Orlando, Florida When you’re faced with plans that are permanent — like a map of your financial future — it can be reassuring to at least have an expert pointing you in the right direction.
This week on Men in Black Sundays, host Corey Murray interviews Richard Cuff, head of marketing for CTI, to learn more about CLOIP, Cuff’s acronym for what he calls the “Five Dimensions of Wealth.”
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CLOIP starts with the consumer, often how we all start, receiving and spending money but maybe not making a lot of money.
“As a consumer, when you acquire wealth, you consume wealth, and this is someone who might get a lottery ticket, a parent dies. They get a lump of change dropped in their lap, and the first thing they do is consume it.
Then comes the worker, who Cuffe says alone accumulates more wealth than the consumer.
“It’s someone who realizes, you know, ‘I can’t work 40 hours a week at this job and expect to get rich, so I’m going to go out and work for myself, but I’m going to make it myself.’ bring And that person can probably get richer than the consumer.
The next dimension, Cuff said, is to own your own wealth.
“When you get to the point where you’re wealthy, that’s when you wake up and realize, ‘I’ve got to start my own business,'” Cuff said. I’m in DC right now, my business is in Jacksonville, I can probably stay here for a few minutes and not have to go back to my business because it’s taking care of itself, but eventually I have to go back. And manage it.”
Along the way, the owner becomes an investor, with enough wealth to create additional income streams for himself.
Obviously, the best place to invest is in yourself, but where you can invest in other areas that create these multiple streams of income, you can see when you’ve moved past the first three dimensions and into the fourth. Cuff said: Wealth mindset.
Finally, there’s the philanthropist, something Cuff said all wealth creators should aspire to become.
“So, that philanthropist loses his wealth, and now he’s the one who can control it. John Rockefeller said it best, you want to own nothing, but control everything. My goal in Life is about having nothing, I don’t want to have cash, I don’t want to have any resources, everything is in trust, and when I get my ultimate plan in life, I’ll put my name on the buildings from the trust funds that I have. “So this is really where we need to be.” Cuff said.
Black Men’s Sundays It talks about building generational wealth. Check out each episode in the media player below.
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