Section 6 - Creating Wealth (Who Owns the Ice House)
Wealth Perceived
What does it mean to be wealthy?
Describe the difference between those that appear to be wealthy and those who possess true wealth?
How is our desire to appear wealthy at odds with our ability to create wealth?
Wealth Defined
Define the terms:
Income:
Expense:
What is an Income Statement and what is it used for?
What is a balance sheet or net worth statement and what is it used for?
What is an asset and give an example
What is discretionary income and why is it important to an entrepreneur?
What role does luck play in the creation of wealth?
Spending vs Investing
Describe the difference between spending and investing?
How does this concept empower entrepreneurs?
Describe the difference of those driven by impulse and those driven by their visions, purpose and goal
What is the motivation to appear wealthy?
What is the motivation to create wealth?
How does our mindset create wealth?
Reflection- Creating Wealth
Is the ability to create wealth important to you? Why or Why not? How do your beliefs affect your ability to create wealth? What is the greatest barrier that stands in your way to creating wealth?