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002 - The Psychology Of Cashflow
Manage episode 156244651 series 1181815
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- You MUST have a cashflow plan, before you have an investment plan. Game Plan - Every month - In Writing / Typing - TOGETHER - be on the same page How a cashflow plan affects your investment plan - A cashflow plan includes both savings AND investment. - Without savings, people draw from their investments at terrible times - Savings protect your investments - [ ] THINK LONG TERM Why don’t people have a game-plan? - They don’t want to know how broke they really are. - They literally don’t know how. - They don’t like to admit that they are not winning. - They think they don’t have to. They don’t want to know how broke they really are. - Don’t be like an ostrich - If you are not winning with money, you will never win if you don’t have a starting point They literally don’t know how People are not taught how to create a game-plan in schools. How to do it: 1. Start with your income at the top of the page 2. List ALL categories that need to be paid - regardless of the order / priority in which they should be paid. 3. THEN categorise. 4. THERE MUST BE ZERO LEFT OVER They don’t like to admit they are not winning / They think they don’t have to Winning is relative to your own goals. People sometimes think they are winning because they earn a lot. - If you control your cashflow, you determine your destiny. - It is not about the planning process, it’s about the execution. - YOU CANNOT INVEST IF YOU DON’T HAVE A CASHFLOW PLAN - RISK EXPOSURE
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