Money Mindset Guide: Path to Financial Success
Explore the key concepts of generating wealth outlined in Jaak Roosaare's book "Getting Rich Guide in E1." Learn about the crucial principles of managing your finances effectively, distinguishing between income, assets, liabilities, and expenses. Discover various money game scenarios illustrating different financial approaches, from conservative practices to those of real rich individuals. Understand the necessary steps and calculations to reach your financial goals and achieve true wealth.
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Getting rich guide in E1 Jaak Roosaare 2012
Money game 4 crucial words INCOME ASSETS LIABILITIES EXPENSES
Fill the blanks... INCOME _______ ASSETS _______ LIABILITIES __________ EXPENSES _________
Money game conservative folks EXPENSES INCOME ASSETS LIABILITIES Self-reliant Live off the land Also known as amish
Money game Trailer folks EXPENSES INCOME ASSETS LIABILITIES Payday to payday No assets No liabilities No security Do not want to end up there ;)
Money game New rich folks EXPENSES INCOME ASSETS LIABILITIES Spend more than make Wannabe rich no time Loose all toys if crisis hits Do not want to end up there;)
Money game Young investors INCOME EXPENSES ASSETS LIABILITIES Spend less than they make Invest in assets that will grow and provide cash flow
Money game real rich folks EXPENSES INCOME LIABILITIES ASSETS Assets provide cash flow Financially free Have time to enjoy their toys ;)
How much I need to be rich? 1500 in month 12 * 1500 = 18 000/year
How much I need to get 18,000/y? 18,000 / 10% = 180,000
How will I get 180,000? 180,000 / 50% = 360,000 180,000 / 10% = 1,800,000
How will I make 360,000? 360,000 = $468,000
How will I make $468,000? 1. Become DSL 2. Work 3-4 years as DSL OR 1. Sell a lot for long time 2. It takes 66,857 units! OR 1. Work for 1000/month 2. It takes 30 years!
How do I become DSL? 1. Recruit 30+ FY-s 2. Sell 2000+ units 3. Build a base of 66,000+ units
Renting out appartments 180,000 / 5 = 36,000 300 * 5 = 1,500
Buying dividend stocks 180,000 / 8,5 = 21,176 21,176 * 0,84 / 12 = 1,482
Giving out loans 180,000 * 10% = 18,000 18,000 / 12 = 1,500
Are you on the right track? Do you control your expenses? Do you save half of what you make? Are you ok selling 2000+ units/summer? Are you on track of recruiting 30+ people? Is your base growing 30%/year? (7y2DSL) Is your base growing 40%/year? (6y2DSL) Is your base growing 50%/year? (5y2DSL)
Are you on the right track? Do you own your appartment/house? Do you own your car? Do you have at least 6m worth of liquid assets? Have you paid back your loans? Do you have passive income in: renting out apartments? How much rent? dividend stocks? How much dividend? giving out loans? How much interest?
How to track your progress? EXPENSES PASSIVE INCOME 3,000.00 3,115.36 Mortgage Rent from Tuisu 550.00 300.00 Gas for cars Rent from Kopli 400.00 250.00 Food and shopping Rent from Kaupmehe 50% 1,600.00 70.00 House expenses RENT TOTAL 250.00 620.00 Jako kindergarten 200.00 M giguru O interest 923.02 Leguar Capital interest 178.96 INTEREST TOTAL 923.02 MONTHLY PASSIVE CASHFLOW M giguru O 450.00 Tallinna Vesi 115.36 1,064.00 Tallinna Kaubamaja 58.33 DIVIDENDS TOTAL 1,572.33
For more information: roosaare.com
