Money | Rob Moore

Summary of: Money: Know More, Make More, Give More: Learn how to make more money and transform your life
By: Rob Moore

Introduction

Enter the mindset of millionaires and unlock the secrets to transforming your life through financial wisdom with Rob Moore’s ‘Money: Know More, Make More, Give More’. This book summary invites readers to explore the myths surrounding wealth, the importance of developing a vision, and strategies on leveraging time and money for a prosperous future. Discover the power of long-term compounding, pricing strategies, and unravel the misperception that money cannot bring happiness. With practical tips and engaging insights, this summary will equip you with the knowledge to master money and create a financially secure life.

The Abundant Outlook on Money

There are 35 million millionaires worldwide, and you could be one of them. The book debunks two commonwealth myths: wealth won’t make you happy, and there’s not enough money out there. Money allows you to enjoy experiences that make you genuinely happy, and there’s an overflow of money in the global economy and stocks. A gracious outlook on money is necessary to become a millionaire.

Mastering Money Made Simple

If you want to master money, you need a grand vision and a grasp of details. This book offers a simple system, VVKIK, to help you achieve your ultimate goals. VVKIK stands for Vision, Values, Key Result Areas, Income-generating tasks, and Key Performance Indicators.

Start by defining your vision and values, listing your ultimate goals, and identifying the values that matter to you. Prioritize your money-based values and ensure your life vision is financially focused. Then, determine your high-value KRAs, three to seven areas on which you should focus to achieve your vision. Evaluate your to-do list against your KRAs for clarity.

Next, identify your income-generating tasks (IGTs), which are tasks aligned with your KRAs and generate the best possible monetary value from your time. Practice focusing on key tasks that bring in the most money, just as professional golfers focus on the putter, which accounts for 40% of shots taken.

Finally, develop key performance indicators (KPIs) that show what’s going right or wrong with your business or wealth. With this simple system in place, you won’t be focused on just one grand vision or on basic tasks but on the cyclical whole, which allows you to make more money while doing less. Mastering money has never been simpler!

The Myth of Hard Work

The idea that hard work is the only road to success is a myth. It often leads to a low hourly income, leaving us feeling unfulfilled despite earning a good salary. Understanding your Income-Generating Value (IGV) is crucial to achieving sustainable wealth. Calculated by dividing your total weekly income by the number of hours worked, knowing your IGV helps you decide which tasks to prioritize based on their monetary value. By doing only what generates more than your IGV, you increase your worth and avoid lowering it. This strategy is what sets the wealthy apart from the rest and can revolutionize your financial life.

The Power of Leverage

Discover the key to maximizing your time, money, and resources to achieve financial success. Leverage is the answer.

If you work for someone else and you stop earning when you stop working, you are being leveraged to make money for somebody else. But what if you could flip the script and leverage your time, knowledge, resources, or skills to earn money for yourself? That’s precisely what leverage is all about.

In essence, leverage means making more from less. This could be more money from less time, more money from other people’s time, or better results from less effort on your part. And top entrepreneurs and investors know that leverage is the secret to financial success.

To start using leverage to your advantage, you need to learn how to maximize your time. This involves outsourcing tasks, writing emails or making calls while travelling, or using your gym time to invest in personal development. The idea is to use your time efficiently and get the most out of it.

You also need to learn how to leverage your money. One way of achieving this is through debt-funded property investment. For instance, if you purchase a £1-million property with £250,000 of your cash and a £750,000 bank loan, any growth in the value of the property is yours, minus the interest. Property prices have doubled on average every ten years since 1952 in the United Kingdom, according to Nationwide Building Society. So, if you hold the property for ten years, it could easily double in value.

The key to embracing leverage is an attitude shift. Rich people don’t think, “I really need to do that”; they think, “Who can do that for me?” Start thinking like a wealthy person and make leverage work for you.

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