Financial mastery hccc

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Information about Financial mastery hccc
Education

Published on March 8, 2014

Author: hcccng

Source: slideshare.net

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www.hccc.org.ng
“It's missing from our curriculum, no teacher, no lecturer, no classroom offers it as a course, but its what we spend the most part of our lives pursuing..."how to be financially free!" I am dedicating myself to set up a system to help 1,000,000 families on the journey to financial freedom by 2020!”

FM 7.00

Financial Mastery 7.00am “It's missing from our curriculum, no teacher, no lecturer, no classroom offers it as a course, but its what we spend the most part of our lives pursuing..."how to be financially free!" I am dedicating myself to set up a system to help 1,000,000 families on the journey to financial freedom by 2020!”

A. At the rate at which you are going, using what you have as savings and real assets as a basis, in how many years would you be able to raise 600m 1. 0-5yrs 2. 20yrs 3. Over 30yrs 4. None of these represents my answer. B. How many Streams of income do you earn? 1. Over 5 Streams 2. 2 Streams 3) 1 Stream. 4. No Income Stream. C. Which of these resources do you leverage to make more money A. 1. People force of over 500 2. People force of over 10 people 3. I exchange my time for money. 4. None of the above. D. Which of these terms describe best how you earn income 1. Passive Income, no activity. 2. Mostly Active Income, but some passive income from rentals, shares, businesses etc. (Don’t count if less than $200 a month). 3. Active income 4. I’m dependent on someone else

Scores less than 5 – This means you are doing well and need no help, at this stage, you should be involved in helping others. Scores between 6-8 – This means you need a coach, fast, you have potentials of making it. Before you choose a coach, ensure they model your future in more than one way. Ensure their finances and one or two areas of their lives align with your future. There is no point getting help for cancer only to end up getting AIDS. Scores from 9 and above? This signals DANGER! You need urgent attention and must be willing to shut up listen and take action. Don’t go to your mentor with terms and conditions, whatever you are asked to do, so far it’s ethical and legitimate, do it. Learn for follow a system.

Course Content Overview • • • • • • • • • • • • • • • Importance of Financial Mastery Financial Audit and Creating Your Wealth Map Understanding the Personal Financial Statement Advancing Towards the The 5yr Goal Financial Freedom Exposed. Sources of Passive Income Money Paradigms You need to Shift The Process of Financial Freedom. The Psychology of Wealth Creation. Increasing Your Streams of Income. Gaining Control of The Expense Column Cashflow and the Escrow Account Capital Gains and Passive Income Analyzing opportunities to build your asset column Case Studies and many more

One in Hundred • On a Survey list of 100 people at 25 on a career path till 65. At 65 • 54% are dependent • 16% are still working • 24% are dead • 5% are Independent • 1% is Free

A Genuine Prayer!

Compulsory Course – Running 101

Implications of the Flattening World

Sept 5, 2001 to April 31, 2006

The First Step, is the right Goal! The Goal is not Financial Security, It’s Financial Freedom!

“Our plans miscarry because they have no aim. When a man does not know what harbor he is making for, no wind is the right wind” Seneca

Quick Question • What would you do with your time and life, if you earned enough passively to take care of all your expenses?

Basic F.I Audit 1. What is your current financial net worth? 2. How many income streams do you currently have? How many sources of income do you have? What is your total monthly income? 3. What is your monthly Cashflow? 4. How many of your income streams are active and how many are passive? Do you enjoy any passive income currently? 5. How many years from now do you desire to be financially free? Don’t be in a hurry to fix a small number, think deeply about this and set a target that is reasonable but stretches you a bit.

Current Snapshot

Income Streams • • • • Salary Business Gifts Deals • The Origin of money and trade. • The way to get capital.

Expenses 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Rent Children’s School Fees Children Expenses Fuel – Car and Generator Transportation Food and Beverages House help, Nanny, Gateman or Driver Inlaws and Outlaws Security Deposit PHCN and Utility Bills Gifts and Appreciation Tithes, Offerings and Special Projects Books Personal Development

Expenses Continued 15. Recharge Cards 16. DSTV 17. Outstanding Debts, Mortgages, Loans e.t.c. 18. Internet 19. Health and Beauty Care 20. Home Appliances and Maintenance 21. Projects 22. Business Expenses 23. Entertainment 24. Clothes, Shoes and Bags 25. Vacation 26. Car Maintenance and Fees 27. Community Fees, Lastma, Lawma, Opc, e.t.c. 28. Insurance 29.What else anyone??

Basic Financial Statement

Income Statement • Income – Passive Income – Active Income • Expense – Unbudgeted Expense – Budgeted Expense

Income Statement Implications • • • • • • Expense – Are you in control? Income – Is it higher than your expense? I – E = -ve I–E=0 I – E = +ve I – E = Cashflow (Escrow)

Balance Sheet • Asset – Real Estate – Paper Assets – Businesses – Intellectual Property – Network Marketing – Current Assets • Liabilities – Debts, Loans and Repayments – Mortgages

Balance Sheet Implications • Do you have any assets? • What Passive income is your Asset generating? • What do you currently owe? • What’s your plan to pay it? • What is your current cash base? • What assets are you planning for?

Cashflow Implications • • • • Assets = Passive Income Liability= Budgeted Expense Income to Expense Expense to Cash Asset

The Poor

The Middle Class

The Rich

A Process Flow Map I<E I=E I-E=I2 Asset C1+C2+Cn I-E=C PI<E PI>E PI>nE

To take charge of your Financial Future, you MUST 1st Control these 3 1. Your Income 2. Your Expenses 3. Your Cashflow

• BB: 7C5B6FE4 • I can be reached on www.deoluakinyemi.com • deoluakinyemi@gmail.com • www.twitter.com/deoluakiny emi • Skype: adeoluakinyemi. • Or book counseling session online or offline by calling 0700HEAVENS

+ Our Relationship With God!  Galatians 4: 1-6 “Now I say that the heir, as long as he is a child, does not differ at all from a slave, though he is master of all, 2 but is under guardians and stewards until the time appointed by the father. 3 Even so we, when we were children, were in bondage under the elements of the world. 4 But when the fullness of the time had come, God sent forth His Son, born[a] of a woman, born under the law, 5 to redeem those who were under the law, that we might receive the adoption as sons. 6 And because you are sons, God has sent forth the Spirit of His Son into your hearts, crying out, “Abba, Father!”

+ Our Relationship with God - World Matthew 28:18 - 20 And Jesus came and spoke to them, saying, “All authority has been given to Me in heaven and on earth. 19 Go therefore and make disciples of all the nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit, 20 teaching them to observe all things that I have commanded you; and lo, I am with you always, even to the end of the age.” Amen

+ Relationship to the World Matthew 13 “You 5:13-16 are the salt of the earth; but if the salt loses its flavor, how shall it be seasoned? It is then good for nothing but to be thrown out and trampled underfoot by men. 14 “You are the light of the world. A city that is set on a hill cannot be hidden. 15 Nor do they light a lamp and put it under a basket, but on a lampstand, and it gives light to all who are in the house. 16 Let your light so shine before men, that they may see your good works and glorify your Father in heaven.

Fin Statement: Target $0 $300 $250 Fixed Asset$2000 Loan $1200

Fin Statement: Actuals $0 $350 $150 Fixed Asset$2200 Loan $1200

Paradigms that must shift! • • • • • • • • Your goal is not financial security! Many things you think are assets are not! How much you earn is not important! Money, Hardwork, Savings are not it! Economics is not all true! Savers are not better than debtors! Your greatest problems are not enemies! You cannot achieve without a map!

Paradigms that must shift! • • • • • • • • Your goal is not financial security! Many things you think are assets are not! How much you earn is not important! Money, Hardwork, Savings are not it! Economics is not all true! Savers are not better than debtors! Your greatest problems are not enemies! You cannot achieve without a map!

Paradigms that must shift! • Your goal is not financial security! – – – – There is no such thing as financial security The safest place for money is a safe, where is the key? Every security is guaranteed by someone insecure The place with the highest security is the prison • Your goal is financial freedom! – It’s not how much you amass, it’s how much you create to earn passively – Your goal is not a number, it’s a system – It’s not what you acquire, it’s what you build – It’s not buckets, it’s pipes!

Financial Security Mistakes • Taking a loan to buy a personal liabilities. • Using your capital to build a house. • Planning to become MD, by rising through the ranks. • Staying on one Job with one income stream.

Security or Freedom? Chose! • The Mechanic and Mechanical Engineer. • One goes for security, while the other does freedom! • One is told what to do, the other has options and makes choices. • One pays the price ahead, the other pays the price later in life. • The price of security is freedom. People sell their freedom for false security. • Your goal is freedom!

Paradigms that must shift! • Your goal is not financial security! • Many things you think are assets are not! – Once you start thinking in freedom terms, your definition of assets would change. – An asset is an economic resource of value… value becomes not what makes me safe, but what gives me passive income. – Assets in simple terms, becomes any economic resource that has the value of producing passive and positive cashflow, including cash itself.

Paradigms that must shift! • Your goal is not financial security! • Many things you think are assets are not! – To know if you can classify as an asset or not, ask, doe sit have positive and passive cashflow? – If it has capital gains, it’s a business. If it has positive and passive cashflow it’s an asset, if it has negative cashflow it’s a liability. – Landed property? Personal House? Car, TV, Washing Machine? Business? Traded Shares?

Paradigms that must shift! • Your goal is not financial security! • Many things you think are assets are not! • How much you earn is not important! • • • • • Money, Hardwork, Savings are not it! Economics is not all true! Savers are not better than debtors! Your greatest problems are not enemies! You cannot achieve without a map!

Paradigms that must shift! • Your goal is not financial security! • Many things you think are assets are not! • How much you earn is not important! – I–E=C – What matters is what is left – You can control I, you can manage E and you must store away C. – If you are not doing this, you are heading for financial disaster! – To be continued

Paradigms that must shift! • Your goal is not financial security! • Many things you think are assets are not! • How much you earn is not important! – I–E=C – What matters is what is left – You can control I, you can manage E and you must store away C. – If you are not doing this, you are heading for financial disaster! – To be continued

Paradigms that must shift! • How much you earn is not important! – A Gatemen (GM) and a General Manager (GM) can be equals depending on what they have left. – Parkinson’s law always ensures that the high income earner is also the high income spender. When wealth increases, they increase also that will eat it. – What you have left determines your financial future • I-E<0 (negative) • I-E=0 • I-E=x (x=I, x=C)

The Life of a Big Boy/Girl • • • • • • • • • • • Income Nick Name: Vee Annual Salary: N6,000,000 Monthly Salary: <500,000. Other Income: No time. Expense House Rent: N700,000 to N2,000,000 (as a biggy) Car: 2 Fairly Used Jeeps or 1 Brand New(N5,000,000 – loan) Children's School (100,000 – 500,000 per term) House furnishing and generator (1-3,000,000) Family Upkeep, Inlaws and Outlaws, Recurring Expenses e.t.c.

The Life of a Big Boy/Girl - Vee Salary Tax Rent Car Loan School Fees House Appliances Lease Family Upkeep Recurring Expenses Tithes, Special Offerings Health Summer* Total Income Dymistified Expense Exposed 500,000 75,000 70,000 250,000 60,000 120,000 100,000 40,000 60,000 7,000 500,000 782,000

Paradigms that must shift! • Your goal is not financial security! • Many things you think are assets are not! • How much you earn is not important! • Money, Hardwork, Savings are not it! • • • • Economics is not all true! Savers are not better than debtors! Your greatest problems are not enemies! You cannot achieve without a map!

Paradigms that must shift! • Money, Hardwork, Savings are not it! – How much you made is not determines your freedom, I know multimillionaires that are not free – Hardwork doesn’t make financially free, I know many hardworking who are quite poor – Saving is not the panacea for poverty or sure banker to freedom. – Everyone rises and falls to the level of his or her financial intelligence! – “It” is Financial Intelligence. It determines the focus of Money, Hardwork and Savings.

Paradigms that must shift! • Money, Hardwork, Savings are not it! – My Son and his Million Naira – Once upon a Jeep, the history of Money Making – The concept of Money as a Guest – Parable of Talents or Dollars – According not to what we have before, not how hard we work or what we save, but according to ability.

Paradigms that must shift! • Your goal is not financial security! • Many things you think are assets are not! • How much you earn is not important! • Money, Hardwork, Savings are not it! • Economics is not all true! • Savers are not better than debtors! • Your greatest problems are not enemies! • You cannot achieve without a map!

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