Hello Financial Healers,
Let’s build an altitude compass. This tool was made popular by Dr. Thomas Stanley in his book, The Millionaire Mind. His concept gives you the ability to track your wealth’s growth (or losses) over time.
All you need is the compass formula: Your Age + This Year’s Income x 10%
… and your personal net worth (which you calculated in Lesson 3).
Run through Stanley’s formula, and compare your answer to your current net worth. See how close or distant you are to the ideal altitude.
Now, most people who compute this discover they’re far off target. For example, if you’re 34 years old and this year’s income is $50,000, your compass goal comes out to $170,000. If your current altitude is $20,000, that’s $150,000 short.
But remember, Stanley’s idea is just a hypothesis. Don’t be discouraged if you’re lower than where you want to be.
In future lessons, we’ll build a LGS (Living, Giving, Savings) plan that brings you closer to your compass target.
To get started, download today’s handout and illustration. Join our live discussion today at 3:30 PM (CA time).
Join us for My Money Time 👇
If you’re a premium member, hop on to our live discussion today at 3:30 PM (CA time). If you’re a free subscriber, consider upgrading so you can join us every week.
God bless your Prosperous Soul,
Stephen K. De Silva
About the author: Stephen K. De Silva is an author, speaker, and financial coach. From 1995 until 2017, he served as the CFO of Bethel Church, and a member of the senior leadership team. Stephen’s unique experience, training, and gifting make him a pioneer in the subject of money. You can reach Stephen at hello@stephenkdesilva.com
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