The formula for getting rich – that changes EVERYTHING

The formula for getting rich – that changes EVERYTHING

by | Aug 31, 2022 | Money Management

Let’s talk about the formula for getting rich.

If you‘ve been struggling to save money no matter how hard you try, this episode is for you! Today I’m sharing something I learned from Bob Proctor a long time ago. It’s called the formula for getting rich.

What will blow you away is how incredibly simple it is – yet it’s unbelievably powerful in turning things around. It’ll take you from feeling like you’re not going anywhere financially to suddenly powering ahead.

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When I first started my personal growth journey, I was broke and on the bones of my butt. So of course, I was a personal growth junkie. I went to every seminar, I read every book and all the courses (that I couldn’t afford and didn’t even complete) 

But one of the best things I ever did was ‘You Were Born Rich’ by Bob Proctor. And the formula for getting rich is one of the most profound teachings from that course. 

When I finally understood this, it turned my world upside down. I went from feeling like there was never enough money to save or get ahead, to the total opposite being the case.

So before we get to the formula for getting rich, let’s talk about the formula for staying broke. This is what most people do.

Here it is: 

INCOME – EXPENSES = SAVINGS

They take their income, subtract all their expenses then save what’s left. Now, what do you think the problem with that might be? That’s right – usually there’s little or nothing left .

Because Parkinson’s Law kicks in. Parkinson’s Law basically says that the amount of resource required to accomplish any given thing is the amount of resource available. This applies to all sorts of things, including money. It means that if I have $5,000 available to go on a holiday, I’ll go on a $5,000 holiday. And if I have $50,000, I’ll go on a $50,000 holiday.

For most people, as their income grows, their expenses grow to match. They get a pay rise and think, “Great! I can upgrade my car, live in a fancier house, update my wardrobe.” And the money quickly disappears.

Then they’re left wondering why they’re not getting ahead financially.

I saw this over and over again in my finance business. People on higher incomes had much higher expenses. More expensive cars, bigger car loans, bigger homes, bigger mortgages. In fact, the people on lower incomes often did better in terms of getting ahead, saving and creating wealth for themselves.

Maybe that’s because they knew what that I’m about to share with you….

But first I want to hear from you! 

Let me know in the comments if this is ringing some bells. Have you also found that extra money kind of just disappears for you because Parkinson’s law kicks in?

Okay, let’s move on to the formula for getting rich (cause I know that’s what you want to find out about)

But before we go there, let me point out that this is mainly a shift in perspective. It’s a shift in attitude and mindset that needs to be mirrored in the way you MANAGE your finances.

So here it is – the formula for getting rich:

SAVINGS + EXPENSES = INCOME

So you might notice that this includes exactly the same 3 variables as the formula for staying broke. We’ve just shuffled them around – but the meaning is totally different.

What it now says is that the amount of money for savings, ie, wealth creation, PLUS  your expenses needs to equal your income.

So although it’s the same three variables, we’ve got a total change in focus, perspective and mindset because we’re not just saying, “Hey, I’ll save what’s left,” anymore.

What we’re now saying is, “I have a financial goal, wealth I want to create for myself and I’m going to prioritize that. And I have expenses just like everyone else. And so if I add those together, that gives me the income goal I need to shoot for.”

And guess what? Chances are, if you’re reading this, you’re a business owner or entrepreneur – which means your income potential is unlimited!

Even if you don’t have a business, you can have a side hustle or invest. You can do all sorts of things to increase your income. And by shifting things around, you’re prioritizing what’s most important to you and creating a goal and a focus to help you achieve it.

By approaching things through the lens of the formula for getting rich, you achieve 3  very important things.

Number 1:
A mindset shift. You prioritize your goal and can set an income target to help you achieve it. And when you have the vehicle of a business, you’re able to plan for success. By now prioritizing growth and financial stability, you’ve shifted your mindset.

Number 2:
Looking at your finances via the formula for getting rich also helps you set up your money system to achieve those goals. You can set things up to prioritize that goal and chip away at it until it’s achieved.

Number 3:
The third really important thing is that you’re no longer just leaving your financial destiny to chance. You’re not plodding along like an unconscious victim anymore. You’re putting yourself in a position of power and taking charge of your financial future and destiny.

What’s really cool is that at the end of the day, this is nothing more than a shift in perspective. You’ve simply chosen to no longer look at life one way & chosen to look at the same thing in a totally new way.

It’s just a shift in perspective, but it changes everything.

 

To be able to implement the formula for getting rich, you need to have the correct infrastructure in place. If you haven’t done it yet, be sure to jump on my free workshop to help you organize and tidy your banking.

These 35 minutes will help you get the right structure in place to implement the formula for getting rich. We also cover important principles to help you succeed in your business and achieve your financial goals.

The link is below so you can get started right now.

There are also a couple more episodes below you might want to watch next.

It’s your time to create more abundance – both inside & out.

xx Miriam

 

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by | Jun 15, 2022 | Money Management

If you find that you can’t save money – even though you’re budgeting and trying your best, then this one’s for you!

Everybody tells us to tighten our belts and save our pennies so we can save money.

But the reason most people who do this don’t seem to be getting anywhere, is that it ignores one of the key principles of Magnetic Money.

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I actually developed this principle during my own journey from being a broke single mom after going through a divorce to then rebuilding my business and life.

At first I was budgeting like everyone else. I was stressed about paying the bills and putting food on the table. But as I started making good money in my business, I realized I still wasn’t really moving forward financially. It felt like I was stuck in the same old place and I noticed my savings and my wealth weren’t actually growing!

That’s when I realized that having a goal of having ‘spare money’ was actually keeping me stuck!

That’s when I developed & started applying the simple principle that “Every Dollar Needs A Job To Do”.
And it changed everything!

Now, when I say ‘a job’, it needs to be a  clearly defined job. Because just aiming to ‘have savings’ is way too vague. It’s like employing somebody and telling them you want ‘help in your business’.

You’ll need to be a lot more specific if you really want that person to make a difference!

Your  money is the same. Every dollar needs a clearly defined job to do.
Without that, surplus income tends to be squandered on things that aren’t necessarily in alignment with your top financial priority.

Most people will save some money, spend some money and maybe invest some. So the money kind of just gets diluted and can’t really make an effective difference.


But when we apply the principle that ‘every dollar needs a job to do’, we get a plan in advance that will ensure your money doesn’t get wasted and that it’s put to work as effectively as possible.

When your money comes in, you’ll know exactly what to do with every single dollar. Some will have the job of paying your bills, some will have the job of keeping your business running and some will have the job of paying your tax bill. And some of your money is dedicated ‘Fun Money’. That means you’ll get to spend that money, knowing everything else is taken care of and you can enjoy spending that money guilt free.

So when you use an arbitrary term like ‘savings’, your money doesn’t really know exactly what to do.

So you need to know what the savings are for and how much you’re aiming to have. You want to have a really specific goal in mind. So once you have enough to cover the basics and your fun money, the rest goes towards your very SPECIFIC savings goal. For example, you may have a goal of saving 3 or 6 months worth of living expenses to keep as an emergency buffer. That is a very specific job for that money.

Once that’s been achieved, you can aim for something else, such as accumulating money to invest, buy property or other. But each goal needs to be very specific so when the money comes in, you know exactly where it’s going and what for – and when you can tick the box to know that goal has been achieved.

This is how you actually move forward financially and achieve your goals!

And this is why “Every dollar needs a job to do” is one of the key principles of Magnetic Money.

So if right now you have some arbitrary goals of ‘saving money’, I invite you to sit down and get much clearer. Ask yourself, “What specific job do I want this money to do? How will this money best serve me? And what does it need to do that? Do I need a special bank account or set up some banking transfers? What infrastructure do I need to make sure the money goes to the right place to effectively do that job? And is that job clearly defined?”

Every dollar needs a job to do that’s clearly defined – and a place to do it.

If you bear this one simple principle in mind, things will shift for you from having a budget and wanting to ‘save some money’ to having clearly defined, exciting goals that move you forward financially so you’re creating financial stability and security for yourself.

Check out the episodes linked below if you’d like to learn more about how to manage your money more wisely.

And if you’d like to do it with me and get started right now, then join me for the free ‘Organized & Tidy Your Banking’ workshop, where we start laying that foundation for all your money to do its job for you.

You’ll find the link for instant access below. I’d love to see you there and help you start transforming your relationship with money, both inside and out, so you can experience the abundance that’s waiting for you.

Have a beautiful day & see you next time!

 

Ready to go deeper?

 

 

FREE LIVE WORKSHOP

Organize & Tidy Your Banking

‘Spark the joy’ of becoming magnetic – for women entrepreneurs.

Register for the workshop
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