Jim Rohn: How to Gain Financial Freedom | Law of Attraction

[Applause] [Music] okay let’s talk now financial independence let me first give you my definition of financial independence number one the ability to live from the income of your personal resources this should be every person who lives in a free country especially a capitalistic country this should be everyone’s goal to someday be able to live from the income of your personal resources now how many resources you need right depends on how you want to live but if you wish to live modestly it doesn’t take all that many resources over a fairly brief period of time to have enough resources to live modestly if you wish to live more lavishly of course you need to accumulate more resources but that’s my view of financial independence so that you can live from the income of your resources now here’s what else that does now you can choose the work you do now you can choose to work or not work now you can work not because you have to but because you want to when we talk to kids about financial independence we say do what you have to as quick as you can so you can do what you want to as long as you can next key phrase economics is major everybody should major in economics because it’s such a vital part of your life a paycheck is so vital because first of all it provides for you and the family’s survival second it provides for the opportunity of success some people feel we shouldn’t spend that much time talking about money but we really should someone says well you know money is the root of all evil not true here’s what it really says the love of money is the root of all evil and I’m sure everyone here has dispensed with the idea of falling in love with money because that serves no purpose here’s what’s Noble what money can do the project’s it can support the relief from debt it can create building a financial wall around your family nothing can get through so economics is major the key of course is what you do with it if you earn a lot you should give a lot key phrase from antiquity here’s what it says if you’ve been given much now much is required if you’ve been given great responsibility much is required if you’ve been given much wealth now much is required everyone has to solve this about the money to go for should you go for the money should you go for success you should earn as much as you possibly can in the reasonable time devoted to economics job business reasonable time devoted to economics job business future enterprise with that enterprise and with that job the key is to earn as much as you possibly can as you balance your life with everything else not at the sacrifice of your friendships not at the sacrifice of values not at the sacrifice of integrity not at the sacrifice of wiping out other values in your life but within balance of everything go as far as you can earn as much as you can share as much as you can drop this question down is it possible in America to multiply your income by 10 kids would be fascinated with this question is it possible to multiply your income by 10 and the answer is of course yes could you repeat that after me yes of course that helps to emphasize this that’s called exclamation point and kids with wide eyes will say is that right can you start at the bottom and someday multiply your income by 10 the answer is of course of course of course now if you multiplied it by 10 can you think of anybody that makes $500 an hour I’m telling you the Beverly Hills lawyers where I live make at least $500 an hour now we’ve multiplied income by 10 again would it be possible to multiply your income by 10 and then multiplied by 10 again see that’s a little weak I’m trying to make you believers to those that believe here’s what scripture says all things are possible there isn’t anything that’s impossible the most incredible things are possible to believers not poppers not hopers believers 500 dollars an hour would it be possible to multiply your income by ten five thousand dollars an hour what do you suppose I get paid I’m telling you it’s possible to multiply your income by ten and then by tending them but then I lecture with Norman Schwarzkopf the old general guess what he gets paid for his speech sixty five thousand dollars for one hour sixty-five thousand not five thousand right sixty-five thousand I had lunch with colon Powell and I was on that speaking panel for one of those multi speaker seminars and I think he got paid like seventy thousand dollars it’s a fun lunch was somebody gets paid $75,000 [Music] unbelievable now the person that’s on up here right like Bill Gates in you know who knows who else here that makes 68 million dollars in one year we say well it’s that legitimate to pay someone 68 million in one year and the answer is of course if they help the company make a billion dollars last year with the company pay them 68 million the answer’s yes it’s chicken feed it ain’t that much keyphrase the jot down everything is relative everything is relative what might seem like a lot now I’m telling you some time from now for you won’t seem that much you say wow I was a small thinker back then thinking you know four thousand a month was a lot of money eight thousand a month was really something I remember those days when eight thousand a month was unbelievable and then fifteen thousand a month wow I couldn’t believe it how about twenty thousand a month incomprehensible and I flew on by that how about thirty thousand a month I flew on by that unbelievable how about fifty how about eighty thousand a month I remember when I went right on by it was incredible getting paid by the week I remember when it was right 20,000 a week and then 30,000 a week how about $40,000 a week how much property will they let you own as much as you want all you want and all you wish here’s the country you live in all you want and all you wish that’s about as good as we can make it next here’s the philosophy of the rich and the philosophy of the poor first the philosophy of the poor poor people now this is not demeaning now this is simply people of modest means people of modest means tend to spend their money and invest what’s left if they have anything left over they might save it or invested that’s the philosophy the poor philosophy to spend your money save what’s left here’s the philosophy of the rich to invest your money and spend what’s left it’s the same money it’s just a different attitude and a different philosophy either spend your money save what’s left or invest your money spend what’s that now here certainly is the better philosophy to invest your money and spend what’s left I started out aged 25 I’m working hard to make a living and I found out how to start working on my fortune that might not be for everyone but you can turn part of your present income if you think I’ve got to stick with a job for 30 years retire that’s your mindset and you want to do that fine but now you must wisely use the resources from that income to make a profit even if you let other people use the money and pay you interest in dividends if at least you do that whether you buy and sell or not but who couldn’t if you worked on a job for 40 years why couldn’t you buy a piece of property and sell it for more than you paid for it why couldn’t you buy a home sell it for more than you paid for it why couldn’t you buy a piece of property that needs repair find somebody to repair it and sell it for more than you paid for it why couldn’t you do that over the next 40 years as well as work on the job and punch the clock and do your duty and retire as a faithful employee why not work both on your fortune and your living why not if the least you did was to take part of what you’ve earned as a living and let someone else use it and pay you for the use if you did that over 40 years you would easily be financially independent not from your job but from your investments then if you can find other ways because it’s stimulating who was it said it was at Eisenhower or someone said find a piece of property and leave it better than you found it just something Claude Olney who put together a program called where there’s a will there’s an a became highly successful as an infomercial he came to my seminars years and years ago before he put that program together and he says I’ve got an idea what do you think I said it’s a winner sure enough made him Millions he made money on every car he bought because of the incredible way he took care of it and the way he made it shine and gleam so that when he got ready to sell it it was worth more than when he bought it that was one of his projects I’m gonna make money on every car I buy see it just depends on your attitude and your philosophy and the answer is why not amazing to different people with two different attitudes one lets it all go because it doesn’t seem to make a difference another one says I make money on whatever I touch whatever I touch gets better it doesn’t get dirty it gets better a guy who owned a bunch of apartments said to me most everybody leaves the apartment that they rent worse than they found it I said you’ve got to be kidding he said some leave it trashed I said impossible he said no I said what a reputation what I touch turns to trash instead of gets better amazing but what if you had the attitude or the mindset I’m gonna leave wherever I am I’m gonna leave it better than I found it not just what it did for the world because it’s a better place if you do that but what it did for your psyche whatever I touch gets cleaner and it gets better and it gets painted gets restored even if I walk away you say well somebody else is gonna enjoy it all that’s not to keep so be it the key is my philosophy is I leave everything better than I found it if one of your goals is to become a millionaire as it was my goal for many years before I achieved it you have to learn how to think the way a millionaire thinks if you want to get the results especially the financial results that a millionaire gets now the most important attitude for financial success is called long-term thinking successful people think a long way into the future and they adjust their daily behaviors to assure that they achieve their long-term goals in a longitudinal study covering about 50 years done at Harvard universities in the 50s and 60s they studied the reasons for upward socio-economic mobility they were looking for factors that would predict whether or not an individual or family was going to move upward and be wealthier in the future than in the present they studied factors like education intelligence being born into the right family or having the right connections in every case they found individuals who had been born with every blessing in life who did poorly they also found individuals who had been born or come to this country with no advantages at all who had been extremely successful what was the distinguishing factor they finally determined that there was only one key attitude that mattered and they called it time perspective this by the way was one of the greatest breakthrough discoveries of my life and I’ve never really quite recovered from it because it was so important time perspective refers to the amount of time that you take into consideration when planning your day-to-day activities and when making important decisions in your life people with longtime perspective invariably move up economically in the course of their lifetimes when you spend weeks and months and years developing your skills and ability and expanding your experience in order to be successful you have long-time perspective the average professional person has a time perspective of 10 15 and 20 years they’re willing to invest years at university and and master’s degrees and Doctorate degrees and then years of training as accountants or doctors or dentists in order to be able to make a wonderful living for the rest of their lives they have long-time perspective this is a characteristic of people who move up rapidly socioeconomically and financially in life so begin to see that everything that you are doing today is part of a long time continuum at the end of which you’re going to be financially independent or financially unfortunate people with short time perspective think only about fun and pleasure in the short term they have what economists call the inability to delay gratification they have an irresistible tendency to spend every single penny they earn and everything that they can borrow thinking that the money will always be there and that life will last forever when you develop long time perspective you develop the discipline to delay gratification in the short term and to save your money rather than spending it the combination of long time perspective and delayed gratification put you under the high road to financial independence now here are two things you can do to develop the attitudes of financially successful people first think long term about your financial life decide exactly how much you want to be worth in five years 10 years and 20 years from today write it down make a plan take action on your plan every single day and the second thing that you can do to assure your success in the long term is to develop the ability to delay gratification instead of buying something on impulse put off buying decisions for a day a week or even a month decide in advance to think it over before you buy anything this can change the way you spend money almost immediately your ability to think long term about your life and to set 10 and 20 year goals for yourself and then come back to the present and make sure that everything you do today is consistent with where you want to be in the future is the hallmark of people who become millionaires in the course of their working lifetimes you [Music]

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