Millionaires Know that they are Their Money- Say What???

Many millionaires have been bankrupt or short of cash at different times, but they all understand that the money is not their wealth. Their wealth is within them. Their mind, ideas, thoughts, experience, plans, goals and contacts are what make real wealth.

In 1981, Robert Allen participated in a challenge with the Los Angeles Times where they took away his wallet, cards, contacts, the lot, and left him just $100 for living expenses for three days. His challenge was to buy one or more properties within three days. At the end of the three days he had acquired not just one but 6 houses valued at almost $500,000 (remember this was the 80s) and handed the reporter money back from the $100 dollars at the end.

In many ways when they took his belongings they bankrupted him. He did not have any financial statements, credit cards, or money apart from his living expenses, but he was still able to purchase 6 properties! How? He still had himself. He is his wealth.

So making money is just a byproduct of your true wealth! It’s a byproduct of your knowledge, your experiences, your courage and your willingness to do what’s necessary to make money. No matter what your position is now, when you develop your true wealth, yourself, it will become easier and easier to make money.

Millionaire Interview about How to Make Money: Loral Langemeier

At Booming in the Bust I was privileged to interview a few millionaires and gave them a few questions about how they became successful and what we can do to become successful. Here's the interview with Loral Langemeier, one of the entrepreneurs featured on "The Secret". She answered these questions about making money.

Q: How did you make your first million dollars?

A: Through business and real estate.

Q: How long would it take for you to mentor someone to your level of wealth?

A: It depends on you, my fastest student to become a millionaire was in 9 months from when they started my program.

Q: What's the most important lesson you've ever learned?

A: Get a team (of like minded individuals).

Q: What's your most important success habit?

A: Don't hang with draining people. Whiners.

Loral's site is here: http://liveoutloud.com/ she has lots of FREE things as well as paid events.

This interview reinforced to me how important it is to have a team of people around you who will help you get to where you want to be. It's one thing to step above the crowd, we have to find a new crowd of like minded people to connect with to make money.

That's why it's so important to go to events that attract the friends you are after, go to clubs, meet over the Internet, whatever it is. We must reach out to find those like us so we can progress.

Booming in the Bust: How to Make Money in a Recession

On Saturday I went to an event with Loral Langemeier, Joel Comm, Harry Dent and David Bussau speaking.

The event was amazing! Harry started out with a great presentation about how a Great Depression is Great and how it creates a level playing ground for entrepreneurs. He also talked about how and why they happen and how it's not about all the little indicators many economists use, it's about population trends and what people are doing with their money. At the moment in the western world the people who have been driving spending- the Baby Boomers- are in the time of their lives where they slow down spending. And the younger generations don't have the population to sustain the spending of the baby boomer's past. So as a result you have deflation which in such a big impact results in a recession. He predicted this recession years ago, as have many others, and has many predictions for the near future. For example when he moved to Miami a few years ago he chose not to buy and decided to rent knowing what would happen to the real estate market in the coming years. Since then some parts of Miami have dropped 80% in value. He also talked about how to use the current times to our advantage and what to do. It was truly mind opening. Find out more about Harry here www.hsdent.com/

Loral spoke about maximising your time, not wasting time with people that will drag you down and masterminding with people that will help you succeed. Specifically her speech was targeted to making money no matter what.

Joel Comm's was totally motivational. He was sincere and you could see that he really believes in what he does, and that anyone can do it (his mother even). He spoke about the internet and different ways to make money on the internet. Specifically he talked about using youtube, linkedin, facebook and twitter to get traffic and credibility and connect with people. He also talked about adsense and how he makes loads of money with it. And his IFART iphone application that has sold half a million units world wide! All in all it was a great talk, his was one I enjoyed the most. His website is http://www.joelcomm.com/

The last of the day was David Bussau, an entrepreneur who went from an orphan to creating Opportunity International, a self sustaining micro finance organization with the vision of ending poverty in this generation. It was inspirational and heart warming to see the change we can make once we "be the person God made us to be" as he says. I wrote like crazy during his talk, one of my favorite things he said was "Just be yourself because everyone else is taken". He was inspirational and truly touching. Visit Opportunity International here www.opportunity.org/ Oh and his organisation creates a job every 20 seconds of the day for people in developing countries.

We also got a chance to form mastermind groups which I have spoken about before and are a great way to hold yourself accountable to others in taking the actions necessary to make money. The emphasis of the day was definitely on taking action.

I got great insights and learned from those who have paved the way before us and network with like minded people. I also got a chance to interview two millionaires and set up an interview with a third. Great!