The Millionaire in You - PCC - ebook

Wouldn’t it be great to have the financial freedom to do whatever you want? Wouldn’t it be better if you could also have the time to do it? Most of us would answer a resounding yes to those questions. For many people, the goal of making money is not the accumulation of wealth for wealth’s sake; instead, the goal is to have enough money to do the things we’re passionate about. But very few people have a lot of money and the time to enjoy it. Michael LeBoeuf knows how to obtain both—and he wants to teach you. LeBoeuf shows that there are only four things people need to know about money: how to make it, how to save it, how to invest it, and how to enjoy it. But most people never figure out how to do all four, although almost anyone can. The key to doing so lies in applying a simple principle called LeBoeuf’s Law: Invest your time actively and your money passively. Based on LeBoeuf’s Law, The Millionaire in You offers ten strategic choices designed to maximize your time and money:  * Live the life you want instead of the life others expect. * Stack the odds in your favor instead of against you. * Be a supersaver instead of a big spender. * Increase the market value of your time instead of working long hours. * Do less better instead of trying to do it all. * Capitalize on the unexpected instead of being derailed by it. * Own the market instead of trying to beat the market. * Limit your losses instead of letting bad luck ruin you. * Listen to those who know instead of those who sell. * Do it now instead of regretting it later. LeBoeuf is living proof that this strategy can work. He is a former business professor who retired in 1989 at the age of forty-seven and is living off of his accumulated wealth. He didn’t inherit a dime, and he  didn’t get serious about achieving financial freedom until he was thirty-five. This book is intended to help you do what he’s done before you’re too old to enjoy the money you’ve earned or invested.

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Main Idea

At the end of the twentieth century, one in every fourteen U. S. households had a net worth of $1 million or more. In practical terms, that means the opportunity to obtain the financial freedom to do whatever you want is statistically closer now than at any other time in history. For most people, however, the goal is not simply to achieve millionaire status, but to have sufficient time and money to do whatever they feel passionate about. In other words, money alone, without the time to enjoy it, is not so great.

Put differently, true financial freedom means to have enough money and enough time to enjoy it. To achieve that in practice, you have to master four different skill sets:

You need to make enough money so you have discretionary funds to invest.

You have to learn how to save money rather than spending every dime you make (and borrowing still more).

You must mater how invest your money in such a way it will continue to appreciate in value regardless of the market cycles.

You need to know how to enjoy your money-something most people consider a no-brainer.

Relatively few people manage to master all four skills, but until you do, financial freedom will remain just like a mirage, which is consistently beyond your grasp. And yet, if you commit to learning and doing everything that's required, you almost certainly will become a millionaire.

So how do you create the millionaire that already lies inside you?

See the possibilities, which lie in abundance everywhere around you every single day.

Do what it takes to create your fortune using your unique set of skills, talents and interests.

Know when to step back, celebrate your financial freedom and enjoy it.

Chapter 14 Key Insights That Will Help You See More Possibilities

Insight 1   Position yourself on the time and wealth grid

Being wealthy doesn't happen by accident. It's a conscious choice you need to make. A person who is financially independent does not work for money. Instead, they organize their finances so their money works for them, generating more income than they spend.

The scourge of modern-day life is many people work so hard to pay for their lifestyle they then have no time to enjoy what they have. This time/money trap can be seen on a grid:

■ The wage "slaves" are those who work at minimum wage jobs—they have little wealth and must work long hours just to make ends meet. They may even have several jobs.

■ The unemployed have loads of discretionary time, but little or no assets.

■ Employees trade their time for money. They work hard to earn a decent wage and do so their entire lives.

■ Business owners have plenty of wealth but usually no discretionary time with which to enjoy their assets. They are consumed by their work and keep on acquiring more lifestyle assets, even though they will never use them.

■ A person who is financially independent has money and the time to enjoy it. He or she works, not because they need to, but because they enjoy what they do. They then use their wealth as a means to an end !V to live a fulfilling life rather than getting caught up in owning more and more.

It's important, every once in a while, to pause and think about where you currently are on the wealth/time grid. In terms of leading a happy, balanced life, financial independence is clearly the optimum goal to have.

Insight 2  Invest your time actively and your money passively

In a nutshell, this is how you become financially independent. The real accumulation of wealth begins whenever you start realizing the true value of your time and learns how to invest it effectively for long-term returns.

10Strangely, the overwhelming majority of people do the opposite──they invest their time passively and their money actively. That is, they fail to maintain rigorous control over how their time gets used and then hire brokers to manage their investments for a hefty cut of any profits.