Measuring the Cost

WEEK 11:
*What will an entrepreneurial lifestyle cost my family? What can I do to safeguard some of the key relationships in my life as I bring them along on the roller-coaster ride of starting and running a business?
What is your view on money? Will you spend a lifetime chasing after the almighty buck?
What are your key relationships in life? We all have only so many hours in a day, so how do you maintain life balance? How do you know when you are successful? What is the formula for success?

*READ "The Richest Man in Babylon"+ terrific spouse+ 6 step success formula= retire young
*REVIEW Life, Liberty, and the Pursuit of Happiness

Attitude on Money
  • We all have filters in our minds which change the way we "see" things.
  • ...These filters, ideas, beliefs, opinions and teachings get into our minds when we are very young and color and form the way we perceive or see things and issues. That is why so many of us think just like our parents think on so many issues when we are young. Part of the process of becoming adults is deciding if the lenses that we see things through are the correct lenses for us.
  • what is the right way to look at money? You will need to decide that for yourself.
  • The possession of excess money often reveals or exposes what kind of a person the individual is.
  • Money often reveals the kind of person we are.
  • ...the gospel has the power to make bad men good, and good men better...money can make good men better but usually makes bad men worse.
  • Through the wonderful opportunity of education you are liberated and can liberate others that are held captive by their ignorance.
  • How do the brethren feel about money? They warn us about materialism. That is concentrating on accumulating money just to accumulate things
  • ...wealth creation or the abundant life comes from, again, keeping the laws upon which that blessing is predicated.
  • So if you want to prosper: 
Rule 1. Seek the Lord and have hope in him 

Rule 2. Keep the commandments, that includes the temporal ones, tithing and fast offerings. Rule 3. Think about money and plan how you can become self-reliant. 
Rule 4. Take advantage of chances for learning so you will not be ignorant of these matters. Education, as President Hinckley has taught us, is the Key to Opportunity. 
Rule 5. Learn the laws upon which the blessings of wealth are predicated. 
Rule 6. Do not send away the naked, the hungry, the thirsty or the sick or those who are held captive.
  • we should not "let our money sleep." He buried it.
Formula for Success
  • ...really to be a chosen generation, we have the responsibility to be prepared, to be productive, to be faithful, and to be fruitful as well.
  • Formula for success: First, fill your mind with truth; second, fill your life with service; and third, fill your heart with love.

*What makes your life balanced is having a wholistic view.
*Never put yourself in a situation where you can't say no.
*Balanced life= pay attention to what's important...be careful with your priorities

Corey Bell
*...live my life in such a way that there is no what if.
*I don't like to hear the word can't.

Work and Family
*Have regular family meetings...ask the kids what they need.

Financial Fitness
  1. Pay yourself First. - Invest a part of every paycheck into an Independence account
    1. Part of what you earn is yours to keep. - Never touch or take from your investment portfolio. -Have a regular budget and a savings budget for EX: 
    • Christmas
    • Birthdays
    • Medical Emergencies
    • Vacations
    • Vehicles]

3. Number three (above) is a non budget savings account
4. Is a Wish list savings account
EX:
  • Boat 
  • Trailer
  • Cruise


And number five, which is probably the most important is your gold account. EX:


  • Investments
  • Appreciating Assets
  • Business Entities]

SUMMARY
When spending time with your family, a key component to balance is to leave your phone behind.
Entrepreneurship is about eliminating the word "can't".
Work/ life balance is difficult if you have a job. Where is the richest place in the world? Ans: Graveyards. Greater satisfaction= diverse experiences. True or False: The greatest threat to leading a fulfilling life is a misguided pursuit of happiness.
  

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