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Let's get into the episode. Now let's talk about financial
independence, how to become rich by 4035 if you're extra bright,
much sooner if you find an opportunity like I did, let me
show you how I did it. Financial independence.
First of all, I like the phrase financial independence.
Some people are a little bit concerned about using the word
becoming rich or becoming wealthy, and I can understand
that. I struggled a little bit with
this. Is it OK to go for becoming
rich? Go for becoming wealthy, and
maybe that's a bit too strong a word or strong a term.
So here's what I've come up with that I think is comfortable for
me, and that is how to become financially independent.
I think it's every person's heritage here, especially in
America, to become financially independent.
Now let me give you my definition of financial
independence. Financial independence is the
ability to live from the income of your own personal resources.
Financial independence, Now it depends on how you want to live.
If you need two, $3000 a month, if you need 45000 a month, If
you need 10,000 a month. Some people may need, you know,
100,000 a month. But whatever you would need to
live and you could earn that living from the income of your
own personal resources. That's what I call financial
freedom, financial independence. And let me show you how to
acquire if you start at age 15, between ages 15 and 35 is 20
years. And in my personal opinion,
based on my own studies and my own experience, 20 years and my
opinion is enough time to become financially independent.
If you're not, you don't live in the wrong country.
Probably what's happened is you have the wrong plan, and it's
easy to be a nice person with the wrong plan.
I found that when I was 25 years old.
I was broke at age 25 and I was a nice guy.
You would have liked me, but I'm telling you, my plans up until
then, especially my financial plan, left me broke.
I totally changed it the next six years and I became
financially independent. So I know what I'm talking
about. It is possible in a reasonable
amount of time, 15 to 35, whatever. 20 years time, enough
time. You can do it in a much shorter
period of time like I did if you want to, but this is a
reasonable enough time. But here's number one.
First of all, you got to have the right philosophy.
Philosophy is our ability to gather knowledge and sort
through it and decide what's valuable to develop.
A philosophy about life, a philosophy about our health, a
philosophy about our family relationships, a philosophy
about economics. And if you develop the right
philosophy, that's what helps to set this sail so that in six
years it takes you where you want to go instead of winding up
like I did that first six years of my economics.
Broke, no money, empty bank account, the right philosophy.
Now, let me give you a couple of philosophies to consider.
Here's the first one. It's called the philosophy of
the poor, and here it is. Poor people usually spend their
money and invest what's left. That's the philosophy of the
poor. Now here's the philosophy of the
rich. Rich people invest their money
and spend what's left. And here's the startling answer.
It really doesn't matter what the amount is.
What's most important is not the amount.
What's really important is the philosophy.
So I would ask you to adopt this philosophy of spending after you
have invested. Invest first, then spend.
And I've got a little formula that I'm going to share with you
now. What should a child do with a
dollar? I mean, there's a lot of debate
going on, I'm sure, across the country on what a child should
do with the dollar. Here's one opinion.
It's only a child and it's only a dollar.
What difference does it make? Well, in my opinion, it makes
all the difference in the world. A person's economic future
starts with a child with a dollar.
Somebody says, oh, no, you're only young once, let him spend
the dollar. Well, when would you hope that
would stop? Somebody says well wait till
he's 50 and broke like me and you know, and then he'll learn.
Well, no, we don't want to wait that long.
If I would have known earlier than age 25, I would have
changed in high school. If I if they would have had
classes called wealth 1, Wealth 2, I'd have taken both classes.
I would not have waited until age 25 S the earlier the better.
So what should a child do with a dollar?
Here's the simple premise to begin with.
Don't spend it all. And if a child wants to spend
the whole dollar, you got to say, hey, don't spend it all,
you know, don't spend it all. They'll say, why not?
It's my dollar, I earned it. You say I know you earned it,
but don't spend it all. They'll still say, why not say
let me show you why not? So you put them in your car,
take them to the other side of town and show them where people
live that spend the whole dollar.
Just drive them around. Kids learn best by visual.
Just drive around and say, would you like to live here?
Kid says no, Would you like to live like these people live?
Kid says no, no, then you can't spend the whole dollar.
So kids will get the message. So, you know, take them the
other side of town, show them around unless you already live
there and then just show them around anyway.
Don't spend the whole dollar. Now, let me give you my best
view of what to do with the dollar.
And I promise you, if you started at age 15, now, if
you're over 15, right, you still got plenty of time.
You still got 20 years. You know, if you're 30, you've
still got 20 years. I mean, you know, you've still
got plenty of time to start. What I'm about to share with
you, what to do with a dollar. Here's my first bit of advice.
Never spend more than $0.70. Never spend more than $0.70.
Now you got to pick some number, and the number you pick is going
to be determined by your philosophy.
It's going to be determined by what you've been taught or your
experience teaching yourself. When I first met my teacher, Mr.
Shoaf, I was at about 110% of each dollar.
You know, I'm down at budget finance Hawking my furniture in
my car one more time. And then I learned a whole
better formula for financial independence.
Number one, don't spend more than $0.70.
Now kids say to me, well OK, what do I do with the other
$0.30? And here's what I teach them.
$0.10 for charity. Charity or church for helping
people that can't help themselves, $0.10 to support
worthy projects. Projects that you feel good
about. $0.10 out of every dollar.
It's called being generous with part of what you've taken out of
society. Now in my opinion, nothing
teaches us character better than generosity.
No class, no teacher, no book teaches generosity, teaches
character better than generosity.
And the best time to start is when the amounts are small.
And I know if kids learn these lessons well, they'll give a
dime out of a dollar, help people that can't help
themselves, support worthy projects.
Or if you belong to a church, they teach tithe piece of.
That's very important now because when the amounts get
larger, sometimes it's a little more difficult, you know, giving
100,000 out of 1,000,000. Someone says, oh, if I had a
million, I'd give 100,000. I'm not sure that's a lot of
money. So the time to start is when the
amounts are small, $0.10 out of the dollar.
OK, next $0.10 I call active capital.
Active capital means do something to make a profit.
Active capital, set aside a portion of your income.
Wages are OK, but I'm telling you wages will make you a
living, Profits will make you a fortune.
So set aside part of your income as capital called active
capital. Any kind of projects you can
possibly think of, you can possibly come up with.
I'm going to write a new book, I think for kids.
I think the title is going to be, of course, kids should pay
taxes. It's kind of an interesting
title. In California, kids do pay
taxes. When a child walks into 711,
buys something that costs a dollar, the proprietor says give
me 7 more pennies. And the child says hey, what's
these 7 pennies for? And the proprietor says that's
the taxes. Kid says well hey, I'm only 8
years old. Proprietor says congratulations,
you're my youngest taxpayer, give me the money.
So in California where I live, kids do pay taxes.
Big question is should they? And my book will answer that
question. Of course kids should pay taxes.
Nothing is for free. If you want to ride your bicycle
on the sidewalk instead of in the mud, you got to pay the
seven pennies. Nothing is free, so we all have
to pay. So $0.10 out of your living, out
of the money you earn, set aside for capital.
Capital to try your best to show a profit.
And in my books, going to be all kinds of ways kids can make
money. Ride 2 bicycles, one to ride and
one to rent. I mean, you know, it doesn't
take long to figure out some enterprise that'll start making
a profit. Then you must jot this down if
you're taking notes. Profits are better than wages. 1
You can't usually start wages until you're about 161516, but
you can make a profit long before you're eligible to start
earning wages. And then there's no limit to
profits. And they can, they can double
and triple and quadruple. You know, there's no limit.
It's incredible how fast profits can grow.
So profits are better than wages.
Wages make you a living, Profits make you a fortune.
Now the 3rd $0.10 is vitally important.
I call it passive capital. Capital, you let somebody else
use a financial institution, stocks and bonds, mutual funds,
whatever, Let someone else use it.
You furnish the money. They use it to make a profit,
but they pay you for the use of it called interest.
And here's one of the things that'll make you financially
independent fairly quickly, and that's called compound interest.
And this is how you get it. Letting someone else use a
portion of your honey, your substance, they show the profit,
they pay you interest. And this passive capital, I'm
telling you over a sustained period of time, if you'll
develop this little 10/10/10 and 70, especially starting at age
15, I'm telling you by the time you're 35, you will be
financially independent. You'll have the ability to live
from the income of your own resources.
And then one more point on passive capital.
There's a Bible philosophy, I'm an amateur on the Bible, but
there's a Bible philosophy that teaches the borrower is servant
to the lender. And if you want to be in a
powerful position as you grow older, finally when you become
mature, maybe have your own business, things have worked out
for you for the future, the position you always want to be
in is the power position, and that's called the lender.
The lender is the power position.
So if kids learn early enough and then you ask them what
they'd like to be when they grow up, I'm telling you, once they
understand, they'll say, well, one of the things I want to be
is one of those lenders. That's the power position, not
the spender. No, you'll be pitied the rest of
your life if you just become a spender.
You got to become a lender. And I think this is the one.
Formulas to follow, $0.10 out of every dollar.
Let someone else use it. Be the lender power position,
then try to show a profit. Can't we teach our children how
to take a dollar? Search the neighborhood, find a
broken wagon, pay a dollar for it, bring it home.
You know, clean it up, sand it until it's clean, paint it red
till it shines, Straighten out the wheels.
Still there. True.
Take it back to the neighborhood, sell it for $5.
Anybody can do that. Now, Does the child deserve
$4.00 profit? And the answer is yes.
Society now has a mended wagon. That's what America's all about.
Finding something, touching it, making it better, making a
profit, taking part of your resources, helping people who
can't help themselves. Let someone else use it to make
a profit. Some projects require more
capital than one person has. Exciting.
And then let them pay you for the use of it.
America's had this philosophy. Now, all these years communism
has taught, all these years, capital belongs in the hands of
the state, not in the hands of the people.
We've been teaching all these years capital belongs in the
hands of the people, not in the hands of the state.
And we turned out to be right. Capital in the hands of the
kids, capital in the hands of the people.
Enterprises that make a profit, enterprises that grow.
It's the hope of our future. So that little simple formula I
hope will help you. Now, one more key on financial
independence, and that is attitude.
Attitude. Here's number one.
I used to say I hate to pay my bills.
My teacher straightened me out on that.
He said, let's see, Mr. Owen, what you hate to do is pay $100
on an account and reduce your liabilities and increase your
assets. I said, well, no, not if you
look at it that way. He said, well, it all depends on
how you look at it. So wouldn't you love to pay your
bills, reduce your liabilities, increase your assets?
You got to have that kind of attitude.
I found out the same attitude about taxes.
I used to say I hate to pay my taxes.
And Mr. Schiff said, well, that's one way to live.
But don't you understand? Taxes is how we care and feed
the goose that lays the golden eggs.
Wouldn't you want to do your share?
Someone says yes, but the goose eats too much.
Probably true, but hey, we all eat too much.
We all need to go on a diet. Better a fat goose than no
goose. So I finally became a happy
taxpayer. Now I think taxes are too high,
so I'm working to get taxes lowered for our economic future.
But then, whatever they turn out to be, I gladly pay and do my
part. Because that's what makes the
whole system run, each of us doing our part.
Now I want these three subjects to be valuable for you.
I want them to have meaning for you.
I want you someday to be financially independent.
I want you to have the personal development so that you feel
good about yourself. If I had a chance to meet you
someday, I'd like to have you show me the list of goals that
you got started and say Miss Drone.
Here's some I've already checked off.
Here's the books I'm reading. Here's what's happened.
I'm developing the skills. I'm better this year than I was
last year. I've got more self-confidence.
My skills are developing. That's what I want for you and
that's why I took the time to come and share in this video
message with you. I do seminars all around the
world, but this is one way that I can reach out and touch you in
case you can't come to my seminars wherever I am.
Maybe this video will reach you somewhere and it'll have an
impact on your life. And what I'd like to do is later
hear about it, a letter, phone call, or to have a chance to
meet you in person. And now I'd like to leave you
with these four questions called questions to Ponder.
These questions were valuable for me and I want to make them
valuable for you. Here's the first one.
Why we all ask why we should work this hard?
Why take that many classes? Why go to school that many
years? You know, why take the notes?
Why read the books? Why work that hard?
Why put yourself through the push ups and the disciplines?
Why? Good question.
Why? Best answer to why, I think is
the second question. Why not?
Why not see how many books you can read, how many classes you
can take, how many skills you can develop?
Why not see how valuable you can become to the marketplace and to
your friends and to your family? Why not see what you can make of
yourself? Why not see how far you can go,
how much you can see, how much you can earn, how much you can
share? Why not?
That's the heritage all of us have in America especially, is
to see what we can make out of our lives now that we've been
given this extraordinary opportunity.
Now my third question, I'd love to ask you in person, but since
I can't do it in person, I want to ask it of all of you, but I
want you to take it personally. And my third question is, why
not you? Why not you with good self
esteem? Why not you starting to change
and setting goals? Why not you starting to make
progress toward financial independence?
If I can do it, you can do it. I wished I had a lot more
testimonials here today besides mine.
A whole steady stream that would come by and tell you their
story. Someone who started with nothing
finally run a big enterprise. A mother who was on welfare.
Now she owns her own business. In addition to my story, I wish
I had a lot more. And if all of them told their
story, guess how they would probably wind up their story?
They'd probably say, just like me, why not you?
If we can read, you can read. If we can change, you can
change. If we can figure it out, you can
figure it out. If we can turn it around, you
can turn it around. There isn't anything you can't
accomplish. That's what those testimonials
would say. And so I want to say it to you
personally. Why not you?
You, you've got the brains, you've got the the stamina,
you've got the vitality, you've got the interest, you've got
your life ahead of you. You've got the future.
You can do it. If anybody can do it.
You can do it. If one of us can do it.
Hey, we all can do it. And now here's my last question.
Why not now? This is a good time as the 20th
century starts to wind down a few more years as we get ready
for century 21. What a good time to set your
goals, work on yourself, work on your skills.
What a good time to get it together, What a good time to
start this process, personal development, growing, changing,
developing, having a good plan for your money and for your life
and for your future. Why not now?
And I hope I have a chance to see you one of these days and
share with you the experience, the reaction, response you might
have had from my message today. And until I get a chance to see
you on this side of the world or the other side of the world, in
some school or some seminar, or maybe I'll come and speak for a
company that you work for someday, I hope I get a chance
to meet you. Until then, I wish you the best.
I want all that I've gotten to be yours and much, much more.
God bless. Goodbye.