Daily Meeting - Personal Finance 31: Business Finances for ProfitPersonal Financial Statement Sheetshttps://s3.us-central-1.wasabisys.com/40webinars/personal-financial-statement.xlsx You need to be thinking a goal of $250 millionFinancial RoadmapGo in this order, but do them all at the same timeStep 1: Leverage personal financeLevel 1: Leverage to a positive cash flow and a debt-to-asset ratio of 5% or lessLevel 2: Your personal cash flow needs to be at $10,000/month after expensesLevel 3: Your net-to-income ratio doesn’t matterLevel 4: Determine the amount of monthly income you want to make, and then decide how many streams of income you want to achieve this goalStep 2: Leverage personal creditLevel 1: 720 is your target credit score with less than 2 inquiries on your reportLeverage your personal credit to $100,000Forget your credit score; it’s leveraging that score that’s relevantYou can get inquiries removed from your credit reportLevel 2: Make sure all the data on your credit report has one name, phone number, and addressLevel 3: There is a proper way to apply for credit cardsLevel 4: You need at least 2 big traders; then go after medium and small traders laterEvery credit card is not created equalThere’s a difference between American Express Platinum and Discover GoldApply for the big boys firstLevel 5: Explore trade lines; they are very usefulThe older the account, the better it is Antonio uses his credit like business“I don’t spend money where poor people spend money.”Spend money where the rich spend their moneyStep 3: Leverage business financeLevel 1: Income is not profitOpportunity cost — it costs money even when you’re not spending moneyEx: A grocery store only keeps 1%-3% of its incomeLevel 2: Revenue is not incomeBringing in revenue is not money you can actually spend to do anything withLevel 3: Lack of working capital will kill you before actual death will Level 4: Working capital is not moneyLevel 5: Working capital is timeHow much time can your business stay aliveIt’s the money you need to produce, sell, and market your product to the end user in order to qualify for profitLevel 6: Profit is the money that is left over after all expenses, including salariesLevel 7: Revenue is money that is not income. It is money that other people have their hands on, and you have to get their hands off of itLevel 8: Getting bigger doesn’t mean making more moneyYou double your bills and have the illusion of making moneyLevel 9: Profit = freedomCapital in the Twenty First Centuryhttps://www.amazon.com/Capital-Twenty-Century-Thomas-Piketty/dp/067443000X/ref=asc_df_067443000X/?tag=hyprod-20&linkCode=df0&hvadid=312118059795&hvpos=&hvnetw=g&hvrand=16352253369944199032&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9027823&hvtargid=pla-403916996627&psc=1 Step 4: Leverage business creditLevel 1: You need to have real entities in your businessEvery business you have can get $250,000 of business financing for every entity you haveGo to YouTube and type in “How to get $250,000 in business credit”Step 5: Funnel into real estateClosing Thoughts This is the year of fulfilled promisesThe Universe is fulfilling promises that you are owedStay in receiving modeIf you are impatient, calm downExpect good things without evidenceSupport this podcast at — https://redcircle.com/the-secret-to-success/exclusive-contentAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

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