016: M.C. Laubscher: Wisdom Wednesday! Mark Ford’s 8 Rules For Financial Independence

016: M.C. Laubscher: Wisdom Wednesday! Mark Ford’s 8 Rules For Financial Independence
1
Jun

 

In today’s episode, I will discuss and share a piece that Mark Ford wrote that I found very insightful and valuable. I have found Mark Ford's advice and insights on personal finance, business, real estate, investing and building wealth in general extremely interesting.

I subscribe to his  Palm Beach Letter, a monthly financial newsletter publication that provides fantastic information on building wealth.

Please let me know your thoughts on today's episode on  Twitter @mclaubscher.

 

Self_Journal

Bestselfco., Make Success a Habit! Use the Self Journal to organize and align tactical day to day tasks with larger life goals.

 

Key Take Aways:

  • You can’t truly trust anybody but yourself with your money.
  • The harder someone tries to convince you to trust him, the less you should.
  • However good a track record someone has, never believe that he/she can’t suddenly start losing your money. In fact, if you are like me, the moment you invest will be the moment his/her track record starts falling apart.
  • All markets rise and fall. Don’t ever believe anyone who assures you that they can predict the future.
  • If you don’t learn to spend less than you make, you will never have peace of mind.
  • Most of what you buy when your income is above $100,000 is discretionary. Don’t fool yourself into thinking you need a big house or a fancy car.
  • In making financial projections for yourself or a business, always create three scenarios: one that shows what things will look like if everything goes as hoped; one that shows what will happen if things are mediocre; and one that shows what will happen if things fall apart.
  • Know that the third scenario is optimistic.

Quote:

“The only way to be truly financially independent is to have multiple streams of income, each one of them sufficient to pay for the lifestyle you want to live.” – Mark Ford

Recommended Book:

Ready, Fire, Aim: Zero to $100 Million in No Time Flat by Michael Masterson

Automatic Wealth: The Six Steps to Financial Independence by Michael Masterson

Recommended Resources:

Mark Ford's Early to Rise Article

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Show Transcript

 

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Live a Life of passion and purpose on your terms,

M.C Laubscher

 

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