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

  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.   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  Show Sponsors: Audible, download any audio book for free when you try audible for 30 days. Leadpages,  is offering a free marketing automation course that includes:12 video modules with step-by-step strategies to leverage what’s working in your business. Thrive15.com, get a free month of access at www.thrive15.com/cashflow   Show Transcript   Enter the Launch Give away contest to win a $500.00 Visa Gift Card! During the first two months of our podcast we are giving away a $500.00 dollar Visa gift card.  To enter into the drawing, go to www.cashflowninja.com/Itunes and rate, review and subscribe to our podcast. Have some feedback you’d like to share? Leave a note in the comment section below and please share it using the social media buttons you see at the bottom of the post! If you enjoyed this episode of our podcast, please leave an honest review for The Cashflow Ninja Podcast on iTunes. Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them. John Lee Dumas of EOfire.com made a video explaining how to leave a review you can watch here. You can also access step by step instructions how to subscribe, rate and review on Itunes from Apple here. Thank you for supporting our podcast and sharing it with friends and family! Live a Life of passion and purpose on your terms, M.C Laubscher