Tom Bailey 0:07
Hello and welcome to Succeed Through Speaking. The place for experts and entrepreneurs who want high value ideas to boost business results.
Hello, I'm Tom Bailey. And in today's episode, I'll be getting to know Ronnie Gabriel, who is an entrepreneur and the author of the award winning best selling book called wealth on any income, which amazingly has now been translated into eight different languages. So Ronnie, hello, and a very warm welcome to today's episode.
Rennie Gabriel 0:44
Thank you, Tom, my pleasure to be here.
Tom Bailey 0:47
Amazing. And to those podcast guests, you can't see running. He's in a very colourful floral shirt right now. So whereabouts in the world are you right now.
Rennie Gabriel 0:55
I'm in almost sunny Los Angeles, California.
Tom Bailey 1:00
Amazing, I thought so given the bright colours that you're wearing. Everything must be nice and warm where you are. And so I wanted to just share a little bit more about you before we do get started. So after two divorces, and the business failure, when he went from broke at age 50, to a multi millionaire after learning the three Secrets of the wealthy in that he now donates 100% of the profits from his online programmes to a charity that trains rescue dogs to wounded soldiers. Amazing. The title for today's episode is how the wealthy get rich. And Ron is going to show us how in just seven minutes. So question one today is Who are your ideal clients or the target audience you typically work with?
Rennie Gabriel 1:44
Primarily, they are people who have the ability to control their income. So it could be coaches, authors, corporate, trainers, entrepreneurs, business people, as opposed to employees.
Tom Bailey 1:59
Yeah, yeah, I love that way of defining them people who can control their own income. That's such a great way of looking at it. And the next question for me is when you when you work with these types of entrepreneurs, or business owners, what's typically the biggest challenge that they face?
Rennie Gabriel 2:14
The sad part is, they're lacking the fundamentals of how to handle money powerfully, a nine out of 10 people aren't taught. So it doesn't matter if people are in business or not. You know, you've probably heard it before. But parents can't teach what they don't know. Know. And unfortunately, teachers don't teach what they've never learned. Nine. So most people get no financial education.
Tom Bailey 2:38
Well I got taught was that money doesn't grow on trees. That's all I learned.
Rennie Gabriel 2:43
Yeah, yeah, that's more of an admonition is what I call it. It's sort of like saying, you know, a parent throwing a child in a pool and then saying, okay, swim you have, right, yeah, that's not an instruction. That's not our lesson. That's nothing.
Tom Bailey 2:58
Not exactly. And Fantastic. Thank you for sharing that. And the next question for me is, what impact is this inability to manage the money or finances have on either the entrepreneur or their business?
Rennie Gabriel 3:12
Well, it's a lot of struggle. It's not generating the revenue to meet payroll, not paying themselves first, not setting aside enough money so they can create some financial choice in their life. It's mounting debts that show up. It's it's just, it's stressed. It's just a pile of bad things.
Tom Bailey 3:35
Yeah. And sometimes a downward spiral as well, once you do get into this financial difficulty. Oh, yes, absolutely. Yeah. And so if there is anybody out there that's listening session, they're starting to recognise some of these messages, what's the one piece of advice that you might give to them to really help them solve this problem?
Rennie Gabriel 3:52
One of the things that has worked over and over and over again, it's worked for 5000 years. So it's withstood the test of time. And there was a book written about it 100 years ago, I've got to put you on the spot. Tom, have you heard of the expression? pay yourself first?
Tom Bailey 4:08
I have. Yes,
Rennie Gabriel 4:09
I have. Okay, and can you explain it? So I guess, for me,
Tom Bailey 4:15
the way I look at it from an entrepreneurs perspective is, you know, you need to have to cover your basic needs before you start investing the money elsewhere.
Rennie Gabriel 4:22
Okay, no, has nothing to do with that. And so don't worry, you fit the nine out of 10. Yeah, can't explain it, let alone do it. And what it means is, you set aside 10% of the money that comes into your hands. And you keep it for the rest of your life. And that's the money used to invest. That's the money that grows and provides an income so that it's working instead of you working,
Tom Bailey 4:50
I say, yeah, makes complete sense. So that's the first 10% of your monthly income. I assume it gets put into that separate account.
Rennie Gabriel 4:57
That's correct. Exactly. Yeah. Awesome. Love it.
Tom Bailey 5:01
Okay, so that's great advice? And also was great advice. Do you have a great resource that you can share with people or something people can go and look at next in terms of taking that next step with you? Um,
Rennie Gabriel 5:11
yeah, two things. One of them is my TED Talk, where I talk about how we've been conditioned to believe it's better to be poor than to be wealthy. And the cure for that is a nine step roadmap to complete financial choice. And if they go to wealth on any income, com, forward slash TEDx, they'll be able to see both great
Tom Bailey 5:33
wealth on an income.com forward slash TEDx. And what I'll do is I'll put that link in the show notes. So again, that's going to be clickable for people listening to this podcast. Now, the next question from me is, what would you say is one of your greatest either learnings or mistakes that you've made either in life or business? And what did you learn from it?
Rennie Gabriel 5:53
There were, gosh, there's so many mistakes. Probably the, the one that turned out to be the best was I started to pay myself first in my 30s, and then wasn't speaking to anyone else. And so the IRS said, Oh, the money that you've set aside the last 10 months, you needed to pay income taxes. Yeah, so it was all gone. I felt dejected. I didn't pay myself first, again, for another eight years, until I read the book, The Richest Man in Babylon, and then did that for a little while. I don't remember why I stopped. I think it was around the time of my divorce. Yeah. And by the time I was 50, and I'm doing it for the third time, it finally stuck. And I'd saved up enough money after three years, to participate in the downpayment, of some real estate. And within five years from that point, I went from broke to multi-millions. Great. Love it. What
Tom Bailey 6:59
a great lesson. And like you said, it wasn't first time that you got that right. It was maybe a third time, but you know, your third time, the lesson is that you kept going back and you know, eventually it did stick.
Rennie Gabriel 7:09
Yeah, it took a while to stick.
Tom Bailey 7:11
Yeah, it did. Great. And that's awesome. And the last question for me today is what is the one question that I should have asked you today that will also bring some great value to our audience?
Rennie Gabriel 7:21
What would I recommend for every business owner to get started doing instantly or today?
Tom Bailey 7:27
Yep,
Rennie Gabriel 7:27
I'd love to find out what what is that? treat themselves like they matter. And what that means is, take money from every dollar that comes in, set aside 10% of it, and begin on the road to creating wealth and financial prosperity.
Tom Bailey 7:45
Right, what a great point to end on. But before we do, and I do have one last question, because in your bio, you talk about the three Secrets of the wealthy. Can you just repeat what those three secrets are for us?
Rennie Gabriel 7:55
Yeah, there's an acronym I have. It's called a f fi for this three secrets has nothing to do with the American Film Institute. Yeah. The A stands for attitudes, the wealthy think differently. The most people. The F stands for forms. We've probably all use them, but the wealthy look at them differently. And the last I stands for investment, which is not limited to stocks, bonds, and mutual funds, I have triple net leases, oil and gas, there's equipment, leasing, they're Self Storage, there's real estate, I mean, on and on and on. It's not stocks, bonds and mutual funds.
Tom Bailey 8:35
And the best thing is you can use that 10% of the income that you've been saving up to, to start dipping, in fact, investment opportunity. Absolutely. Right. Ronnie, thank you again so much for your time today. I really appreciate you coming along and sharing such great value with our audience. My pleasure,
Rennie Gabriel 8:49
Tom. Thank you.
