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Wealth Building Wealth Building Wealth Building Copyright © 2015 by I Am O’Kah! Inc. All rights reserved. No portion of this book may be reproduced, copied, modified or adapted, except for the inclusion of brief quotations in review, without the prior written consent of the author. Forward all requests to: Aisha D. DaCosta, Executive Director, I Am O’Kah! Inc., [email protected] I Am O’Kah! programs are focused on cultivating generational wealth within low-to-moderate income minority families through education, business owner- ship and financial investment strategies. Our scholarship and Financial Rockstar Academy deliver the tools needed for our students to achieve financial security and lead lives fueled by confidence in their vision and purpose. Visit us at: http://www.iamokah.org Printed in the United States. What is Wealth? “…always broke ‘cause we don’t know money. Spend it before we get it and could never hold money” —J. Cole, Mo Money (Interlude) What is Wealth? Wealth is the creation of a large amount of money without the exchange of time. Wealthy people use businesses and other income-producing assets like real estate to generate income without having to give their time in exchange for income. There are two requirements for wealth: (1) the accumulation of large amounts of money and (2) without the use of your time. For example: Every professional sports team is a business. Most professional sports teams get revenue (income – money received) from: (1) sales of tickets to games (2) products purchased in the stadium, (3) television programming fees (right to televise games) (4) licensed sports goods (everything that uses team logos – team jerseys, etc). The owners of the team make money when the company (team) makes money – the owners use the business to make money. Professional athletes make money when they play in games – professional athletes use their time to make money. Making Large Amounts of Money is Not Enough! When an athlete stops playing sports or retires, gets hurt or sick the amount of money they make decreases or stops completely. If an athlete makes bad decisions with the money they received from playing it usually does not take a long time for them to become “broke”. Unfortunately, 78 percent of NFL players and 60 percent of NBA players face financial problems within five years of leaving professional sports (Sports Illustrated, 2013). 2 WEALTH BUILDING 101 Learn From The Rich and Wealthy: Save and Invest Wisely Rich people are those who acquire a lot of money in exchange for their time. They have a considerably high income. When rich people overspend, don’t understand finances and investing, put the wrong people in charge of managing their money, and make poor investment choices, it does not take long for them to have financial problems. Making a lot of money is never enough to become wealthy. You have to learn how to control your spending and make money without using your time. When you use your time to make money, things like unemployment (job loss), sickness or injury (getting hurt), can stop you from receiving money. The goal is to use your money instead of your time to make more money. The best way to “make your money make money” is to make smart investments. You can learn how to make smart investments just like the wealthy. But, you have to be willing to control your spending and practice the discipline that is required to make smart investing decisions. WEALTH BUILDING 101 3 Why Should You Invest Now? The key to wealth is the most efficient use your time. The sooner you have your money making money, the less of your time you will have to use to make money. And that is what it is really all about; investing your money so that you can get control of your time! Why Should You Invest Now? Control Earn Your Money Time Invest Money The ultimate financial goal is full control of your time. Once you control your time you can do whatever you want to do with it. The earlier you start, the sooner you will get control of your time. 4 WEALTH BUILDING 101 Wealth = Control of Your Time. What do you want to do? ____________________________________ __________________________________________________________ __________________________________________________________ Are you willing to spend less of your money now so that you can control what you have to do later? ________________________________________________ If your answer to the last question was YES then you need some goals in order to make that happen! What Are You Dreams? __________________________________________________________ __________________________________________________________ __________________________________________________________ WEALTH BUILDING 101 5 How to Build Wealth? “I make money, make money. That’s what I hustle for? You don’ think the same thing, Tell me what you hustlin’ for?!” —Juicy J, Make Money 7 Steps to Building Wealth Building wealth will require you to take the following steps: Step 1 Earn Income Step 2 Control Your Spending Step 3 Plan For Your Investments Step 4 Find potential business and real estate investments Step 5 Analyze the revenue, expenses and potential profit Step 6 Determine if the potential benefit (Return-on-Investment) is worth it Step 7 Make Your Money Multiply Creating Wealth Wealth is created through: (1) the business of business and (2) the business of real estate. The income that you receive from your wealth is called passive income. Passive income is money that you receive from investing (not actively participating) in a business, rental property, dividends from stocks, and interest you earn on your money. The Business of Business Start, Invest in, or Buy a Business The business of business focuses on investments in business systems that require very little (if any) time from an investor in order for them to make money. Start a Business • Entrepreneurship is the process of building a business empire that will grow and survive well beyond the life of the founder. In the beginning, the time commitment of starting a business is huge, but the goal is to setup a system that can operate and grow without the founders (you and your partners). This is very different from creating a business that does not hire employees and managers to run the business while paying the founder(s) from the profits. Think Steve Jobs and Apple, or Sam Walton and Wal-Mart, not the owner of your local corner store. Invest in a Business • Investing in public companies – buying shares of stock in a public company 6 WEALTH BUILDING 101 from the stock market. • Investing in private companies – buying shares of stock (% of ownership) in a private company. Think: Shark Tank. Buy a Business • Investing in franchises is the purchasing of the right to use a firm’s successful business model and brand for a certain period of time. Popular franchises include Subway, Papa John’s, Buffalo Wild Wings, Five Guys, Outback Steakhouse, Anytime Fitness, etc. • Any other business that allows you to invest your money in the operation of business systems that require very little or none of your time in order to create profit. The Business of Real Estate Buy it, Rent it, Profit The business of real estate is similar to the business of business. It requires a system that is wrapped around business operations so that an investor does not have to use a lot of their time in order to make money. This system usually includes: a property management team to manage properties, a lawyer for legal concerns, an insurance provider, an accountant, and a network of property locators (people that can help you find great deals). Having a great system in place is the key to making money through real estate. • Buy it Right – Calculate (estimate) all the associated expenses (related bills) and anticipated profits before purchasing property at a discount – make sure your return on investment (ROI) is worth it. • Own the Space then Rent it – Real estate is the business of space, for a fee (rent). You will allow other people or businesses to rent your space. The types of real estate that you can rent out for a fee are: residential, commercial and agricultural. o Residential – real estate available for non-business purposes such as single or multi-family homes (under four units) o Commercial – real estate is used for businesses, restaurants, retail stores and apartment buildings with four or more units o Agricultural – real estate is used to grow produce plants, vegetables, fruits, grains, trees, dairy or raise animals (ranches), examples include farms and ranches WEALTH BUILDING 101 7 Control Your Money – Pay for vs. Afford Control Your Money – Pay for vs. Afford While you are young and free from huge responsibilities like mortgage payments, credit card debt, college loans, car loans, childcare expenses and so on, it is extremely important that you come up with a plan for the type of financial future that you want. This plan will help you know the difference between what you can pay for and what you can afford to spend your money on. Example: You work at the local supermarket for 20 hours on the weekends and earn $200 per week - $800 per month - $10,400 per year. You have talked it over with your parents and have decided that when you graduate high school in four years you want to: buy your first car and join your family in buying a Little Caesar’s Pizza restaurant. Goals - Your plan is to save $8,000 for your first car and $25,000 for your share (25%) of the family business. What You Can Afford - Based on the above plan you can only afford to spend $2,150 every year or $179 every month.
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