Week 51.pdf

WEEK FIFTY-ONE

Hello and welcome to Week Fifty-One of The Jim Rohn One-Year Success Plan. Hope

your week is going well.

After reading through this week's lesson related to a financial and family legacy from Jim

and Chris, I'm reminded of the pressures and challenges we all are faced with in fulfilling

our desires, to be our best and to make a difference in the lives of those we care about. If

you have made it this far - Week 51, you are obviously a person who is very committed

to your goals. And you, like myself, probably have lofty goals related to good health,

good relationships, personal growth, financial independence, being a good husband (or

wife), being a great parent, etc. The same principle that applies to achieving success in all

of those goals is also one of the fundamentals to leaving a financial and family legacy -

time and consistency.

The key to financial independence is the law of accumulation. Rarely will one big year

put someone over the top for good. But 10 very good years in a row allows the law of

accumulation to take place. The same is true with our health, our relationships and our

personal development.

I remember several years ago meeting and spending a few days with Paul J. Meyer. Paul

founded Success Motivation Institute over 50 years ago, and today he owns over 40

companies and is an incredible example of the law of accumulation. I remember at the

time, my mentality was that I wanted everything now -- to be financially independent in 2

- 5 years, to have 100% growth per year in my company and goals like that. Paul shared

with me that a short-term goal for him was 10-20 years and that many of his long-term

goals were 50 plus years. I remember leaving there with a new paradigm about goals. So

instead of financial independence in 2-5 years, I decided to set a goal for 10 years.

Instead of 10 new projects that year at our company I switched it to 10 over the next 5

years. After that, when I saw perceived missed business opportunities or

friends/associates driving nicer cars, owning bigger houses or breaking sales records, it

did not create the feeling in me of "the fear of loss". I knew I would too; it was just a

matter of time.

So the key is to never be discouraged if you are not where you want to be, but rather to be

encouraged that time is on your side. You will reach your goals, provided you hold on to

them. Until next time, make it a great week!

Kyle

“My philosophy of life is that if we make up our mind what we are going to make of

our lives, then work hard toward that goal, we never lose — somehow we win out.”

-- Ronald Reagan

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LEAVING A LEGACY

Jim Rohn's Twelfth Pillar of Success: Leaving A Legacy, Part

Four - Financial Legacy

Hi, Jim Rohn here. This month we focus on leaving a legacy. Here is an overview of the

month.

1. A Life Well-Lived. Week one of this month covered the importance of leaving a

legacy of a life well-lived. We learned how our lives impact all those who follow behind

us.

2. Principles to Live By. Two weeks ago we covered key principles to live by that will

help you leave a legacy. These will be the foundations of a life that leaves an impact on

others. The principles we live by are the basis for the kind of legacy we will leave behind.

We will also begin our how-to's by looking at how to leave a relational legacy. All of life

is based on relationships, and we choose what direction those relationships go. We can

live our lives in such a way that when we are gone, people are impacted by the relational

legacy we left behind.

3. The Importance of a Spiritual Legacy and an Impact Legacy. Last week we

covered both how to leave a spiritual legacy as well as how to leave an "impact legacy."

The core of who we are as individuals is spiritual. We were created with the intention of

relating to God through our spiritual life. One of the greatest gifts we can leave behind is

a spiritual example and legacy. We will also talk about how to leave a life legacy that

impacts people. There are those who live on this earth and then just disappear, leaving

little more than a trace. Then there are others who by their legacy, live on through others

for years to come. We will talk about how to be the latter.

4. Financial Legacy. This week we will look at leaving a business legacy, a financial

legacy and a family legacy. We will see how the businesses we operate have a deeper

impact than we might have imagined. We will talk about establishing a strong financial

base that will provide for others long-term. We will also look at one of the most

important aspects of legacy, those we touch most deeply--our family.

So let's talk about the topics for this week!

Leaving a Financial Legacy.

Our finances are an integral part of our lives. They play a part of each and every day.

Whether we are earning, purchasing or planning, we deal with our finances on some level

virtually every day. What our financial estate becomes, just like every area of our lives, is

a product of the choices we make. If we make right choices, we will go in the right

direction. If we make poor choices, we will end up leaving a financial legacy of poverty

and lack.

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But, one of the realities we deal with as humans is that while we can make all of the right

decisions and everything we touch may turn to gold, there will come a day when our

money will no longer be ours. As the old saying goes, “You can’t take it with you.” So,

after we have passed away we not only leave our money behind, we will also leave a

financial legacy.

The financial legacy you leave can be either positive, just as all of the legacies we have

looked at this month, or negative. The choice is yours. You decide what kind of legacy

you leave as it relates to your finances. The choice is yours.

To help you think through the issues surrounding a great financial legacy, here are some

thoughts for you to consider:

Have a Plan. Just as in every area of life, we must have a plan--a plan for earning,

saving, investing, giving, tax reduction, retirement, and where our money will go when

we are gone. By doing so, you will go much farther and leave a great example for those

around you.

Have a Goal. Goals keep us moving in the right direction. They give us something to

shoot for. They keep us moving in a forward direction. They help us measure progress

and stay motivated. When you have goals you will reach greater heights and leave an

inspiring example for others.

Have an Advisor. If you go to the gym to work out to maximize your health, you get a

personal trainer. If you want your car to operate at its best, you take it to a mechanic. If

you want to stay healthy, you go to the doctor. If you want to grow spiritually, you seek

the help of a minister or church. If you want to be emotionally healthy, you visit a

counselor. It makes perfect sense then that if you want to be successful financially, you

need to have an advisor. Find one you are comfortable with and who will understand

what you want out of life – someone who understands and appreciates your values.

Invest. It is better to gain profits rather than wages. Investments provide us with the

opportunity to reap profits. You must risk in order to gain the reward. You must place

your capital at risk in order to gain the financial reward. That is capitalism at its core.

Those who start the businesses and place their capital at risk will earn more than those

who they hire to run the machines in the factories. Invest in your own business or in

another person’s business through the financial markets.

Stay Out of Debt. Debt is nothing less than a killer. Debt is the exact opposite of

investment. When you invest, you get the principle back and then some.

When you borrow, you give the principle and then some. Remember, the

old proverb that says, "the borrower shall be the servant of the lender."

True indeed. It is better to be the lender than a spender.

Tithe and Be Generous. Make it a goal to give away a percentage of

your income to your church, the less fortunate or a charity that you

believe in. Believe me, not only will you feel good about it – so will

they. Generosity does wonders for both parties involved. It helps you

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keep the power of money in check and it helps them by providing much needed funds to

carry out their mission. Over your lifetime if you are methodical about this, you will be

able to do a tremendous amount of good in the world.

Enjoy It Now. Save enough money now to ensure your security and the security of your

loved ones, but also enjoy your wealth now! Take that trip. Buy that second home. Give

that gift to a loved one. Money is a tool to provide for us on two levels--that which we

need and that which we desire. When you have the needs covered, spend some on what

you desire. If you plan on leaving your wealth to your children when you die, give them

some now so you can help them understand what to do with it and then you can

experience the joy of watching them use it and enjoy it themselves.

Teach Your Children About Money. One of the best things we can do is to teach our

children about money. Teach them the principles. Teach them to work hard and smart and

to increase their earning power. Teach them to save and invest. Teach them to be

generous. This is one way that you can pass on a great understanding of finances and

create a great deal of freedom in their lives.

Keep Your Family Up to Speed on Your Finances . Of course, our finances are our

own business but ultimately, our finances become our family’s business. It is important

for us to make sure that our family is aware of where we are with our finances. This is

particularly true with our spouse. Too many men have died prematurely and left wives

who didn’t know much about where the money came from, where it went or how it was

invested. And as we age, it is important for our children to know more about our finances

so that they can help us take care of them and plan for their future after we are gone.

Believe it or not, this should take place earlier rather than later.

Diversify. “Don’t put all of your eggs in one basket,” they say. Why? Because if that

basket falls, all your eggs will be broken – and nobody likes broken eggs! Have some

savings that you can get to quickly. Most financial advisors recommend 6-12 months of

living expenses. Put funds in the safe, long-term investments, perhaps a 2-5 year

certificate of deposit.

Invest Some in the Equity Markets. This is most easily done through mutual funds (and

that gives you diversity as well as an alternative to buying a single stock). Invest in real

estate. Whatever you do, cover your security first and then move into investments that

can provide greater and greater profits. The key is to make sure that if one area goes

south you can recover because of the other areas you have invested in.

Use Insurance. The right kinds of insurance are part of your investment expenditures.

You can use insurance to protect your life and property – and it is smart to do so. If you

make $100,000 a year at age 35 with a spouse and three children, what will happen to

them if you die suddenly? An investment is an expenditure that will provide returns in

due time. For instance, a healthy 35 year-old can get more than $1,000,000 worth of life

insurance for less than $100 a month. It is a wise decision to provide for your family in

case of an emergency. Either doing so or not doing so will certainly leave a legacy.

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