Rules. Some of us love them. Some of us don’t like them that much. Rules can help you in your journey in life, love, and even your finances. But did you know there are some rules you will need to break to become rich?
On today’s episode of The His & Her Money Show, Nathan Latka, entrepreneur extraordinaire, teaches us about the 4 rules that you need to break to become rich. Nathan has started companies, sold companies, and invested in companies and now teaches others what he has learned from his journey regarding financial literacy.
Good Parenting Creates Entrepreneurial Thinking
Nathan remembers that his parents helped him by giving him choices rather than saying no. He always had a say in the choices he was allowed to make. He believes that helped him to grow his entrepreneurial way of thinking.
At the tender age of 19, Nathan dropped out of college and started a company, which he later sold for $10,000,000! He didn’t want to end up with student loan debt and not have the assurance that he would get a quality job after 4 years of studying. So he took control of his own destiny.
How to Be a Capitalist Without Any Capital
Nathan explains in his book (How to Be a Capitalist Without Any Capital: The Four Rules You Must Break to Get Rich) that there are different ways to either curb your expenses or make more money. For example, you can make money with your car when you are not using it, that is making a liability into an asset.
Another reason why Nathan wrote this book, that includes screenshots to make it crystal clear for everyone that reads it, is to show people that they can do it and how to do it. It is an actionable book for right now.
Passive Income Rules
Nathan explains that real passive income is money that comes to you no matter what. For example, when you invest in someone else’s business and they give you a monthly royalty check for the rest of your life, that’s real passive income. Another way to create passive income is to buy estate assets today that will pay you later in life.
The 4 rules to break to get rich are: never focus on one thing, you have to copy (don’t invent new things), don’t focus on the latest hot opportunity, invest in the system and not the goals (keep the golden goose happy, don’t focus on the egg).
You can get in touch with Nathan at http://nathanlatka.com/ and on Twitter @NathanLatka
WHAT YOU WILL LEARN IN THIS EPISODE
- How to make money and keep it
- How to take the less risky path
- Why it’s okay to copy your competitors
- Understand the processes in your business but then hire people to do it for you
- What is passive income?
- How to change your mindset about the ‘right’ retirement age
RESOURCES
- How to Be a Capitalist Without Any Capital: The Four Rules You Must Break to Get Rich by Nathan Latka
