Live Training and Coaching Session

Show Me the Money II

Managing Your Finances

with Jim Bunch

By John Assaraf

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1

Training & Coaching Session

Quote #1

“And your

goal, I know, is

to earn enough

money to live

the lifestyle of

your dreams.”

JB Hello everyone, and a special hello to all gold members and everyone on the call considering becoming a gold member. Welcome to “Show Me the Money” month; interactive coaching and training with our special guest today, Jim Bunch. This is Jennifer Bailey, Head Coach for the John Assaraf Companies. And I want to give a special hello to my personal clients on this call who I’m delighted to support in coaching them to achieve their lifestyle and goals in their life. And today, we’re going to be talking about specific wealth-building and business growth strategies for winning the inner game of money and business. We’re going to learn three C’s of money that will work for you or against you, the top ten wealth-building habits that will give you the breakthrough you are looking for, and understanding the five pathways to money; how many are you actively using in your life today? And then John will also be announcing live today, he’ll be doing a live drawing for the three winners who have won a day at his home in San Diego to mastermind for the day around their business and their goals. So, again, welcome everybody and, just one more thing, a little housekeeping. During the live Q&A from the maestroconference platform; so those of you that have called in to maestroconference, please be sure that when you press “1” on your phone to cue you up to ask a live question that you turn off or turn down your audio on your computer because we have an echo and reverberation there. So, thank you for that ahead of time, and we are live with John. Hi John, are you there?

JA Hey Jennifer. Hi everybody. I just want to make sure that you all can hear me well, you can see me well and I’m sporting a nice new tan right now. I just got back from Cabo San Lucas fishing with my boys and a dear friend of mine and his kid. And so I actually landed about one hour ago at the private airport here in San Diego. So, first and foremost, if you can hear me and see me, great. And you are able to hear Jennifer, great. Just let us know right now in our live chat and that way we can see here on our screen. I’ve got Mike here in the studio with me and Patrick and Tom as well. And then our team over at the Praxis Now offices. We’re here to support you. I’ve got a couple of items I want to go over and then we’re going to get right into, “Show Me the Money,” ya know, managing your finances. And this is going to be just an amazing topic around growing, ya know, your personal net worth so that you can live that ultimate lifestyle. Every one of you, ya know, got into the brain training system – either the money one or the business one, or both. And your goal, I know, is to earn enough money to live the lifestyle of your dreams. Now there’s a variety of different strategies and tactics that you can use in making money, managing money, in saving money, investing money, in preserving money and we’ll talk about some of those today. And so let me just get a show from all of you; can you hear me, can you see me? Mike?

M You’re good.

JA You’re all good. All right, so, number one, congratulations to all of you that participate in the $90,000.00 contest that we had. We have lots and lots of winners. We had about 200 winners from time with me to coach you or consult you, to events that you can go to, to gift certificates on Amazon.com, or to CDs or DVDs, and a lot of different promos. I hope you had a lot of fun. What I can share with you is the activity in the form, in the members there. It was just off the charts, which was great. And what I also want to do is thank you for, those of you who really went into the training area where all of the training programs, the last ten or so training programs we did, like we’re doing today, are in there. Plus all of the expert interviews we do every single month are in there. And, and really to listen to it and then share what you learned with other people in the forums and communicate in dialogues. In about a two-week period of time we had over 20-, I think 25- to 26-hundred separate topics and 25-thousand different posts. Ya know

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that was our way of getting you connected, getting you communicating. The next step of what we’re doing is to really pair that down and focus on the critical area that you want to focus on, which is obviously growing your business, making more money, living a lifestyle of your dreams. And what we discovered obviously is that you all love to connect. You all love not just to learn for me and the guests that I’m bringing you, but also from each other. And if I was to give you a guesstimate of how much just the, I think there’s about 1,570 or 1,580 people signed on into the community. Those people collectively probably have spent $20-, $30-, $40-million on personal development programs, and that’s who you’re going to learn from going forward. So I really want to compliment you on that. So, as you know, we have sent you an inordinate amount of email to get you to join us in the gold membership or the silver membership. And you’re going to have one final chance today to sign up, if you haven’t signed up already. And hopefully we’re showing you the quality of the work that we’re doing is, I mean, unmatched I don’t think, anywhere else, for the investment of joining the gold program, or the silver.

“You want to

be immersed –

week in, week

out, focusing

on money,

focusing on

getting the

answers to

your questions,

focusing on

learning new

stuff, new

strategies, new

tactics, from a

variety of

different

vantage points

so that it

sticks.”

Ya know, also by the way, tomorrow, be able to join just the forums in the bronze level membership. And so we want to give people who signed up already the absolute best deal that you’re ever going to see. Right now, the gold membership is $1,997.00 and we’re already starting to sell that to people on the outside and getting them engaged. As of tonight at midnight California time, that is the price that we’re going to be charging. And so if you’re even remotely considering it, today’s your last to do it, so enjoy this program. But for many of you, this is going to be your last live session with me and people that I bring on to help you over the next 12 months. So we’re giving you fair warning. Yes, we’ve marketed a lot, probably too much, but that’s one of our ways of making sure that the messages get in front of you. Now, last month we started, all right, the “Show Me the Money” month. And each month we’re picking a topic that we’re going to help you with. So on the first Wednesday we actually do a live session like this for two hours where we teach you content. We do Q&A sessions. Then the next Wednesday what we do is we actually get on-line and we dialogue about what you’ve learned; what other questions you have.

If you didn’t get a chance to see it live, then you get a chance to watch it, ya know, during the week, and then ask the questions. And then the third Wednesday of every month, I bring you an expert that I know is doing what you want to do in your own lives or businesses. And so whether you want to start a business or you have a business, the key is, what I call is an immersion process. Because of the way the brain works, most of what we hear initially happens at the explicit memory system, which is very, very short-term. It’s like gun powder. It’s really good for a short period of time and you can declare that you’ve heard it or you declare that you know a little bit about it, but you really don’t apply it. Why? It’s not the way, or not 350 people the system works, so what you want to do is you want to be in the conversation. You want to be immersed – week in, week out, focusing on money, focusing on getting the answers to your questions, focusing on learning new stuff, new strategies, new tactics, from a variety of different vantage points so that it sticks. Because once it sticks, it becomes part of your implicit memory and non-declarative part of your brain and then you start to proceed, think differently, act differently, which changes your results.

And our interest for those of you that really want to make more money is: A) Get your brain trained properly with the right belief and habits, etc. Number two, is really give you the tools you need to be making more money and growing your business, if you have one. And that is really the whole point behind the gold program is every single week, every single month, you’re in an environment to learn as little or as much as you want. And I believe at the price points that we have it, it’s a no-brainer for you. You look at any other program out there; you’re going to pay $2-; $3-; $4-, $5-thousand dollars for it. Those of you who are on the

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3

call right now and watching me, you get a chance to buy it at a fraction of what others will pay for it, as well as what other people who are doing some similar things in the world are doing as well. And this is your last chance to get in on that. So that’s that. Last month we covered, “Show Me The Money,” and the first focus in “Show Me The Money,” which is also recorded and transcribed on the membership site in the training area is around your self-image being the determining factor of your net worth and your net image and your personal financial persona is going to dictate how much money you make and how much you keep. So we talked a lot of about the different types of persona that we have, specifically around money and how to develop the persona of somebody that makes two-, three-, four-, five-, ten-times more money than you’re currently earning right now. If you believe that you deserve to earn ten times more at the implicit level, you’d be earning ten times more right now, or five times more or three times more. But when we have fears that are unconscious, when we have doubts that are unconscious, we have anxiety that’s unconscious, we procrastinate on doing the things that we know we should do, then there’s going to be a mismatch between where you are and where you want to be.

“And one of

the things that

I know from

the history of

working with

people all over

the world is

how you do

anything is

how you do

everything.”

And what I want to do is keep you in the conversation every single week, all right? Because the more you’re in the conversation, the more you’re repeating, hearing the information, the more you finally get it and when you get it, and guess what happens? You start to actually apply it. When you think money is reserved for other people or you think that because somebody has got a better education than you do that they should make more money, or when you think that you don’t have, ya know, you don’t deserve to make the money that you really want to make, you won’t do the things you need to do. Or you’ll do them and then you sabotage your behavior, you’ll sabotage your thinking with thinking, thinking. So that’s what we did last month. We also had Greg Habstritt with us as well, as well as our expert interview on how he made millions of dollars for himself and his mindset; his strategy as well. Now, for those of you who won in the $90,000.00; wonderful. For those of you who are still in the game, we’ve got the winner that’s going to be chosen today. Now, I’ve got somebody over here that says, are you, okay, the winner? Now you see in this box? We got, except for that piece of paper.

Hold on, let me get these back in here. Let me just show you this. We have got, I think about 350 people who entered the contest, or not 350 people. Let me make sure I get your name in here. We have 350 entries of individuals who were smart enough to go back to the training area and to really listen to the content and take notes. And the reason I did this for you is because listen to something one time or two times is not enough. To learn it you must have the repetition in order to learn it so it sinks into it and you start to apply it. And I’ve nudged you, we’ve prodded you, we’ve given you contests, we’ve given you ways to win. Ya know three people are going to be chosen today that we are going to fly in to San Diego to mastermind with me and I may even have some surprises for you – just think about that. And so, we’ve done everything that we can on our end, to get you engaged and to get you involved. And one of the things that I know from the history of working with people all over the world is how you do anything is how you do everything. Now it’s not too late to change. For those of you who haven’t really taken action, when would now be a great time to take action.

You can get back into the area that we got all of the transcripts and the videos and the audios and the lessons and the manuals that we create for you every single month and you could still learn that stuff. You can’t work on everything but yourself. You’ve got to take time out to work on you and the more you do that, the more you repeatedly are in the conversation, in the learning, in the dialogue with other people as you’re learning, the more you’re going to become that from the inside out. And the reason for the community is not just to have me nudge you or Mike, or our team, nudge you, or Jennifer – it’s to have the community really help

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4

“And making

money, earning

money, is

predicated by

your thinking

about how

you’re making

money.”

you as well. If you’ve paid any attention to what’s going on or what went on for the first couple weeks of the contest, we had people helping people, and that’s where it becomes so much fun. And our goal is to have the most robust fun community in the world, all right? So I’m going to choose the winner later on in the show, and so you’re going to have a chance today to meet one of my dear friends and a wonderful buddy of mine, Jim Bunch, who worked with me back in 1995 when I started the Life Success Institute. He was working with Tony Robbins at the time, or before that. He’s done a ton of training. He’s done a lot of work with Jack Canfield and a whole bunch of other people. He’s part of the Transformation Leadership Council. He’s been involved with me in bamboo.com. He came in on that deal as well back in 1999, and he’s somebody that I’ve done a lot of work for. I consider Jim to be like my kid brother, and he’s been doing a lot of great work in the personal development field and I invited him to come into the studio with me today to really focus on helping you with some of your finances, about sometime late last year I did an event with him where I show up at his events, and I did the mindset piece and he was working with a lot of his clients on some of the money parts of their lives.

And he had some really great ways of dialoguing around money that he’s taught many, many people. And so I asked him to come into the studio with me and together we’re really going to talk to you about, ya know, showing you the money. So if my team can get Jim prepared right now; he’s going to be about a minute. He’s just coming into the studio right now. One of the things that I love about Jim is that he not only applies sound money-generating principles and money management principles, but he also comes up with really good games – ways of playing games of money that’ll help you achieve the goal that you want with metaphors and with games. Now on the screen you’re going to see a PowerPoint. At the bottom of this video, where you see me right now, below you can download the entire manual. We sent you two emails; one yesterday and one again this morning, to make sure that you get a copy of this. And for some reason you didn’t, I know there’s always somebody who doesn’t have it, then just go to the bottom of this page and you’ll see there’s a place for you to click. So, let me just see with a little feedback, how many of you already have this, and how many of you need it?

So if you can type in right now so we can see, I’ll know how much time to give you to download it, all right? The thing that I want to start with for everybody, all right, is what we call, is the three C’s of money, okay? And this is your chance to download, okay, the manual; and you can do this right now. There’s the three C’s of money, all right? And these are principles that haven’t changed. These are lifelong principles that are, have been around forever. Number one is cash flow. And that is, how do you generate cash flow, all right? So it could be from your job, it could be from a business, it could be from investments, it could be from an inheritance. It could be from a variety of different ways, but the first part of that equation is cash flow – the creation of cash flow. And making money, earning money, is predicated by your thinking about how you’re making money. And when you alter your thinking about how you’re making money – your cash flow, which is your inflow, and sometimes your outflow. But the cash or the money coming in is the first part of the equation. There are three other parts, okay, we’re only going to talk about two today.

But there’s three other parts that are critical to this. The second part which I find and I know Jim who’s coming to the studio right this second, finds as well, is that cash flow management is – once the money comes in, or the money that goes out, most people, over 90% of the people that I speak to, do not have any sort of cash management system in place. The third part is the cash flow investing, and it doesn’t matter, ya know, how much money you’ve got coming in. There are strategies that you can implement to invest even a little bit of money at a time. And regardless of how much you earn, one of the key ingredients to investing is that

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5

you get into the mindset; these are habit – the mindset of investing a little bit; even if it’s a dollar a month or $2.00 a month or $10.00 or $100.00, or $1,000.00 or $10,000.00 – it doesn’t make a difference – that you get into the habit of investing a portion of every dollar that you’ve made. And here’s a question for you, if you would have taken 5% to 10% of every dollar you have made since high school – 5% to 10% of every dollar you have made in high school and you put that into an investment of some sort back then, and even if it made only 5% a year, and that’s compounded over the last five, ten, 20, 30, 40 years for some of you, maybe even 50, okay? How much money would you have as a result of the initial investment, the interest on that and the compounding effect of that investing? And in the fourth part we’re not going to talk about today, and I will bring another guest in who’s a dear friend of mine who helps manage some of our funds. His name is Michael Fennison and we’ll try and get him in. Is the preservation of your wealth.

“And that’s

where a lot of

the wealth

information

came from; is

that we noticed

that out of

happiness,

health and

wealth, wealth

is one of the

areas where

people needed

support.”

So, creation is number one, management is number two, investing is number three, and the fourth one, which is a lot more sophisticated is the preservation, all right? And so these are the things we’re going to be talking about today, except for preservation, and so what I’m going to do is I’m going to ask Jim to join me on the stage right now and come on over Jim. I’m just going to stand here for one second and greet my buddy. He’s taller than I am, just so you all know.

JB I’m a lot shorter on the Internet.

JA He’s a lot shorter – I’m 6’3’ – Jim is like 6’4” on a day he’s squatting. So…

JB Plus the hair.

JA …plus the hair. He’s about 6’5”. So, if you can see Jim and me together right now. Say hello to Jim and Mike why don’t you let us know the feedback for Jim. And Jim, as I mentioned, before I already gave you a bit of his bio. He is the founder of the Ultimate Game of Life and most of the contents on this presentation come from Jim’s program that he did, that I shared with you that I spoke at last year. And Jim has really focused a lot on these areas, and what I thought instead of you all just listening to me talk about this is I’ll tie all of my knowledge in this as well. I bring in a guest who’s doing it right now in his life as well, and teaching others how to do it as well. So, Jim welcome.

JB Thanks brother.

JA It’s great to have you on. Jim and I go back quite a long way, probably about 17 years we’ve been friends, we’ve done business together and we built some things together. And so Jim, why don’t you give people a little bit about your background and let’s get right into the top ten wealth habits, and then I’m going to ask you some questions, so let’s do a whole bunch of teaching.

JB Perfect. Well it’s great to be here and my background has been in two fields really. It’s been in transformation and technology. When we talk about transformation, we’ve always wanted to have a high tech, high touch approach. So years ago we started creating programs where we could actually go into people’s lives and see what they do on a day-to-day basis. And that’s where a lot of the wealth information came from; is that we noticed that out of happiness, health and wealth, wealth is one of the areas where people needed support. So we started looking at it and saying, all right, what do they really want or need? And we did a bunch of surveys. We started looking at their P&Ls and all these different things, and found that, ya know, people are pretty much the same and if they learn how to create it, they’re typically not managing it well and if they manage it, then they need to

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6

obviously know how to invest it to grow it and as you said, then eventually preserve it.

“And one of

the most

important

things when

you’re steering

your ship or, ya

know, heading

wherever

you’re heading

financially, is

to have the

truth.”

JA Jim mentioned a word we will be talking about today, it’s called P&Ls – a Profit and Loss Statement. For those of you who’ve never heard that before, I’m going to assume some of you have and some of you haven’t, and so, let’s talk about, ya know, some of the lessons you learned was, ya know, most people don’t have the whole financial picture in place. And Jim is right, when I’ve gone into businesses or I work with clients personally, they don’t have their cash flow creation in place, for the most part, or they have some of it, but not as much as could be, but most of them lack in the cash flow management and very significant lack of investing and preservation strategy as well. So, if we could talk about the ten habits, okay, that people have, or wealth habits that wealthy people have, why don’t we go through these? I’ll let you do some teaching right now and you guys can learn from buddy, Jim Bunch. We try and make it as easy as possible for you to give you all the information, so let’s go through this list if you want.

JB Sure. Well the first one is know the numbers. And one of the most important things when you’re steering your ship or, ya know, heading wherever you’re heading financially, is to have the truth. And what we find is, when we poll people, time and time, what they think they’re doing financially and what they’re actually doing is completely different. And we’re not financial planners, we’re people just like you, ya know, who have built companies and coached and things like that, but all the time I ask clients, ya know, what’s your income and your expense? Just the basics right? What’s your bottom line? What’s the net at the end of every month? And it’s only going to be one of three positions. It’s either going to be at a surplus, a breakeven, or a loss every month. And…

JA So are you at a surplus, breakeven or a loss every month, and you have to include any of the debt load that you’ve got in those payments and wealth. Surplus, breakeven or at a loss, including paying down any of the debt on your credit cards or loans or any other people that you might, ya know, any other people or things you owe money for.

JB Yeah and what we find out is oftentimes the mind that created the problem is rarely the mind that fixes the problem. So when you ask a person, how are they doing financially? They typically go from their beliefs, right? They go from their subconscious programming. But knowing the truth means if I called you right now and said, I want you to email me your P&L Statement or at least your net worth statement, or something like that, within the next 24 hours, could you do it without a bunch of scrambling?

JA And your net worth statement, okay, is if you take all the assets that you have – any that has any value – furniture, jewelry, real estate, companies, anything of value, and you subtract, okay, all the debts that you owe on credit cards to the bank, mortgages, anything that you owe to anybody or any institution. If you took the asset value without being overly optimistic that your assets are worth so much, like real estate or art or jewelry, and you were realistic and you could sell it all. If you had to sell it all within the next 60 days and pay off every single penny that you owe anybody anywhere, that would give you your net worth, okay?

JB And here’s the crazy thing about it is most people don’t want to look at this kind of stuff.

JA Right.

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7

JB It’s like their doubt, their fear, their anxiety, their anger, their frustration, their – whatever they’re experiencing in the finances, the first thing that comes up. So, our job as a Coach is to make sure that we move people into the areas that might be a little uncomfortable or a little unfamiliar and help them do the things that they don’t want to do on their own so that they get the result. Now the number one thing we hear when people finally look at their finances, is they finally go, wow, I’m either better off than I thought or I’m worse off. But it removes that “I don’t know” feeling; that confusion. And then we can start to build the right plan ‘cause a lot of times people want to go into a lot of action. They think that just making more money is going to help them and then oftentimes that will help, but that’s not the end solution because most people, especially people who are good salespeople or entrepreneurs, have a tendency to be good at creating cash, but the managing is what kills them and they just don’t spend any time on it.

“But if you

have debt and

your debt is

higher than the

investment that

you’re making,

then put it

towards that

first.”

JA And last month we talked about, if you’re not financially free yet or really on your way – remember we talked about the hierarchy of your financial values? It’s the hierarchy of saving money, investing money and managing money so that you can have a great retirement and live a great life now, even in the top two or three of your hierarchy of financial values, you will never get out of the situation you’re in. Because when you earn more money, but you don’t change the habits and the thinking that got you where you are right now, nothing changes. Just earn more money and you still carry forward more debt with you and you still buy things that you shouldn’t be buying. You don’t pay off the debt that you should be paying off. You may live a little bit better lifestyle right now, but you’re not looking after this picture a year from now, three years from now or five years from now.

JB Yeah.

JA And that really leads to, ya know, number two and number three, okay, of habits of highly successful wealthy people.

JB And if you can automate saving, that’s the best. Because if you are a builder, if you’re somebody who’s, ya know, building your business, it just, it’s not a natural thought to do that. So if you can take, and this is what we’ve done for years, is take 10% of revenues and automatically allocate that towards savings. Now if you have better, something like that, again we’re not trying to give financial advice. But if you have debt and your debt is higher than the investment that you’re making, then put it towards that first. Because that’s a guaranteed return on your investment. So if you have credit card…

JA Wait, explain that one more time.

JB Sure, so let’s say that you have credit card debt that’s at 15%, right? So you know that that’s 15% that’s compounding daily. Let’s say you have $10,000.00 in credit card debt. So if you were to take 10% of your income and pay that down, you’re guaranteed to get that return on investment of saving 10% off that $10,000.00.

JA Right.

JB Because it’s compounding whether you work or don’t, it’s growing every day. The other piece is, maybe, if you’ve got investments, let’s say you’re doing some investing in real estate, or you can invest in your marketing and your business. You may be getting a higher rate of return for your money than if you paid down that debt. But that’s a strategic look at what to do with the 10% that’s coming off of your income.

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8

“Hire people

who play at

things you

have to work

at. If you can’t

hire them,

barter with

them. If you

can’t barter

with them,

defer payment

for them. If

you can’t defer

payment then

partner with

them somehow

to get this part

of your

business done.

This is, this is

the equivalent

of having

somebody help

you steer the

ship, okay.”

JA Right. And you got to really recognize within yourself is, that if you’ve got a business, 10% of your revenue is a lot, but 10% of your net revenues may not be a lot. So, if you have a business you look at it one way. If you’ve got a job right now, 10% may be too high for you, but the key here, and we talked about this last month is you have to get into some kind of a consistent monthly saving, a forced saving, and I know in Australia, for all of you Aussies watching right now. Ya know, the beautiful thing is the government, I believe, it’s 10%, they take 10% off the top and they invest it for you. And so the Aussies have already got a really great forced, ya know, savings plan there. All right, for the rest of you, all right, it’s a great habit to start today, even if it’s 2% or 3% or 4%, to start knocking down your debt and to start investing in other things as well.

JB So and that kind of leads us into some of the other pieces about becoming transparent, and one of the things that people have a tendency to do is to hide their financial reality. They won’t communicate with their spouses about it. They don’t talk about it with their friends. They don’t talk about it with – there’s people around them that love them the most, because they’re embarrassed, right? Or they don’t know what to do and they’re 40 or 50 years old, and gosh here’s where I’m at.

JA Is that why my wife doesn’t want to tell me how much she spends every month? Is that what you mean?

JB It could be, which is why I know the numbers. You want to make sure you have software in place that tracks everything.

JA Right.

JB All right. We actually didn’t mention that. So, but just to give some tools or resources, if you don’t have a business, let’s just say that you’re managing your personal finances; mint.com is one that’s just taken off the last few years.

JA Mint – M-I-N-T; M-I-N-T.com is a great little company that’s booming right now.

JB I think they were acquired actually by Intuit, so the good news is, it doesn’t, they can’t transaction or doing anything with your money, but they give you a great way to see all your stuff. You can categorize it easily. It’s really cool software. If you’re not using that, if you’re running a business, you should be looking at QuickBooks, as most people use.

JA Yeah, Quicken or QuickBooks. If any of you want a single entry system or a double entry system, and depending on how sophisticated you are. And by the way, remember one of the things that I’ve been teaching you for, depending on how long you’ve been, ya know, in the gold program, is hire people who play at things you have to work at. Hire people who play at things you have to work at. If you can’t hire them, barter with them. If you can’t barter with them, defer payment for them. If you can’t defer payment then partner with them somehow to get this part of your business done. This is, this is the equivalent of having somebody help you steer the ship, okay.

JB And I would say, even if you are a Bookkeeper or CPA, we’ve seen this numerous times with clients, they shouldn’t be doing their own books. Because again, the mind that create the problem is rarely the mind that fixes the problem. So in this “become transparent,” the idea is to actually open up your finances. Because if you’re strong at it, then you may be able to help other people and if that’s not your skill set or your aptitude, then it may help to have other eyes on it to keep you

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accountable. And this is not once a year. The mistakes that a lot of people make is that wait until the end of the year to make these decisions.

“. And so one

of the things

we’ll do a little

later is we’ll

look at a P&L

or Profit &

Loss sheet so

that you can

see that it only

takes a couple

of minutes to

identify what’s

working and

what’s not

working and

make better

decisions.”

JA Right.

JB This is monthly, at minimum, that you should be sitting down and reviewing the reports. And so one of the things we’ll do a little later is we’ll look at a P&L or Profit & Loss sheet so that you can see that it only takes a couple of minutes to identify what’s working and what’s not working and make better decisions.

JA And what I did, probably about 25 years ago, is I hired a full-time personal, not full-time, a part-time personal banker. All of my bills go to her, all of my bank statements go to her – everything’s been going to her. And every credit card, every month we reconcile. Every check that’s written we reconcile. She sends me one report every single month that tells me exactly how much we’ve spent, in exactly what categories, how much money came in, how much has gone out towards our investments and our charitable trust – so I know every single month every single stand, both in business and in personal. And you want to get that to the point where you’re looking at it and you can look in three or four minutes and know exactly what’s going on.

JB And that’s all it takes. Most people think it takes a long time and it’s painful. It’s really not.

JA It takes some time to set it up.

JB Yeah.

JA But once you make the decision, you’re going to manage your money that way, guess what? It makes it so much easier to manage.

JB And then that gets us to eliminating and simplifying. Because what you’ll see is, you’ll start to see expenses that are really wants not needs. And the clarification there is that most people think that they need T.V. Most people think they need that extra cable channel. You really don’t. You’re not going to die if you don’t have that. Most people think they need those 15 magazine subscriptions or whatever it is – these extra things. And you would be amazed what we did this with some clients. We did a 24-hour wealth elimination challenge. And as a group we had a 24-hour challenge to see how much you could knock off of your expenses in 24 hours. And as a community, and I suggest you guys get together and do this, we knocked off $118,000.00 off of our clients in 24 hours.

JA Of what?

JB Recurrent monthly income. So, ya know, you’d be amazed at where you can shave off $100.00 or $500.00 or $1,000.00. We had people eventually going in and refinancing some auto loans and car loans which made major differences over time. So, if you can turn it into a game, you can make it fun and you can begin to eliminate and simplify. And what happens is, for a lot of people, that’s the first time they feel empowered. They feel like, wow, I can cut off $5.00 a month here and I feel better. I feel like I did something. I’m not sinking, and that’s an important thing for people.

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JA Great. And for all of you gold members that are watching right now, I’d like somebody to set up a topic right now in our community on eliminating, ya know, or reducing some of your living expenses, all right? If you don’t really need. Let’s get a topic going on that right now and we’ll get in there and make sure that all the gold members start to eliminate things that you absolutely don’t need so you can have more money to spend on things you do need for some investments.

“But, had we

not gone

through our

expenses;

number one,

known the

numbers.

Number two,

sat down as a

team because

wealth is a

team sport.”

JB I remember when Michelle, my wife, and I were first getting married, we decided that we were going to start buying real estate together. And we went through everything. We actually ended up cutting our gym memberships, which together was 54 times two, so $108.00 a month and we decided that we were going to start walking our community and looking at real estate. We ended up buying real estate as a result. We put down $14,000.00 on that home and 18 months later we split that and made $148,000.00. So…

JA Wow.

JB …yeah, well obviously California…

JA Sure.

JB …climbing real estate. But, had we not gone through our expenses; number one, known the numbers. Number two, sat down as a team because wealth is a team sport.

JA Yep.

JB And if we hadn’t sat down and done that together, we wouldn’t have identified the area to cut, and even though we love to go into the gym, we’re like, ya know, what, for six months, let’s just take a walk and look around at properties and that led us into the next thing, the next thing and then we bought more real estate and more real estate so.

JA So you didn’t stop exercising you just stopped going to the gym and you start to focus on something else, which was wealth creation.

JB Yeah.

JA And that’s really a key, is the mindset shifted towards how do we generate more revenue? So how do we preserve some of our cash? And then how do we look at investing something? And a $14,000.00 investment, ended up making him $108,000.00?

JB $184,000.00.

JA $184,000.00 profit. You could do the math on that. That is several hundred percent return on investment.

JB Now the thing about this too, to also remember, is that yeah we cut the expenses. But we agreed as a partnership on what we were going to do. And it actually brought us closer together, so we were just, ya know, we just got married and we realized that not only were we still getting healthy, but our relationship improved. We became happier because now on the walks, we talked about everything. And

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“I would put

90% of your

energy into

wealth-creation

and maybe 5%

into the

management,

and another

5% into

investing and

again, we don’t

do a lot of our

investing.”

here’s the other piece to this. I don’t encourage people to spend more than an hour a week or even a month doing the cutting expenses, because it does change the way that you feel when you start cutting, right? So do it, get in, get out and then start focusing on creating wealth. I would put 90% of your energy into wealth-creation and maybe 5% into the management, and another 5% into investing and again, we don’t do a lot of our investing. We actually have others do it, but we like to educate ourselves. So we looked at that time of walking around as us learning the market, seeing where the deals were, that kind of thing.

JA And just for the record, I did introduce Jim to his wife, Michelle.

JB That’s true.

JA Just for the record, okay? Now they’re happily married with a beautiful son, Keegan. All right, so there is love in the air.

JB Yeah.

JA All right. So…

JB You actually introduced me to Marilyn, your personal banker. That was my first person who managed my finances 15+ years ago too.

JA That’s right. So, let’s do this. We’ve been at this for about 30 some odd minutes right now. Let’s take a two-minute break here, not a two-minute break, but let’s take some questions and answers, and then we’re really going to pick up the pace to get through some of the rest of the stuff. We want to make sure that you’ve got it because some of this, ya know, you’ve already read but let’s go through. So if you have a question and you’re on the phone right now with maestroconference, hit “1” on your phone, we’ll take the call live on the phone. Or if you’ve got a question for myself or Jim so far, we’ll take the call live on-line to cover it live, all right? So, does anybody have a question around some of the top ten wealth habits, or some of what we talked about before? And I’m going to put another shameless plug while you think about questions. That this is the type of stuff, for those of you who have never been on our live training coaching, this is the type of content of material we do every single month; three live sessions a month.

Ya know, talk about the things that are important and real world things. And so it’s not fluff, this is real world stuff. So if you haven’t become a member yet of gold, we want you in there as a gold. If gold is not right for you, get into the dialogue with silver. If that’s not right for you, then tomorrow we’ll be releasing some information on bronze and that’ll get you in the community to dialogue with other people. I highly encourage you to get involved in the gold. The stuff that we will teach you when you apply, will save you the cost of your enrollment times ten, every single year, if not more. So, who is my first caller? Jennifer, should we go to maestro right now and you?

JB Yes, I have a Jordan Strauss. Jordan, hi are you there?

JA Hey Jordan how are you buddy?

J Yes I’m here.

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“And I have a

response to

that too Jordan

is, is that

sometimes your

best charity is

you and your

family. ”

JA Pleased to have you on, how’s my music teacher?

J I’m doing well John thanks.

JA All right buddy, what’s up?

J How do charitable contributions fit into monthly expenses?

JA Well number one, your charitable contributions are a 100% write-off, as long as they are a registered charitable contribution. And so if you give $1,000.00 or $100.00 or $10.00 you can write that off of your top line income off of your taxes.

JB And I have a response to that too Jordan is, is that sometimes your best charity is you and your family. So if you’re behind, which we don’t know your current situation. But if you’re behind and you’re digging yourself out, oftentimes, ya know, paying off that debt is one of the best strategies you can have. So, and I know people have different beliefs about it, but that was something that one of our, our friends who is wealthy said one time when we had actually accumulated debt. He said listen, ya know, you’re your best charity right now. Pay this off so you can be free and give more later.

JA One of the things that, that we’ve done, we have a Fidelity Charitable Trust and Maria and I put money into that on a constant basis to lower our taxable income and that we know that we’ve got money, that once it’s put away in that trust, we can provide to the different charities we support – this year, next year, the year after and the year after that, so it’ll reduce your taxes. This goes more into the tax strategy than we’re going to cover today. But anytime that you tithe and you give to charity, you can donate clothes, by the way. But, specifically from a financial perspective, you could write-off all of your charitable contributions Jordan.

J Okay, sounds good.

JA Mike should we go to you?

M Yes, you can. We have the question from Martha.

JA Martha.

M What’s the best way to pay off credit card debt?

JB Well there’s, ya know, if you…first is, is I suggest, depending on how many cards you have. Let’s say you have multiple cards. We actually have a credit card spreadsheet that you can put in, and here’s what you look for. You can make this yourself. Put the name of the credit card company down, put the last four digits so you keep it organized. Then you want to put the balance that you have. Then you want to put the interest rate, the APR. Now, and then you put the monthly payment amount. So you total these up and you get to see the impact that it’s having. So…

JA And that APR is your annualized percentage rate. There’s a lot of credit card companies, ya know, that, that doesn’t show a certain, ya know, interest rate, but it’s not the real interest rate, it’s more of a bait. But if you read the fine print you’ll see your APR is your annual percentage rate. And what you want to do is really know what that is. I’ll let Jim finish this so I don’t spoil what he wants to say.

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“And I find

that most

people, once

they know the

truth, they

know what to

do. It’s just

that when it’s

operating in

our head and

our emotions,

it’s harder to

actually do the

right thing.”

JB But once you realize that. Again, know the numbers. You’ll be able to take a look at that and my wife and I had two different strategies. What I wanted to do is I wanted to pay off the highest interest rate first, but the challenge was that was on one of the bigger amounts. My wife, on the other hand, wanted to see an immediate win. She’s like, let’s ring the bell and feel good about it. So she said, hey, we can payoff this one card, the smallest card, even though it’s one of the lower interest rates, let’s pay that off and move it off the table altogether. So, we went back and forth about it a little bit and ultimately I said, all right cool let’s just pay that card off as our first card. And immediately we had one less credit card to manage. So we felt good, we felt, ya know, like that was a win. And here’s the key. When you have a win like that, don’t go out and celebrate by buying more stuff.

JA On your credit card.

JB Yeah. Find a way to celebrate that’s going to be healthy for you okay? So that’s just a quick little tool that you can use to take a look at the finances. And I find that most people, once they know the truth, they know what to do. It’s just that when it’s operating in our head and our emotions, it’s harder to actually do the right thing.

JA And I’m going to keep reiterating. I’m going to hammer this into your head, all right? Is, get people to help you. You can’t do it on your own if this is not your area of expertise, and even if it is, get people to help you anyway. Jennifer, let’s take another one off of our phone line please?

JB Okay. Lois are you there?

JA Hello, Lois are you there?

JB Okay, John, let’s go ahead and take one from Mike.

JA Okay Mike.

M Okay, this is a good one from Angela.

JA Hi Angela.

M Melacom.

JA Melacom.

M How do you get your spouse to participate in a dialogue around money and investing?

JA That’s a great question. Since Jim is my guest, I will ask him to answer first and I will answer next.

JB I find that forcing them is a great way – no I’m kidding. Here’s the funny thing about this is that we’re big believers in the environments right? And so, what I would recommend is that you do it in a place that is unfamiliar to you. And here’s what I mean. If you’re used to paying your bills at your kitchen table or in your home office and that’s been a place of tension, one where it didn’t work. What I

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14

recommend is what my wife and I did, is we decided we were going to take out numbers out. And we went out to a park or we go to a restaurant because we had to eat anyways. And we would sit there and we would discuss it in a new environment. And what that did was, it helped us get out of our normal thinking. It made sure that we were, ya know, civil in our conversation around the money, and it gave us a new perspective on ways to look at it. So, I would look for ways to include your spouse outside of your normal home. That’s one way that you can do that. And then, what I have found also works is doing it with community. Now that’s a bigger stretch for some people to sit down with a bookkeeper or a financial adviser or someone like that. But if you’re paying to have a bookkeeper do your books, pay them to come over and have them review the numbers with you and your husband and that may be an easy way for the both of you to kind of get heard because money does trigger people.

“Yeah so

delaying

gratification is

one of the

number one

rules of wealth

and that is that,

ya know,

people who

shop

impulsively or

make decisions

impulsively,

often times

have a tougher

time creating

wealth,

because it’s

their emotions

running the

game, not their

strategy.”

JA Money’s a huge trigger for people and one of the biggest causes of divorce is money, or the lack of money, or the decisions around money; some of you spending too much, not investing enough, making bad decisions. And so a lot of people have different sets of values around money. They have different sets of behavior around money. They have different rules around money. Most upsets are rules upsets. So you’ve upset somebody else’s rules. But what I’ve found more than anything else is most couples do not have any strategy whatsoever as a couple around money, or as a couple around investing, and so what’s key to decide is, what kind of relationship do you have, and then what are your spouse’s rules around money, and if you’ve got to use your judgment of how to bring up the topic that you’re learning more about money, that you want to learn more about money, or you want to share more about money and you want to create an environment where you’re making co-decisions around money.

A lot of partners I’ve found are, one of them is in the dark. One makes the financial decisions because they’re earning the money and the other person’s coming along for the ride and usually that causes a resented anger. It causes a lot of frustration in the relationship and so it’s best for you to use your judgment on how to bring up the question and to say that I, ya know, if your spouse is the one controlling the money, say I want to know more about our money. And if you don’t have that type of relationship, then it gets really, really, really hard and you’ve got to go to another level of discussion and usually that involves a baseball bat. So let’s continue, if we can right now, I’m trying to keep track of the time. And so Jim, in number seven and number eight, you talk about eliminating gratification, I’m sorry, delaying gratification and living within your means.

JB Yeah so delaying gratification is one of the number one rules of wealth and that is that, ya know, people who shop impulsively or make decisions impulsively, often times have a tougher time creating wealth, because it’s their emotions running the game, not their strategy. And so if you can push it off, that purchase or that decision by a month, or six months, or a year, ask yourself, do I really, really need this right now? Then a lot of times that helps people, and they show in kids actually. Kids who can delay having the sweets, for example, they actually end up becoming exponentially more successful than the kids who can’t delay. So if they give a kid a cookie and say hey, we’ll give you this cookie now, or if you’ll wait for 30 minutes, we’ll give you three cookies, the kids who can wait the 30 minutes actually later on in life ended up showing that they were quite a bit more successful.

JA And I had an incident just happened yesterday, as I mentioned, if you were on a little bit earlier when I first started. I just came back from fishing about an hour-and-a-half ago now. I was in Cabo San Lucas, Mexico, and we flew by private jet there and back, we chartered a 52-foot Hatteras fishing boat. It cost $2,000.00 a day for the boat and the captain. We didn’t catch anything other than

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15

“And one of

the things I

heard from

Jim Rohn

many years ago

is that you’re

either you’re

going to pay

the price of

discipline or

you’re going to

pay the price of

regret.

Discipline

weighs ounces,

regret weighs

tons.”

some Dorado. We went marlin fishing, and my one son who loves to fish, yesterday in the morning says, let’s go fishing today. He says, let’s get that boat again and let’s go fishing today. I said no, and he started to say, well I want to go fishing today and he started to talk to my buddy who was fishing with me and his kids as well. And he says, well do you guys want to go fishing. I said, Keenan stop, let’s go inside and talk. I said, we had a budget for this trip. We’ve invested that budget for a great time. We’re not going to blow the budget just because you want to go fishing because you didn’t catch marlin. And I did that, number one, because we have a budget. Number two, because I want to teach him not to just want something and go and get it. And so we have to teach ourselves that level of discipline and that level of behavior. And one of the things I heard from Jim Rohn many years ago is that you’re either you’re going to pay the price of discipline or you’re going to pay the price of regret. Discipline weighs ounces, regret weighs tons. So a part of delaying gratification is, get rid of all of the impulse buying, or say, I’m going to budget “x-amount” of dollars per month for when I have this impulse and then I’m going to stop it right there.

JB I would say that, now did you want to go to some of the other stuff? Or you want to keep going with this?

JA Well yeah, live within your means, cut expenses, protect what you have, or the other three pieces on here, and so, living within your means, I think everybody pretty much gets what that is, but if you don’t know exactly how much you’ve got coming in. If you don’t know exactly what’s going out every single month and you don’t have averages because you’re keeping track of this month, next month, the following month and you get a quarterly average; six months, a year, and you’ve got a yearly average for all of your fundamental needs, then you won’t know how to budget. And I would say, nine out of ten people have no budget, all right? That’s an oxymoron – have; but they don’t have a budget, and so you’ve got to start with what are your real numbers, which is number one, get the truth okay? Cutting expenses we talked about.

JB Yeah.

JA Right? And then protect what you have. And we talked about that a little bit.

JB Well that one’s just simple - protect your assets, obviously, because ya know, if you’re protecting your expenses, that’s not the best strategy. But if you’ve got something that has value or is going to have value, oftentimes people will discount that. And what we tell people is that you have to understand what’s a true asset and what’s a true liability. So if you have investments, those are assets, but sometimes people think their home is an asset when in many cases for people it’s a liability. I was coaching a client last week and they were looking at their home as if it was an asset. And I said, that home’s not an asset until you sell the asset because the amount of money that you think you have in there that’s, let’s say $100,000.00 above what you owe, that’s only if you can get that in the current market. So it’s not a true asset right now and this particular person was having trouble making the mortgage every month; was accumulating debt, and I said, do you need to look at whether or not this way that you structured your home, your car, your expenses is serving you, or if it’s actually draining you and drowning you.

JA And again, ya know, you have to get real and, ya know, I have advisors for just about every single area of my life because there’s some areas I’m just not good at, and I so look to experts to help me, and I’ve made more mistakes than most of you, I hope, will ever make, ya know, with my finances. And so let’s learn from experts that can help us. Now I also want you to write this one thing down – just because somebody’s an expert, doesn’t mean you should follow their advice. Now what do I

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16

mean by that? Even when you have an expert, it’s always great to get a second opinion because everybody has their viewpoint of what you should do and how to do it. So, balance the expert’s information advice with your intuition, but also check it with other people who are wealthy who are also generating income, managing income, preserving income, etc.

“Well to put it

simply – invest

more, spend

less, pay less

interest on the

things that are

liabilities and

then just earn

more.”

JB Which is great to have a mastermind group look at. One of the mastermind groups I was in was a real estate mastermind group. There are four of us and we required that we look at each other’s P&L’s every 90 days. And so just having other eyeballs oftentimes helps.

JA Right. And again, this is the type of stuff that will be available in the forum where you’re going to be able to meet people who are in this type of growth and learning every single week, every single month and you get a chance to mastermind with people in the forum at Praxis Now as well.

M Let me just add something there. We just did a poll – who has or keeps a budget? And we have 32% of people say they have or keep budget.

JA Awesome.

M 41% say they start and stop. 47% say no.

JA Okay. So number one, to the 32% of you, congratulations. There’s 20% more people on this call than in the general population, okay, or 25%, I would say that keeps a budget. To the other 70% of you, when would now be a good time to make this decision, right? And so, good for you on the budget.

JB That reminds me that I was reading a statistic John that 74% of the U.S. population right now is carrying some form of credit card debt, so those numbers sound pretty accurate. And when you start seeing the numbers, it’s hard to look at those numbers in the wrong direction every month and not do something about it. So start knowing the numbers.

JA Right. And we’re going to be interviewing a good friend of mine who I’m actually having dinner with in a few hours, David Bach, for one of our expert interviews in hopefully the next couple of weeks, for you as well, in reducing some of your debt. And I tell you he’s one of the best in the world at it as well, so he’s one of the brilliant minds we bring you, along with Jim Bunch, on helping you with your finances. So, just put it simply. I’ll let you go over this and let’s move over to the Eighth Wealth Profiles.

JB Well to put it simply – invest more, spend less, pay less interest on the things that are liabilities and then just earn more. Then focus on creating your wealth and put 90% of your time into creating wealth, but make sure you have the other, ya know, 10% broken into managing and investing.

JA Right. And the other thing I want to make sure you always remember, everybody is, depending on where you’re at with earning money, managing money, saving money, investing money, preserving money – this is a complex part of your life. You’re not going to get it in the first go-around or the tenth or 50th because it gets more and more complicated as you earn more and more money. But if you’re not in the game, if you’re not playing the game to win it, all right, then it’s going to beat you up badly. And the cause of a lot of stress in people’s lives is money. And I

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17

could tell you, most people have never been taught about money – forget about making it, but preserving it, managing it and growing it, investing it, all right? And so wherever you are, that’s where you’re at, and I’m going to say again, that’s why we have this program to get you into the submersion dialogue on an ongoing basis to help you and to answer your questions and to teach you what you need to learn. All right, so with that, we’re going to shift over, all right? And we’re going to talk about, ya know, the eight wealth profile, so you can categorize yourself, all right, in this arena of money. So, Jim I’ll let you take this because I know you’ve been really studying this quite a bit.

“. You can

make money in

any of these

boxes, but what

Roger

explained to us

is he says what

happens is,

when people go

outside of their

primary

profile, they

have a

tendency to do

okay

short-term, but

long-term they

end up messing

themselves up”

JB Yeah this is actually by a mutual friend of ours, Roger Hamilton, who’s out of the Far East and he created this profile, which is an on-line test, and I’m going to go over it real quickly to give you an idea of what maybe you fit into, but this is something we use to help people understand, when you’re creating wealth, which of the boxes should you be playing from? So if you look at the very top, you’ll see a gentleman by the name of Bill Gates, right? And Bill Gates is a creator. Steve Jobs is a creator. Richard Branson is a creator and the way that creators make their money is they oftentimes come up with ideas or spin off businesses that come up with intellectual property and they use that intellectual property and monetize that, okay? So, ya know, Bill Gates with Microsoft is a great example of that. The next one over is the star profile, and the star profile could be somebody like John Assaraf. I think John is probably a star profile, Tony Robbins, Martha Stewart, Tiger Woods, people like that. And the way that they make the majority of their money is that they have a special skill or talent or strength. And what stars do, is they take things and they bring it out to a lot of people, ya know, they wake people up and they give them that inspiration and a lot of your entertainers are in the star category. So I’ll tie this in of how they play together in a moment, but, the next one is a supporter. And Mayor Giuliani, for example, is a supporter. And one of the things that was interesting is the supporter’s job is to typically get behind one of the creator profiles. They make CEOs because the supporters always asking, who should I be going to? In other words, who can I get to do this? Who can I get to do that? And if you remember at 9-11, Mayor Giuliani was not trying to be in front of the cameras like a star would. A star needs to be in front of the cameras, right?

JA Like Donald Trump would’ve been.

JB Right, well here’s the interesting thing. We’ll talk about Trump in a second. But Giuliani was actually behind the scenes and he was meeting with the Captain of the Police Department, the Captain of the Fire Department. He was with his team and that’s what the supporter does. The supporter’s job, like Steve Balmer, their job is to make sure that the team is executing on what needs to be done. So supporters are incredibly powerful. A lot of times they’re the CEOs of companies. Now Donald Trump, down in the next one is the deal maker.

JA Right.

JB You look at his book, it’s called, what? “The Art of the Deal,” right?

JA The Art of the Deal.

JB Now where Trump has made most of his money has been in real estate doing deals. But a few years back, he decided to move up into the star profile, up into the star box. Now, here’s what’s interesting. You can make money in any of these boxes, but what Roger explained to us is he says what happens is, when people go outside of their primary profile, they have a tendency to do okay short-term, but

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18

long-term they end up messing themselves up. So take Martha Stewart went to jail for what? She went to jail for…

JA For selling stocks – insider trading.

“And so, this is

really all about

what are your

unique abilities

and what are

your unique

sets of values

for yourself, so

you can choose

your

investment

strategies

according to

you – not the

marketplace.”

JB Right, so she was down in the bottom, which is in the trading category, okay? So if you look at George Soros, for example, who is a trader. The traders have an incredible sense of timing, right? They know when things are going up and down. No creators and stars think that we have a great sense of timing, but the reality is, we don’t. You see, they have an intuitive sense of when the markets are going to go up and down, and they make their money on the buy-low sell-high strategies, right? So when Donald Trump went up in to the star with The Apprentice, he took his eye off the ball with his deal-making and as a result, you can see that some of the things that worked for a short period of time gave him a lot of notoriety, but it took his eye off the ball. Martha Stewart went to jail because she went down in to the trader’s area, and here’s the crazy thing. Down in the trader area, the deal-maker area and the accumulator and even the Lord, those parts of the wealth profile go by the letter of the law. When you get up into the creator and the star, these are imagination people. So, we make things up, we dream them out of thin air. So what Martha Stewart thought was okay in the star profile was to tell a story, which is what she did was entertain, that doesn’t work down in the bottom and that’s why she went to jail. So, you can see the extremes of how these things work. So, accumulator, Warren Buffet, thought he was…

JA Bottom left corner.

JB …bottom left corner. Warren Buffet thought he was a trader, but on his first yield that he did, he actually bought a company, sold the company, made a lot of money, but what ended up happening was, the company stock kept going and he felt horrible because he missed out on opportunity, and that moment he realized he wasn’t a trader, he wasn’t a sense of timing guy – he was a value guy and realized that he could buy things at a low value and hold onto them until they became extremely successful long-term. So these kind of people have a different way of making strategy – they buy companies, they buy stocks, they buy assets, they buy commodities, things like that.

JA And I want to just make sure that I bring something to your attention, last month when we were in the Show Me the Money month one, then Show Me the Money month two, when Greg Habstritt spoke with all of us in the interview, he talked about know your passions, know yourself so that you choose the right vehicle for yourself, because anytime you play out of your comfort zones and your vehicles, you’re bound over a period of time to get whacked and to get hurt. And this is a perfect example, okay, of people who, even though they’re brilliant at what they do, have looked at doing some other things and they’ve gotten hurt. And so, this is really all about what are your unique abilities and what are your unique sets of values for yourself, so you can choose your investment strategies according to you – not the marketplace.

JB And wealth is a team sport, like we’ve already said. So, each of the positions, whatever position you are, you’ll want to work two people away from you, and I’ll explain that in a second. So, the Lord, for example, a lot of your kings are Lords. A lot of attorneys are Lords, and what Lords do is they typically, they rarely actually own anything, but they control things. So they might control real estate, they might control the business to the letter of the law, so they make contracts, so they make deals where they own other people’s assets and they have the ability to manipulate them, but oftentimes Lords don’t actually own the asset. And the last one is the mechanic. And Ray Crock, who is a local guy here when he was alive, created a

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19

little company you might know called McDonald’s. Now, he didn’t create the actual first company.

“But know who

you are and

know who your

team is and

make sure that

people are

playing

effectively in

those

positions.”

JA Right.

JB What he did was he actually found a way to expand upon a franchise. So when you look at a lot of your franchise owners, they’re in the mechanic category. Now why this is so important is, number one, play to your position. So if you are a creator, for example, but you go to a seminar to learn about trading stocks, it may be fun and exciting, but are you going to have long-term sustainable success, or are you going to have a quick hit? We see this all the time when people play out of position. So you’ve got to know yourself and what position. Number two is, wealth’s a team sport. So if you’re a creator profile, for example, you need a Lord and a supporter on your team. If you’re a star, you need a mechanic and a deal-maker. Now, depending on your overall wealth strategy, you may have people from all positions on your team if you’re building an empire or a dynasty. But know who you are and know who your team is and make sure that people are playing effectively in those positions.

JA And Jim said a bunch of stuff, just in that last three minutes, and one of the things is don’t play out of your position. And so how do you know whether you’re playing in and out of your position or not. That’s number one is what should your position be? So you know, are you the star? Are you the supporter? Are you the deal-maker, the accumulator, the Lord or the mechanic? And these are terminologies that Roger has come up, or are you the creator? Because once you know your position, then you can start to build your team – whether it’s a team you hire, whether it’s a team you partner with again, whether it’s a team that you play with. Whatever it is you’ve got to really know your position and I’m going to go once again is choose the areas that really are fun for you, all right? So whether it’s real estate, whether it’s investment in the stock market, you’ve got to really make those decisions after you determine what’s my position and my passion?

JB There’s more we could do on this, but I think just for time we should probably rock and roll.

JA Yeah, so for time we will rock and roll. So some of you have seen the next page in some other material that we’ve got and if you haven’t we’re going to go through it very, very quickly, is the five paths to earning money. So Jim…

JB Well the number one is earn it, right? So whether you’re creating a job or a business, ya know, you’re earning money, that’s working for it and that’s actually a really good strategy. Number two…

JA So yeah, it could be a job, a business, you could be investing it to earn it, you could be trading your knowledge, your expertise, they are a lot of different ways to earn it. Those are just different ways to earn it.

JB Now the inherit it, ya know, you should know whether you’re going to inherit money, right? So if your family is going to leave something to you or if maybe you’ve married into it or something like that, that’s the inherit it, and, ya know, there’s some funny phrases around it, but you should know pretty quick whether or not that’s going to be your strategy, and for some people that’s a great strategy. I have friends who are what we call trustafarians, ya know, they were the Rasta guys and they knew that they were getting $10,000.00 a month, plus big payouts every couple of years and that was their strategy. Number three, we joke about this, is stealing. Not a good strategy because it’s short-term and you’re going to get

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20

caught so don’t even mess with that, but there are people who think that’s their strategy. Number four is win it. Ya know, there are people who actually believe that the best strategy for them is to play the lottery, and although it’s not one of my strategies because of the odds, I think there’s some people who think that that’s the way to do it. And I heard the other day there’s a gal who won the lottery three times.

“But we’ve got

to get you

thinking out of

the box that

you’re in, and I

think the next

exercise is

really going to

help you do

that because

we’re going to

talk about the

10-X Game.”

JA My father’s actually won it twice. I mean it was $50,000.00 or $70,000.00 once and $17,000.00 a second time. And I’ve never bought lottery tickets until he won it twice, now whenever I’m at the gas station, I pick up a dollar, two or three, just in case.

JB There you go.

JA If you don’t buy at least a dollar’s worth, you’ll never win it that’s for sure.

JB Guaranteed.

JA But it’s not the strategy is that anybody should bank on, okay?

JB Yeah and most of the people I know who create a wealth, didn’t plan on that. But the last one is the one that most of our friends who have created wealth have done and that’s printing it. We’re not talking about actually going into something illegal, but literally taking an idea or an existing asset and creating a cash machine. And we’ll talk about cash flow extremes and piles in just a moment, but that’s the beautiful thing about the world we live in today is that we have, for the first time in the history of the planet, we have the access to resources for us to literally have an idea tonight, wake up tomorrow, build a site for example, attach a shopping cart to it, drive some people to it and start printing money with your ideas and resources. I mean it’s amazing how you can buy franchises. I just love it.

JA I was just with my friend, Bill Walsh, and his two sons, Austin and Evan, and Evan’s 13 and Austin’s 19 years old. And a couple of years ago, Austin was at a couple of his dad’s events and said, ya know dad I want to start my own business. What should I do? And he said, well why don’t you start Internet marketing it’s really easy. Well today Austin, at 19 years old, while he’s going to college, is making $20,000.00 a month teaching people how to drive traffic to their business on-line. And he’s going to go to $40,000.00 or $50,000.00 a month with some of the strategies that he worked on when we were away on our trip. He’s 19 years old. So there’s really no excuse why you can’t print your own money by taking your ideas, whatever your passion is, whatever it is that gives you that purpose in your life, and convert it into dollars. There are people making money on-line. Kids making money at the age of 6, 7, 8 years old selling recipes on-line. There’s people making money in every single area that you can think of. If you type into Google, for example, ya know, how to make money selling “x,” you’ll find people who are making money doing just that.

And if you want to find other ways people are making money, just go to eBay and see what people are selling. People are selling other people’s things that they don’t want anymore. People are making money doing that, so there’s no shortage of money. But we’ve got to get you thinking out of the box that you’re in, and I think the next exercise is really going to help you do that because we’re going to talk about the 10-X Game. Before we do that, let’s take two or three questions and Jim I just need you to manage our time. I need ten minutes at the end okay? We’re going to be finished at 4:00 Pacific, so we’ve got 40 minutes for questions and answers, then to get through the rest of this content and so I’m going to let Jim

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21

walk you through this, but before that, let’s make sure, are you enjoying this? Let us know, ya know, on our chat live. Mike, can we just ask them, are you enjoying this? Are you learning two or three or four things that’ll help you, okay, Show Me the Money, okay, with either earning it, managing it, we haven’t talked about investing it yet, but obviously, there’s ways to invest and so, is this worthwhile for you? Are you enjoying this? And more importantly, are you learning things that you can apply? I don’t want this to just be a feel good event that we’re doing live video. Mike, what kind of feedback are we getting? We can’t see the computer.

“If I were

going to hire,

barter, trade or

defer payment

to somebody

that would help

me manage my

finances,

where would I

look to find

somebody?”

M Good. Very good. I love it.

JA Good, ya love it, good, good, good. Mike’s typing away over here, he’s being quiet today.

JB He’s building an Internet site.

JA All right, so any questions Mike? Jennifer? If you want to ask a question on the phone, hit number “1” on your phone all right? And then right after that we’re going to this and you need this form – I don’t expect you to be able to read, ya know, the PowerPoint, but we’re on this form it’s called the “X 10 Game.”

JB 10-X Game.

JA 10-X Game.

JB Reverse.

JA We have the X in the wrong place, with X Games, you got the 10-X Games. So, Jennifer, any questions from you, my dear.

JB We have, it looks like another question from Jordan.

JA Hey Jordan. I love your [inaudible] Jordan.

J Thanks a lot. If I were going to hire, barter…

JA Jordan, hold on a second. You need to speak up.

J Can you hear me better now?

JA That’s much better. And by the way, Jordan, I congratulate you on joining gold, even though it was a stretch for you, I congratulate you on taking the leap and I know you’ve been going through all of the materials, so congratulations, my friend.

J Thanks a lot John. If I were going to hire, barter…

JA Okay, I can’t hear you again Jordan.

J If I were going to hire, barter, trade or defer payment to somebody that would help me manage my finances, where would I look to find somebody?

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22

JA Okay, so if you’re going to look to hire, barter or trade, you could put an ad in Craig’s list. One of my clients, Michael Goodrich, is one of the top vocal coaches in the world, okay, in the music business like you are Jordan, all right. And he put an ad in Craig’s list saying, will trade music or vocal lessons for website development. In the first hour he had ten people respond. Ten people respond. To that he got his entire website built and somebody got singing lessons for their daughter. And so you can go on Craig’s list, put an ad in the paper, ask your friends, put the word out in the community, in the forums in the commuting. So the three areas right there. Jim?

“Quote here” “Quote here”

“Yeah and that

goes back to

having a great

network,

because your

net worth is

related to your

network.”

JB That’s what I, that would be the first area that I would go – Facebook is great, Craig’s list is great, this community is awesome so I would start there and see what you can do.

JA There are people that are willing to trade everything that they play at for something that you have an expertise that you can help them with. Just need to say, I’m going to do this and do it.

J Okay.

JB It may be something that you can provide, it may be something else that they want that you can match them up with somebody else too. So keep that in mind. I was just thinking that one of the gals who used to do our books wanted to learn to play volleyball, so I could have easily had one of the volleyball instructors who wanted some coaching from us, do something for her, and then she could’ve done that for us. So think outside the box sometimes too.

JA So you don’t have to be the person delivering the trade. You can deliver the trade to somebody else who could deliver, ya know, the trade, what she wants to her or to him.

JB Yeah and that goes back to having a great network, because your net worth is related to your network. So just right off the bat I could think, all right, volleyball this person, that person and you put those things together. So, hopefully that helps Jordan.

JA And can you all hear Jim okay? I tend to speak just a little bit more loud. We’re okay on the sound, great. Does that help Jordan?

J Yes, thank you.

JA Who else has a question? Mike anybody on-line.

M Yeah, so this is from Janice Schweiger.

JA Hi Janice.

M For Jim. Jim, do you still encourage buying real estate given how much money you would need in order to finance an investment property?

JB Well again, you’re asking for financial advice. I think it depends on your current situation, and I will tell you that we are personally looking at real estate again because things are on sale. So, ya know, there’s a lot of opportunity out there.

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23

“Quote here” “Quote here”

“All right, and

the other line

that I

remember from

many, many

years ago is,

‘Don’t confuse

people’s

sincerity with

the truth.’”

I’ve got some friends right now we’ve been reviewing their investment. They’re making about 18% every 30 days on two sources that they have that are buying foreclosures, they are fixing them up, they are selling them at a lower than should-be market price. So they’re flipping them within 30 days. So I would say if that’s one of your strategies, then go for it. Now’s a great time. Ya know, it’s much better than two years ago when you were buying for sure at the top of the market.

JA Yeah, I’m looking at real estate again as a strategy for myself. Right now if you think of, ya know, what is your longer term strategy, as well. I’m not looking to buy and flip. I would be looking to buy and hold for the next ten, 15, 20 years, knowing the market’s going to go up in the United States in certain areas. I’m looking only in San Diego. I’ve got a friend of mine that I was just with about a week ago who’s been putting $5 million a month into the marketplace here, buying foreclosures and renting them. And so I’ve got other friends who are putting lots of money into real estate and depending on your short-term and long-term strategy, depending on your cash flow and the money that you’ve cash available to put in, it could be a great strategy, depending on where you’re at. What I do say is don’t go out of the areas that you are familiar with because it takes too long to learn the marketplaces and their trends. You could find out through experts. If you’re going to invest, I highly recommend invest in areas you’re familiar with.

JB And I would still advise you get a team in place. Some of our best investments have actually been over on the east coast and it’s because we had people that we worked with that sold properties all across the country. They ran the performas for us and it was a no-brainer, and we still make money on those properties today. Some of the ones we didn’t do that on, not the same result. So.

JA And depending on where you are in the world, we have people from all over the world here, all right? Your marketplace is a little bit different so you’ve got to do your homework. All right, and the other line that I remember from many, many years ago is, “Don’t confuse people’s sincerity with the truth.” So you see the experts, you see the consultations, you’re speaking to realtors or investor advisors or stock brokers, don’t confuse their excitement and sincerity with the truth. They could be sincerely wrong, so you need to do your own homework and you’ve got to go multiple sources to find out if the stories and trends are true, for whatever it is the investment that you’re looking at.

JB So another thing to look at too when you’re looking at your team is, number one, do you like them? In other words, do you get along with them? And we’ve had advisors that didn’t click with my wife or didn’t click with me. If that doesn’t work, that doesn’t work. But number two, are they competent? And what you want to look for is, who are their clients? Are you one of their ideal clients? In other words, did they operate and focus on the type of client that you are. And then, if so, ask them to see their client’s successes. In other words, you don’t have to see whose it is, but look at some of the results that they produce for their clients, because the results speak very loudly. And if they’re not willing to show you that, then I probably wouldn’t go on board with that advisor.

JA All right the other thing you’ve got to be careful with is a lot of cockamamie ideas out there. And what I mean by that is people that are way out of the proverbial box for investing. And so, don’t allow your emotions to guide your investment strategy okay? Allow your intuition is great, okay? And some logic around that. So if it sounds too good to be true, in most cases it is. In some cases, it’s not. It sounds too good to be true, most cases it is. So don’t get caught up in the hype, okay, of great performance in a month or two or three or four because somebody tells you, ya know, that there’s a great chance of that happening, all right? A great chance of that happening is seeing what’s happened in the past in looking at cycles, and if

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24

you look, for example, at the stock market, there are cycles. You look at the real estate market, there are cycles, and you’ve got to know which cycle you’re in and there’s nothing better than speaking to five or ten or 20 other people that are already making the investment that you’ve made or have already made the investment that you want to make. What’s your last 12 or 24 or 36 months been like following this strategy and this advice? So if some of you want to buy, there’s nothing that says you’ve got to buy this minute. So take the emotion out of it. Okay, don’t sell yourself out of it, but take the emotion out of it and then do some research and then get into that decision-making modality and jump in and choose your strategy, whether it’s short-term or long-term, depending on where you’re at in your career, in your business, in your life right now. So when you’re younger you could take more risks than when you’re older, okay? So you don’t go to Vegas betting the farm when you’re seven years old, unless, ya know, there’s a real good reason for that.

“Because

oftentimes

people are

unaware of

how much

they’ve already

been able to

create, and

more

importantly,

when we start

talking about

creating, ya

know, five

times or ten

times the

amount of

money you

have now, it

oftentimes

blows people’s

circuits.”

JB One last piece to that before we switch to the 10 X Games, is that when, there was someone who came to one of our live events – we run an ultimate wealth workshop. And he wanted to speak on our stage and he was doing real estate investing. And he had said that he had bought and sold over a hundred homes in the last year. And I said, that’s great, I want to introduce you to one of my financial advisors and have him review what you’ve done. He actually ended up hiring my CPA to become his CPA, and so now I know exactly what’s happening with this gentleman’s investment. Not that I have all the details, but ya know I call my CPA, I said, should I be investing with him? And he’s like, absolutely, he’s going what he says he’s doing.

JA Right.

JB So, you can bring your other team members in to really drill down and see what’s going on.

JA Yeah, it’s worth its weight in gold to have people with specialized expertise and knowledge because they’ve got skin in the game and they’ve done what you want to do, and so whenever somebody comes to me with an investment opportunity, I always ask them, how much of your money do you have in that deal, and how much of your mother’s money do you have in that deal? Because if it’s such a great deal, you’d have your mother in there, wouldn’t you?

JB Assuming they like their mom.

JA Assuming they like their mom, okay. So we’re going to go through some of this content right now and we’re going to save some questions. We’re going to save some time at the end, so we can get through this 10-X Game and we go to the pile versus stream theory.

JB All right, so this 10-X Game is something you should do right now and this is an exercise that’s going to help you get some perspective on your ability to create wealth. Because oftentimes people are unaware of how much they’ve already been able to create, and more importantly, when we start talking about creating, ya know, five times or ten times the amount of money you have now, it oftentimes blows people’s circuits. So, let’s do this little exercise together. You can do it right now. And, ya know, write down, what is your current annual income right now? So let’s say right now that your current annual income, and we’ll do an example here, is $100,000.00, right? So you would write down $100,000.00 in 2000-whatever year it is, okay? Go ahead and write down what your current annual income is.

Copyright 2011 Praxis Now, LLC. All rights reserved.

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25

JA And use your own numbers right now, we’re not going to ask you to post those on the computer right now, or at any time, just so you know.

“In other

words, if you

put yourself

back into the

mind frame,

and I

remember

being in high

school, for

example, I

could not

perceive myself

at that time,

making

$100,000.00 or

a half million

or a million a

year. It just

blew, it blew

my doors off, I

couldn’t

picture that.”

JB Right. Number two, divide your current annual income by the number ten. So if you made $100,000.00, you would then have $10,000.00 in this second line.

JA Hmm, divide your annual income by ten?

JB Right, so if you made $100,000.00, if you divide that by ten, that’s $10,000.00, okay?

JA Okay. So if you made $50,000.00?

JB Then it would be 5.

JA $5,000.00.

JB $5,000.00, okay? And what we want you to do is we want you to ask yourself, when did you earn that amount of money? So, for example, it was $100,000.00, and I think back and I go, when did I earn $10,000.00 a year? Well that’s going to take me all the way back, probably to high school or early college, right, because I was running a business in college and I made more than that when I was in college. So I would go back to high school and say, when I was in high school, which was a while ago, we won’t say when actually, it was 1987. That was when I earned $10,000.00, okay? So, the reason we’re doing that is that most of you are probably earning, if you’ve been around a while, you’re earning at least ten times more now than you did a long time ago, okay? So if you were in high school, and let’s say you made $5,000.00 a year or $10,000.00 a year in high school. If you’ve broke the $100,000.00 a year mark, we’re looking for how long did it take that, okay? So the question is, how many years did it take you from that, in my case, high school at $10,000.00, how many years did it take you to increase by 10X? So in this case, how long did it take me to go from $10,000.00 a year to $100,000.00 a year? So in my case it was about five years. So it took me about five years to get to the place where I made $100,000.00 my first year, right? So you put the number five in there. Is this clear so far?

JA It’s clear, yes. So just to reiterate. So if you made $10,000.00 in college, and you’re making $100,000.00 now and it’s 20 years later. But if you started making, ya know, $100,000.00 ten years ago, then it took you ten years, not 20, right?

JB Right.

JA So when was the first year you started making that $100,000.00? How many years did it take you from, ya know, a tenth of what you’re earning now to get to what you’re earning now?

JB You got it. Now, some of you may not have broken that, and that’s okay. The exercise will still work and you’ll start to get some perspective here. So here’s the key. Back then, if you can think back to when you were earning say, $10,000.00, in my case, did you believe that you would be making the income that you’re making now? In other words, if you put yourself back into the mind frame, and I remember being in high school, for example, I could not perceive myself at that time, making $100,000.00 or a half million or a million a year. It just blew, it blew my doors off, I couldn’t picture that. I could picture making $30,000.00, but I

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26

couldn’t picture making $100,000.00 when I was, ya know, that age. So, back then, did you believe that or not? And be honest with yourself because we’re looking for what’s the inner game of what’s happening here, okay? Now, this next question is a really interesting question is, what had to change to go from where you were then to where you are now? And this can be a long answer. This could be well, ya know, I had to believe that I could take on a new position, or I had to believe that I could start my own business, or I had to believe whatever. And what we’re looking for is was there some kind of shift, and you know there was, was there some kind of shift between the thinking you had five, ten, 20 years ago, and the thinking you have now? Because what’s important is, the shift that we’re going to take from where you are now to where you’re going to go, is going to require some kind of shift. And we want to prove that you, in fact, believe things differently now than you did five or ten years ago. So the example here was, ya know, Mike was trading time for money and doing part-time manual labor while going to school, let’s say when he was earning $10,000.00. Now he’s graduated, working full-time and on his own as a Life Coach or Business Speaker or something like that. So he had to shift his belief about being a manual labor person to being a Coach or Speaker in that case. So there was some kind of shift. When you were young, you started out doing what?

“. I put myself

in the

environment

with other

people wanting

to make, ya

know,

$100,000.00;

$250,000.00;

$500,000.00; a

million and

then I did

training every

single day on

me.”

JA Well I started working at the age of like eight or nine years old. I worked, ya know, cleaning floors in factories, pressing clothes, delivery groceries from grocery marketplaces. I worked at pharmacy, ya know, stocking shelves. I had newspaper routes of 100, 200 newspapers. I worked at the local community center. Then I got into working at a computer company when I was like 17 years old, making like $6.00 an hour, then I got into real estate when I was 19 and made $30,000.00 and $31,000.00 my first.

JB Okay. Then you went from $30,000.00 to?

JA To $151,000.00.

JB Okay.

JA To like $270,000.00.

JB Okay.

JA Then making millions.

JB Right, at each one of those levels, your identity had to shift into who you are and what you did to get there, even once you got inside real estate, I remember you saying you were listening to these tapes over and over again, you started to visualize the next level.

JA Right, but I also, ya know, got into being mentored by people. I went to banks on a regular basis. I listened to, back then, ED, every single day for an hour. I put myself in the environment with other people wanting to make, ya know, $100,000.00; $250,000.00; $500,000.00; a million and then I did training every single day on me. And this is going to tie us back to, ya know, last month when we talked about, was your financial persona and your values. I’m going to go back to that again, is when that shifts, everything else shifts. I think that’s where you’re going.

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27

JB Exactly.

“Quote here” “Quote here” “Quote here”

“So this is the

brainstorming

part where you

allow your

mind to expand

and say, based

on what I know

right now, if I

were to add a

zero to that, go

from

$100,000.00 to

$1 million,

what are some

possible ways

that I could do

that, all right?”

JA Is, in order to get to that next 5- or 10-X, you’ve got to make that mental shift.

JB Yeah, there’s very few people nowadays that five, ten, 15, 20 years ago are still doing the same wealth-creation strategy, all right?

JA Right.

JB It used to be that oftentimes that’s all people did, they would come out of school, get a job and that’s what they would do their whole life, but that has shifted in the last ten years because of technology and access to other resources. So, I just wanted to take you back there. Now, the next screen, I think we need to switch over. Now what we’re going to do is we’re going to multiply your current annual income by ten. So if you wrote on the top line what is your current annual income right now? Let’s say it was $100,000.00, then you would write in $1,000,000.00. If you’re making $50,000.00, then you’ll write in $500,000.00; so it’s 10-X. So whatever your number is, go ahead and write that down.

JA Whatever you’re earning annually, right now, whether it’s $12,000.00, $35,000.00, $60,000.00, $100,000.00 or $250,000.00 – what is 10-X?

JB Or even if you’re at a million or $5 million or $10 million, because this works no matter what level you’re at, put a zero behind it.

JA Right.

JB All right. So, here’s an example. Let’s say as a Life Coach or a small business owner, Mike needed to implement a strategy of multiple streams of income inside that business. So maybe he brought in product sales, group telecoaching, workshops, things like that. Maybe he needed to put a team in place to help him manage his business. The question that we’re asking is, what would have to change in order for you to earn 10X? So this is the brainstorming part where you allow your mind to expand and say, based on what I know right now, if I were to add a zero to that, go from $100,000.00 to $1 million, what are some possible ways that I could do that, all right? What are ways to maximize my current revenue stream or add additional revenue streams? So take a moment now and we can brainstorm out some ideas.

JA Yeah, and what I also want to do and maybe I’ll give this instruction to one of my teammates. Tarek if we can start a topic right now in our forum on multiplying your annual income by ten. For all of you that are in the gold membership and/or silver, and will joint bronze, whichever one you’re going to be joining, let’s start that and you put whatever you’re going to do right now, and if anybody else wants to mastermind, because the forums are all around networking and masterminding and giving each other help and solutions, then we could start adding, what about this, what about this, what about this, to give you more ideas to multiply your current annual income by ten. And this, by the way, everybody what I want you to observe what we’re going to keep doing over and over and over again, is we’re going to tie in what we teach you here, what we talk about here, back to our dialogue next week, back to our interview with our expert, back to our community on-line as well. So it’s all immersive interactive, and you all know, I’m in the community every single day. Even when I was in Mexico I was in there answering your questions and giving you some ideas, and so this will help us as well – multiplying your personal effectiveness is one part of this, but multiplying your annual income by

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28

ten. You take it as far as you can. We’ll chime in. Other members will chime in as well. So, we’ll put up a multiplying your personal income by ten in our forums as well, and we’ll talk about next week also when we’re in our live chat as well. So Jim continue.

“The idea is

this – it

becomes easier

to perceive just

doubling your

income when

you’ve allowed

your mind to

go 10-X in the

first case. ”

JB Yeah, one thing that might be helpful too is if you already have multiple streams of income or just one stream of income in your current business, post that up there because you might trigger it for somebody else, right?

JA Right.

JB So if you’re selling multiple things in your company, put that up there and say hey, we currently do this. Here’s some ideas of what else I could do, right? Because sometimes people are not that creative and it’s difficult for them to think of what’s already working.

JA And this is also going to force you to think outside the box. Remember, ya know, what I’ve taught is your brain is like a radio that receives messages, but also sends messages. When you start giving your brain the instruction of 10-X, what would I have to do, how would I have to think, who would I have to meet, what would I have to learn, what would I have to apply? You start to think of ways, you start to vibrate in ways you haven’t before. And that’s the first part of it. That becomes your goal, okay, of I’m going to do 10-X. If you think about that every day and you have other people in our community and other people that you have around you that know, I’m going to achieve that goal. Guess what happens? You start to come up with more strategies, more tactics and more support that you need and that’s the ultimate way to use the law of attraction in your life.

JB You got it. Mike, can we tell if people are having success with this so far before we move to the next chunk?

JA Are you all getting this? Are you having success with this thinking and with this exercise?

JB Have you come up with at least one idea about, ya know, how you would multiply your income by ten?

M We have great comments. People are really enjoying this – the workbook, they love the workbook.

JB Great. So, now the next piece is to multiple your current annual income by two. We just did it by ten, but now we’re going to drop down and just do it by two. So if you have in the first line $100,000.00, then you would simply put $200,000.00 here. If you had $50,000.00, you put $100,000.00. The idea is this – it becomes easier to perceive just doubling your income when you’ve allowed your mind to go 10-X in the first case. So what we found is that if we can stretch you to 10-X, 2-X should be really easy, and in contrast, you go wow, I can double my income in this next year pretty easily just by going one strategy, okay? So, what would be one strategy that you could do or more, that would double your income in the next 12 months, all right? So that should be a little easier since you’ve already done the one on 10-X. And then you should also feel potentially more excited about that because you go wow, I was already thinking about ten and now I can hit the two.

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29

JA Right, and some of you, as soon as Jim asks you to go to ten, you froze. Remember what happens, as soon as we have a perceived or real danger, okay, so there could be a danger to you going 10-X. Amygdala sends a message to the motor cortex, the base is shut down and we fight. We fight or we freeze. We fight, we flee or flight, or we freeze. Some of you went, ah, I don’t know, I have no idea how to make ten times what I’m earning right now, I’m struggling what I’m making what I’m earning right now. Okay, release the tension, take a deep breath. Okay, well, 2-X. Well what if you had to make twice your income in the next 12 months? What would be a few things that you could do if you had to?

“Most people

have been

educated that

the way to do

that is to work

a long period

of time, to

accumulate a

pile of money

and to have

that pile of

money spin off

a certain

monthly

income.”

JB Perfect. Let’s go to this next chunk because we’ve got a couple more things we want to go through.

JA Okay.

JB And that exercise is just designed to get you to start to expand your thinking and really put some numbers down and see what’s real for you. This next concept is just that. It’s a concept. And what we started noticing is, when I ask people, how are you going to become financial free? Most people have been educated that the way to do that is to work a long period of time, to accumulate a pile of money and to have that pile of money spin off a certain monthly income. So, if for example you have a million dollars in savings and let’s say that you get an 8% return on investment, that should spin off some cash flow for you. And you have a chart in here to look at that in a little bit.

JA Right.

JB So…

JA That’s right there. We’ll come back to that okay?

JB …yeah, and we’ll help you just literally pick that number. That uses what we call the pile theory. So what happens is, people are saying, well geez, if I’m spending $8,000.00 a month, then well how much of a pile do I need to create? And this is great if you’ve built companies, for example, where you have a great exit, or you sell your company, you sell some stock, you buy some real estate and you get a big chunk of change. That’s the pile theory. The thing about the pile theory is, most people still need the pile to spin off a stream. And if you think about the stream theory, stream theory deals with cash flow. And what I found bothers most people is not when their pile dries up, it’s when their streams dry up. In other words, what’s oxygen to your business or your life or cash, is cash flow. What that means is, if my body doesn’t have oxygen in the next couple minutes, I’m going to get tight, tense, frustrated, overwhelmed, game over, right? What affects you more? If you have a little drop in your pile or if your cash flow stream dries up? And most people are experiencing cash flow issues, and that’s what we talk to people about and say, listen, you want to build your pile. We think that that’s important, but you also want to make sure that you build your stream.

And when you look at a race. If this were a race and you were starting from zero and I were starting from zero. If our goal is to get the point where we had a decent lifestyle. Let’s say that’s $10,000.00 a month. Do you think you would be able to get to $10,000.00 a month by building some kind of a business that has a recurring revenue stream? Or do you think you’ll be able to get to a big pile that spun off a recurring revenue stream faster? Most people don’t think about this, but if their goal is to go save a million dollars, that’s oftentimes harder than to get to an income where it’s $10,000.00 a month, whether it’s through some kind of on-line

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30

business or whether it’s through some kind of real estate that’s spinning off $300.00, $400.00, $500.00 or $1,000.00 a month and they accumulate ten of those. Or whether they build a network marketing business – whatever it is. The streams that are oftentimes easier for people to get to first. And so we just like to show people from contrast if you’ve been trained and programmed to go for the pile, you may want to start thinking about a stream first.

“Most people

don’t have a

strategy for

making money,

managing

money,

investing

money and as I

mentioned

earlier,

preserving

money –

getting their

money to work

for them and

then protecting

it so that it can

last in the

amount of time

that they need

for their

lifespan, as

well as, in

some cases, the

legacy.”

JA Right. And ultimately, you’d like to have both.

JB Yeah.

JA All right, but you’ve got to be thinking about, ya know, what is your specific skill set? What are your tolerance levels? What is your knowledge base? What is it that excites you? Now, I’ve been fortunate enough to have piles and streams, but I first built the business that gave me the stream. And so, there’s also a lot of people out there teaching multiple sources of income and I highly recommend knowing how complex, how getting one source of income is, other than a job, to get multiple sources of income, especially if you’re looking at businesses, is very, very difficult.

And what I suggest to people, and I’ve taught for many years, is get your mainstream or your main source of revenue really safe and secure. And from that, then spin off some streams of revenue, and that might be real estate, that might be the stock market or it might be, in my case, my books or other things that I have that bring in money on a regular basis. But you’ve got to determine for yourself, a strategy first, then the tactic, then the implementation. So are you building a business? Wait, focus on that business. Pull money out of that business. Invest some of that money. Reduce your debt, etc. And so you’ve got to really figure out what is my strategy? Most people don’t have a strategy for making money, managing money, investing money and as I mentioned earlier, preserving money – getting their money to work for them and then protecting it so that it can last in the amount of time that they need for their lifespan, as well as, in some cases, the legacy. Okay, so once you passed on to whatever we pass on to, all right, will you have a legacy of income for your significant other, friends, family, children, charities that you want to support, after your physical body is gone, all right?

JB You got it, so let’s switch gears and let’s actually do a little exercise, it’s a game. And it’s call the P&L Game. Now I designed this game because, again, what I found is, and most people, and you may type this into the chat, ask yourself this simple question. When you think about looking at your numbers, when you think about looking at your bank statements or you look at your credit card statements, or you look at your profit and loss statement – what’s the first response you have? Are you excited, are you fearful or do you have no response at all? If I were to tell you that John and I were going to come to your house today and sit down with you and look at your P&L, what would you feel?

JA Again, P&L is profit and loss – the amount of money that you’ve got coming in every month or the amount of money you’ve got out – how we look at your net worth statement. So Mike, maybe we ask you, so are you excited, are you fearful or…

JB Neutral.

JA …neutral? Why don’t you just type in your answer on-line right now and Mike will give us an idea since he’s watching the computer screen right now and covering live, so what percentage Mike are fearful or oh I don’t want to look at that, or are neutral about it; ah that’s all right, or are…

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31

“Quote here”

“Now, one of

the things that

we found is, a

lot of people

fear looking at

their numbers

because they’re

afraid that

they’re not

going to like

what they see.”

JB Excited.

JA …fearful, excited, sorry. Mike how’s it look?

M Eek, excited.

JA And excited means you’re really happy at what you’re looking at, not excited that there’s some money coming in, but excited like oh wow, this is great I’m making more than I…

M Neutral, fearful, neutral, fearful, excited.

JA Good, good, good.

JB Okay.

JA And by the way, the answer’s not right or wrong, it’s part of being honest and seeing where you’re really at.

M Excited and fearful.

JA Excited and fearful.

JB All right perfect. Well, so again, a lot of money an inner game, right? There’s a mental and emotional side to it. Just be aware of where you are and let’s shift that. Now, one of the things that we found is, a lot of people fear looking at their numbers because they’re afraid that they’re not going to like what they see. They’re also oftentimes afraid that they’re not going to know what to look for. They’re also afraid that it’s going to take too long. So those are three things that people typically resist when it comes to looking at their numbers, right? Or they’ve got, ya know, a situation where their spouse and them don’t actually communicate well about it. So it’s a negative experience for them. If you knew that you could be excited about it, if you knew you could be confident at it, and if you knew that it would only take a couple of minutes – the likelihood of you scheduling it every month would be a lot greater. So here’s what we’re going to do. We created this P&L game to show you that you can actually do your P&Ls in three minutes or less.

Now it doesn’t mean you can prepare all the data, but you can review them, make decisions and move on. So, here’s what we’re going to do. We’re going to invest one minute – 50 seconds, to allow you to look at this sheet. Now if you’ve already looked at it, then I’m going to ask you to look at it with a fresh set of eyes. But here’s what we’re going to do. Don’t quite dive into it yet. We’re going to give you 60 seconds and we’ll need a timer Mike. But we’re going to give you 60 seconds to go through the P&L, so if you’ve printed this off it’s a lot easier. And you’re going to take a pen, preferably a red pen or a blue pen, and you’re going to go through and you’re going to look for things in the P&L that could be red flags, all right? Now, I’ll give you a hint. A red flag is something that simply looks out of the norm, so when you look at this, you’ll notice that the P&L has January, February, March and April. So we’ve given you four months and then it has a total, all right? So we’re going to give you 60 seconds to circle as many red flags as you could find and we’ll come back and see how many you find and you can type that in and tell Mike.

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32

JA And by the way, red flag, and this is just if you’ve never seen a P&L before, for a personal – this is not a business P&L, and I highly recommend that you separate. You do not run your business and your personal life together. Separate your business from your personal life. So this is a personal P&L – profit and loss statement for Sally Doe or Joan Doe or whatever her name is over here.

“You do not

run your

business and

your personal

life together.

Separate your

business from

your personal

life.”

JB All right, John and Sally Doe.

JA All right, John and Sally Doe.

JB I’ll give you your first example. If you look…

JA So hold on. So take a look at this for just 30 seconds and just make sure you that you understand how it’s all categorized so you see that in this particular P&L, Sally and John Doe know every expenditure that’s going out and they could look at it and go, oh I see where all my money goes and I see where all the money’s coming in. So I know that Jim has put some things in here that may trick you a little bit, but it’s to get you to start looking at this and budgeting.

JB So I’ll give you the first one and then we’ll give you 60 seconds. We’ve probably already given you a couple minutes too long as it is. But the first one is if you look down under the expenses, you’ll see automobile, then car payment. And if you look over you’ll see 480; 0, 960 and 480.

JA Where is that Jim?

JB That is on the…

JA What month?

JB It is on the February 2007.

JA February 2007.

JB So that’s the second column over. And it’s the one, two, three, fourth set of numbers down. So it says car payment 480; 0; 960; 480; 1920.

JA Got it.

JB So I would circle that because I go wait a second, they have a car payment; it looks like $480.00 a month, but what happened in February? Was there something that happened in February? Are they paying their bills late? Are they doing this manually instead of automating it, that kind of stuff. So right now we just want to look for things that are inconsistent or that might be red flags in the P&L.

JA And just so, just so you are all clear. Are you all clear what Jim asking you to do, all right?

JB Okay.

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33

“. And if you

want to play a

bigger game,

you’ve got to

step up your

skills and your

knowledge and

really

understand

how money

works. You’ll

never be in the

position to

really

accumulate

great wealth

and feel really

good about it –

you’ll always

be in the dark.”

JA Because I’m still trying to find it on this document, so I want to make sure everybody else does so.

JB Okay.

JA Okay, so we’re looking for any inconsistencies between one month and another okay, and why would that be of concern to you is really the question, right?

JB Yeah, first you look for the inconsistencies and then what these do is your numbers always tell a story. So we want to know what is your story in this case? So ready for 60 seconds, go.

JA Okay, we’re timing you right now. And as you’re playing looking for this and you can hear me, this is the dialogue you have to be in everybody. You’ve got to be, you’ve got to know how to look at your finances, you’ve got to get your finances in order. If you want to make more money; I mentioned this on numerous calls, you know, God doesn’t give you more money to manage until you manage the money you’re already getting. And if you want to play a bigger game, you’ve got to step up your skills and your knowledge and really understand how money works. You’ll never be in the position to really accumulate great wealth and feel really good about it – you’ll always be in the dark. Some of this is rudimentary, but it gets more complex as you move forward.

JB All right. So, just for the sake of time, go ahead and look and see how many things you found. And again, there’s no right or wrong answer, but go ahead and tell Mike how many you had and let’s have Mike read these off, so type it into the chat.

JA So how many errors did they find? Or how many…

JB Yeah, how many red flags?

JA …incosisten-, red flags. So not errors, but red flags or inconsistencies that you find.

JB Yeah, because we don’t know if they’re errors or not.

JA Right.

JB Right? There’s always a story behind it, but this is a sample that we get. But we imbedded some stuff in here that typically people will identify.

JA Okay.

JB So what kind of numbers are we getting there Mike?

JA So how many?

M Hold on.

JA You need to build a number though of inconsistencies in there too Mike. So are there one or two inconsistencies? Are there three to…

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34

JB To five, five.

“So there’s no

excuse to say,

it’s going to

take me forever

to review my

finances

because it

doesn’t, and

now that

you’ve seen the

story, you

know that it’s

something that

you can easily

understand.”

JA …five inconsistencies, or are there five or more inconsistencies? Just look at that in one minute.

M 20% percent say 7, 25% say 11, 11% say 5.

JA All right so Jim?

JB Okay, yeah so…

M 11 is the highest number, 32% at 7.

JB Perfect, so just for the sake of time. There isn’t a right or wrong answer because some of these things that are even trickier than we would – in an event we would carry this down even more. But some of the things that you’ll notice that you may or not have noticed is, the first question I have for your guys is, did you go to the bottom line? Now, when you do that, there’s a reason, on the very last page, the second page here, you’ll notice that there was a negative on the January and a negative on April. So one of them was -$2,855.98, then a positive $3,700.00, a positive $2,800.00 and a -$12,000.00. So for me, I would have gone to the “what’s the bottom line?” which that’s where that phrase comes from – tell me the bottom line. You go to the bottom line, you look at that and you go, I’d better be looking at April first and find out how did April have such a big swing or shift? Where are the numbers so far off on April, okay? So you just circled one of the big ones, right? There’s $10,000.00 attorney bill in there, okay? There’s a $4,000.00 tax expense, so some of these things make sense. And you can start to go through these and start to look from the bottom line up and see what’s going on in your P&Ls.

And this is something that most people don’t do. They start at the top and go down to the bottom. Always start at the bottom and move your way up. You may have also noticed, and we gave you some hints, if you read through the manual, sometimes there’s varying amounts or somebody will put zeros in and you know it’s not a zero each time. So they’re guesstimating. We find this when people do their own numbers, which is why it’s so important to have a bookkeeper or a CPA doing these numbers. If you’re guessing at math, you’re going to be off, and that’s not what we’re looking to do in this case, okay? You also find that there are months where there are missing expenses. So did they not pay for their kid to go to school that month? Did they not make a credit card payment that month; those kinds of things. And you may also notice, and this is a little trickier; if you had more time you may have noticed that there were rental property expenses, but there was no rental property income, right?

So that’s kind of one of those deeper hidden kind of things that you look at. The key to this is, we only gave you 60 seconds and you guys found a lot of things to look at right off the bat. So, if you took another 60 seconds and did it as a group, you’d find even more things, but more importantly, you would carry a conversation. And that’s the key piece of this, is that it doesn’t have to be something you fear because you’ve done it now, so it’s not unfamiliar. It doesn’t have to be something that takes a long time. You did that in 60 seconds, you reviewed it. So there’s no excuse to say, it’s going to take me forever to review my finances because it doesn’t, and now that you’ve seen the story, you know that it’s something that you can easily understand. You know this is not difficult stuff, but we’ve just not been taught it carried through our first to do it.

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35

“Quote here”

“And you’re

managing your

inflows and

you’re

managing your

outflows. And

then from there

you create

strategies that

allow you to

invest, okay, in

debt reduction

and invest in

asset

accumulation

and returns on

investment.”

JA Absolutely. The other thing that you find is no different than a game or chess or Rubik’s cube. What the trained eye starts to look for is patterns and after you do this for, ya know, five or six, seven or eight time, and you have your patterns of what you’re looking for, you could pick up inconsistencies in seconds. So I mean I can go through this and in seconds pick up the inconsistencies just because I’ve seen these types of documents and P&Ls every single week, every single month, for so many years. And so depending on where you’re at again, what you want to do more than anything else is in order to manage your finances, you have to learn how to manage your finances and what you’re managing. And you’re managing your inflows and you’re managing your outflows. And then from there you create strategies that allow you to invest, okay, in debt reduction and invest in asset accumulation and returns on investment.

JB Yeah.

JA So.

JB So if there were more time, I suggest you do this as homework. Go through and answer the questions, the seven questions that we have, and see if you got some of the other distinctions in here about rental property, ya know, what about their lifestyle could you identify and things like that? So now, once you do that, you’ve got a piece of cash flow management, you can make better decisions and it actually becomes fun, it becomes a game. The last piece, the last page that we want to go to is where we get to do a little bit of the dreaming and the planning piece. And this is a tool that is really simple, but do you remember when I said, you want to look at the pile theory and the stream theory. So this is something you can use to identify your financial target and how much money you would need in a pile earning a certain percent to give you a stream. So here’s the example. Let’s say that one of your financial targets, your first financial target, is to have a million dollars in the bank.

Let’s say that that’s your minimum financial target. So you’ll scroll down on this chart in the second column it says, investment portfolio amount and you’ll see the first set of numbers. It starts at $100 million and goes all the way down to $125,000.00. So go up and let’s put a circle around the $1 million and when you circle that, you’ll move over to the right and if you had a million dollars that had an annual return of 8%, then that would spin off an $80,000.00 profit, okay? If you broke that $80,000.00 a year profit down, it would $6,667.00 a month. So this chart is good because on the left-hand side where it says, my financial target, you can set your goals. The other reason this is good is you can look at the very last column where it says monthly at 8%, and you can quickly go, well geez, right now based on my P&L, my profit and loss sheet, I’m spending $10,000.00 a month, so if I’m spending $10,000.00 a month, that’s $120,000.00 a year, that means I need $1.5 million earning 8% to pay for my lifestyle.

JA And but you also have to calculate your after-tax income.

JB Right.

JA So if it’s costing you $10,000.00 a month or $8,000.00 or $6,000.00 or $15,000.00 a month to live, that’s after-tax dollars. So you have to extrapolate what your after-tax income is going to be, okay? And the other thing that most people don’t do is if you were to give me the age at which you want to retire; so let’s say you want to retire at age 70, or 60, or 50, or 45, whatever age it is, you have to determine this diagram right here of how much money do you need to have either in investments with streaming, either interest or cash flow, to be able to live that lifestyle, which is

Copyright 2011 Praxis Now, LLC. All rights reserved.

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36

“Quote here” “Quote here” “Quote here”

“? And if you

don’t know of

that number,

then you’re

shooting in the

dark, and so

you’ve got to

determine

what’s the

lifestyle that I

want to live,

and then how

much do I need

to earn and/or

have in my

asset base with

revenue stream

that allow me

to live that

lifestyle?”

where Jim is going with this? And if you don’t know of that number, then you’re shooting in the dark, and so you’ve got to determine what’s the lifestyle that I want to live, and then how much do I need to earn and/or have in my asset base with revenue stream that allow me to live that lifestyle? And so when you start thinking in reverse and say okay, well here’s where I am right now, now I know what that target is, that becomes your new goal, and that’s where this is critical to set your goals because now you’re dealing with goals that are realistic based on what you need to do to sustain or increase or decrease the lifestyle that you have right now.

JB The great thing about this, I remember the first time that I saw this, and then we’ll wrap up because I know there’s some things you want to share, is that this made it really simple for me to understand what I needed to do. It’s not a detailed report, but it is a very quick snapshot that can help you realize, at least it did for me, how much easier it was going to be for me to become free than I thought. Because a lot of times, I mean I remember thinking I needed $100 million to live the lifestyle that I want. But, ya know, $100 million is $666,000.00 a month that it would spin it was 8%. That’s a lot of money. You can live a pretty great lifestyle. I think you’re the first one that told me that, ya know, we’ve gotten to the point where, ya know, I can’t really eat any more steak dinners, I can’t go out on any more limos tonight, I can only do one a night. So ya know, it actually made it easier for me. So use these charts, use these exercises, but the most important thing is get in the game, get engaged, have fun, play as a team, learn the position that you’re supposed to play, make sure that you’re focused on creating it, managing it and investing it, and then play full out – play to win.

JA Absolutely. All right everybody, let’s give a round of applause to my buddy, Jim. Thank you so much. I appreciate it. So if you enjoyed this, I’d love you to share with us, with Jim, ya know, how much you enjoyed him being here. I’m going to need you for probably five minutes over our 400 San Diego time, I’ve got a clock here in front of me. I can see I need to talk with you about a couple things. On the next page, all right, I want you to start thinking, okay, what is your plan to significantly increase your income in the next 12 months? You don’t have to answer this right now because we’re going to be talking about this in the forums with all of you members, we’re going to be talking about this next week or in the live chat, but you’re on right now it’s covered live. So we talk about your plans, because I want you to understand – no plans, okay? No success. Do not use hope as your strategy and do not use, ya know, anything other than having your goals, your strategies, your tactics and your implementation as the way you’re going to get there and we are going to help you get there.

So what is your plan? I want you to start working on your plan, I want you to add two more things that I didn’t put in here is what is your plan to reduce any debt that you’ve got that’s not good debt where you’re paying way too much interest, okay? And I want you to start thinking progress, not perfection. And then I want you to allocate; we talked about this last month and last week and the week before and the week before that, all right? On what is your investment and savings strategy? What’s your investment and saving strategy as well? So what are you going to do to increase and we’ve already talked about management today. What’s your reducing your debt strategy and your increasing your savings strategy, all right? So, as always, I like to measure things. I want to know, so far, on a scale of 1 to 10, how is this last two hours for you and rate this now if you can. We’re going to do two live Q&As. I’m going to ask Jim to stay so we can choose the winners. I’ve got probably about 350 entries. What we did, just so you know, is for every entry, for those of you who went into the training community, listen to the training sessions that we did today, or listen to one of the interviews. We put your name in here, so I’m just going to pull some random ones out. These aren’t the ones, but we put your name. If you entered ten times because you listened to ten interviews and put your five points on, we entered your name in this box. Jim is going to

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37

“You owe it to

yourself to

learn this

material and to

be in the

conversation

and in the

direction to

achieve your

goals and

dreams.”

choose our three winners and we’re just going to let him mix these up a little bit. Look we’re going to mix all these up. Whoops there’s one, ah throw this one out, no, no, no, we’re going to keep it. All right, here’s another one. All right, so, number one, on a scale of 1 to 10, how is this session? Did you enjoy this gold level training and coaching program because I want every one of you to sign up today, all right? You owe it to yourself to learn this material and to be in the conversation and in the direction to achieve your goals and dreams. So let’s take two questions. We’re going to choose your winners for the live $15,000.00 contest and I’ve got some notes I want to read off for some of the winners here. Mike, what was the overall consensus for people today?

M Well John we’ve got high, high ratings across the board.

JA High, high ratings across the board. So good. Anything over a 7-1/2 is consistently good, but we shoot for 9’s and 10’s all the time. All right, so any questions for Jim or I, hit number “1” on the phone if you’re on the phone, ask questions so that Mike can share with us what the questions are and we’re going to be probably about five to seven minutes over today. I like to respect your time, hopefully you can manage that. So, any questions for me or Jim on the three C’s of money. Jennifer?

JB I do not have any hands raised, so.

JA Hit number one on your phone if you called in. So no hands raised on the phone, what about on-line Mike?

M Well we haven’t, we got to give them a second because I think we caught them by surprise with the last question.

JA Okay. So if you have any questions for Jim. Let’s just take two questions, and then I know you guys want to know who the prize winners are. I’m so, ya know what? We have so many amazing notes. What we had people do Jim is listen to a training session like we did today, write their top five take-aways from each lesson, tell us where it was on the call that we did on the live show we did, submit it. Everyone who has submitted, we put their name in the box and so that way we made sure that they listened to it instead of just read our notes, so they could really learn. They post it in the forums and now we’re going to get to choose a winner.

M Got a question. Wade Basket.

JA Hey Wade.

M What is good debt?

JA What is good debt? So I can answer that in a minute. Jim?

JB I would say that good debt, for example, is when you have a loan on an investment property. That’s great debt because it’s leveraged debt and it’s on an asset, not a liability. So bad debt again being credit card debt because that’s unsecured debt. Something that is secured debt like a loan on an asset.

JA Okay. So bad debt is debt that is costing you more than the upside of the investment. And so, for example, if you’re buying real estate and it’s going up in

Copyright 2011 Praxis Now, LLC. All rights reserved.

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38

value and you bought at the right time, that’s good debt. If you’ve made a loan for a business that has got enormous potential, that can be really good debt. So any appreciating asset could be very, very good debt, and so for me, I don’t mind borrowing money. So for example in the United States Wade, you can have up to $1 million mortgage on your home, and you can write off the entire interest for that entire mortgage up to $1 million. That’s good debt if it’s an appreciating asset, all right? So you’ve got to determine, is this asset going to go up in value or not go up in value? And what’s the risk that it’s going to go down in value? Great question Wade, one more?

“Quote here” “Quote here”

“If you’ve

made a loan

for a business

that has got

enormous

potential, that

can be really

good debt. So

any

appreciating

asset could be

very, very good

debt, and so for

me, I don’t

mind

borrowing

money.”

M Does Jennifer have anything?

JA I think everybody wants to know who the prize winners are. The prize winners. Do you guys just want me to pull the name out of a hat and choose the prize winners?

JB Do it.

JA Yep, yep, yep. All right, so let’s do this. If you want to ask more questions, we’ll be in the forums later today. We’ll also be in the forums every single day answering questions. We’ve given Jim access to our forums as well, so he’ll probably be in there as well. So here’s what we’re going to do. You all busted your behind. You did a phenomenal job. We’re going to take all of the answers and all of your distinctions. We’re going to create a PDF and we’re going to make that available to everybody who’s participating. And so, we’re building this community around fun. We’re building this community around getting you to do what you should be doing; teaching you what you really need to learn, and more importantly, what we want to do, is help you get significant, measurable results, month in, month out, starting from where you are. So the first person, okay, that’s going to win. And the prize, just so you know, is three people are going to be flown to San Diego on our nickel, we’re paying for it, we’re putting you up in a hotel in San Diego near my home. We’re going to do about four hours of masterminding in an afternoon. We’re going to take you to one of my favorite restaurants for dinner. We’re going to mastermind your business, your success, your finances, your marketing strategies, your investments or whatever you want. I’ll be there to answer your specific questions. We’re going to take group shots, have a limo pick you up at the hotel. Lots of fun things in store for you. We picked a date.

M Jennifer wants to come and pick one of them.

JA Jennifer, that’s Jennifer, you’ve not seen her. So I’ll have Jennifer pick one. Okay, so I’m going to mix them up. All right, Jim we’re going to ask you to put your hand in here.

JB I’m not looking.

JA Okay, so Jim the first winner is...

JB The first winner is Anand Murphy.

JA Anand Murphy. So look over here at the camera on this. Anand Murphy, you saw us pulling this out of the bag there. Anand Murphy, you’re the first winner. Anand if you’re on-line, let everybody know that you’re the first winner, all right. So Anand you go right over here. I’m not even going to pick a winner. We’re going to let

Copyright 2011 Praxis Now, LLC. All rights reserved.

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39

Jennifer pick them. So Jenn just move your hand around in there. The second winner is…

“Quote here” “Quote here” “Quote here”

“We’re going

to mastermind

your business,

your life, your

money, your

investing,

whatever you

want.”

JB Second winner is, we’ll go from the bottom this time, make sure you get a fair shot. The second winner is Wendy Moran.

JA Wendy Moran, congratulations Wendy. Congratulations Wendy Moran. Congratulations Wendy, you’re coming to San Diego. You’re going to Disneyland. You’re coming to San Diego.

JB Or Sea World.

JA And then Jennifer Bailey, come over here. Let’s get a good shot at Jennifer. Jennifer Bailey, this is our Head Coach from John Assaraf Companies, and she has been an invaluable Coach and a part of our team, dig one in there.

JB Oh, I’ll close my eyes.

JB Steve Lee Berman.

JA Steve Lee Berman from Australia, you are coming to America, my friend. Steve Lee Berman, hold on. Steve Lee Berman, that’s our three winners. Our three winners; Steven Lee Berman from Australia, you’re coming to us. So those are our three winners, but wait, there’s more. I cannot just sit here and not pick a name, and so I can’t do this, so I’m going to round it off at four. My team doesn’t even know this. I’ll pay for the flight to get one person, so if you want to be the fourth person picked. I’m looking at the wrong camera, sorry. If you want to be the fourth person picked, I’m going to pick one. Let us know on-line right now. Am I going to choose your name? Are you the winner? All right, so I’m going to pick one over here. One more person, I’m going to, ya know what? Okay, we have Guido Oakley, Guido Oakley, Guido Oakley you’re coming to San Diego. Guide Oakley, you’ve been great in this community, all right. So there we have it, but wait, I just had another great idea. Since Mike is my business partner and he does such an amazing job at making this happen, we’re going to let Mike pick a person, and five of you, five are coming to San Diego. We’re going to mastermind your business, your life, your money, your investing, whatever you want. We’ll look at it, we’ll scan it, we’ll make sure that you’re on the right track with a plan. Is this exciting or what? Mike come over here. You guys, give it up, give a round of applause for my partner over here. Mike, you guys, all right, we’re here, take a picture. We’re going to let Mike choose one more winner. This will be the last one. I open my hands to Mike – you pick the final winner over here.

M Go in deep, go in deep.

JA Go in deep, deep, one more person. All right, read the winner.

M Patty Myers.

JA Patty Myers, way to go, way to go Patty Myers. Patty Myers, all right. So the five of you are going to be flown to San Diego. As I mentioned we’ll pick the dates at a later date. As you can tell, we all love doing this. I want to bring you the best of the best. My buddy, Jim, he’s not doing this for anything. If you want to know more about what Jim does, go to…

Copyright 2011 Praxis Now, LLC. All rights reserved.

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40

“You can

expect high live

quality action,

a lot of

amazing

content,

information,

dialogues – a

place to ask

your questions,

get answered,

and really get

in the game.”

JB www.theultimategameoflife.com.

JA The ultimately game of life dot com. Anything he’s got, I endorse. He’s got great content, great everything, so we’ve been in this game a long time together so I trust him and you can as well. So here’s the drill everybody, this is the type of stuff that we’re going to be doing for the next, ya know, two, three, four, five, ten years and for those of you who already decided, whether it was in a live event that I’ve been on, or in Australia, or through our Internet family that we’ve got; this is what you can expect – this week, next week, the week after and every week for the next 12 months. You can expect high live quality action, a lot of amazing content, information, dialogues – a place to ask your questions, get answered, and really get in the game. I’m not going to go into what the pricing is. You have an opportunity right now to be able to really get involved at our gold level at a price you’re not going to get again. These are our charter memberships that we’ve been allowing you to get into, to build our community, to build a foundation of what we’re building. And so hundreds of you have already made that decision and we’ll keep adding some amazing tool, technology and techniques to help you really win the game of money, win the game of business. So choose today, whether it’s gold, silver or bronze, which gets you to the forums without some of this type of training. Choose a payment plan that works for you, and let’s really get you in the game winning and really getting to you to the lifestyle that you want to life. Mike, you’ve got somebody there now?

M Yeah, I’ve got one more surprise John.

JA One more surprise?

M One more surprise, yeah.

JA Okay.

M What we’ve done is we’ve dropped, for about another five minutes, the Gold Quarterly. This is a last chance opportunity that is $679.00 a quarter down to $299.00 a quarter. So that’s going to be live while we finish up the forum, we’ll keep it open for another five minutes after we go off the air from video. And the link’s on there and that’s a real opportunity.

JA All right, Gold Quarterly is $299.00 and that’s only going to be live the next five or so minutes after the event here right now, is that correct?

M And the link’s right in there.

JA And the link’s right there. For those of you who want to sign up who haven’t signed up yet for the yearly, you can sign up for a quarterly, and you’re going to get this kind of quality content every single month. All right, I’m ten minutes over my time. Did you have a great time? Did you enjoy the content? Did you enjoy the contest? I hope that it’s not just the five people who won the trip to San Diego that won. My thoughts are that everybody who really immersed themselves and played, and you can tell a lot of you really played the game. You should be all winners right now. And we’re going to keep bringing you great contests, great tools, great experts, great learning, great skills, and most importantly, we’re going to create the family, the support and the tribe that you want to be a part of right now. All right everyone, have an amazing night. Thank you so much for playing full out, and we’ll be back on next Wednesday. Remember next Wednesday, we’ll be on again. Thanks everyone. Bye bye now. Thank you Jim.

Copyright 2011 Praxis Now, LLC. All rights reserved.

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41

JB Thank you brother.

Copyright 2011 Praxis Now, LLC. All rights reserved.

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42

Copyright 2011 Praxis Now, LLC. All rights reserved.

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