Youth CEO Clubs
"When the Student is Ready, The Teacher Will Appear!"
For Ages 7 - 18
Copyright 2008 Angels Press. All Rights Reserved
Youth CEO Clubs
Cathy Harris, CEO
P.O. Box 870849
Stone Mountain, GA 30087
Phone: (770) 873-2072
Website: http://www.YouthCEOClubs.com
10 FACTS MOST PEOPLE MISUNDERSTAND ABOUT MONEY
Everyone needs to change the way they make, spend and invest money.
“The difference between rich people and poor people …
Rich people think in the millions and billions and poor people
think in the hundreds and thousands.”
BILLS:
1. If you work just to pay bills, you are not a worker, you’re a slave. (A job is meant to give you the money & know-how you need to start your own company).
2. If you make less than $1,000 per week, you are poor. (In order to live and invest in the future, the average person needs to make at least $52,000 per year before taxes).
3. If after paying all your bills for the month, you have less than $1,000 left over, you are overspending. (The average person needs about $12,000 a year to fully take advantage of most investment opportunities).
4. If you pay your bills on or right before the due date, no matter how good your credit is, you are a poor credit risk. (The best credit risk are individuals that pay all of their bills on the same day of the month and do not have to wait for their paycheck to pay their bills because they have the money in the bank from last month).
EMPLOYMENT:
5. If you have a business that does not hire people, you don’t actually have a business, you have a hobby. (Businesses are designed to create jobs. If you have a one person business, then you are self-employed. If you have a few employees, you have a micro-business. The Small Business Administration (SBA) (http://www.sba.gov) and other business entitites will not recognize your business unless you have a significant number of employees. Over 95% of all the businesses in Atlanta employ 50 or less employees).
6. Minumum wage & low-income jobs were designed for teenagers just getting into the job market. (If you have been working for more than 1 year, you should be a supervisor. If you have been working for more than 3 years, you should be in management. And…If you have been working for more than 5 years, you should be in your own business).
7. You are the brains of your businesses, your accountant is the heart and your attorney is the lungs. (An accountant helps you track your money and an attorney helps you protect it).
8. There are 4 stages to business and they will never change:
- Starting a local business
- Growing into a local company
- Becoming a national corporation
- Becoming an international corporation.
(Most black businesses never pass the local business level, which means that they are not a part of the state economy, not a part of the national economy and not a part of the global economy).
INVESTING:
9. Investing is simply changing the way you spend money. Instead of buying the items that you and your children love, you invest in the companies that make the items that you and your children love. (Becoming an investor instead of a consumer, is the only way to build try wealth. Teaching your children how to be investors instead of consumers, is the only way to build generation wealth).
10. If it’s just you and your spouse, do not buy a house, buy commercial property first. (It takes just about the same things to buy commercial property as it does to buy residential property. Instead of buying a residential property that may sit for years unoccupied, buy a small 4 unit office building. Use 1 of the offices to start and run your business and use the other three offices to pay for the building each month. Remember, a person will pay the rent of their business before they will pay the mortgage for their home).
