on his part time business. Within a short period of time he was able to leave his job and pursue his dreams full-time. Since paying off debts, changing his lifestyle, and achieving many personal goals, he has coached and mentored thousands of people nationwide while building a personal business that exceeds 10,000 reps and annual revenue of more than $4 Million in less than two years with a company called Lightyear Alliance. These accomplishments have allowed him to become financially free in his mid 20s. His objective is to train, educate, and create wealth in every interested person he comes in contact with. His teachings, focusing on personal growth, spiritual fullfillment, and financial stability are unparalleled, transcending cultural and age barriers.

Today, Reco and his family reside in Atlanta, GA. He is happily married to his best friend Shanee’ and currently the father of a son, Reco Jr. He credits his success, first and foremost, to his faith in God and then to his obligation to his family. Reco’s strong belief, “We are blessed by God to be a blessing in someone else’s life!” shows in his teachings.

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