"Prosperity doesn't happen in a day, but it does happen daily"- Pat Mesiti
Many of us start out doing different ventures with the desired result of success. We expect that it will take little time with little effort and then when we are not getting the desired result many of us give up. The funny thing is that, of all the successful people I have spoken to is that they all say that most people give up to early, they are just at the point of breaking through and they stop.
Then there's another common downfall of not giving it every thing we have. Going in half hearted, on the motivation roller coaster (taking action, and then not taking the right steps for success, then taking action again and so on).
The only way to make money instantly is to win lotto or work in the mint. As for the rest of us who want to earn our wealth honestly, lasting wealth, it takes daily effort, taking the right actions consistently and daily.
When we take the right action steps consistently, that is when we make money and wealth.
"Consistent effort yields results"- Bob Allen
Thursday, June 25, 2009
Wednesday, June 24, 2009
What do you do with the Money you Make?
"We think we own things, but the reality is, our things own us". - Joseph B. Wirthlin
You may be thinking what does this mean, or how does this relate to me?
The title of this blog is "Make Money and Wealth". This post is going to focus on the wealth point. There are so many ways to make money and even more people saying they know how to do it. One of the things that I have learned is that making money seems to be relatively easy. Keeping it, that is the real test.
We live in a world where things have and continue to speed up. This has been fantastic in so many ways. But with that, many people expect to have everything, now. And sometimes this can result in excessive debt which is a major drain of money (interest) and cause of stress.
If you over commit you can become imprisoned by the things you have purchased. Every waking hour might be spent worrying on how to make the next payment. It might even keep you up at night, niggle at you, and then there are the dreaded credit card bills! Quite often this can cause sickness and strain on relationships and takes up a lot of your money!
So what's the solution to this? One of the rules to wealth - SPEND LESS MONEY THEN YOU EARN.
Also, prioritize a portion of your money to giving, savings and investments. The rest can be used to pay the bills and buy those things you've been wanting!
This way, we set ourselves up for success so that as we make more money, we manage our money and actually have something to show for it. This could be savings, investment or paying down mortgages and other loans more quickly, all of which equal lifestyle! Which is why we make money anyway, isn't it?
You may be thinking what does this mean, or how does this relate to me?
The title of this blog is "Make Money and Wealth". This post is going to focus on the wealth point. There are so many ways to make money and even more people saying they know how to do it. One of the things that I have learned is that making money seems to be relatively easy. Keeping it, that is the real test.
We live in a world where things have and continue to speed up. This has been fantastic in so many ways. But with that, many people expect to have everything, now. And sometimes this can result in excessive debt which is a major drain of money (interest) and cause of stress.
If you over commit you can become imprisoned by the things you have purchased. Every waking hour might be spent worrying on how to make the next payment. It might even keep you up at night, niggle at you, and then there are the dreaded credit card bills! Quite often this can cause sickness and strain on relationships and takes up a lot of your money!
So what's the solution to this? One of the rules to wealth - SPEND LESS MONEY THEN YOU EARN.
Also, prioritize a portion of your money to giving, savings and investments. The rest can be used to pay the bills and buy those things you've been wanting!
This way, we set ourselves up for success so that as we make more money, we manage our money and actually have something to show for it. This could be savings, investment or paying down mortgages and other loans more quickly, all of which equal lifestyle! Which is why we make money anyway, isn't it?
Tuesday, June 23, 2009
Bob Proctor's insights help us Make Money
Today I listened to Six Minutes to Success, a video program by Bob Proctor. One of the things I learned about today was the negative emotions of hatred, revenge and jealousy and the impact they have on money making.
For example, when you think hateful thoughts about someone, who is experiencing the hate? You are. The person you are thinking about doesn't know. But you get in the vibration of that hate and you feel it. You. And if you believe in the law of attraction, you know that the feelings you are in harmony with are the things you bring to yourself.
According to Bob jealousy and revenge are not necessary either. In fact they distract us from our goals, they take us in the opposite direction. In fact getting even never helped anyone.
So what does this have to do with making money? Well when we realize the negative effect these negative emotions have on our ability to make money and have good things in our lives, it's easy to decide to move on. We can free up our minds to focus on much more powerful things like our goals and visions, how we want to do good in the world, what impact we can have in our own lives and the lives of our friends and family.
Let's all decide today to ensure we hold good feelings about ourselves and others. Then we can focus on building wealth and succeed!
Learn more about Bob's Six Minutes to Success by getting a FREE video or by reading about it.
For example, when you think hateful thoughts about someone, who is experiencing the hate? You are. The person you are thinking about doesn't know. But you get in the vibration of that hate and you feel it. You. And if you believe in the law of attraction, you know that the feelings you are in harmony with are the things you bring to yourself.
According to Bob jealousy and revenge are not necessary either. In fact they distract us from our goals, they take us in the opposite direction. In fact getting even never helped anyone.
So what does this have to do with making money? Well when we realize the negative effect these negative emotions have on our ability to make money and have good things in our lives, it's easy to decide to move on. We can free up our minds to focus on much more powerful things like our goals and visions, how we want to do good in the world, what impact we can have in our own lives and the lives of our friends and family.
Let's all decide today to ensure we hold good feelings about ourselves and others. Then we can focus on building wealth and succeed!
Learn more about Bob's Six Minutes to Success by getting a FREE video or by reading about it.
Monday, June 22, 2009
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!
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!
Wednesday, June 17, 2009
Making Money in Turbulent Times
I think when we go through a financial crisis the response as a society is "someone help us! Give us some money! Save our businesses or the company I work for! Save my house!" And so we see lots of government bailout schemes and stimulus packages to save the people from themselves.
The fact of the matter is the position of the economy is due to people's living outside of their means. At a national level and on an individual level. If we want to save the national economy, then we must take care of our personal economy.
Government Bailouts and Stimulus Packages do have short term results but they do not fix the underlying problem. It is people's lack of information about money, not knowing how to manage money and not knowing how to make money when they want or need to. Think about it, 99% of people are dependent on their boss for their income. If your boss doesn't want, need or can't afford you anymore, what happens? You have no income. You have to go look for another person to be dependent on for your income.
Of course, there is a place for employment, it is necessary in the post industrial revolution world, but if it's not the only source of income then when companies hit hard times, it doesn't matter, we can just go out and make more money anyway. We can weather the storm while we rebuild our reserves.
I think the real answer to situations like the one the world is in at the moment is education. We've all heard that "knowledge is power" but what does it really mean? I'm not talking about going and getting another uni degree so we can go depend on another employer for a slightly higher salary, who might not need us anyway, I'm talking about simple but effective training on how to really manage money. What options are there to really multiply our money? How can we increase our income without increasing our workload? How can we make money work for us?
The point is we have to be proactive as individuals if we want to make more money, and thrive in financial turbulence. When we become proactive as a community, as a country, then we will have a nation that prospers.
Get a FREE video about making more money with one of the world's best teachers today
The fact of the matter is the position of the economy is due to people's living outside of their means. At a national level and on an individual level. If we want to save the national economy, then we must take care of our personal economy.
Government Bailouts and Stimulus Packages do have short term results but they do not fix the underlying problem. It is people's lack of information about money, not knowing how to manage money and not knowing how to make money when they want or need to. Think about it, 99% of people are dependent on their boss for their income. If your boss doesn't want, need or can't afford you anymore, what happens? You have no income. You have to go look for another person to be dependent on for your income.
Of course, there is a place for employment, it is necessary in the post industrial revolution world, but if it's not the only source of income then when companies hit hard times, it doesn't matter, we can just go out and make more money anyway. We can weather the storm while we rebuild our reserves.
I think the real answer to situations like the one the world is in at the moment is education. We've all heard that "knowledge is power" but what does it really mean? I'm not talking about going and getting another uni degree so we can go depend on another employer for a slightly higher salary, who might not need us anyway, I'm talking about simple but effective training on how to really manage money. What options are there to really multiply our money? How can we increase our income without increasing our workload? How can we make money work for us?
The point is we have to be proactive as individuals if we want to make more money, and thrive in financial turbulence. When we become proactive as a community, as a country, then we will have a nation that prospers.
Get a FREE video about making more money with one of the world's best teachers today
Monday, June 15, 2009
A Broker as part of your Money Making Team
One of the invaluable people to have on any real estate team is a finance broker. Apart from knowing what loan options will get you into the deal you have found, many brokers are also experts in their local real estate market.
For example, the broker I use knows in detail almost every area within a minimum of half an hour's drive from my house. Considering that within each suburb there are micro areas, even streets with different dynamics to the rest of the suburb, this is valuable information to have. Learning this would take me years of experience. While I learn, I can leverage my broker's knowledge and make great investment decisions.
Another thing is that many brokers have access to the same information banks use to value a property. Even if you aren't planning on obtaining bank financing, this is VERY important to know as it helps you determine what the property is worth, so you know when you're getting a good deal. And if you're planning to sell the property it's good to know how much a bank will lend to your buyer- will they afford to buy it off you?
One caveat to be aware of when looking for a good broker is that finance brokers are paid by the banks for selling you a product. They do get a commission off the loan you apply for. In some cases the worst loans can pay the highest commissions, so it's important to know that you have a broker looking after your best interests, not theirs.
One way to test out if you've got a good broker is to test them out on how helpful they are with their property knowledge. See how much help they'll give you on valuing a property. If they're happy to give you free information about their experience with an area it is a good sign. Mine will email me a CMA (comparative market analysis) anytime I'm interested in a property because he knows if I do buy one I'll probably go to him if I want bank financing. He also gives a dollar value on what he thinks it's worth and so far he has been on the dollar EVERY time. Every single time.
Another way is to find past clients and see what experience they've had. You can find reviews on the Internet or check with your local investor club and see what anyone there has to say. Lastly, when using bank financing with or without a broker, always make sure you read the loan document fully to make sure you are aware of any hidden fees or conditions on the loan or property used as security.
For example, the broker I use knows in detail almost every area within a minimum of half an hour's drive from my house. Considering that within each suburb there are micro areas, even streets with different dynamics to the rest of the suburb, this is valuable information to have. Learning this would take me years of experience. While I learn, I can leverage my broker's knowledge and make great investment decisions.
Another thing is that many brokers have access to the same information banks use to value a property. Even if you aren't planning on obtaining bank financing, this is VERY important to know as it helps you determine what the property is worth, so you know when you're getting a good deal. And if you're planning to sell the property it's good to know how much a bank will lend to your buyer- will they afford to buy it off you?
One caveat to be aware of when looking for a good broker is that finance brokers are paid by the banks for selling you a product. They do get a commission off the loan you apply for. In some cases the worst loans can pay the highest commissions, so it's important to know that you have a broker looking after your best interests, not theirs.
One way to test out if you've got a good broker is to test them out on how helpful they are with their property knowledge. See how much help they'll give you on valuing a property. If they're happy to give you free information about their experience with an area it is a good sign. Mine will email me a CMA (comparative market analysis) anytime I'm interested in a property because he knows if I do buy one I'll probably go to him if I want bank financing. He also gives a dollar value on what he thinks it's worth and so far he has been on the dollar EVERY time. Every single time.
Another way is to find past clients and see what experience they've had. You can find reviews on the Internet or check with your local investor club and see what anyone there has to say. Lastly, when using bank financing with or without a broker, always make sure you read the loan document fully to make sure you are aware of any hidden fees or conditions on the loan or property used as security.
Saturday, June 13, 2009
How Important it is to form a Money Making Team
Yesterday I spoke about the help a broker gave me with one of my deals. It shows just how important it is to have a good team in place when you make money.
Think about the guy who used to own the 29 lot property (before the bank took it back): he tried to sell them for $220K when they were worth a maximum of $150K. He had an agent on his team (from out of town?). He even held a family day with jumping castles to try and sell the lots. But he didn't succeed. Why? He was missing important people in his team.
If he had a good team with a local agent or broker, he would have known the properties were only worth $150K before he began. He could have used more accurate numbers in figuring out his feasibility on whether the project was worth doing before he began. And he could have avoided the process of foreclosure and repossession. OK, I'll give it to him that prices dropped within the time frame that he tried to sell him. But if he started with more accurate projections he could have sold some of the properties before the price drop and still come away with a profit of some sort.
It's important to have good honest team members who want to make you money as well as their own wealth. An agent who gives inflated valuations of properties isn't a good member of your team. If you base your numbers on their expectations you could lose a lot of money. So you've got to check that your team members are telling the truth with actual data, for example recent sales and Days on the Market statistics. Of course, you don't say to anyone that you think they're lying, but most agents will be happy to give you a CMA (comparative market analysis) on a suburb you're interested in. After all, you are their business!
Think about the guy who used to own the 29 lot property (before the bank took it back): he tried to sell them for $220K when they were worth a maximum of $150K. He had an agent on his team (from out of town?). He even held a family day with jumping castles to try and sell the lots. But he didn't succeed. Why? He was missing important people in his team.
If he had a good team with a local agent or broker, he would have known the properties were only worth $150K before he began. He could have used more accurate numbers in figuring out his feasibility on whether the project was worth doing before he began. And he could have avoided the process of foreclosure and repossession. OK, I'll give it to him that prices dropped within the time frame that he tried to sell him. But if he started with more accurate projections he could have sold some of the properties before the price drop and still come away with a profit of some sort.
It's important to have good honest team members who want to make you money as well as their own wealth. An agent who gives inflated valuations of properties isn't a good member of your team. If you base your numbers on their expectations you could lose a lot of money. So you've got to check that your team members are telling the truth with actual data, for example recent sales and Days on the Market statistics. Of course, you don't say to anyone that you think they're lying, but most agents will be happy to give you a CMA (comparative market analysis) on a suburb you're interested in. After all, you are their business!
Subscribe to:
Posts (Atom)
Posts
