The Reality About Cash Administration

January 18, 2021 6 min read

The opinions expressed by the entrepreneur’s contributors are their own.

can be a terrifying topic. Even the word itself seems daunting, with all of its underlying connotations. For this reason, some are turning away from dirtying their hands and gaining vital empirical knowledge in the world of money management. Instead, they turn their faces away from it and twist theirs Money management to someone who knows better.

The unfortunate one Is that kind of people will never generate the wealth they want or need. Money knowledge (what to do with it, how to use it, where to invest it, how to make it work for you, etc.) is one of the most important tools in the tool belt of the rich, and they use it as a weapon.

I sat down with supposedly Money management mentor Chris Naugle (who, fully disclosed, is also a personal friend) to discuss this important topic, and he started with this gem: “Money is not complicated. I have spoken to so many people who have held onto this common misconception that it evolved from a young age. This makes them believe that you’d better pass it on to someone who can do more with it or understand it better than you. “

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And this misunderstanding is not reserved for a few. Naugle admits he felt the same way before stepping headlong into life as a financial advisor. However, after years of training, practicing, and even some failures, he has learned some valuable lessons, such as these:

“The truth is that money is just a tool. A tool that is used right and wrong. Unfortunately, most of what we are taught is wrong, and therefore a lot of our money problems are due to it. Trust me, I know it’s hard to hear or believe that everything you’ve ever been taught about money is absolutely wrong. “

Here’s Naughle’s insider breakdown on optimal money management:

The low point in privatized banking

If you aren’t in control of your money, someone else is and you can bet that they are using your money to get richer. So the idea is to take your money into your own hands.

You may have heard this concept before. There are many names: The Money Multiplier, Infinite Banking, Privatized Banking, etc. But the name is not important; It’s the meaning. With this concept, you are in control of your money and are your own bank. You can get a specially designed, lifetime policy with a mutually owned insurance company that pays dividends and puts you in a position of power.

Bottom line: it’s your money, and you have to be the one to earn the interest on it. Your bank is doing you a disservice with this tight interest rate.

Why shouldn’t you ask for money to fund your business?

I still get puzzled looks at the mere mention of this nugget of truth. You may be wondering, “How on earth is that even possible? Don’t they always tell you to ask until you find a “yes”? “Most people say so, but this information is also incorrect.

Try to solve a person’s problem instead of coming from a position where you need permission. That way, you can approach them from a position of authority and power.

As an example, let’s start a conversation with your neighbor Jim. The two of you have exchanged many stories over the years, so this starts out like any other conversation. Except this time, listen to him differently so you can really adjust to what problems Jim may be having and help solve them.

Jim tells you everything is going well, he’s in , his children have children and he now enjoys being a grandfather. He recently started looking for RVs big enough for the whole family to enjoy on camping trips. But before he gets a mobile home, he wants to finish paying off his truck.

**Ding Ding ding**

That is a problem that you can solve. You and Jim have been neighbors for 12 years, and it’s pretty safe to say he has some equity in his house. What if he could lend you $ 100,000 of that equity at 12% interest (enough to pay the interest he owes and enough money to pay off his truck)? Then you could close your deal and he could make money. It’s a win-win situation. He already knows and trusts you, which increases the likelihood that he will give you credit and you could both make money from the business.

That’s it! We’re just trying to solve someone’s problem. Give them an offer they can’t refuse and you will both be ahead of the curve. (I’m going to add here that Jim will only trust you if you’ve been a good, upright neighbor. Yes, relationships and how you treat people make you really rich.)

Demystify winning strategies with options trading

If I told you that in less than 10 minutes a day you could get higher returns than your High Yield Savings account, would you think I was crazy? Well no matter what you think it’s true. You can get higher returns by investing 10 minutes of your time a day in options trading. From there, the process can be iterated and simplified, so you may only need to spend 10 minutes a month to get the same dazzling results.

So what does it take? The trick is to find the right strategy that fits your goals and stick to a method that works. We’re not trying to reinvent the wheel here. There’s no need to complicate it.

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The bottom line is that without the right knowledge and consistent application of that knowledge, you will be stuck in a place you don’t want to be. How many years of your life are you willing to give up control simply because you received the wrong information about how money really works?

I saw how Naugle changed the lives of thousands of people through this simple and correct advice on money management. The truth is, money doesn’t have to be complicated. It doesn’t have to intimidate or scare you. Most importantly, your money can work for you.

Let your money make you more money. That is intelligent wealth management.