What does it mean to be a MILLIONAIRE?

Hello, Dr. Tori Robeson here, Chiropractic Practice Success Consultant, where I teach you how to go farther than you ever thought you could. You're listening to the Chiro Success Podcast. I'm optimistic. I'm a positive person. I'm excited about chiropractic, the amazing phenomenon called natural chiropractic care. I'm excited to reach people with my practice. I'm excited to build an exceptional life from all the service I give. And of course, I want to be productive. I want to be prosperous. I want to be generous and I want to be filled with love and being fitness-centered. And of course, having a lot of fun. My purpose is to become smarter and more powerful and capable, always driven and moving to become a superior version of myself by increasing how aware I am of chiropractic and aware I am of people and what they're thinking and aware I am of how to get better and aware of myself. Increasing my knowledge and understanding and always being motivated to build my hands-on skill and communication skill and mastering the art of living an exceptional chiropractic life. Being an example, represent. Represent what? Chiropractic. Represent yourself. Represent your practice. Represent your family. Represent your friends. Of course, every time we train, it's causing you to naturally attract great new people but also great ideas. You're attracting luck. You're attracting good circumstances. Of course, you're becoming more capable at motivating and persuading people, including motivating and persuading yourself. Of course, you're empowered to make smarter decisions that are going to last long term and you're energized physically, you're energized mentally, you're energized financially. So much fun. Now, I have quite an interesting topic here today. But before we get into that, I want to backtrack to the word productivity. See, to be productive means you have to be getting things done, right? Now, think about this. All success is, is you solving whatever the problems are that are around you? Let's say, for example, you're seeing 80 visits a week and you'd like to see 100. Well that's a problem. Can you solve it? Can you solve the problem? I'm not seeing 100 visits a week, but I want to. That is the problem. Can you solve it? Let's say, for example, you're getting 12 new patients a month and you want 20. That's the problem. Can you solve that problem? Let's say, for example, you're seeing 250 visits a week and you want to average 100 plus visits a day and 300 to 400 visits a week. Can you solve that problem? Let's say, for example, you're scraping by money wise and you want to generate more income. Can you solve that problem? Let's say, for example, you're not as fit as you would like to be. Well that's a problem. You have a health problem. Can you solve it? That's all it is. People who become really successful as chiropractors are people who could solve the problems along the way because it's one problem after another in case you haven't seen that, right? And so your ability to use your mind and use your resources and use your connections and your experience and all of that to solve the problems in front of you. I'll have a chiropractor collecting 70,000 a month, a year from now collecting 70,000 a month. They say they want to collect 80, 90 or 100. They haven't solved that problem. Sometimes they may know what to do to solve it, but they don't have the desire. They may know what to do, but they actually don't want to do it. You have to want it enough to go into action. So you want to be great at solving problems. And that's why people like me and that's why people want me as their consultant. Because I know I can solve whatever problems you have. I can lay out the solution. It's simply a matter of whether or not you want to do it. And you want to be great. In fact, one thing I am always working towards in consulting is getting people to become better at solving their own problems. Many times people will ask me and I will have an answer. But I want them to not ask me until they've tried to think of the answer for themselves. That's the name of the game. Can you solve whatever the problems are in front of you? And if you feel like you are stuck, you for sure need to get some outside eyes on it like mine. And then we will solve the problem and you will grow. And it's worth it. It's so worth it. And the topic we're going to be delving into here today addresses sort of the result of solving problems. And we're going to lay it out in many different ways. Here's the question. Out and about social media, TV, you hear people use the word millionaire. She's a millionaire. He's a millionaire. And of course somehow this conjures up images of sailboats and trips to Greece and leisure and smiling and luxury automobiles, right? Somehow millionaire means like this palm tree, luxurious, carefree lifestyle, okay? Is that really what being a millionaire brings you? What even is a millionaire anyway? What does that mean? Do you see how you don't know what that means? What does that mean? Million what? Well, let's break this down. I think this will be empowering for you. How many different levels of millionaire quote are there? Well, by some technical definitions, they may say if you're net worth what you own minus what you owe, not including your practice, let's say, is over a million. That makes you a millionaire. So if you have a bunch of equity in a house and you've got some cars that have some equity and you have some money put away and that adds up to be a million, you could technically say you're a millionaire. But your lifestyle doesn't really show it because you have equity in things and you can't spend that. That brings you no lifestyle. It has no utility value, okay? If you just add up what you own minus what you owe, it ends up being a million. And so technically you could say you're a millionaire, but no big deal. Your lifestyle is no different than a student. Next level is this. Let's say you look at everything in your savings accounts, investing accounts, cash in your pocket, ashtray in the car. You get the idea. The pile of change you have in some bowl at home. If you add up all the money you have around in any accounts, not including your practice, and that adds up to be over a million, well, that's better, isn't it? Because we didn't even include any equity in the house or with cars. So if you have a million in all these little piles and you add it up and it's over a million, cool, you could say you're a millionaire. But does this give you much lifestyle? The answer is no, because the money is all, quote, tied up. Like before it was tied up in the house and tied up in property, let's say, and here it's tied up in accounts, should be invested. So it really doesn't change your lifestyle, but you do have a million when you add up what you have everywhere. Next level, let's say in your long-term investment accounts, accounts that are earmarked for future retirement, nothing with savings accounts, nothing for short term, no cash in the vault at home, no money in your pocket, no change in the ashtray in your car. It's truly in investments, and that might be a few accounts. Let's say that adds up to be a million. That's even better yet, isn't it? And what's even better than that? If you have one single investment account that has a balance over a million, you actually, now this is profound, listen to me, listen to me, winners, you actually for the first time can look at one screen on one website with one single account with your name on it, and see a number that requires two commas. That makes you a member of the two comma club. Great for you. So one account with over a million in it, and then you can have other investment accounts and your savings, and then you have home equity, and then you have car equity, and you have your gun collection, and you have jewelry, and you have whatever, you get the idea to really then arrive at your net worth number. But the biggie here is for you to have one account, and see a number that requires two commas. That's a big congratulations moment for you, and very few chiropractors can do that. Very few can get a million into one pile. And remember now, we have to never underestimate how much a million really is. In pure savings, that's $50,000, or let me put it this way, it's $1,000 a week put away for 20 years straight. That is serious, or 20,000 a year for 50 years. Yes I realized we could have it in investments and get some gains, but I want you to always appreciate how much a million really is. It is a serious pile, and from that pile will basically come an incredible lifestyle as long as you have the disciplines, follow a lot of the teachings that we would have here. So now all of those scenarios really don't mean much as far as lifestyle, because the money is all tied up. So when you hear the term millionaire, it could be, well I got a million in one account, or I got a million if you add up all my accounts, or I've got a million if you add up my accounts, plus the equity and everything, you get the idea, millionaire. And so when you see books like The Millionaire Next Door, usually they're including equity and this and that, and that's why they don't look like anything special, because you can't do anything, because the money is held in equity or in accounts, it doesn't add to lifestyle really at all. So I want to move on to these additional definitions of millionaire for the chiropractor, for the chiropractor like you. This one, and then you'll see how we're going to bring it all together in the end, hang with me. You could collect a million. You could have a practice that collects a million dollars in one year. And cool, good for you, okay? That's a great accomplishment to go for, and if you're already at that level, we want to continue to grow from there. But again, that really doesn't equate to lifestyle, because from that million, we have to take out all the overhead, and then we have to pay the tax, and then you have all of your personal expenses and personal debt, leaving the actual amount of money you have to spend, okay? Now generally, and this is pretty easy for you to follow, and most of you out there who've been around me at all will already know this off the top of your head, but let's say you collect a million, and let's say the overhead was 500,000, well you have to pay tax on the 500,000, so let's say that's 200,000, leaving you 300,000 bucks, which would be tremendous, okay? To arrive at 300,000 as a personal income after collecting a million. There's people that collect a million, and they have a personal income of 150 because of the overhead structure and the debt they've taken on. So we can have a little bit of lifestyle there. Now check this out. How about the next level? What's the next level? The next level is you have a gross income of a million, okay, let me bring it to that. So for you to have a gross income of a million, let's say generally you would have to collect $2 million minus the overhead of $1 million equals a $1 million gross income. Now the word gross means before tax, and then after you pay the tax, that equals your net income, net is what you can spend, net is what goes into your personal account. So on a million dollars, okay, we're gonna owe some significant tax, federal tax, state tax, all these other little taxes that can get you depending on the state you live in. But let's just say for example that was $400,000, that leaves you $600,000 in net income. And now we have a significant lifestyle for the Chiropractor. And if you got $60,000 after tax, that's $15,000 a week after tax. Let's have a little fun here. I'm gonna be a little winner's edgy with you, reveal some techniques to you. How can I get paid after tax $15,000 every week? On my way to $60,000 every month. On my way to a $500,000 to $600,000 plus net income. How could I do that? Okay? Good. Now, there's a level above that. Well, what's that? Well, listen carefully. It would be to actually get paid after tax a million bucks. Now we're getting somewhere. Now we're getting somewhere. So if you end up with a million bucks, you had to collect, well, how much? Well, let's take a look and see here. Let's say you collected $2,800,000. You had overhead of let's say 1.4, leaves you $1,400,000 minus $400,000 tax equals $1,000,000 in net income, $80,000 a month, $20,000 a week. What would your lifestyle be like? Let's have some fun here. If you got paid every week, taxes are taken care of, everything's current, you're getting $20,000 a week, next week $20,000, week after that $20,000, week after that $20,000, how would your life change? Would you change where you live? Would that change what you drive? Would that change how much you're able to invest? Would that change your lifestyle? You bet it would, incredible lifestyle. So we have a reverence and a respect for the word million, but actually getting paid after tax a million dollars a year is dramatically different than having a million in all of your assets minus your liabilities in the form of net worth. You see the difference? So what I want you to understand here, and I want to have some fun, is you want all of this. You want to be a net worth millionaire plus, plus, plus. You want the total of all of your accounts to be way over a million. You want the total of just your investment accounts to be way over a million. You want to have one account with over a million. In fact, you want all of your investment account balances to be over a million. You want to be collecting way over a million, have a gross income over a million, and how can you get your net income to over a million? Because if your net income is over a million, you're really in great shape with good disciplines. Now there are people, let's look at these terms. Let's look at the term wealth versus rich. Rich normally means you have a lot of income and you're spending it on cool stuff. Cool trips. Cool purses. Cool clothes. Cool cars. Cool house. Cool furnishings. All kinds of cool things in your life because you have a lot of income. You are income rich. See that? Now is it possible a person could have a lot of income and it comes in and then it goes out in the form of buying stuff? And so a person looks rich but they have zero wealth. In fact, to lay people or to normal people, they see people with stuff and they call them rich. Oh, she's rich. Why? Because she has a expensive car payment and expensive clothes. In fact, usually when you see that, these people have no wealth. Okay? Wealth means you have assets. You have income producing assets. You have investments that are creating dividends that are compounding. You could own property, possibly rental property. You own assets that make money. That is wealth. What we want here is for you to have both. You want income for lifestyle while simultaneously you are buying and accumulating income producing assets to create wealth. You want to be wealthy and rich and have a rich lifestyle. Now, many times this requires some sacrifice. We're going to have to not have any sort of rich looking anything because we've got some obligations. Let me lay those out. Let me show you the problem that has to be solved by the chiropractor. Well, we have to get started in practice and if we take on debt, we have to solve the problem of paying the practice debt. We have student loans. Can you solve the problem of paying off your student loans? Then many times it's time for a house. Can we solve the problem of having a house down payment? Solve the problem of home ownership and solve the problem of all the phantom payments. Then people might want to have relationship. That's going to have a financial consequence. If we have dependence, we're going to have to pay for that. See that? Then after and during and while all this is going on, we have to be saving money and we have to be investing money. You see the financial problem to solve here. We have to be able to do all of this. We have to pay off the practice. We have to pay off the student loans. We have to get in the right house. We have to be able to handle the phantom payments easily. By the way, remember a house payment cannot be more than 25% of what you take home in a month. You must be able to make your house payment principal, interest, tax, insurance, or rent payment with what you take home net after tax pay, net pay in a week. Car payments and your car expense, your car allowance cannot be more than 10% of what you take home in a month. Even then, that's high. We then have to solve the problem of being able to handle relationships that we're in. If we're going to have kids, we have to be able to pay for all of that. Then of course, we have to be able to save and invest. We have all of these different financial components that we want to tackle and be able to handle. Why? Because we worked hard in the practice to have the collections high enough and then handle the overhead, keep the taxes current to give you a net income that allows you to handle everything in your life, and of course, allows you to invest at least your age. Again, the Winner's Edge Standard, which has been carried through the profession since the '80s, is the chiropractor must get to the point where they're auto-investing their age. A 40-year-old chiropractor invests $40,000 a year, let's say 700 bucks a week, after tax automated, all 52 weeks of the year, never miss. To do that, well, you have to have your student loans paid, and to do that, you've got to be in the house, and to do that, you've got to be accelerating the mortgage. Not only is it paying off the practice, it's paying off the student loans, it's getting in the house, it's accelerating the home mortgage, of which we have the formula for that. It's handling all the phantom payments, handling all the expenses of any relationships that you're in, and then being able to invest and get to the point where you're investing at least your age, or a multiple or multiple multiples of your age, okay? And so that's the name of the game. So when we hear the term millionaire, it gets thrown around all the time, million what? A million in one pile, a million in equity, what do you mean? A millionaire does not really mean much lifestyle wise right now, unless it's a million of net income for the chiropractor, then we can have some significant lifestyle in the chiropractic world. But again, compared to people who make a million dollars a month, or a million a week, can you imagine some of these CEOs of huge companies getting paid a million dollars a week? Can you imagine that? That is unbelievable, okay? But if you can run a company like Starbucks, or run a company like Amazon, or run a company like MasterCard, you will get paid a ton of money to handle that enormous responsibility. But in chiropractor land, we can have incredible love and relationships, we can have incredible health and fitness, we can be incredible in serving people and doing well in our practice, and we can be very smart with money, and we can build wealth while also having a rich lifestyle, sharing and being generous, and that is the name of the game. You want to be as successful as possible, not only for yourself, but so you can make as many other people's lives as much better as you possibly can. Tori out!