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Coach Yourself
to Wealth
Live the Life You Want
Martin Hawes and Joan Baker
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First published in 2005
Copyright © Martin Hawes and Joan Baker 2005
All rights reserved. No part of this book may be reproduced or
transmitted in any form or by any means, electronic or mechanical,
including photocopying, recording or by any information storage
and retrieval system, without prior permission in writing from the
publisher. The Australian Copyright Act 1968 (the Act) allows a
maximum of one chapter or 10% of this book, whichever is the
greater, to be photocopied by any educational institution for its
educational purposes provided that the educational institution (or
body that administers it) has given a remuneration notice to
Copyright Agency Limited (CAL) under the Act.
Allen & Unwin
83 Alexander Street
Crows Nest NSW 2065
Australia
Phone: (61 2) 8425 0100
Fax: (61 2) 9906 2218
Email:
Web: www.allenandunwin.com
National Library of Australia
Cataloguing-in-Publication entry:
Hawes, Martin, 1952–.
Coach yourself to wealth.
ISBN 1 74114 365 9.
1. Finance, Personal. 2. savings and investment. I. Baker,

Joan, 1956– . II. Title.
332.02401
Typeset in 12/14 pt Adobe Garamond by Midland Typesetters, Maryborough
Printed by Griffin Press, South Australia
10 9 8 7 6 5 4 3 2 1
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Preface: A better life v
Part I Setting the stage 1
1 How this book works 3
2 KASH your way to wealth 6
3 What is ‘wealth and freedom’? 9
4 WealthCoaches Model for wealth and freedom 15
Part II Current position: Where are you starting from? 31
5 Facing reality 33
6 What is stopping you? 36
7 Net worth 39
8 Where are your assets? Getting the balance right 46
9 What is coming in: Income 51
10 What is going out: Expenditure flows 55
Part III Your desired position: What do you want? 65
11 What’s the dream? 67
12 Who will share the dream? 72
13 What do you really value? 75
Part IV Your Freedom Figure: How much will you need? 79
14 What’s enough? 81
15 SMART goals 91
16 Now, what do you really want? 97
iii
Contents
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Part V Strategies for wealth: How will you create wealth? 101
17 How wealth is created 103
18 How income makes you wealthy 106
19 How wealth is destroyed 110
20 How to protect wealth 114
21 You have to own Wealth-Creating Assets 118
22 Choose only one Wealth-Creating Asset 122
23 How to choose a Wealth-Creating Asset 124
24 Getting asset allocation right 126
25 What if you have a job? 137
26 You must create a surplus 141
27 You should maximise income 149
28 You have to learn to borrow 156
29 How to maximise your returns 161
Part VI Action plans: What will you do? 165
30 Bridging the gap 167
31 Do a one-page plan 171
32 Turning strategies into actions 176
Part VII Where can you find help? 183
33 Who’s on your side? 185
34 Networking: Winners work with winners! 188
35 Assembling a ‘dream team’ 192
36 Are you getting the best? 196
37 Making your team work for you 199
38 Tips for choosing professionals 204
39 Learning from the masters 207
40 The last menu item: Frogs! 215
COACH YOURSELF TO WEALTH
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The principles we set out in this book work. For several years
now we have been working as WealthCoaches helping people to
arrange their money to live a better life. We have applied the
principles set out here to many people’s finances over that time,
proving that they work in many different situations. Using this
book, you too can understand the principles of wealth creation
and apply them to your own circumstances.
Everyone is different. We all have unique circumstances—no
two people, or families, have the same financial situation. Our
incomes are all different; our expenditures are all different; what
we own is unique, as is what we owe. Even more importantly and
interestingly, we all have different dreams, visions and aspirations
for our futures, different goals for what we want and what we
want to be.
It is these differences that keep the two of us doing what we
do—coaching people to improve their finances to have a better
life. The differences are the challenge—there is no one template
that can possibly fit all people with all their different situations.
The differences provide us with the challenge of working with
people in all sorts of circumstances as they arrange their money
for the life that they want.
The differences mean that we as WealthCoaches can never
relax and become detached as we work with clients. The fact
that everyone has a unique position and unique goals demands
that in the planning phase we listen hard and think even harder.
We have to understand where our clients want to be in the
future and have a clear picture of where they are now. We all
have strengths and weaknesses, strong parts of our personalities
and finances that can be used for the good, and weak parts that
have to be accommodated. It is our job as planners and

WealthCoaches to work out what is strong, what is weak, and
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Preface: A better life
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to fit the pieces together to make the best whole.
How do we make the pieces fit so that our clients get the lives
that they want? The answer is that it is like starting a fresh jigsaw
puzzle each time we take on a new client. There is a puzzle that
has to be solved each and every time.
Having said that there’s no template which can fit and match
everyone, there is a process that we follow with our clients, a pro-
cess that we have developed and refined over the years and which
we will never stop trying to improve. It is presented so that you
can use it yourself to create the wealth and the life that you want.
Our experience in dealing with people is that despite their
differences, everyone wants one thing: a better life. Clients look
to us to help with the money side of that, whether they have a
lot of money or not much, whether they are getting to the end
of their working lives or just starting out. Money is important—
it makes the difference as to whether you can have the life that
you want or not. Money gives choices—with good finances you
have options that other people simply do not have.
Having a lot of money is not a panacea—it will not solve all
the problems in you life—but for most of us it is a prerequisite
to having the freedom to live our lives as we want. Without
money (or with our money arranged and invested badly), our
lives are more restricted, our choices more limited.
We are committed to helping people achieve the financial
position they need to be in to allow them to live the lives they
want to be able to live. That is the purpose of our work and the

theme of this book. Practically anyone can become wealthy and
free. We have dealt with all sorts of people, from those who
already have plenty of wealth but need help to arrange it to be
free, to those with very little, who are just starting out to develop
wealth, and much of what we have learned is here for you to read.
Joan Baker, Martin Hawes;

COACH YOURSELF TO WEALTH
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Part
I
Setting the stage
Chapter 1 How this book works 3
Chapter 2 KASH your way to wealth 6
Chapter 3 What is ‘wealth and freedom’ 9
Chapter 4 WealthCoaches Model for wealth
and freedom 15
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So, you have decided that you want to be wealthy and free.
Congratulations! That is the hardest step by far. Most people
never progress beyond the stage of wishing to be rich. You are
reading this book because you want your life to be different.
We are going to take you through the steps you need to take
in order to become wealthy and free to live the life you want.
The process we work through with clients has five main
building blocks or steps. We look at:
1. Your current position.
2. Your desired position.

3. Your freedom figure.
And then we move on to:
4. Strategies for wealth.
5. Action plans.
As you read on you will find out exactly what you need to do in
each of these areas. Here we outline the sorts of things you will
be working through under each heading.
1 Your current position
The most important thing here is to get a very clear sense of
where you are starting from. Many of you may have only a vague
idea of the current position of your finances—after all, most of
us are too busy to do much more with our finances than get
through each month. In this section we will be helping you
work through exactly where your finances are now—how much
1
3
How this
book works
Chapter
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wealth you have, how your assets are allocated, what your
current income is, how much money is being spent and where,
and what is happening to the surplus—if there is a surplus.
2 Your desired position
In many ways this is the most exciting part of creating wealth.
This is where you get to decide what your dream life will look
like. In this section we help you work through your dreams so
that you can describe in some detail the life of wealth and
freedom that you want to achieve.
3 Your freedom figure

Using your dream lifestyle as a guide, we then focus on helping
you to work out how much wealth you will need to live the life
of your dreams. We call this amount of wealth your Freedom
Figure, the amount of money that will allow you to be wealthy
and free to live the life that you want. Freedom Figures differ
because everybody has a different dream of their ideal life. You
will need a certain amount of passive income to live the life of
your dreams. To get that amount of income you will need to
have a certain level of capital to provide it. This section shows
you how to calculate what your Freedom Figure should be, so
that you can set that number as your main goal.
4 Strategies for wealth
Your strategy for creating wealth needs to be a good fit with who
and what you are. Many people try to become wealthy by
copying other people’s strategies without doing the work they
COACH YOURSELF TO WEALTH
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need to figure out where they are at and what they want. We
think that you should do a lot of preparatory work before
choosing a strategy to build your wealth, a strategy that will
work best for you. We outline the various strategies for wealth
creation and give you some guidelines to help you choose the
one that best suits your circumstances and talents.
5 Action plans
Nothing much ever gets done without a clear plan. The path to
the level of wealth that will let you live the life of your dreams
is usually a long one and could take a few years. Without a good
plan you are likely to lose your way or become disheartened
because you cannot see that you are making progress. In this sec-

tion we help you build a simple plan of action that will assist you
to do the right things and let you set milestones that allow you to
celebrate your success.
HOW THIS BOOK WORKS
5
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As we progress you will find that each step to wealth requires
you to examine what you have been doing and make some
changes. There may be new concepts to learn (K = knowledge),
new approaches to wealth (A = attitudes), new actions to learn
(S = skills) and new practices to acquire (H = habits). These
four letters form the memory aid KASH, representing the core
of your learning.
• Knowledge might include a new vocabulary or concepts
such as ‘Wealth-Creating Assets’ and ‘Wealth Allocation’.
Wealth is not nearly as complicated as many people fear
but, like all disciplines, finance has its own jargon. Even
more importantly, concepts such as ‘Net Worth’ and ‘Internal
Rate of Return’ are fundamental to your understanding
of the creation and maintenance of your wealth. All these
ideas are introduced progressively and you will have a good
general knowledge of the field by the time you have finished
this book.
• Attitude covers many things, including our beliefs and
mindsets. We all have a set of ideas and feeling about money
and wealth. We did not consciously choose these attitudes—
most of them have been given to us through our upbringing.
We inherit most of our attitudes from parents, teachers,
friends, and later on in life, our colleagues and the people
we socialise with. We are often unaware of the beliefs—and

even baggage—that we carry around concerning money. But
whether you are aware of your attitude or not, it is affecting
your behaviour and determining many of the choices you
are making. We will be challenging you to think about your
6
KASH your
way to wealth
2
Chapter
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attitude—and at times to change it so that you have a more
helpful set of beliefs to support you in becoming wealthy.
What you tell yourself about money and wealth will be very
important to your success because it will determine what
you choose to do, for example, whether to spend or whether
to invest.
• Skill is required to do anything well. The basics of wealth are
very simple. A lot of people feel they must need to be very
good at things like maths in order to be good with money.
Nothing could be further from the truth! You learned all the
maths you need in primary school, but you do need to learn
how to apply that learning to money. We cover skills such as
how to calculate your Net Worth, how to determine your
Freedom Figure, how to do one-page plans, and many more
skills. You should practise all these skills until you are com-
fortable with them. (Keeping a folder or large notebook for
this work, together with a calculator, will allow you to review
your skills regularly. That will help you build your skills
quickly and give you a sense of comfort and competence.)
• Habits make or break us! After all, we are whatever we

repeatedly do. We will be pointing out to you the habits you
need to develop and some of the ones you may need to
change. By the end of the book you will be convinced that
you need the habits of dreaming, setting goals, growing Net
Worth, building networks and many more. The wealthy are
different because they do things differently to the rest of us,
that is, they focus on growing income rather than just
spending it. If you can change just a few core habits with
money, it will make all the difference to your wealth for the
rest of your life.
We point out these learning points, chapter by chapter, and
prompt you to take action. Each chapter concludes with the
KASH items you need to be good at, or need to develop. This
KASH YOUR WAY TO WEALTH
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is the stuff that you want to take away so that you can use it
again and again to ensure you reach your dreams of a life of
wealth and freedom.
KASH will make you wealthy!
COACH YOURSELF TO WEALTH
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Having wealth and freedom is about having both the time and
the money that you need to live the life you want. Neither wealth
nor time is enough on its own—it’s hard to enjoy either money
or leisure without having enough of the other. Time without
money is not a lot of fun, nor is it fun having money but no
time. You need both.
It is all too easy to focus on money alone. Many people we see

have plenty of wealth but no time or freedom, when we know
that time and money are both important to having a life of
wealth and abundance.
3
9
What is ‘wealth
and freedom’?
Chapter
Lot
TIME
INCOME
Little
Low
High
Financially Free = Having Time and Money
Financially Free!
Financially Free!
Low Income/Lot of Time
Low Income/Little Time
May be
• Semi-retired
• Part-time
• Unemployed
May be
• Single parents
• Have multiple jobs
• Small children
May be
• Professionals
• Business owners

• Double income with kids
• Career building
High Income/Lot of Time
High Income/Little Time
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COACH YOURSELF TO WEALTH
10
Financial freedom is not simply being rich. Many people
who are rich are not financially free. Certainly, you need to be
wealthy to have financial freedom—wealth is a prerequisite. But
having a lot of assets or wealth is not enough by itself. For
financial freedom that wealth must be invested in areas that will
give you passive income. You cannot be free if you still have to
work for your money and/or your money is still at risk.
As shown by the diagram on the previous page, there is a trade-
off between time and wealth in everyone’s life. Many people
struggle because they lack income; they may have all the time in
the world because they are retired or unemployed, but this is
a mix that leaves them with few options. Many families on low
incomes have employment but are time poor, often the case where
low earnings mean that both adults need to work. Their lives are
often difficult and the challenges unremitting—they never seem
to have enough money and are too often frantically busy trying
to care for children and coordinate parenting responsibilities.
Exercise 1
Lot
TIME
INCOME
Little
Low

High
Fi
nanc
i
a
ll
y
F
ree =
H
av
i
ng
Ti
me an
dM
oney
Low Income/Lot of Time
Low Income/Little Time
High Income/Lot of Time
High Income/Little Time
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• Copy the blank diagram into your workbook or folder and
mark the quadrant you are in. Mark the one you would like
to be in, and draw an arrow showing you moving from
where you are to where you want to be.
• To make this move, what do you have to work hardest on:
time or income?
• Describe the way time and money interrelate in your life,
for example, is it taking all your time to earn the money

you need; are you short of both money and time; or do you
have plenty of time but little or no money?
• Consider how it would be if you had enough passive
income to spend your time as you pleased—what would
you be doing?
From a wealth-coaching perspective one of the most interesting
groups represented by this diagram are those people who have
relatively good incomes but little freedom (time). They may
appear to have lots of goodies and choices but in reality they are
tied to long hours and their lifestyle is consuming most of their
income. Think about it—does this meet many of the standards
of a life of wealth and freedom?
The desirable quadrant in this diagram is at top right, the one
where people are financially free. Financial freedom is having
enough to afford the lifestyle that you want without having to
work or actively manage investments. It is having investments
that produce enough passive income to give you the life that you
choose. Being rich is having a lot of capital—being financially free
is having a lot of capital invested in things that will give you
income safely and continuously, without having to spend a lot of
time getting it. The goal is not simply to be rich, but to have
riches that give you enough passive income, and give it to you
reliably, to have the life you want.
Those who are financially free are rich, and know they
will stay rich. Without sufficient passive income from secure
WHAT IS ‘WEALTH AND FREEDOM’?
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investments you will never be free to live your dreams or pursue
your priorities. Without your assets being securely invested, you

run the risk of losing some of your wealth (even losing the lot).
Therefore, to have financial freedom, you must get yourself into
a position where you have enough capital in stable investments
to give you the passive income you need. This is obviously quite
different from being rich, where your considerable wealth may
be tied up in a business, highly geared property or a farm.
Passive income is income that you receive while you are
having lunch, on the golf course, playing with your children,
walking in the bush, at home and asleep. It comes from assets
that you need do little or nothing with to produce income.
These assets are investments that will have no (or at least little)
borrowings, so that you are secure in your position. Financial
freedom is having enough in good solid investments (well
diversified) to be able to live the rest of your life how you
want. One of our clients described it as having ‘non-treadmill
income’—money that you do not have to go out to work for.
The diversified portfolio is then quite obviously still
important—it is not the way that you will become wealthy, but
it is the basis of being financially free. This is the thing that
confuses so many people—they fail to distinguish between what
will make them rich (Wealth-Creating Assets) and what will give
them secure passive income (Security Assets). The two are
usually quite different.
People who are rich but who are not financially free include:
• People who own a business, even a quite big and very
successful business, but who are still tied to it and cannot
leave it for any period of time.
• People with jobs who earn well and enjoy good lifestyles but
whose income stops the moment they do.
• People who own investment property with large amounts of

borrowing that still needs very active management.
COACH YOURSELF TO WEALTH
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• Farmers, who often have a very high net worth, but who
cannot leave the management of the farm for more than
a few days and are subject to all the risks inherent in farm-
ing (commodity prices and exchange rate changes, bad
weather, etc.)
Certainly these people may be wealthy—if they do a Net Worth
statement they may be worth millions of dollars. But their
wealth is not the sort that gives them financial freedom. Unless
they cash up (and put the proceeds from the sale into good
passive investments) they are still at risk, by no means secure,
and therefore are not free. They have the means or the wealth for
financial freedom, but have not chosen to become free.
Other people who give the appearance of being wealthy in
fact are not, and are a long way from financial freedom. These
are the people with good careers that yield them high incomes.
They have very nice cars (company provided, of course) and a
good house in a good area (often with a big mortgage). This is
not financial freedom either—as soon as they stop work, the
income stops too. They have no (or little) assets and investments
to give them passive income, unless they have diverted a good
part of their salaries to investment (and few seem to do that to
any great extent). This is not financial freedom because they are
still dependent on the job that they have, and usually on their
continued career advancement.
Being rich is a capital game. It is having a lot of capital, not
just a lot of income. For true financial freedom, the income you

have must be achieved passively, not by actively working for it.
You only get significant passive income if you have a lot of
capital. To be free, your income has to come from capital
invested, not time invested.
Many people become wealthy—but they do not stay wealthy.
Whatever it is that makes you rich is likely to be risky. Achiev-
ing financial freedom is about developing great wealth, and
WHAT IS ‘WEALTH AND FREEDOM’?
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progressively shifting it into assets that are much more secure
and far less exposed to the risks that your wealth-creating
activities face.
Many people who develop their wealth through a business,
farm, property investment or development, or share trading,
carry on with that activity even after considerable wealth has
been generated. Worse, they continue to plough all the profits
they have made back into the activity that is making them rich.
That activity is likely to be risky—it is near impossible to make
a large amount of money without taking risks. Thus they are
ploughing all their profits back into that thing which, by its very
nature, is risky.
In effect, these people are playing ‘double or quits’. By
putting all their wealth back into their business (or property
investments or developments), they are incredibly exposed to a
downturn in that area. They are only as good as each deal that
they make—one false step and they lose the lot.
Financial freedom, then, is about having time and money:
your time is your own, and so is your money. You do not have
to spend time generating an income, and your money is secure.

You need wealth, you need a good income—but it has to be the
right sort of wealth and the right sort of income.
Living the life of your dreams means that you will need a
plan to both create wealth and secure it so that you have enough
passive income to spend your time as you choose.
COACH YOURSELF TO WEALTH
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If you dream of abundance in your life you have to first create
wealth—but you also have to keep it. Being rich on paper for a
short period of time will not give you the life of your dreams.
For a life of freedom and abundance you need to create sustain-
able wealth. We have developed a model for our WealthCoaching
clients to help them both get rich and stay rich. We first wrote
about this in Get Rich, Stay Rich.
The WealthCoaches Model allows us (and our clients) to
conceptualise things. It’s very useful to have a model to put
language around what we are trying to do and put labels on the
various things that clients have and are doing. It puts the various
things that our clients have, or plan to have, in different compart-
ments and makes sure that the right balance is maintained between
them. It also shows what is happening to a client’s income—where
it is coming from and where it is going to. Perhaps the best thing
about using this format or template is that it suits everyone—we
have not yet found anyone whose financial plan cannot be put into
this basic model. Our clients tell us that this framework helps them
understand what they are doing and helps them keep on track
both with creating wealth and making their lives secure.
To become rich, you ‘only’ need lots of assets. However, to
get wealthy and stay wealthy (and therefore have financial

freedom) you need three parts to your finances. Even while you
are getting rich, you should not have everything in high-
performance Wealth-Creating Assets. You need to hold some
assets or money as a fallback, in case of adversity and to remind
you that the endgame is having a lot of wealth in secure assets
that will provide passive income. To get rich and stay rich you
need these three things:
4
15
WealthCoaches Model
for wealth and freedom
Chapter
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COACH YOURSELF TO WEALTH
16
• Wealth-Creating Assets;
• Income; and
• Security Assets.
In our model we keep each of these separate. To understand the
process, you should think of them as separate things. Never-
theless, although they are separate, they are also interrelated.
Now we start to build the model.
To begin with, you need some Wealth-Creating Assets.
Wealth-Creating Assets are the things that will make you
wealthy, the things that you put your money into with the
intention of getting at least a 15 per cent p.a. return. They
are aggressive assets: high performance and high risk. They are
the opposite of the diversified portfolio—they cannot be diver-
sified if they are to achieve a 15 per cent return (or more) for
you. (More about getting this sort of return later.)

Wealth-Creating Assets
Coach Yourself to Wealth 22/4/05 1:24 PM Page 16
There are really only three things that will make you this sort
of return:
• A business;
• Property investment or property development; and
• Shares.
You do not get high returns from just anything in these
categories—not all businesses or property investments or
shares will give you the growth that you need to get rich. So
you need to know how to go into whichever of them you
choose. However, these are the only three categories that are
capable of giving a high enough return to grow your wealth to
financial freedom.
We have already said that the ownership of these kinds of
things is risky: your own business is inherently risky (many do
not last more than five years); property is risky because it has
high borrowings, and shares are volatile, going up and down—
and sometimes only down.
The risks associated with owning these things mean that you
cannot own only these and expect to have financial freedom
—you do not have financial security while you own only these.
You may have great wealth, but the risks inherent in all
Wealth-Creating Assets mean that you cannot relax and call
yourself free. Wealth-Creating Assets are by definition risky,
so that your wealth is always at risk while it is still in this kind
of asset.
Therefore, while these are the way to become rich, they are
not the endgame in themselves—you need to have more secure
investments as well, investments that are unassailable. (More on

this soon.)
In the next step in building the model, your Wealth-Creating
Assets give you income:
WEALTHCOACHES MODEL FOR WEALTH AND FREEDOM
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COACH YOURSELF TO WEALTH
18
Wealth-Creating Assets
Income
$
CONSUMPTION
Wealth-Creating Assets
Income
Some of this will be spent in order to live (consumption).
Although we are both well known for being very keen on people
living on a budget, even we have to concede that you need
money to eat and live! Some of your income will have to go out
of the system for consumption, as shown by the third step in
building the model:
Coach Yourself to Wealth 22/4/05 1:24 PM Page 18
The question now arises: what are you going to do with your
surplus income after consumption? If you consume some of the
income and reinvest the remainder in risky Wealth-Creating
Assets you are unlikely to remain wealthy for long. So we come
to the next step of the model; some of your income needs to be
invested in Security Assets:
Security Assets are also investments, but their primary
function is to store wealth in a safe place. Security Assets will
give you lower returns than Wealth-Creating Assets but they are

much safer. This is where you may keep your house and a
diversified portfolio of investments. This part of the structure
should have no (or at least very little) borrowings.
When you first start off towards financial freedom, you
will have very little in the Security Assets compartment. Clearly,
you have to get as much of your capital working as hard as poss-
ible in your Wealth-Creating Assets, getting those high returns.
If you put a lot into Security Assets, too much of your wealth will
be underperforming to make you rich in the time required. Early
WEALTHCOACHES MODEL FOR WEALTH AND FREEDOM
19
Security
Assets
Wealth-Creating Assets
Income
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