Wingonomics – The Psychology of Money pdf

Wingonomics – The Psychology of Money
Mark A. Wingo
Copyright 2010 by New Beginning Financial Group, LLC
Smashwords Edition
Wingonomics
The Psychology of Money
Wingonomics e-book series – The Psychology of Money
By Mark Wingo
Financial Expert | Author | Speaker | Entrepreneur | Fundamental Strategist
© 2011. New Beginning Financial Group, LLC. All rights reserved.
No part of this work may be reproduced in any form, or by any means whatsoever,
without written permission from New Beginning Financial Group, LLC, except in the
case of brief quotations embodied in critical articles and reviews.
The Wingonomics Book Series are published in Saint Paul, Minnesota.
November 2011. This book is for educational purposes only.
New Beginning Financial Group, LLC, P.O. Box 251521, Woodbury, MN 55125
This publication is meant to help you manage, maintain and prosper not only
financially, but in life.
New Beginning Financial Group, LLC does not give legal or tax advice. Legal
information is not advice. If legal or tax advice is required, the services of a
competent professional should be sought.
New Beginning Financial Group, LLC is not a credit repair or debt
settlement/counseling company. We simple provide fundamental strategies to help
you manage your finances.
Table of Contents
About the Author……………………………………………………………………………………………… 4
The Psychology of Money ………………………………………………………………………………… 4
Goals………………………………………………………………………………………………………………… 6
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Financial Education ………………………………………………………………………………………… 6
Spending ………………………………………………………………………………………………………… 7

Past Due Bills ……………………………………………………………………………………………………. 7
Cutting Cost ……………………………………………………………………………………………………… 7
Saving For Self ………………………………………………………………………………………………… 8
Saving for The Future ……………………………………………………………………………………… 8
Credit ……………………………………………………………………………………………………………… 9
Debt ………………………………………………………………………………………………………………… 9
Acquiring Assets ……………………………………………………………………………………………… 9
Building Points …………………………………………………………………………………………………. 11
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About the Author
Mark A. Wingo – Mr. Wingonomics™ is a financial expert, author, speaker, and on-air
personality. He is also the Chairman, President and Chief Executive Officer of New
Beginning Financial Group, LLC, an insurance and financial service company, he
founded in 2006. His company specialties include: creating financial strategies that
enables their clients to increase and protect their assets, increase their cash flow,
eliminate their debt load, create a steady stream of retirement income, establish
funding strategies for their children(s) college education and transfer those assets to
their loved ones. With his rapidly growing online community and presence he is
reaching over 4,000 existing clients and potential clients daily. Combined with his
entrepreneurial spirit he has over 10 years of banking, insurance and financial service
experience and his drive for financial excellence has only begun.
In 2010, Mark A. Wingo created Wingonomics™ a financial literacy program to help
main street America expand their realities about life and money. Wingonomics™ is a
comprehensive series of financial strategies and concepts to help families and
business owners manage, maintain and prosper not only financially, but in life. It’s
the perfect complement to New beginning Financial Group, LLC mission to “Helping
families Build Their Tomorrow Today.” Wingonomics™ was debuted in 2011 at the
Union Gospel Mission – Naomi Family Residence for women, where he continues to
volunteer and teach his strategies and concepts.
From humble beginnings growing up in a single family home with his mother and no

financial knowledge, Mr. Wingo has spent countless hours obtaining formal and
informal education to better serve himself and the community. Mark has held many
different positions with two of the largest financial companies in the Twin Cities over
the past several years before founding New Beginning Financial Group, LLC. Since
2006, Mark has been working diligently to become a leader in the financial services
industry. Today, Mark is building a financial empire and a host of other companies
that will help the local community expand their realities not only financially, but in
life.
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The Psychology of Money
To start off this book by saying financial freedom is available for everyone would be
misrepresenting the Wingonomics message of “money is an idea, and those who are
lacking money are lacking ideas”. When we are born into this world we have a mind
filled with possibilities. We are taught we can do/be anything we want in the world.
As we grow up in a world of negativity, we are trained to fit in to our surroundings or
your fantasy of life. For some, that surrounding is a life in poverty. Most will argue
that the reason for poverty is due to the lack of money, but as I stated “money is an
idea.” So I guess the reason for poverty is really a mindset of comfort which provides
limitations, doubt and hopelessness. I truly believe if you want to create wealth for
you and your family you, you have to overcome your failures mentality. Your failures
are attached to your pains experienced in life growing up. The truth to the matter is
poverty isn’t about the lack of money; it’s the limitations we place on ourselves. It
begins with our mindset. How bad do you want to change? Are you willing to pay the
price for success? If so, let’s begin the Wingonomics journey.
Every sports team has a plan in place to when facing the opposing team. In addition
to the team’s game plan, every player has a personal plan for their opponent. So why
don’t you have a game plan for your life? Without having a financial game-plan you
are setting yourself up for failure. My goal is to teach you the psychology of money
and how to change you behaviors not only in your financial life, but your personal life
as well. Today, if I looked at your financial behavior (actions) what would I see that

tells me you are heading down the right path to create change in your present
financial situation? Remember, Behavior never lies! If you are on the right path to
making your dreams and vision come to past you should be working your vision
aggressively daily. Your mission in life is to have a vision, speak your vision, and work
your vision so you can be living your vision. Being active in pursuing your vision will
allow you to live the Wingonomics lifestyle and become a cash flow millionaire on any
budget, in any market.
For financial growth to occur your must understand that money is only an idea. If you
are lacking money, than you are lacking an idea (vision). A vision allows you to visit
your future so you are motivated to leave your present. Dare to dream big! You are
closer to reaching your goals than you think, but you have to be a student of life to
understand the game of money.
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Let’s look into a few steps to create a financial game-plan to help you reach your
fullest financial potential.
1. Goals (vision) – A vision allows you to visit your future so that you are
motivated to leave your present situation(s).
A. Your number one goal to allow your vision to come to past is to network
with others who are already doing what you want to do in life. Always
keep a circle of achievers who are doing better than you for inspiration
and advice.
B. Compare all your actions to your financial goals in life. If your financial
goals aren’t being meet, why are you doing what you are doing? Always
keep your financial future in mind when making any life or business
decision. It will keep everything in perspective.
C. You must have a goal system in place to hold yourself accountable for
your actions. What is your reason “WHY”? Why are you doing what you
are doing? Is it to make you lifestyle better? Or is it to make some extra
money? Make sure you Why is in line with your vision.
D. Learn how to expand your vision daily by visualizing yourself living the

lifestyle. What I did was visit the car dealer to test drive my dream car. I
gave the salesman my business card and told him to follow up with me
to make hold me accountable to my goal. You can do this with a realtor,
jewelry companies, or a good friend. Dream big, see yourself living the
lifestyle!
2. Financial Education – A formal education (school) will make you a living, but
an informal education (Self-Education) will make you a fortune. I’m not down
talking our school system but for us to become rich Americans we need to self
educate ourselves on how to create wealth. You can do this by…
a. Becoming a member of our online financial community. It has audio,
presentations, and financial worksheets for you to use and make better
financial and life decision.
b. Downloading our financial workbook which contains a financial outlines
for you to follow. I suggest you read, study, and record your financial
life daily for at least 30 minutes a day. This will allow you to review your
dreams and goals in life on a daily basis.
c. Take classes at your local college about banking & finance. You can also
find classes at local colleges that offer certificates of completion. This
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way you can begin to turn you informal education into a profitable
business to create additional income.
d. Develop a financial empowerment team to help reach your financial
goals. Mortgage Planner, CPA, Real Estate Agent, Financial Planner, and
Personal Banker are all great examples of a financial empowerment
team.
e. Remember, T.E.A.M. means, Together - Everyone - Achieves - More.
3. Spending- If you can’t control your spending, you can’t control your financial
life. To become a better steward over your finances you should consider some
type of money management system to help track every penny coming into your
account and going out.

a. First, you must know how much money you make every pay period, you
must know your net-income (take home pay), and your gross income in
order to create a spending plan (budget).
b. You should always have your financials in priority. Meaning you should
pay your rent/mortgage, auto loan/insurance, food and all the other
needs in life first. Then you can purchase your want as long as they are
within your budget.
c. You must determine what you needs are in life to be comfortable and
enjoyable lifestyle. This will eliminate any of those impulse purchases in
life.
d. Develop a spending system (budget) that will process your money or how
your money will flow. Today you have all of these fancy excel
spreadsheets to use to manage your money. I personally recommend the
old fashion way of money management, a paper and pencil.
e. Establish a rewards system that motivates you for your financial
achievements. Rewards will come from meeting budget, catching up on
past due bills, establishing an emergency financial plan, cutting cost,
creating income, or eliminating debt. This is separate from your
allowance!
4. Past Due Bills – Past due bills look a lot like broken vows. In some (most)
instances they will come back to haunt you with additional fee and interest.
That’s why it is very important to stay current on your bills. We just talked
about creating a spending plan to follow. Within your spending plan you want
to…
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a. Develop a spending plan to stay current; if you are not current
communicate with your creditors your reason why.
b. Put your past due bills in order of priority
c. Ask your creditors to: Defer payments or add to the end of the loan,
allow you to pay in installments by making payment arrangements, or

defer past dues only until you create some money.
5. Cutting Cost – Learn to turn outflow (expenses) into inflow (inflow) or make it
a tax deduction.
a. Utilize the Ten-Ten Principle – You want to reduce 10 item by $10 each.
After you have accomplished that you want to upgrade your strategy to
20 items by $20, then 30 by $30 and so on.
b. If you can’t reduce or eliminate an expense, then make it a tax
deductible by starting a home based business. This is a great way to
generate an additional income stream.
6. Save for self – Saving for self is the one bill that most people are delinquent in
paying. It’s not your mortgage, auto loan, student loans, it your personal
savings account. This is your account to do what you want. You can take a
vacation with the money saved, you can pay off debt, or you can purchase
something you want, like a new pair of shoes. It’s up to you how these funds
are spent. Let me ask you a question. Why do you wake up every morning to go
to work? It’s not to pay bills, it to create a lifestyle. And you are part of that
lifestyle, so take care of yourself first.
a. Develop a motivational reason to save and give yourself an allowance.
b. In this rare occasion I will recommend that you use automatic draft to
transfer money to your savings account.
c. Save ½ of all raises or cash-flow increases to fund your lifestyle.
7. Save for the future – One day you will need to finance your children’s college,
purchase a piece of real estate, or retire from work. If you are not financially
prepare these items can break you not only financially, but mentally. You
should always prepare for income protection and financial stability.
a. Life Insurance is a must to protect your income. While most people see
it as a death benefit, it does have it living benefits. In this economy we
live in today we need different way to bridge the financial gap(s) we are
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facing. Life insurance can be that option and provide the cash needed to

secure your family’s future.
b. We all need additional ways to fund college because in order to get a get
a job you need some form of college education. But to make college
affordable we need more options and in order to create more options we
need to think outside the box and prepare sooner than later. I
recommend everyone to start saving for college when you get into a
serious relationship and/or when you first find out that you are
expecting a child. The earlier you start, the less financial burden you
will have when that time comes.
c. We are living longer these days and retirement seems to be a foreign to
most Americans. Let face it the old way of thinking about retirement are
gone. There is no more 40 year working lifetime, you are lucky if you can
maintain a secure job, that’s why you have to be proactive by finding
supplement your retirement income.
d. Real estate is still one of the greatest ways to create wealth but in order
to do that you have to be willing to purchase investments, not homes.
For real estate to become an investment it has to produce cash-flow. If
you are paying a mortgage on your home it is not an asset, it’s a
liability.
8. Credit – Your credit is a written verification of your integrity. I’m not going to
go into details about how the credit system works, but you must maintain a
decent credit history. Why is maintain a decent credit history so important?
Because having a great credit history gives you unlimited access to money
(wealth).
a. In contrast to what all these credit repair company say, there is no
magic formula to fix/repair/restore your credit. In fact, you can do it
yourself. I have all the information available to you in our online
financial community back-office.
b. The most important rule of maintaining a solid credit history is to follow
your spending plan so that you pay your bills on time even if you must

sacrifice purchasing your wants in life. (This reflects 40% of your credit
score)
c. You should also understand what impacts your credit report in a negative
way; and avoid them by managing your money. If you ever get into a
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situation of not being able to pay your bills, simple contact your creditor
and explain why.
d. Understand good debt vs. bad debt. A good debt is something that allows
you to create wealth. It reports on your credit report in a positive way. I
consider real estate a good debt because it is giving you an opportunity
to create cash-flow and it gives you purchasing power to buy more real
estate investments.
9. Debt – Bad debt elimination create wealth accumulation. If you had no debt,
what couldn’t you be capable of accomplishing in life financially? You would
have more cash-flow to invest in those good debt(s), and maybe you would be
able to guarantee your retirement. If I were you I would look at debt as your
greatest enemy in life because it is stopping you from creating wealth. In order
to get rid of your bad debt you must commit to eliminating it and never
allowing it back into your life.
a. Start by creating a list all of your debts from smallest to largest.
b. Attack only one debt at a time; in most cases the one that will create
the most cash flow the quickest.
c. Use your life weapons to attack your debt: Regular payments (Income),
money from an eliminated debt, money that you create for your new
business endeavors and your taxes (if you receive them).
d. Remember, once you have created a plan to eliminate your debt(s) stay
on top of it until you owe no one a penny in bad debt(s).
e. The fun doesn’t start when you have paid off all of you debt(s) because
now you have to start planning for your financial future.
10. Acquiring Assets - Most people spend time looking for jobs; when they should

be looking for ways to create assets. I personally think you should focus on only
five areas of assets to create wealth. And that’s starting a business, investing
in real-estate, and investing in cash flow, and cash accumulation (money
making money vehicles).
a. Business – What are your talent? What is your passion? These are
questions you should be asking when you are going into business for
yourself. I highly recommend network marketing opportunities to start
your business career. They give you the support, training and
opportunity to make money. Find something that you are passionate
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about and create a career around it. When you are doing something you
love, you will never work a day in your life.
b. Real Estate – With the supply we have today there is no reason why you
shouldn’t be able to purchase investment properties. If you don’t
personally have the credit, cash, or know how, find someone who does.
Don’t rule out your T.E.A.M. and form a group of investors that way you
all can reach your dreams together. Real Estate TIP - Purchase a multi-
unit (4plex) as your first home. This way you will be creating income and
cash-flow at the same time because your renters will be paying your
mortgage and you will be pocketing what’s left over and your paycheck
from your day job.
c. Becoming a cash-flow millionaire is more realistic than you may think.
Just imagine all the debt you will acquire over your working lifetime (40
years) including your mortgage. On average you will spend around
$400,000 - $500,000 just in debt. As far as income you will earn well
over a million dollars in your 40 year working lifetime. Where is it all
going? Too your creditors.
d. Cash Accumulation – Think outside the box when it comes to building
wealth. There are so many ways to create wealth; you just have to be
open-minded to see the opportunity in the vehicles that are out there to

accumulate cash value.
e. Create a circle of influence of individuals who can help you strive for
excellence. I like to refer to my circle as “the power team” of people
who have achieved what I aspire for in the future. Keep these people
close to you at all times because they will be the ones who motivate you
to visualize an action plan for success.
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Building Points
Remember at the beginning when I said “Money is an Idea?” Well, if you don’t change
the way you think about money you will not become wealthy. The only limitation we
have in life is how we think. So, let change our thinking process by expanding our
beliefs about money. But before you can expand what you know about money you
must first break down the walls you have up about money. Let me ask you a question.
If you hear something that is outside of what you believe about money (just too good
to be true), what would you do? Would you hear it but never act upon it, think it is a
scam, or take action? Majority of people would never act upon it or think it is a scam
because it’s outside of the realm of thinking. Today is the day your realities are
expanded and you begin to think for a change in your lifestyle.
I want you to stand strong with your head held high (maybe look into the mirror) and
repeat after me.
FOR FINANCIAL GROWTH TO OCCUR IN MY LIFE I MUST BELIEVE…
(Courtesy of Financial Destination Inc.)
1. My problem is not money; I have more than enough. It’s the management of my
money holding me back.
2. To change my financial situation and life, I must change what I believe and
know about money.
3. If I focus on what I have, not on what I don’t have, I can create what I need.
4. Where I am financially is no one’s fault but mine; I can’t blame others.
5. Every problem has a solution.
6. The best way to create money initially is to better manage my credit, taxes,

debts, and expenses.
7. Spending plans don’t restrict me; they help me create cash flow so that I can
enjoy life.
8. Without a written plan, I reduce my chances to succeed.
9. Failure is the key ingredient to success; I must overcome the fear of failure.
10. I must run my personal finances like a highly successful business.
11. Spending money on financial education is not an expense, it’s an investment.
12. I can learn the rule of the money game of life.
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13. Owning a business give anyone the opportunity to become rich.
14. Money is only an idea and those who lack money simple are lacking an idea.
15. Negative people keep me from building wealth’ they rob me of my time to
learn, grow, and they assassinate my dreams.
16. My job should not be my only and major source of income.
17. I should save every time I get paid; it’s a bill to me that must get paid.
18. I should be looking for more assets than a job.
19. Investing and businesses are not risky; it a job that is risky.
20. I can retire at 50 years of age or younger.
21. I can afford anything. I just need the time to develop a plan to acquire it.
22. I can buy assets “on sale” that produce cash flow, which allows me to buy
more assets.
23. I need at least 3 different assets whereby any one of them can produce enough
cash flow to support my lifestyle.
24. I can make money in the stock market even when the market goes down.
25. I can use other’s people’s money to make money for me.
26. I must rely on systems, not people. Systems never fail.
27. By building a business, it will make me super rich.
28. I can help change lives.
For more information about Wingonomics audio, books, videos, blog post, speaking
topic visit:

www.wingonnomics.com
To implement financial strategies in your life to become a cash flow millionaire
visit: www.nbfinancialgroup.com
“Thank you for purchasing my e-book and supporting financial education.”
Mark A. Wingo
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