Rennie Gabriel, our recent guest feels that 90% of the population has been taught nothing about handling money effectively, including accountants and financial advisors.
He learned secrets of the wealthy after 2 divorces and a business failure which left him broke at the age of 50. Rennie is now a multi-millionaire.
“Around the age of 30 I had a checking account which I’d never reconciled because I didn’t know how. I went to the bank and told an employee there I couldn’t figure it out how to balance my checkbook.
The bank employee, whose job it was to help people with their finances, said, I’d like to help you, but I don’t know how to do it.”
Rennie Gabriel
Rennie was surprised to learn that none of the banking staff had any banking experience, yet they were in control of billions and billions of dollars.
“It’s pervasive. Anyone who doesn’t know how to do a budget, complete a balance sheet, or doesn’t know what a cash flow statement is, should not feel guilty”
Rennie Gabriel
Rennie knows we don’t learn this by osmosis, and it took him years of searching to find the solutions. He started teaching these principles because he was being asked the same questions over and over and over again.
Then Rennie wrote a best-selling book titled Wealth on Any Income. He has been doing workshops for 10 years teaching people basic foundational, financial skills.
The first step Rennie teaches is AWARENESS
“I call it mindset. I call it attitude. I wrote a second book Attitudes of the Wealthy which lists 32 ways wealthy people think and act.”
Rennie Gabriel
Rennie notes that CPA’s and other financial Gurus tell people they should pay off debt before they begin to invest, and that is the absolute worst possible advice anyone could be given.
The second step in Rennie’s system is to SAVE 10% of everything you earn.
“You’re setting it aside somewhere you’re going to keep it. You’re not going to use it to repair the car or anything else.”
Rennie Gabriel
Rennie claims it’s helpful to save another 10% so you can spend later on the things you didn’t know were going to show up, like repairs.
“As a rule of thumb, live on 80% of what you earn and it will all work out. Ten percent to keep forever, ten percent to spend later, and eighty percent to live on.”
Rennie Gabriel
Currently, Rennie and his wife are helping a young woman whose 2-year-old daughter passed away without a plan to cover the child’s medications and healthcare. This young mother had overlooked that part of her “monthly” budget because the bills weren’t standard expenses.
“She only budgeted for rent, food, car payment, gasoline, and other things she knew showed up every month. But she wasn’t planning for medications.”
Rennie Gabriel
There is a GoFundMe campaign set up by Rennie to help this single mother and her other child. If you’d like to help support her schooling as a nurse, housing, and care for her 5-year-old daughter, please click here: Help Kyla Thompson and her daughter Ariah
The third step to wealth which Rennie mentioned is to TRACK what’s coming in and going out. Use the proper forms.
“A spending revenue register brings back the consciousness of where the money is going. Whether I’m spending $300 to eat out, or $3,000 on something else, I know what’s going on.
Is this expenditure taking me toward my goals or away from my goals? Did I get the level of pleasure I just paid for with this purchase? Is this money in alignment with my values?
When you ask questions as you’re spending money, then it’s not just a reconciliation, it’s an alignment with who you are and what you’re trying to accomplish.”
Rennie Gabriel
You can get a free copy of Rennie’s book if you make a donation to Shelter to Soldier on his website. Or you can purchase the book right from his site – keeping in mind that 100% of the profits from his books and programs go directly to the charity mentioned and others related to animals and veterans. If you purchase the book from Amazon, only a few pennies will go to charity.
We’re grateful Rennie came back to the show to share with us, and you, this very valuable information.
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