When I was getting my electrical engineering degree in my early 20’s at the University of Nevada, I landed an internship at Mallory Ignition over in Carson City, NV. I actually told them I’d work for free and they still paid me. I had the opportunity to design electronic ignition systems for race cars, drag racing cars, sports cars, top fuel drag racers, and more. It was awesome. When I graduated I started working there full time and I was living the dream. I was surrounded by brilliant engineers and fabricators learning the industry. I met some of the fastest drivers in the world.

I became good friends with a driver named Sam, a champion in Formula Ford open wheel racing. He was a phenomenal driver, and I had to know what he did to become so fast. I asked him how to become a great racer and he said, “If you want to go fast, go slow.” This was the consensus among all the drivers.

They told me if I wanted to learn to race, I should buy a Miata roadster. For those of you who aren’t car people, a Miata is consistently mocked for being a slow sports car. So why were they telling me I should buy a friggin’ Miata to learn how to race?

Because you can’t learn to go fast until you learn to go slow.

They told me you have to learn the fundamentals. The Miata is a well-balanced sports car. It’s way underpowered which means you can’t rely on the horsepower and torque to go fast. You need to learn when to brake, when not to brake, when to accelerate, how to turn left AND turn right–all the tricks.

 

Find The Racing Line

Learning the fundamentals helps you find the Racing Line: the optimum, most efficient way to get around the race track. When you buy a fancy sports car out of the gate, you will drive faster than you’re ready for, and you will crash. People always do.

The Miata teaches you how to maneuver the car effectively, it helps you tap into that inertia, the key to finding the racing line.  

 

Find Your Mr. Miyagi

Sam also said it was extremely important for him to hire an incredible mentor. He could learn from his mentor’s experiences, follow his training habits and develop a routine of perfect practice. He hired a former champion, someone who has done it and won over and over and over. The more you engage in perfect practice, the more you win. Mentors can help you find that racing line more effectively and show you what to do once you find it.

Enough about me and my racing dreams …

These principles (go slow to go fast, find a mentor) also apply to building significant wealth, or accomplishing anything of significant value for that matter.

Ever wonder why lottery winners, celebrities, athletes, and heiresses are broke typically several years after their financial peak? Get-rich-quickers don’t have a budget or system in place to manage their wealth. They tripped and fell into a pit of money, so the funds appear to be pretty darn close to infinite–until it’s gone quickly after.  

Getting rich quick is not sustainable, because your old money habits don’t just disappear when you find a fortune.

The first steps are the slowest.

Want to run a marathon but the most you’ve ever run is to the mailbox and back? You’re looking at six months to a full year of training.

Want to play Mozart Symphony No. 41 but have never touched an instrument in your life? Learn the scales.

You want to create real wealth? It’s simple. Spend time learning how to build it.

Most famed billionaires took things slow and steady, committing to consistent saving practices and financial habits. It’s not rocket science, but it does take patience and consistent contribution.

 

Ready To Race? Let’s Apply This to the Financial Arena.

So I’ve sold you on the idea that slow is the way to go for sustainable wealth building. If you’re starting from square one, use these methods to re-engineer your cash flow so you can build wealth like the billionaires (slowly).

 

Know your “why”. This isn’t one of those yuppie, “What does your spirit want?” questions. Building wealth is as much about the why as it is about the how. It is essential that you know why you’re building wealth and what you will do to achieve your goals.

So ask yourself: where are you today? Where do you want to go? What do you want to accomplish in terms of money? Do you want more money or do you want less? Do you want to pay more taxes or less in taxes? Schedule an appointment and we can talk about other options.

 

Create a CFO Model – Your CFO (cash flow optimization model) trains you to live within your means and build a wealthy mindset. It creates your liquid savings vehicles. The CFO also helps you stay accountable for your goals.

You don’t need to reach a certain income to put a CFO in place. In fact, it’s better to start immediately and plan to progress and update it as you go. The simplest way to kick off your CFO: save a minimum of 10% of your income per month. Once you get your CFO in line, you can create a Bankosaurus™ around this design. 

 

Embrace Your Beginner Status. You don’t have to have it all figured out before you see me, and that is how a mentorship should work. Take advantage of the fundamentals and reach out to a mentor. All you need to bring is your “why” and your financial adviser should bring the “how”.  Don’t be hesitant to shop around for the right financial adviser, either. You might find the majority of advisers push financial plans that depend on Wall Street. If you’re looking to ditch Wall Street and big banks or expand your options, find a mentor that has successfully done that. Or you can skip the search and schedule an introductory meeting with me. When you find the right kind of mentorship, strategy template and guidance, you’re destined to win.

 

Focus on Growing Net Income, Not Gross. When we gasp at our bank account and think, “I need to make more money”, we’re typically thinking about gross income. Forget gross, net income is where it’s at. Lowering your taxes will result in the same outcome as negotiating a raise (and it’s much more satisfying).

 

Live off the Spread and Be Your Own Bank. Banks use what is known as the spread, a clever little term for taking your money and loaning it to someone else at a higher interest rate. Banking is a process, and it’s completely possible to do this yourself through the Bankosaurus™ method. The Bankosaurus™ is a unique design/strategy that uses dividend-paying whole-life insurance to create your own personal bank and change the flow of your money. Interested? Schedule a call to learn more.  

 

What Not To Do

For the last time, you don’t need to be on Wall Street. (Disclaimer: that definitely won’t be the last time.) You don’t need to be tied up in the qualified plans that are controlled by the financial industry and the government. You own it but they control it. There’s a different way to play the financial game. Find a mentor that can show you how to play that game.

 

Looking for a highly competent and contrarian financial adviser who can help you go fast? Schedule an introductory appointment.