How To Quadruple Your Bank Account- Jerry Fetta
How would you like 4x more money saved in the bank than you have now? Who wouldn’t? If you have $10,000, you’d have $40,000. If you had $100,000, you’d have $400,000. Believe it or not, my client David actually experienced this over the last 6 months. When I first met with David he had less than $20,000 saved. On a phone call today he told me that in the last 6 months I’ve helped him increase his savings from $20,000 to now more than $80,000. Oh I forgot to mention that David is in his mid-twenties. How does a “20 something” year old manage to have more money in his bank account than most retirees have in their life savings? I want to share with you how I can guarantee a increased savings rate for my clients so that you actually have a shot at building wealth.
Increase Financial Control. When I first met with this client, he was dabbling. What I mean by that is that he had a little money going towards real estate, a little money in savings, a little money in the market, and a little money in his 401k. He really was spread out everywhere and had very little control because of that. I taught him to review his finances for 30 minutes every week and to rate his transactions on a 1-5 scale. I told him that anything less than a 3 gets returned and the refund money goes directly towards savings. He did it.
Commit to saving 40%. I then told him to save 40% of his income. He halted his 401k contribution and instead we opened a life insurance policy for him to save into. The main focus initially was creating an environment where he had no choice to save 40%, but he wasn’t going to lose access to the liquidity of his funds. The life insurance provides this perfectly. Now, every month, without fail his money will transfer from his bank to his life insurance to ensure he is meeting his monthly savings target. It’s just like taxes. The effect this creates is it creates urgency for him to increase his income because he feels broke and it removes human error, which would be not saving the amount he committed to.
Economize. For several weeks, David and I would get on a call and take inventory of everything he owned. Why? Because it was time to sell stuff. I had him rate all of his possessions on a 1-5 scale as well. 4 meant it was necessary for survival and 5 meant it increases income. Anything below a 3 gets sold. Anything above a 3 is kept. He went through his house and sold anything lower than a 3. The proceeds from the sale went into savings as well. Again, he did it.
Produce. We also set income targets for him to increase his earnings so that he can save more money. We broke it down month by month and week by week. David began training on Wealth DynamX University to change his mindset about increasing income. He was able to achieve several bonuses and a pay raise at work. This part, although I’d love to take credit for, was all David. Again, I gave him the info, he set the goal, and then he went and made it happen.
Avoiding investment losses. Now, this was more circumstantial, but this client owns real estate and through a coaching call, I did the math with him and found out that he is negative cash-flowing with his real estate and that it was going to get worse. This sucks because he was sold the dream of passive income on an FHA 4-plex (which hardly ever happens, just trust me) and instead, he is actually losing money every month. I creatively helped him restructure his living arrangements and entity structuring so that he could possibly avoid losing the cash flow.
Increasing investment income. Now that this client has $80,000 saved, we are going to take $50,000 of it and invest it for passive income. This will be a private lending deal that pays 7.5% fixed interest for 9 months. This will pay another $312/mo over the next 9 months, which will also get saved so it can be reinvested later. Fast forward 9 months, David will have his $50,000 he invested, the $312/mo income he’s been saving from the investment, plus the 40% he is saving out of his income every month. Chances are, he will have near $200,000 in the bank in the next 9 months.
This is the effect I create for my clients. People come to me because they want to get wealthy for sure. This is the plan that is boring and slow, but works every time. My job is to help you get in the correct position to win. Your job is to show up and put the work in like David did. If you would like to increase your income by 30%, guarantee an increased savings rate, and secure 8-12% fixed annual returns on your assets, click here.
Own Your Potential,
Grant Cardone Certified Coach
Jerry Fetta helps his clients build wealth so that they can eradicate poverty in their own lives and own their potential.
He believes scarcity and abundance cannot co-exist and that the way to end poverty is to help you build wealth.
You were not created to spend 40+ hours per week serving the 40-year-to-life sentence trading your precious time for money just to live in mediocrity.
However, the truth is that time and money must be exchanged. It just doesn’t need to be you making the exchange.
Jerry helps his clients create wealth that exchanges time and money on their behalf. The only way to do this is to make more money, keep it, and then multiply it.
His clients see a 30% increase in income, a guaranteed increase in savings rate, and 8-12% fixed annual returns on their assets in the 1st 90 days of working with him.
To get started, go to www.WealthDynamX.com/potential