Hey, this is Billy. In the last two days, we've talked about God's covenant and how you can partner with it. So today I want to start talking about actually where the rubber really meets the road, and there are financial changes that you need to make in order to start down God's road to financial freedom. And so today, as we talk about what some of these changes are, I want to give you some practical steps. If you remember, in the last session we talked about step number one was learning to invest in yourself. And people asked me, Billy, what should I invest in? The first place is invest in yourself. But then the second place to start is learn to live on 80% of your income. Now, listen, that's a huge change in some people's mindset, learning to live on 80%. In fact, I call it the 80/20 principle.

                It's the same principle that is known from the mathematician Beretto and he talked about that 80% of what you receive in life really gets accomplished by the 20% of what you do are 80% of what you do only accomplishes 20%. But in this case, the 80% is you learn to live on 80% of your income, because then that positions you in order to begin to build wealth in your life. So here's how that principle works is that if you follow what we say, people ask me, "Billy, what do I use the 80% for?" Well, you use the 80% for your living expenses. And then you would take 10% of that, which now you're at 90, 80 plus 10. And the 10% is the tide off of the a hundred percent. And then there's 5% of it that you have professionally invested and then 5% that you learn to invest yourself.

                So if you add that up completely, that comes up to a hundred percent. So let me say it again. 80% of the income that comes into your life, really it's your net income of what you have that's spendable. 80% of that, you can pay your rent, buy your groceries, buy gas right now in these inflationary times, that can be pretty tight with gasoline. However, on the other side, then you take the 10% and you partner with God by bringing the tide to the storehouse, as the scripture says, and then you have, you still have 10% left. So what do you do with that 10%, 5% you have professionally invest and then 5% you learn to personally invest. Now, why do I take the time to say you should take the time, even when you're just getting started to learn to personally invest? Well, the reason is this. I see a lot of people, whenever I'm doing seminars and conferences, workshops, they come up to me and they're retired, or they're at retirement age.

                Many of them are already living out of money that they've set aside to be able to live on. And the biggest question they have for me always is Billy, what do I do? I thought I was going to have a hundred thousand a year in income in my retirement. I didn't realize because I put it in traditional retirement accounts. I didn't realize how much in taxes I was going to owe. So I thought I was going to have a hundred thousand, but really I only have 65,000. So what happens is, and then they don't know themselves how to invest and do something different with that money in order to increase their return. So there's a great book I want to recommend, even though we're talking about the book God's Road to Financial Freedom, there's a book that's written by George S. Clayson called The Richest Man in Babylon. And I encourage you if you're watching this it'd be good to get that book.

                And in that book, George Clayson talks about the 80/20. Primarily he calls it 70/30, learn to live on 70%, and then 10% you tie, 10% you professionally invest and 10% that you invest yourself. So it's important to understand that when we're talking about these steps that you're going to take to financial freedom is the step. Number two is learn to live on 80% at the most. And if you want to be real aggressive about building wealth, you can learn to live on 70% and then do what we've taught you just now with the rest of that money. And then the third step number three is know the difference between assets and liabilities. So let me say something about assets. Assets are things that you invest in that actually go up in value over time. I can't tell you how many people have raised hands and these conferences and things that we do and will ask the question.

                When I talk about investing in real estate, and they'll ask the question, well, man, that sure seems risky to go and put 10% down on a property. Or if you have it 20% down on a property and go get a mortgage and then rent the property, that sure seems risky to me, but what they don't realize those same people will walk into some kind of electronic store and go buy a $2,000 flat screen TV and put it on credit at a, usually a very high interest rate. And they'll go out of the store proud that they actually have bought this TV. And they don't realize when they drive off the lot that TV just went half price what you paid for it.

                The same thing happens with automobiles and many other things that we buy that thinks has value whereas you put your money in a piece of real estate, typically speaking that real estate will go up in value. So the point I'm making is you have to change your mindset to understand the difference between an asset and a liability. The TV is a liability, especially if you're having to pay for it with debt or on credit. And then the house is a asset because it's actually putting money in your pocket every month from the rent that you collect. In addition to that, in most cases, it still goes up in value. And so the difference between an asset and a liability and understanding ... A matter of fact, let me say it to you in a way that may help you to understand it.

                It's really learning how to shop differently in your head. Learn to buy things that actually will go up in value and avoid things that go down in value. I'm well aware. You still got to live. That's where those things that go down in value, they come out of your 80%. So the third step here in the book is know the difference between an asset and liability. And we tell you that in great detail in the book, God's Road to Financial Freedom. Then the last step is learn to eliminate. Step number four is learn to eliminate consumer debt. Now in the book God's Road to Financial Freedom, I actually give you nine steps to show you how to get out of debt, including your car and your mortgage in five to seven years. And I talk about that here. And it has one whole chapter just dedicated to the nine steps that it takes to eliminate debt and especially consumer debt in your life. So this is God's Road to Financial Freedom. I believe you'll find it a blessing.