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Chuck needed to get out of debt. While many financial experts would put debt elimination at the top of Chuck’s
to-do list, I knew first things had to come first.

Gap Analysis Financial Baseline Freedom Day

Cash Machine Entities Forecasting Debt Management Wealth Account Assets
Conditioning + Teamwork + Leadership

Chuck Wallace’s Wealth Plan

In order to bridge the gap, revealed in his Gap Analysis , from where he was to where he wanted to be, Chuck
Wallace needed to learn how to make and keep more money. His Financial Baseline uncovered a low-interest
student loan, at 6 percent, but the $30,000 of debt was split between a high-interest credit card and a debt
consolidation program. Eliminating the $30,000 would be the priority. But for Chuck to work on bringing down that
consumer debt without first working on making money would only frustrate him. It’s not easy to pay off $30,000,
with interest, when you’re only taking home about that much after tax, not to mention all the other expenses Chuck
had.
I knew Chuck was capable of turning things around. His goal of $50,000 of invested assets, $1,000 a month of
cash flow, managing his debt, and creating a Cash Machine were achievable goals. They were exciting enough to
keep him motivated, but not so difficult as to frustrate him in achieving his Freedom Day .
I suggested a tutoring business for Chuck’s Cash Machine .
“Which part of burnt out was I not clear about?” Chuck said.
“I heard you, Chuck,” I said. “But this is just to get you to learn to earn. And you don’t even need to tutor
yourself. You can hire your colleagues. You’ll market and manage the business.”
Chuck amazed me. He held a party for his colleagues where he solicited tutors, as well as field partners willing to
spread the word to students about his services. He ran off flyers and blanketed the county in which he lived. He
bought a cell phone and was always available to talk to potential customers. He even put a big poster board on the
sides and back of his truck, advertising his business. In the first 120 days of his Wealth Plan, Chuck had 20 students
going to two of his colleagues every week. The students each paid $40 an hour and Chuck took half of that.
Given that we needed to get rid of the $30,000 credit card debt to start, and build a wealth account of $50,000, I