So how exactly do you manage your money? At the Millionaire Mind Intensive Seminar, we teach what many believe to be an amazingly and effective money management method.
It’s beyond the scope to go to over every detail; let me give you a couple of the basics so you can get started.
Open a separate bank account designated your Financial Freedom Account. Put 10 percent of every dollar you receive (after taxes) into this fund. This money is only to be used for investments and buying or creating passive-income. And when do you get to spend this money? Never! It is never spent – only invested.
Eventually, when you retire, you get to spend the income from the fund (the eggs), but never the principal itself. In this way, it always keeps growing and you can never go broke.
One of our students, named Emma, recently told me her story. Two years ago, Emma was about to claim bankruptcy. She didn’t want to; however, she felt she had no other option. She was in debt beyond what she could handle. Then she attended the Millionaire Mind Intensive Seminar and learned about the money management system. Emma said, “This is it. This is how I’m going to get out of this mess!”
Emma, like all participants, was told to divide her money into several different accounts. “That’s just great,” she thought to herself. “I don’t have any money to divide up!” But since she wanted to try, Emma decided to divide up! $ 1 a month.
Based on the allocation system we teach, using that one dollar, she put ten cents into her FFA (Financial Freedom Account). The first thing she thought to herself was “How the heck am I supposed to become financially free on ten cents a month?” So she committed to doubling that dollar every month.
The second month she divided up $2, the third month $4, then $8,$16,$32,$64, and so on until the twelfth month was $2,048 that she was dividing up each month.
Then, two years later, she began to collect some amazing fruits from her efforts. She was able to put $10,000 directly into her Financial Freedom Account! She had developed the habit of managing her money so well that, when a bonus check of $10,000 came her way, she didn’t need the money for anything else!
Emma is now out of debt and on her way to becoming financially free. All because she took action with what she’d learned, even if it was only with $1 a month.
If doesn’t matter if you have a fortune right now or virtually nothing. What does, matter is that you immediately begin to manage what you’ve got, and you’ll be in shock at how soon you get more.
I had another student at the Millionaire Mind Intensive Seminar say, “How can I manage my money when I’m borrowing money to live on as it is?” The answer is, borrow an extra dollar and manage that dollar. Even if you are borrowing or finding just a few dollars a month, you must manage that money, because more than a “physical” world principle is at play here: this is also a spiritual principle. Money miracles will occur once you demonstrate to the universe that you can handle your finances property.
In addition to opening a Financial Freedom Bank Account, create a Financial Freedom jar in your home and deposit money into it every day. It could be $10, $5, $1, a single penny, or all your loose change.
The amount doesn’t matter, the habit does. The secret again is place daily “attention” on your objective of becoming financially free. Like attracts like, money attracts more money.
Let this simple jar become your “money magnet,” attracts more and more money and opportunities for financial freedom into your life.
Now, I’m sure this isn’t the first time you’ve heard the advice to save 10 percent of your money for long-term investing, but it may be the first time you’ve heard that you must have an equal and opposite account specifically designed for you to “blow” money and play.
One of the biggest secrets to managing money is balance. On one side, you want to save as much money as possible so you can invest it and make more money.
On the other side, you need to put another 10 percent of your income into a “play” account. Why? Because we are holistic in nature. You cannot affect one part of your life without affecting the others.
Some people save, save, save, and while their logical and responsible self is fulfilled, their “inner spirit” is not.
Eventually this “fun-seeking” spirit side will say, “I’ve had enough. I want some attention too,” and sabotage their results.
On other hand, if you spend, spend, spend, not only will you never become rich but the responsible part of you will eventually create the situation where you don’t even enjoy the things you spend your money on, and you’ll end up feeling guilty.