Do you have an MBA? I don’t mean a Masters degree in business. I mean, do you have a Massive Bank Account? I heard the term most recently from Loral Langemeier who created the Cash Machine concept that I talked about last time. You could say that you get an MBA by majoring in your cash machine.
You need to have a massive bank account for several reasons. The most obvious reason right now is the economy. Gas prices have come down in the past couple months but it looks more likely that they will go up in the long term. Rising gas prices coincide with higher heating costs for your home because they are both based on oil, either directly or indirectly depending on whether you heat with gas or electricity. Higher has prices also translate into higher prices for goods that you purchase because the companies have to cover their transportation costs. Having a lot of money allows you to absorb these rising costs without having to significantly change your lifestyle.
Another aspect of the current economy is rising unemployment. Hopefully you will never have to experience being laid off from a job. If you did have to experience it though, a massive bank account can make it a whole lot less stressful. Having enough money saved up to cover your expenses for several months gives you the luxury of either taking the time to find the right job or to really take control of your finances and create your own business.
The last reason for why you need to be rich is for your own personal growth. Wallace Wattles says it best in his classic book The Science of Getting Rich published back around 1910.
Whatever may be said in praise of poverty, the fact remains that it is not possible to live a really complete or successful life unless one is rich. No man can rise to his greatest possible height in talent or soul development unless he has plenty of money; for to unfold the soul and to develop talent he must have many things to use, and he cannot have these things unless he has money to buy them with.
A man develops in mind, soul, and body by making use of things, and society is so organized that man must have money in order to become the possessor of things; therefore, the basis of all advancement for man must be the science of getting rich.
So, do you have an MBA? To summarize, you need a Massive Bank Account to help you ride out the ups and downs in our economy, to protect your family financially, and to have the tools to grow as a person. What are you going to do to create your riches?