The Easiest Way To Have More Money

"I just wanted to tell you that 5-minute conversation we had saved me $2300!"

A guy at church just told me this.

What was the conversation about?

Negotiating your bills.

I told him to take a few hours and get some quotes on insurance and other monthly bills.

The crazy part...he only called around on his insurance and got the same policy for $2300 cheaper!

Does this story sound familiar?
- He had this policy for years
- Knew the insurance agent from school
- Hasn't talked to her (the agent) in years
- Kept paying his premiums blindly
- Simply accepted the price for what it was

A few hours of calling around and BOOM.

Thousands in savings that he can now use to...
- knock out debt
- invest in the market
- spend on a vacation
- throw up into the air in the middle of a park and let people scramble for it because it looks like fun

Point is, who cares. Its $2300 more to do whatever he wants with it.

A Universal Rule About Retention

Millionaires and business owners tend to learn this rule pretty quickly because they see it at such a large scale.

It wasn't until I was halfway to my first million that I finally caught onto this important rule.

It's exponentially easier to keep something you already have than to have to get more of it elsewhere.

This is true about...

  • Business clients and customers
  • Farm crops and livestock
  • Your money
  • Marriage

And its true about most things in life you want to acquire.

They estimate that it takes about 80% more effort to bring in a new client than it does to keep one you already have.

Having been in sales and business owner, I think it may even be higher than that.

So when it comes to your money, it's crucial to building wealth that you remember this rule of retention.

It's easier to find ways to keep the money you have than it is to acquire new money.

Example: Spending $50 on frivolous items at Target takes 10 minutes if you're my wife but earning $50 takes 3 hours of labor for someone making $20/hr. (I know that's $60 but taxes...)

So before you go out and try to start a side hustle or work overtime to have a little extra cash, start by looking inward and ask yourself these questions about the things you budget for:

  • Is this a NEED?
  • Is this a WANT?
  • Can this be SUBSTITUTED?*
  • Can this be ELIMINATED?

This will help you identify potential money you can keep immediately and give yourself a raise.

(*Substitution is getting a similar item for cheaper aka buying burgers instead of steaks)

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