"Personal Finance 4

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Daily Meeting - Personal Finances pt 4

7 Cures for a Lean Purse

Bob Proctor — What is The Law of Compensation

You cannot live a life in which you approach your life as an opportunity to increase your ability to earn
If you don’t increase in value every area of your life, you’re going to lose those things
Compensation is anything you are in that has your attention
If you have money problems, you have serious character problems
You do not become the richest person in the world by thinking about saving money
In times of cutback, don’t save; go make more
The people who win during cutback seasons are the people who plant seeds
Cutting back is a vibration; it’s an admission of “I don’t have”
Everyone wants to be on the mountain top; the problem is that gardens don’t grow on the mountain top
You can only eat from the valley
There’s always somebody not being superstitious
Being on the mountain top means you won already, but you can’t keep “won already” to keep winning
You’ve got to go back to the valley and plant more seeds so you can eat on the mountain top longer
Every blessing you’ve gotten has come from the valley
Stop hating those down periods in your life
Praise before your harvest
If you keep waiting to see what you’re praising for, you’re going to continue to wait to see what you’re praising for

Take one-tenth of what you bring in and save it for the future.
The book uses a coin analogy: for every nine coins you spend, take one and put it away for yourself.
This is very sensible; a goal all of us should have.
Pay yourself first

Control your expenses
You don’t need everything
Don’t buy frivolous things even if you have enough money to pay for them.
Instead, make sure that you can continue to save one-tenth of what you bring in.
For this reason, I write about frugality on The Simple Dollar.

Once you start to build up some savings, invest that money so that it will make more money for you.
Another pretty clear point; if you start saving money, it shouldn’t just sit in a mattress.
Even a high-yield savings account is much better than that, and it can double your principal in about fifteen years.
If you do not multiply your money, you’re dead in the water
You can have a lot of time and no money, a lot of money and no time, or a lot of time and a lot of money

Never lose money
To never lose money, you need a mentor
This one is interesting: you should only invest in things where the principal is safe.
In other words, the book seems to discourage stock investing. I found this to be particularly interesting given that it was written in 1927, right in the midst of the first big American stock market boom. Of course, 1929 proved the author right.
The more you multiply your money, the more you can go live your dreams

The USA will allow you to write off a home, dollar for dollar tax write off up to $8 million

The Goddess of Good Luck

Lesson: Good luck favors the man or woman of action
A person of action is favored by the Goddess of Good Luck
Procrastination upon decision-making only leads to regrets.
Make decisions with all the good information that you have – either for or against an action – and carry out the decision.
Indecisiveness does not bring good fortune.
The more successful people you have around you, the better your garden is
You want to be a person who can nearby activate luck all the time
Lucky people are always people who took action
The more you’re in the zone, the more Universe activates in that zone
Good luck hangs around action
Imagine how good your life would be if you just activated good luck
Procrastinators rarely get good luck
There’s only 2 roads in life: the road to prosperity and the road to poverty
These 2 roads never cross and never go in the same direction
The moment you decide to change instantly, you’re on the road to prosperity
The road to riches has nothing to do with the road to poverty

Closing Thoughts

You’re going to be able to do great things poor or wealthy
You will get it one day; you’re going to make it
Unfortunately, you may take a longer road for you to get it
There are no mistakes
If it takes you longer to get it, it’s perfect
In the valley is where you truly become God
In this present is only the deeds of your past
Sometimes, you just have to walk out the nasty harvest
Release people from how you think they should respect you
Release people from the responsibility of doing right by you
Release yourself from what you’ve done
You aren’t making any money being mad that you don’t have any
When you walk out that harvest, it’ll come so fast you’ll wonder where it was all those lean years