the seventh challenge is about growing your money.
the core of this lesson is about how money grows.
three core principles of growing money.
first principle
more input than output
It may seem obvious but the first core principle when growing your money is to not spend more than you have coming in. Credit cards can make that concept more difficult than it seems. Sometimes we see a credit card limit as the amount of money we have available to spend. However, when we spend more money through credit cards than what we have coming in, we have more output than input. So the money coming in will always be going to paying the bills. The idea for this principle is that you want to limit your output (spending) so you can put some of your input (income) to the side so you can learn to make it grow.
second principle
where does money grow
Where are some places that you can put money to let it grow? Savings accounts offer a small interest rate, so you can let your money grow in a savings account. The stock market is the most common place that people put their money to grow. However in the stock market, you are also assuming the risk that you can lose your money. Another way to make your money grow is to invest in a business or entrepreneurship that will make you money. My favorite way to grow money is through contracts that offer cash accumulation attached to the stock market but also offer the safety of a net zero (meaning your money doesn’t crash out if the stock market does).
third principle
grow money in two directions
Where can grow the same money in two directions?
Most people grow their money in the stock market. But can you take money that you have in the stock market and grow it in a second direction? Unfortunately no, with the stock market you’re either in or out.
So how can you grow the same money in two directions?
Become an entrepreneur with an IUL.
Entrepreneurship – first direction to grow your money.
IUL – second direction to grow your money.
CHALLENGERS 