40 Unbreakable Laws of Money: Laws for Business, Success and Life

By Wayne Wakefield

A financial expert outlines what you need to understand about money in order to achieve success in business and in life.

Who told you, you had to go to a bank or a lender with your hat in your hand to qualify for a loan? Who told you, you had to pay for your home, car, boat, and plane?  Get someone else to pay for them! Where did you learn that it took a college education, good credit, and a savings account to become wealthy and financially independent?
40 Unbreakable Laws Of Money reveals Wayne Wakefield's "hidden" secrets to the money and business world that only the few wealthy know. Through almost 30 years of business and finance, Wayne discovered Laws that must be followed that secure success. Inside, he opens the world of money and the secrets to the free enterprise system to create a mindset that challenges and changes everything you were taught. 

Wayne breaks down all you need to know with humor and a very common-sense approach that brings major revelation to those who dare to take the time to read and invest in themselves. You will not have to memorize the 40 Unbreakable Laws, because they will become part of you as you complete each chapter. You will immediately recognize and start changing what you do financially through a revelatory new mindset.

You will never be able to go back and you will never think the same way again!

• Language: English
• Publisher: Open Road Integrated Media
• Release date: Dec 31, 2020
• ISBN: 9781630471064

Book preview

LAW #1:

THE POOR CAN’T

HELP THE POOR

Wisdom is wisdom just as truth is truth. Neither truth nor wisdom fall victim to change. With that notion in mind, the fundamental principles that differentiate the forthcoming laws from all others are the depth of a different understanding and revelation.

These laws are not ‘theory,’ but the result of actual experiences and events learned over the course of 30-years of successful business practices in the financial services industry. Through the challenges, success, and failures, I discovered hidden laws that, if followed, will secure great levels of achievement in both your business and personal life.

Keep these laws deep within the very core of your mind and allow them to become a pivotal part of how you process and implement decisions. Once you do, you will quickly notice that those around you take the easy road and do not follow these fundamental Laws on a daily basis.

Throughout this book, you will find three integral steps to achieve success. First, you will recognize and identify. Next, you will analyze and derive a plan, which will adjust and change for unknowns as you move forward. And finally, you will find yourself better positioned to evaluate your results to ensure you are accountable and moving towards your goals. The best part is these Laws will be so deeply embedded in your mind they will easily becomes habits.

However, make no mistake, these are hidden laws that constantly occur around you whether you are aware of them or not. Like most of the laws in this book, Law #1 begins by offering a concept that seems both obvious and familiar. To say the poor can’t help the poor doesn’t initially sound profound or particularly deep. But, take a moment to evaluate this statement because Law # 1 is the foundation for the rest to come. When reading each chapter, it is critical to always remember these are not a list of 40 obvious things you ought to consider. These are 40-Unbreakable Laws of Money. Get ready to prepare for the deeper meaning of simple statements like the one above.

Once again, when we hear the word poor, the first definition that pops into our mind is: a person without money. Even the dictionary concedes that.

The American Heritage Dictionary defines poor as: 1. Having little or no wealth or money; 2. Lacking a specified resource or quality. 3. Lacking in value, insufficient. 4. Pitiable.

Accepting that initial definition, Law #1 makes perfect, undeniable sense. It’s along the lines of trying to save a drowning person without being able to swim yourself. But let’s take these examples a little further and consider other areas where your life may seem deprived or underprivileged:

Poor in spirit: How about poor in spirit? Have you ever been around an individual that had a broken spirit? And I don’t just mean a religious connotation; I’m talking about a spirit that has completely lost hope. If you have a broken spirit, whom can you help? Probably no one. So, can the poor help the poor? Nope. If you don’t have it, you can’t give it.

Poor in love. Have you ever met someone that was heartless? You know, the type of person who seems to care little for others and lives his or her life as if everyone is literally the enemy.

In business and in life, you do not have to be heartless. With every transaction, there is always a win/win result to secure if you care enough about the other person involved in the deal.

Most people are aware that whatever you sow onto/into someone else comes back to you. You reap what you sow, and it works both ways. If you plant carrots, you get carrots. If you sow tomatoes, you reap tomatoes. If you were to plant weeds, you’re going to get weeds in return. And if you plant nothing, you will still get those pesky and unwelcomed weeds. They are just the product of inaction.

If this sounds familiar to you, it should. Not just because it’s a spiritual law, but because it was shared, explained and demonstrated by Jesus Christ. Coincidentally, He also taught another law about love when He said, Love your neighbor as yourself. This Golden Rule says, Do unto others as you would have them do unto you. So, if you’re poor in love, you will reap loneliness and it will be hard for others to love you in return.

Some may respond, Well, I can buy all the friends I want. There are many people that actually believe those words, and many more even try to live by them. With this behavior, anyone can be fooled into thinking a friend is a friend when he or she is clearly not. Always remember, those who are in it for the money will always run out when the money runs out. Like magic, they vaporize into thin air. Be careful not to get caught up with those types of people. Their love is for the money; not grounded in your friendship.

Poor in wisdom. Everyday, you probably come into contact with a lot of people who are poor in wisdom. The foolishness of their actions is often displayed within their mindset. A great example is your fellow drivers on the road. As they display their anger, impatience, and occasional rage, it is clear they are behaving in a foolish and immature manner. There is no wisdom in those decisions or actions.

Mark Twain said, The trouble isn’t that there are too many fools, but that the lightning isn’t distributed correctly. Put another way, only God can fix stupid. I will say this as tactfully as I can. There are a lot of stupid people out there. Now, some of you may feel as if I am being harsh on humanity, but remember, I didn’t say ignorant, I said stupid. Stupid means that you understand the information and situation, but don’t properly evaluate the potential outcomes, risks, and consequences. The American Heritage

Dictionary defines ignorant and stupid as follows:

Ignorant: adj: 1. Lacking education or knowledge. 2. Demonstrating a lack of education or knowledge. 3. Unaware or uninformed.

Stupid: adj: 1. Slow to learn or understand. 2. Lacking intelligence. 3. In a dazed or stunned state.

Again, ignorant means never told or educated. Stupid is an educated individual that makes a decision with little regard to the cost. Clearly, there is a pointed difference. Perhaps a little nicer term for stupid is foolish. Do you know anyone that has ever done something foolish in his or her life? Of course you do. We’ve all done foolish things in our lives. But for purposes of this example, I’m referring to something much deeper.

If you’re poor in wisdom, will you know how to discern anything or anyone? Without wisdom and discernment you will leave yourself susceptible to be swindled, defrauded, or even deceived. Do you think being poor in wisdom, undiscerning, and naïve would have any impact in your financial condition and business? It most certainly does. We’ll get more in depth in the forthcoming chapters.

Poor in character. Have you ever been around people who consistently lie, omit important points, or exaggerate reality? Whether it is a relative, close friend or business group—what would be the impact if you hooked your wagon to theirs? Relationships rise and fall on trust.

Have you ever seen something as simple as a cashier giving too much change to a customer? As they leave the store, you hear them telling a friend, I scored. They gave me change for $20 and I only gave them $10." But did they score? $10 is a high price tag for that individual’s character. Remember, whatever you sow you reap. Whatever you do to someone else will come back to you hundreds of times over.

If you’re poor in character, you will be poisonous. In life, you attract what you project. Lead with honesty and high morals and you will find similarly positioned people. But if you project poor character or a weak moral compass, you will find yourself surrounded with less than quality people. How will you set the example with your own kids? How can your wife or husband respect or trust you? If you’re poor in character, you’re poor in most, if not all things. Again, the poor cannot help the poor. Look out for those lacking in character, and don’t be one of them.

Poor in finances. If you’re poor in money, whom can you help financially? Have you ever had the experience where you really wanted to help someone, but just didn’t have the money? But rather than just moving on with your life, did you take the opportunity to do some self-evaluation and wonder why you didn’t have money? Was it just a temporary condition or has it happened to you on numerous occasions?

If you didn’t, you really missed on the real issue. Lacking money is just a symptom of the problem. The foundational problem is you are poor in knowledge and most likely have very poor discipline regarding finances. Poor financial knowledge and discipline will cause whatever money you do earn to fall right through your fingertips.

And the numbers support that there are many financially unknowledgeable folks. Over 30% of people polled in my meetings and conferences actually indicate that winning the lottery is part of their retirement plan. More than 30% of people somehow think they will defy the million to one odds.

Logically, I am sure we can agree that winning the lottery is not exactly great financial planning.

Worse yet, statistics show that people who do win the lottery are usually broke within three to five years. Very few are able to keep their money. Why? Probably because those same people were never trained and provided the knowledge to manage their finances. Remember, the poor cannot help the poor.

So the point remains: You must be educated and knowledgeable before you can be successful in finance! Some of the greatest examples I have dealt with are individuals that are highly educated and trained in the field of medicine. Most doctors have significant annual incomes, but there are all too many times when these same doctors were devastated by their poor financial choices. As educated, talented and successful as they may be, many were financially crippled because they were never taught to keep their personal assets away from the prying eyes of investigators, creditors and devastating laws suits.

The smarter and more educated the person, the harder it is to get him or her to listen to a solid financial direction. In my experience, this is due to the dedication he or she applies to their vocation or career. They rarely have time or the energy to learn about money. You will find yourself with an empty bank account and enormous debt unless you obtain valuable knowledge to remain competent in managing your finances.

Poor Attitude. There is nothing less attractive than a poor attitude. In my own businesses, I used to fire people for a bad attitude in a heartbeat. If you possessed a bad attitude, your talent, education and gifts were never a consideration. Some of my most highly educated, gifted and talented employees eventually lost their jobs because of their poor attitude.

Surprisingly, the ones that were not as educated, slower to learn, and made a lot of mistakes became some of my best employees and top performers because of their positive attitude and outlook on life. Even though more challenging to train, they had the kind of attitude that wouldn’t give up until they had the job down to a science.

Poor attitude can never be overlooked. Why on earth would someone want to keep you around with an insolent or poor attitude? Zig Zigler observed that your self-talk has a direct bearing on your performance. So, if your attitude is bad, what is your self-talk likely to be? And if Zig is correct, what kind of performance can be expected?

Put another way, Mathew 12:34 says, in part, For the mouth speaks out of that which fills the heart. (NASB) So, the words we say and the actions we take indicate what our heart, desires and attitude will be. If your mind and heart is full of poison you’re not able to help anyone, especially yourself.

Poor in Knowledge. If I didn’t have almost 30-years of training, knowledge and hands-on experiences, would there be anything I could teach you that wasn’t just considered theory? Since I have been there and done that, the education I will impart to you is grounded in real world success.

I am confident that if you want to know how to fail, I know how it’s done better than most. With these failures come tremendous knowledge, experience, discernment, and wisdom how not to fail in the future. Learn from my mistakes, both big and small.

Winston Churchill said, Success is often nothing more than moving from one failure to the next with undiminished enthusiasm.

I love the example of Thomas Edison when he invented the light bulb. The records he kept on his experiments in developing the light bulb showed he failed over ten thousand times before he got it right. The problem was not his overall thought process, but rather, in finding a material for the filament that didn’t burn quick enough. However, at the end of the day it was the simple act of removing the air from inside the bulb that ultimately culminated in success.

When a young man asked how Edison could continue with a project after so many failures, he responded, Young man, why would I feel like a failure? And why would I ever give up? I now know definitively over 9,000 ways that an electric light bulb will not work. Success is almost in my grasp. It was shortly thereafter that Edison’s light bulb became the light of the electrical world.

We now can literally see because of his never quit attitude. It is no small coincidence the very symbol of an idea has come to be the light bulb.

They say, Knowledge is power. While true, I take this statement one step further by saying that: "Applied knowledge is power." This is a key point and you’ll see the impact of this statement throughout this book.

There are a lot of smart people that are financially destitute because they have a college degree and are waiting for the phone to ring. That whole era has changed. If it’s not applied, it doesn’t matter what you know. The very power of applied knowledge is immeasurable. If you have the knowledge, then get out there and apply it.

There are many people in the trades; say a cabinet-maker, decorator, mechanic, or architect. They are brilliant and passionate at their chosen trade, but know nothing about the business or financial end of their business. Although talented, their knowledge falls short, as they are poor at running a business.

What do most people do? Seek advice from their friends or relatives who are no more qualified than the person asking. Let’s just throw it on the wall and see what sticks.

If your bank account is empty in spirit, love, wisdom, character, finances, attitude and knowledge, remember the poor cannot help the poor. Lacking in any of these areas is like having a flat tire; you can’t go anywhere until you change it. You should view the concept of wealth through a different lens. It is not about how much money you have in the bank (although we will touch on that later), but rather, viewing wealth as intangible and fulfilling. Consider your wealth directly related to your family, friends, relationships, professional career, and how you add to the betterment of humanity.

The poor cannot help the poor because they do not have the resources to do so. These resources come in the form of knowledge, morals, character, determination, and a strong will to be good and do well. Once you achieve wealth in these areas, you will be better positioned to make a difference in your life and the lives of others. Watch, read, learn and fill that account with whatever is missing.

LAW #2:

IF YOU CAN’T

CHANGE YOUR FRIENDS . . .

CHANGE YOUR FRIENDS!

Who do you hang with? Who are your friends?

If you spend your time around bad people, what could they possibly do for you?

The Scriptures says, Do not be deceived. Bad company corrupts good morals. (1 Cor. 15:33 NASB)

We have all heard the statement that you can choose your friends but you can’t choose your relatives. While true, it is always your choice with which of those family or friends you spend your valuable time. In life, there are some things we can choose and others that are chosen for us.

With that notion in mind, one of the most important choices we can make is to determine our thoughts. Our thoughts have a greater influence on our ability to succeed than almost any other determinative factor.

We all think our role models are those people we see on television. The athletes, the entertainers, and the celebrities. We think their lives are perfect and would be lucky to be in a similar position. Yet all too often, that person turns has more challenges and problems than most of us. So to change our surroundings, we have to change the way we think. We have to choose better models for success and pattern our lives after those that are respected, admired, and carry a strong moral compass.

I am never surprised when I watch episodes about famous people on the Biography Channel. All too often we see these people we admire and trust cheating on their spouses, doing drugs, or over partying. That doesn’t mean they are terrible people, but if you choose to admire that individual, make sure they are somebody you want to emulate.

Those we look up to and spend time with will define the type of person we will become. If you hang out with dogs, you will probably catch some fleas.

Imagine having dinner with your best friend at your home. During the first course, you hear a knock on the door. Upon opening it, you see a couple of detectives looking for your friend. You learn they are there to arrest him because he’s a known drug dealer. Do you think they will be questioning you? Probably so.

Now that is an extreme case of fleas. But it gets worse. If your friend often comes to your house to watch sports in your theater room, those same detectives will likely return with a warrant to search your house. What if your friend left some of those same drugs in your bathroom, or in your couch? Your newest acquaintance might just be Bubba or even a prison guard.

Don’t think it could happen to you? In association with the Benjamin N. Cardozo School of Law at Yeshiva University, The Innocence Project’s research concluded around 2.5 to 5% of people confined to prison are actually serving time for crimes they did not commit. That means there are more than 20,000 innocent people in prison. People that hung out with the wrong crowd, surrounded themselves with criminals, or just made bad decisions. Remember, watch with whom you hang.

Near the beginning of the Revolutionary War, Benjamin Franklin said, Either we hang together or we’ll hang separately. People with loose character and even looser morals can destroy your family, business, finances, credit and especially the peace within your home. If you suspect their character is flawed, don’t you dare let them into your life! Don’t even have dinner with them.

Now, that doesn’t mean you will be able to surround yourself with perfect people. But you should consider neighboring yourself with people who you admire and with which you share similar values. These people will touch your lives in meaningful ways. Rest assured inviting even one person of poor character into your life can have grave consequences.

You can’t always evaluate the character of the people across the table from you by what they say. People who are con artists can certainly fool you. However, there are ways to sniff out the fakers and ensure you read these people correctly. That’s why in business you draft a contract or Memorandum of Understanding (MOU).

This will be a written document stating all that you and your colleague agree to in regard to your relationship and its corresponding responsibilities. This is a valuable exercise to ensure the two of you remember the promises you made to one another while simultaneously creating accountability within the relationship.

Furthermore, it allows you the occasion to determine whether or not this is the type of person with which you’d prefer to enter into a contract. If you feel uncomfortable signing on the dotted line, then clearly this is not the friend, colleague or partner for you.

Now if you haven’t been through challenges, never been sued, or had big problems in your businesses, then you just haven’t been in business long enough. Don’t view this as a negative statement, but rather, one of honesty based on years of experience. Does that mean being in business is always devastating? No. In fact, most of the time it is truly amazing. However, it does mean that you should not deviate or fail to follow my 40 Unbreakable Laws. You will circumvent many devastating business and/or personal events in your life by simply staying the course. Be wise and learn from others so you do not have to endure the lessons the hard way. Learning from others mistakes is the least expensive lesson you can have.

Again, If you can’t change your friends, change your friends! If you can’t change them, get away from them. And I mean as quick as you possibly can. Bad people will take you and your family down with them.

But how do you identify these people? I always ask if they pass the grifter test. Look out for the grifter-type people. Who are they and what does this mean?

The Grifters is a 1990’s movie starring Angelica Huston, John Cusak, and several other lesser-known stars. It is centered on an elaborate plan to come into confidence and illicitly obtain money. It’s a confidence game. I have had the distinct pleasure meeting these types of people as well.

I thought I was smart enough to never get taken down this way. But I was mistaken. I trusted what they said and what and who they appeared to be. But they had no intention of fulfilling their part of our agreements and business contract; they had another agenda. Once the money was gone, they were gone as well. What was spoken from their mouth did not resemble what actually transpired between us.

Be careful when someone attempts to befriend you in business. Execute a contract outlining your relationship and put him or her to the test.

When he or she deviates from your agreement, terminate and move on. Scammers are everywhere. There are thousands of people in this world that spend their time doing nothing but attempting to take advantage of others. To ensure you are not victimized, it is important to pre-qualify the people you bring into your life. You cannot control how others behave, but you can complete and utterly control those people you welcome into your life.

Admittedly, few of us will fall to the scammers, though thousands do each year. More likely, it will come from people we know or think we know, and most of the time it’s not some elaborate con but people we identified in Law #1 and didn’t separate ourselves from.

But now you have been put on notice and should feel significantly wiser just by what you have learned in these initial laws. By identifying these negative traits in someone you know, you can quickly proceed with caution and minimize the negative impact he or she has on both you and your life. Remember that if you can’t change your friends, change your friends.

It seems drastic, but it is necessary. Proverbs 13:20 warns: He who walks with wise men will become wise, but the companion of fools (other translations say ‘stupid persons’ here) will suffer harm. NASB

Which do you want to be: wise or ridden with fleas?

Therefore, if you can’t change your friends—change your friends.

Several years ago, a study we conducted with our clients came to this somewhat disturbing conclusion: A person’s income can be determined with pretty good accuracy, simply by calculating the average incomes of their five closest friends. Once again, you are a product of those around you.

Take the time to complete this exercise. It might just be an eye opener for you. If you desire to earn substantially more money than you currently do, begin by adding friends to those that will inspire you and push you to reach higher levels. This does not mean to throw away good friendships you already have made throughout the years.

By now you should be able to see the wisdom in just these first two laws, but we’re just warming up, laying the fundamental information that will begin changing how you think and how many times you will remember to apply these Laws. Law # 2 stands for the proposition that you are literally the product of those around you. Surround yourself with greatness and you too will achieve greatness. But if the misfits and bottom-feeders surround you, you will position yourself for failure.

With these notions in mind, let’s continue building towards greater success. As Proverbs 1:5 says, A wise man will hear and increase in learning, and a man of understanding will acquire wise counsel. (NASB)

LAW #3:

DO WHAT MAKES

YOU MONEY FIRST!

People with issues prioritizing will generally do the fun stuff first. What do I mean by fun-stuff? They will do everything except make the calls, set the appointments, attend those appointments, study their business, promote their business, and pretty much everything else that calls for hard work and attention.

What will they do instead?

They won’t exactly go play video games or golf, but rather, they’ll make a phone call and chat with a friend. They’ll shuffle paperwork, pay bills, or tend to other seemingly unimportant tasks. Maybe they’ll read a book, shop on the Internet, or follow their favorite sports teams.

Then, after a couple of hours, they will look down at their watches and say to themselves, Wow, it’s already time for lunch! Once back at the office, rinse and repeat. At about 3 or 4 o’clock, they’re all worn out from their long day of quantity work, not quality work. They seemingly accomplished very little that actually made them any money. They do what I call the busy work.

But to truly succeed in the realm of business, you have to accomplish the opposite. You should be making the calls, setting up the appointments, attending those appointments, promoting and studying your business, and doing pretty much anything else you can to maximize your growth and potential for success.

Did you ever make a call and instead of a conversation, had to leave a message? Of course, we all have. But what do you do while you’re waiting for that person to call you back? Money is made while you are waiting for those people to call you back. That is the time when you can begin to look in other cracks and crevices to generate business.

Make your calls then go study and look for ways to promote your business. So it’s not just busy work, it should be actual planned activities specifically designed to move your future ahead. Who can you call or meet with that you missed the week