Learn how others Make Money by Interviewing Millionaires

One thing the many Millionaires recommend is interviewing people who have the money you want, to find out how they did it.

Think about it: Think and Grow Rich, one of the most popular wealth books in the history of time, is based on what Napoleon Hill learned while interviewing the Rich and wealthy of the day. He asked them how they did it, what did they do, and thereby found out the philosophy of money making. While we may not be creating a book to be read for centuries to come, we can create a legacy in our own lives and improve the lives of others around us.

It's important to know what you want to ask before you meet your millionaire. A list of questions to ask can be found in "The One Minute Millionaire" by Robert Allen and Mark Victor Hansen, and some are here:

• How did you make your first million?
• How long did it take you?
• How long would it take you today?
• What is the system that you used to make it?
• Is this system transferable?
• What would you recommend that I do to become a millionaire?
• What's the most important lesson you've ever learned?
• How do you integrate spiritual values into your life?
• What is the legacy you want to leave?
• What's your most important habit?
• What opportunities do you see that you don't have time to take advantage of?

From doing these interviews my own perspective about making money has changed. I have learnt alot from these millionaires. People who aren't just doing it to make money, they do what they do to help people, to change the world. I'll be posting some of the insights I've gained through doing these interviews on this blog. Let me know what you think.

Quote to help us Make Money and Wealth about overcoming Fear

Every journey, particularly those involving making money, involve a decision. A time where we will go through the test which asks us "Is it really worth it? Are we really ready? Are we willing to do what it takes?"

Every improvement involves risk, and often fear. To make money, we usually have to overcome some fear, whether it be speaking to someone, putting together a proposal for a business deal, even risking some money. The thing is, while these fears are there, often they are not real. They simply stand at the gate between where we are and where we want to be, trying to stop us from going in. So what can we do? Jeffrey R Holland has these words of advice:

"Beware the temptation to retreat from a good thing."

Sometimes it seems easier to turn back when the going gets tough. But in this there is no progression. If you really want to make money, to lose weight, to find that relationship, you are going to have to do things that cause you to shake and feel scared. As my mentor Gerry Robert says:

"Feel the Fear and do it anyway!"

The thing to remember is why we are doing it in the first place. Why do we want to make money? This is why it is so important to decide what it is you want in life. Make it so important to you that fears don't matter. Making money, or whatever it is, has to be much more important than the feeling of fear, so that you listen to your dreams, not your fears. My mentor Robert Allen says:

"Feed your dreams, starve your doubts."

Let us all remember continually why we do what we do, what are we aiming for? This will help us in moments of doubt or fear to move on into the life ahead of us, especially when making money.

What to Beware of when Making Money spotting in Property

One thing to be aware of when spotting or doing any property transaction is that the profit is not all ready calculated into the price.

Often, when owners or agents become aware that their property has "development potential" the price instantly skyrockets so that any money from a future development goes to them in the purchase price.

For example, the deal I am currently working on- the expected sales turnover of the 29 lots is about $4 million. Take out of that

$3 million purchase price and contributions
$200,000 agents commissions (if selling via agents and not through own marketing)
PLUS marketing fees
Plus interest capitilising at $16K a month * 18 months=
$288K
$70000 transfer tax/stamp duty
Possible $400K tax- still working out tax implications
Plus legal fees

Anyway from these numbers you can see that from these calculations there's almost no money in this deal. Ideally you want a $500,000 profit at least which gives plenty of cushion money for turns in the market and other unexpected happenings. And, it gives the developer a reason to pay you a spotting fee! For this one to be worth it the purchase price would have to be brought down at least to $1.5 million- making aquisition cost $2.5 million. There are many people who only do transactions like this when there is a good one million dollars in it for them, which is a good way to go.

Land speculation and subdivision isn't the only instance where this happens, it also happens in inner city or high demand urban locations where the land can be developed, and in conversions from aparments to condos or strata titling.

All it means is that there are deals out there that are advertised as "Development Opportunities" which aren't good deals and won't make you any money. You still have to walk away from some, even when spotting. But there are also others out there that are worth it, and with a little negotiating you can come out a good $50,000 to $500,000 richer.

How to Make Money: who do you listen to?

One of the things I've noticed is that everyone everywhere seems to tell me how to make money. But what do they know about making money anyway?

Bob Proctor says that the person who gives you advice will generally tell you how to make the same amount of money they are making. Great! Now before I take advice from anyone, I check how much money they are actually making before I do what they say.

That's why it's so important to get wealth information from successful people. It's important to have successful mentors. One thing I value is mentors who make money quickly and in the long term. That way I know if I follow their advice, I'll make money quickly and I'll make ongoing wealth.

In this site I'll be putting my own experience with making money and wealth, as well as FREE information from others like Bob Proctor, Robert Allen, and Mark Victor Hansen. Get some great info and tell me what you think!

Aliece