Updated: Jun 18, 2020
A short article on financial intelligence for young entrepreneurs.
The wealthiest people aren’t those who work hard, go to school and secure awesome jobs. True wealth is created by having money work for you and any entrepreneur will know that.
In the next 3 minutes you’ll read why I think everyone should start modifying their common ideas about money to an alternative mindset. Consider: how can I grow the things I am passionate about into a profitable income-producing assets or investments.
I will be demonstrating this with Robert Kiyosaki's Cash Flow Quadrants.
"It always seems impossible until it's done" - Nelson Mandela
E - Employee: You have a job and trade your time in the day for money to perform some departmental role in an organization.
Dear Entrepreneurs, the system is made for you to fit into a box and survives off of traditional income roles and models. Many people get amazing jobs in great industries and live 100% satisfied in their career. You can find pride in a job. However, if you know you do not want that for yourself then exploring alternate quadrants B,S or I may work for you. It's a completely personal choice.
S - Self Employed: You own a revenue-generating business in which you make the decisions and have made at least one sale.
Making that first sale is crucial to actually getting a win under you belt. If you are a pre-revenue generating (idea phase) company or if you are in need of some fresh ideas send me a message and get a free consultation. This is great for established firms too. We can spruce the brand up at affordable costs so you can close a few more deals.
Disclaimer: self-employment though glamorous may not be for everyone. Sometimes re-branding or closing the firm completely is always a good option. With a good brand strategist and marketing team even you can pivot.
"You've got to know when to hold 'em. Know when to fold 'em" - Kenny Rogers
B - Business Owner: You own a big business, system or team with other professionals trending towards 400 employees.
This is the goal of most young entrepreneurs. We want to make it and take our friends, day 1 supporters and help the community on the way to the top. It's the millennial dream. It can be a reality too if you have an open mind and the ability to scale and make good business decisions. Good decisions come from opportunities and sadly you won't get many if no one can find you or your content is weak. In the Business quadrant you start to notice that your assets are your employees and good decisions about trusting experts with proven success as well.
"All of these young people have some kind of potential in them. And if we don't invest in them as a nation, regardless of where they come from or what color they are, if we don't invest in them, we lose." Michelle Obama
I - Investor: You own investments and your money is working for you.
According to Mr. Kiyosaki, the investor has the highest form of financial intelligence. A true investor will be able to step away and remain comfortable knowing that their money is working for them. Obviously there are some limitations as to how comfortable a person might be before stepping away but is presented as an alternative mindset towards money. A young entrepreneur invests in themselves then invests in their business, and the people around them until they become seasoned enough to let their money work for them.
A turning point for me as a young entrepreneur was reading “Rich Dad Poor Dad” by Robert Kiyosaki. This book is great if you want to increase your understanding of how to create the financial lifestyle of a millionaire+ and starting young is an advantage. Although some of the latest thing's he's said are controversial there's still good lessons to be learned.
Try not to be consumed in what you don’t have and reach out ask for what you want or need. 9 time out of 10 the person on the other end is willing to help. You believe and set the business intention to receive what you need. Manifest what you want in life and you’ll be surprised how fast you grow.
See you in the next Urban Guide