Lessons
Introduction To Workshop
10:05 2Meet The Automatic Millionaire
11:47 3Find Your Latte Factor
10:27 4Couples & Money
03:48 5The Best Financial Apps & Tools
06:54 6Pay Yourself First!
12:50 7The 5 Biggest Retirement Account Mistakes
07:23 8Retirement Accounts & Investments
06:08Organize Your Money
05:50 10Crush Your Debt
08:31 11Learn Your Credit Score
04:47 12Be A Homeowner Not A Renter
08:01 13Create A Financial Protection Plan
05:52 14Build A Dream Account
02:12 15Grow Your Income
14:51 16The 6 Biggest Mistakes Investors Make
07:44 17Smart Women Finish Rich
04:26 18Your Purpose-focused Financial Plan
07:59Lesson Info
Meet The Automatic Millionaire
today I sit here 50. I'm completely financially free. I'm still working cause I love what I dio. But I keep all these compound interest charts, They've all come true. My own life. And I just want to say that I know a lot of you. There are lots of something in this honest here. 20 some of you at home or in your twenties. Okay, when I saw people talk about these compound interest charge So I'm gonna show you later. And people say, You know what? 2030 40 years go by like that. You don't believe it. I still feel 20. And the time frickin flu and the compound interest charged work. So I just wanted to do what the McIntyre's did, and I want you to do with the McIntyre's dip again. This was their situation. Average income. 35,000 year retired at 52 2 homes paid off three cars in about two kids through college. When I walk you through their entire system today, automatic milliner blueprint. So I'll go back to McIntyre's beautiful part of what I'm about to do to you today. Is that a lot of this?
You're We know it's some of it you're doing, and a lot of it just needs to be done better. Okay, so automatic new in ERM The idea. It's all about how money flows in your life and the common thing, by the way, that people say that the most common you should write these words down because I hear him everywhere. And you probably sometimes I I don't know where the money goes. If you don't have a plan for your money, somebody else does, and there's a whole lot of those somebody's okay, everybody out there's got plan for your money. So if you don't have a plan, somebody else does. So here's the plan for your money. When you earn a dollar, the first thing that you do with the dollar that you earn is you do something very magical that changes your life, and it is called, Hey, you're gonna hear me say this a lot herself first, and I'm totally dive into a pay yourself. First means just not at this moment, but here's the key. To pay yourself first, pay yourself first means when you earn a dollar, the first person in the first place, your money goes, the first person gets paid, is you. Now what does that mean? The first person who gets paid is you. That means that money goes directly from wherever you're earning it right into a retirement plan. That could be a 41 K plan. That could be an IRA account. You're self employed. That could be I'm gonna go through all this today. You guys, that could be a step IRA. That could be a solo for a one K plan. This could be a defined benefit plan. I will cover all of this today. This could be a four or through V plan. You might be a teacher or a nurse. This could be a 4 57 plan. The key to pay yourself first is that money moves right from your paycheck directly in your retirement account. It needs to go there directly so that you don't pay taxes first. Because if you don't put money in a retirement account first, then you pay taxes first. I'll show you what this looks like a little bit, too. How many of you are familiar with paying taxes? Yeah, eso It's the only legal way to get out of this now. The number I just showed here is 5%. And by the way again, all of you at home, You got the blueprint. Okay, this sheets in your blueprint. So this is the first sheet in your blueprint? 5% is not what I want you to save. That's not your goal. This is more than the average American is saving them. The average American saving some between 3 to 5%. Those the ones that say I want you to save more than 5% later. I'm gonna show you that what I really want you to save is between 10 to 15% here and I'll go through. Why? Because it's one hour day of your income. Show you what that looks like. But I want you to start. So I want you at least started. 5%. No, you could if you said to me there's no way I could start with 5% didn't start with 1% and then bump it up 1% a month. Just start. Just start. Because I have to tell you, saving money is just like exercise. Like if you want to go in a marathon, you're not going out and getting up tomorrow. How motivated you? I don't care whose seminars you watching, who you see on television, how pumped up you are. You're not running a marathon from scratch. It's not happening. You're probably not running 10 miles from scratch, right? Like right now, I would probably need to go run a block, Okay? Like you got to start somewhere. So the key thing that was this is number one. You're paying yourself first. You're using a retirement account. I will show you later where the money goes. What? The investments could look like the different solutions for you. Just know the first step is pay yourself first. The second step your money automatically from your salary. Key word here. Automatic. All this is automatic. Let me see. How is the money moving? Automatic house money moving at home. Automatic. You're gonna automatically deposit your paychecks. How many of you right now? Automatically deposited. Paycheck show he is in this room. Once that money is automatically deposit your paycheck, you're gonna use online. Bill Pen. How many of you use online? Bill? Pay right now. Okay, So you have online bill pay. We'll talk about that. in the second. The first thing you're going to do after you pay yourself first. After number two, we've automatically pause your pay, Jack, because you're going to go to number three and you're gonna build an emergency account. What's an emergency account? How many of you have heard this idea that you should have an emergency account? They say three months worth of expenses. So first of all, I think you need more than three months of expenses. That's why I recommend six months now minimum three months. But I think you want to get 6 to months of expenses. More is better. Okay. Now, people, the key to the emergency account your emergency money should not sit in the same account. Is your checking account. It should not be the same accounted Euratom card. You need this money to be sitting in another account. Now you can do it at the bank. You can go to the bank already working with you can say I want a separate savings account and you can move the money online automatically into a separate saving account and you can put it online. You can really go emergency account. That's one way. Another way is actually moving to another online location. Another online savings. Again. How go through different online savings accounts today, too, and show you ones that earn upto 1%. The key to the emergency account money. His no checking, no ATM card And what's it for? Emergencies? What does that mean? People go to David. What's in emergence? Here's what it's not. You want to re landscape your house. No, that's not emerged. You want to redo your kitchen? That's a lot of emergency. Your car? Six years old, you new car. That's not emergency. Literally. If your car is your car stopped running. Emergency is an emergency part of funding a dream account. Even if you don't know what your dreams are. Is that what you funded? Dream account. You get one on. And then the other thing is that people want start to have money to dream account those dreams come you like You know what? I got money for that dream. So as I start to go through these, the question I started to get is what percentage goes into these things. So I recommend on these dream accounts anywhere from 1% 10%. You have to decide how fast you want that dream being funded. Okay, so then you're gonna have anywhere from 1 to 10%. Then you're gonna have this category here. Credit cards and bills. Now, your credit card bills. Were you paying the minimums? What I want you to do on the credit cards, So I want you to be in a situation where you'll never have late fees. So what I'm about to say, Do you want to make sure I'm clear here? I don't want You don't only make minimum payments on your credit cards. We're gonna do a whole lesson plan on debt today. You make minimum payment on credit cards on. On average, you will spend years paying off your credit cards. The biggest scam in the history of humankind financially is the way minimum payments were done on credit cards. I have bitched about this for so long on PBS shows. I've talked about it. I used to say your statements should show you what happens if you make minimum payments. And finally they did so don't make just my family, but I want you to make automatic minimum payments. So if you've got a minimum payment, let's just say that minimum payment is 50 bucks. I want you to write. I want you to go higher than the minimum payment. I want to go. Let's call it $60. Just giving you a number. And I want you tohave your account automatically move the monument to the minimum payments every month. Then I want you to make a 2nd 2nd payment on top of that. Now, that seems like an extra step. Why am I making? Why am I suggesting you do this extra step last? He's gonna cut the interest, but I don't want you get stuck with late payments. So by putting the credit card payment on auto pay, at least for the minimum payment, you will not be late. Okay, then the next place your money's gonna go go to your regular bills. You pay automatically, huh? Now, what are regular bills? Well, I put in here rent, car, phone, movie membership, Jim, Utilities mortgage. I want you to go through every single regular bill you have. That's pretty like you've always got its every single month going to look at who attached themselves to your paycheck. Now, if you could automate the bill, automate the bill. Bucket number seven and Bucket number seven is charity, and I recommend automating for giving back for charity. He's the categories now. There's subsets in these categories, but again, number one is Pay yourself first number twos. Have your money automatically deposited, then number three, move the money. Automatically toe a separate account. Go the dream account automatically paillettes, credit card bills, those you have credit card debt. I'm gonna show you later how to pays off faster. Same thing with mortgages. Get the automatic the regular bills automated. And then we had a charity and you, a matter of hours have put your entire financial life on autopilot.
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