Episode 9: How to Bank Your First 100K

ladies and gentlemen welcome to this day's very very special episode of the barrel Solomon's show today's show ladies and gentlemen is about how to bank your first hundred thousand dollars number one we're gonna just jump right into it number one you got to commit to bank a million because I tell you what if you bank if you commit to bank a hundred thousand you're not gonna hit your goal if you want to bank a hundred thousand you've got to commit to bank a million it's called it's a principle called 10x I live in in my life whatever goal that I have I multiply that goal by 10 so concept I've learned from Grant Cardone you have to understand that anything that you think you want to accomplish is ten times harder it's gonna take ten times longer it's gonna take ten times the amount of effort as you believe that it's going to do so how do you Bank 100,000 you got to commit to bank a million once you have that goal once you set it large enough because let's be honest ladies and gentlemen $100,000 is not a lot of money it's not it's like maximum two years of living commit to banking a million that's the first step to getting a hundred thousand in your heart you got to commit and say I can do this I am worthy of it I have a goal I got to commit make a million bucks let's roll second step make sure you have the proper vehicle these are all really important but this one is extremely important you cannot bank a hundred thousand with one lemonade stand selling lemonade for 25 cents a cup you just can't you got to make sure that wherever you are working you could bank that hundred thousand dollars here's businesses that I don't like restaurants terrible businesses super high-end staff super high hours really hard to Bank on hundred thousand if you want to bank one hundred thousand bucks you got to make sure that whatever vehicle you're in whatever job that you're in whatever you're doing that there's a lot of money coming in because you ought to spend money right life is not about just accumulating it's also about spending and the problem is most people spend more than they have coming in you've got to make sure that the vehicle that you are using to make that hundred thousand dollars is capable of producing more than a hundred thousand dollars because you need money to live and you need to be able to retain in order to be able to retain you have to have excess make sure the job be working at or the business you're about to open has the capability to support you know I have friends who sell salad or like who have like home bakeries that business you're not going to make a hundred thousand dollars the vehicle can support getting you to that amount of money revenue is a whole other situation you have to earn way more than hundred thousand dollars a year in order to be able to bank a hundred thousand which brings me to my next point you have to hold on to previous revenue streams I see so many guys now and girls who get good at a job they were in a sales position or whatever position it was and they decided that they want to go start their own business you know the problem is when you leave your job and you start your own business you start from zero dollars you have no revenue stream coming in that is a bad idea ladies gentlemen you have to hang on to any revenue stream that you could get the problem is is that people open up a second revenue stream and they've completely neglect and forget about or quit they cut off their first revenue stream which was like a fire hose you cannot get through a hundred thousand dollars in savings if you're busy trying to you know get every little drop if you worked at a previous job and now you're gonna go start your own business or if you had your own business and you want to go now open up a new business or a new division whatever don't forget about your first stream of revenue don't forget about your bread-and-butter practical example if your bookkeeper there now wants to go open up their own bookkeeping business and you are a bookkeeper for a particular company do not leave go of that relationship of that stream of income that you had being a bookkeeper at that other company have them as one of your clients and keep that revenue stream open and work there for one day a week what's the big deal and then go build your business the other four days a week you have to have as many streams of revenue as you can when I went resigned for my father's company I held on two key accounts obviously it's a family business so it's a little bit easier I will admit that but I hung on to a few key accounts and manage them and serviced them and took a few hours of my day to make sure that that revenue stream didn't dry up while I was building my other revenue stream make yourself a bridge make it easy walk across don't jump don't risk it for here's something super important that people totally miss all the time if you want more money in and you're working in a company you have to get close to the money let me give you an example one step up from the controller or the CFO is a salesperson that is the closest that you could possibly be to the money in a company let me explain you are dealing with clients on a day-to-day basis you are bringing in the money to the company you are actively involved in the revenue of the company so most companies for their salesmen what do they say they say if you bring money into my company I will share that money with you so for example at wealthy commercials every dollar that any of our employees bring in they get a percentage of the money that's brought into the company why because they're close to the money the closer you are to the money by the way you're even closer in sales to the money than your is the owner because you only have money coming in when you're in sales versus when your owner you have money coming in but you had a lot of money going out too you want to make more money in a company you want to get close to a hundred thousand make sure that you are as close to the money as possible and that is CFO controller or sales my personal favorite that's where you can make unlimited amounts of money but it has to be with the proper company in the proper vehicle you're not gonna do it owning a bakery I don't like the food business the numbers you're working with are not big enough so a bakery or selling things that are 71 cents a dollar twenty five four fifty your you have to sell things that are four thousand five hundred dollars forty five thousand dollars in order to be able to get your numbers up to a point where you could Bank $100,000 me the bank a million because 100,000 is not gonna get you anywhere next get really good at what you do super important ladies and gentlemen go out there find out who the best are in your space and learn from them read their books watch their content watch their YouTube videos and make sure that you're learning from the best the better you are at your profession or your business or your job how your page you're gonna be don't just go into a job for a paycheck go into a job to be the best in your space the most powerful in your space to the point where you become so indispensable to the company that you're working for that they're willing to sign any check to make sure that you hang around that they're willing to make any amount of money available to you to make sure that you could do your job become great at what you do study the Great's listen to the right people and become amazing number six this one is really difficult stay broke let me tell you what I mean by stay broke every single dollar that comes into wealthy commercials has 15% taken right off the top and I put into a bank account that I cannot touch every person watching this right now should go to your local bank not your current bank so if you bank with TV or if your bank with and you know a chase or whoever it is go to a bank account that you do not bang with open up a bank account you have no access to and take a percentage of your paycheck I suggest 40% of your paycheck as a goal obviously it's very hard to get there but 40 percent of your gross paycheck take that off of it and put into a bank account that you have zero access to and you cannot touch that is the first step to building wealth is staying broke just watching I'm wearing it's fake all right I bought it for 40 bucks on Amazon doesn't even work does not work does not take I'm not gonna go buy a $5,000 watch you know why I rather my 5 grand sitting in the bank where I cannot touch it and trying to be a big shot and have people think how rich I am because I bought a five or twenty five thousand dollar Rolex I'm just not gonna do it stay broke ladies and gentlemen that is the way to accumulate wealth if you are spending money frivolously if you have no money in the bank and you just want to bought the biggest baddest car or iPhone whatever's you could afford afford shame on you because you are robbing yourself you're only fooling yourself stay broke put money aside take a part off of every paycheck that you get put it to a bank account start somewhere I did this and it changed my life you cannot Bank $100,000 without putting money in the bank don't take financial advice from your bro Conkel everybody has a broken call that tries to get an advice on what it is that they think that earning wealth is about do not take advice from anybody that has not achieved the level of success that you are not looking to achieve I go to people who have seen it take advice from those people don't take advice from anyone you know today it's very scary everybody has an iPhone everybody has YouTube and literally everybody and his brother is trying to spew out advice if somebody's trying to teach you how to make a hundred grand and he doesn't have 100 grand that don't listen to that guy because he's a he's a fraud check the credentials of the people that you are following because it is very important to understand where your information is coming from next this is what separates the men from the boys and the ladies from the girls you have to fight through the pain it is connected to my number five which was my number six which was stay broke it is very painful to stay broke you have to be so disciplined when you have you have everybody coming at you from left right and center trying to get you to buy this to buy that whatever it's very very painful when everybody is trying to get at your money and you have to literally protect it and fight it and award it it's very tempting we want immediate gratification I explained to my wife last night that there's a concept of cash flow right so meaning if we can't afford it this week we could wait till next week where more funds are going to come in or the week after that where more funds are going to come in we want everything now my suggestion is wait as long as humanly possible to buy things if you have five thousand dollars cash in your bank account okay and you are need to buy five thousand dollars with the furniture to furnish your first house do not take that five thousand dollars and pay cash for your furniture rather finance that furniture and a very agreeable rate of two dollars and two two hundred thirty one dollars a month over the next thirty six months whatever the math is and pay it over the next three months don't touch your $5,000 that you have in your bank account I know it's painful I know it's hard everyone's gonna tell you to do it and we'll just spend you have it anyways protect your capital at all costs alright ladies and gentlemen that was the show for today how to bank your first hundred thousand dollars with Beryl Solomon thank you guys for watching