The following is an excerpt from the book DoesYour Bag Have Holes by Cameron C. Taylor.
1. Clear Monitored Financial Goals — Charles Coonradt, author of The Game of Work wrote, “If you put one hundred people in a room and ask them how many would like to be financially independent, all the hands will go up. If you then ask them how many have a personal financial statement detailing assets, liabilities, and net worth that is current in the last ninety days . . . ninety of those hundred people will not raise their hands. If you ask those remaining ten people how many have that financial statement laid out in a pro forma goals format for one, three, five, ten and twenty year periods, nine of the people will sit down. The one still standing will be a millionaire”
2. Delay Gratification — The prosperous have learned to resist the temptation to lose what matters most long-term for the short-term pleasure of something now.
3. Value Financial Independence — The prosperous enjoy the security and independence of owning their possessions more than social praise and status.
4. Live Below Income — For every $10 the prosperous make they spend $7. For every $10 dollars the poor make, they spend $13.
5. Save Money for Tomorrow — Many spend tomorrow’s resources for today’s pleasures. The financially independent save and invest today’s money for tomorrow.
6. Earn Interest — Interest is a very powerful tool that either builds or diminishes wealth. Those who understand interest earn it and those who don’t understand interest pay it.
7. Pay Themselves First — You can become financially independent simply by paying 10 percent of your income to savings and investments first, and then living on the rest.
8. Buy Wholesale — You can greatly decrease your expenses by learning how to buy items at wholesale and by always asking for a discount.
9. Create Gold-Laying Goose — The prosperous create a gold-egg-laying goose (assets with passive income) and then live on the eggs. Those who have reached the ranks of prosperity have learned that money is of a prolific generating nature.
10. Master of Money — A 17th Century Proverb states, “If money be not thy servant, it will be thy master.” The prosperous have their money work for them, while the poor work for money.
Cameron C. Taylor is a best-selling author, highly sought after speaker, and entrepreneur. Cameron is the author of the books Preserve, Protect, and Defend, Does Your Bag Have Holes? 24 Truths That Lead to Financial and Spiritual Freedom, 8 Attributes of Great Achievers, and Twelve Paradoxes of the Gospel. Cameron graduated with honors from business school and is the founder of several successful companies and charities. He is a founder of The Glorious Cause of America Institute and serves on its board of directors. Cameron is a recipient of the Circle of Honor Award for being an “exceptional example of honor, integrity, and commitment.” He lives in Idaho with his wife and children. Cameron is a gifted teacher who has been invited to speak at hundreds of meetings with excellent reviews.
Cameron’s books and lectures have been endorsed by Ken Blanchard, co-author of The One Minute Manager, Dr. Stephen R. Covey, author of The Seven Habits of Highly Effective People, Billionaire Jon Huntsman, Sr., Rich DeVos, owner of the Orlando Magic, William Danko, PhD, co-author of The Millionaire Next Door, and many others.