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Archive for July, 2008

How to Get Rich By Perry Jones

 

How to get rich is really quite simple.

1. Generate excess cash.

2. Invest your excess cash in passive and portfolio investments until the income from those investments is great enough to enable you to retire. Of course, most people get stuck on number 1.

Generate excess cash. First, let’s define “excess cash”. Excess cash means that you have an income coming in that is 2 to 3 times the average for your area. You can create this excess cash in one of three ways.

The first way to generate excess cash is to work 2 or 3 jobs at the same time. The second way is to learn a trade that pays about 2 to 3 times the average pay for your area. What trade? That depends on the area you live in.
Electricians, accountants, carpenters, masons may all make 2 to 3 times the average wage for your area. Also, almost anything in the health field such as nursing, pharmacology, physical therapy, radiology, etc. may generate 2 or 3 times the average income for your area.

How do you determine the “average” income for your area? This also is easy if you don’t mind being inexact. Just go to any Wal-Mart or McDonald’s in your area. Ask them what their starting pay is. The “average” income for your area will be about one and a half to two times the amount Wal-Mart or McDonald’s pays their entry level people. If there’s a large discrepancy between what McDonald’s and Wal-Mart pays just take the average of what they pay, then double it. This is the average income for your area.
Now that you have excess cash, what do you do with it?

You invest it.

Excess cash is invested in passive and portfolio vehicles. It is not partied away, it is not used to buy a bigger house or a finer car. You do not use it to take better vacations or improve your wardrobe. Use it Only to invest in passive and portfolio investments. When the income from these investments is great enough that you can retire, then go on that nice vacation, buy those fine clothes, purchase that big house or nice car, but for now, don’t spend it, invest it. Do this right and you should be able to retire in 2 to 10 years. 2 years will be if you’re lucky.

Passive investments or vehicles are investments primarily in business or real estate. However, investments in licenses, patents, copyrights et al would also qualify.

Portfolio investments are more familiar. These are investments in stocks, bonds, mutual funds, annuities, T-bills, etc.
With your first bit of excess cash you will need to visit an accountant. Have the accountant prepare 3 financial plans for you. The first plan will be the income you’ll receive in retirement at just a sustenance level. The bare minimum to get by. The second plan will be the amount of income you’ll need to get by at a “comfortable” level. The third plan will be the amount of income you’ll need to retire rich.

Each plan will include not only the outcome – how much income you’ll receive in retirement – but also how much you’ll need to invest each year to get there and what “vehicles” you’ll need to invest in.
A “vehicle” is any investment category or object whether it be real estate, stocks, mutual funds, a business, copyright on a book or a patent. Any of these could be a vehicle – a device you have invested in to increase your current assets and future income.

Your current lifestyle must support your future goals. Acquire no new debt unless it is “good” debt. Good debt is any debt that you obtain which produces income for you. Bad debt is any debt which takes money away from you. This is also the true definition of an asset and a liability.
Contrary to traditional accounting practice and common understanding, an asset is anything you own that puts money into your pocket on a regular basis. A liability is anything you own that takes money out of your pocket.

You must not enhance your lifestyle to the point that you spend your excess cash. Your excess cash is only to be invested. Do not buy the Porsche or the mansion on the green or the designer clothes or the Rolex watch. Wait. With determination, work and perseverance, you’ll be able to retire soon anyway. “Soon” being a relative term meaning anywhere from 2 to 10 years.

So that’s how you get rich. Simple, easy, relatively quick and almost no risk. You just need to get that excess cash flow in place. And then you’re on your way.

So what’s the third way? The third way is the best way. The best way is to discover your Purpose in Life.

Perry Jones (Source: http://EzineArticles.com/)

 

 

Be sure and attend the “Grow a Million Dollar Business  ~ Learn how to get the excess cash to invest in your future.

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Wealth Wednesday – Here are a list of Financial & Wealth Building Magazines to Grow a Million Dollar Businss

 

Strategy Magazine ~ The source for the actionable business professional, delivers a concise, holistic synopsis on the real estate, management, finance, accounting, supply chain, technology, entrepreneurship and marketing fields to keep you ahead in your career.

 

The Economist ~ A global weekly magazine that keeps readers well and broadly informed. Each issue explores domestic and international issues, business, finance, current affairs, science, technology and the arts.

 

Franchise Times ~ Is the news and information source for franchising. Published ten times per year, you will receive clean and objective information about the latest franchises, and also read about franchise success stories.

 

Revenue ~ Works with the thought leaders in the business and technology field – industry gurus, successful affiliates, top journalists and others – to produce a magazine that stresses good business practices and strong ethical guidelines that will help affiliate marketing grow.

 

Money & Profits ~ Caters to small business entrepreneurs looking for ways to earn an income by starting a business of their own

 

Forbes ~ Practical financial advice and smart tips to manage your money. Includes two special Investment Guide issues, Mutual Fund Survey issue, and our Billionaire issue at no extra cost


Smart Money ~
Spending and investing from the Wall Street Journal

 

Home Business ~ The premier publication for the growing and dynamic home based business market. Covers editorial on sales & marketing, business startups, business operators, raising money, management, the Internet, network marketing, mail order and other subjects.

 

Money ~ Whether you’re looking to invest, cut taxes, save money, or retire worry-free, Money helps you reach your financial goals. Each issue of Money offers smart, no-nonsense tips and strategies to make the most of your money. Plus, you’ll receive tips on the hottest stocks and mutual funds.

 

Fortune ~ Speaks the language of the street: Wall Street, Silicon Valley, Madison Avenue, and everywhere in between, providing innovative business ideas and in-depth strategies and analysis. Fortune offers readers an unparalleled look at a wide range of business and economic news.

 

Entrepreneur ~ The small business authority helping to manage and grow your business.

 

Worth ~ Worth is a comprehensive personal wealth management magazine, with articles on wealth management and preservation, private equity investment, inheritance and wealth transference issues, philanthropy and personal passions.

 

Success ~ The ultimate tool for personal development. Each issue provides a multitude of tips, ideas and strategies from the leading personal development experts showing you how to achieve success in your life.

 

(note: When you click on the links, we make a smal commission).

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Your Own Personal Wealth Mentor – Your Keys to Success

“The right mentor can be a key to your success in building wealth.” Heidi Richards

 

 

Don’t know where to begin when it comes to building your own wealth? Oh, sure, you’ve read all the books and know some pretty rich people. And you say to yourself, how did they get so rich? And how can I do the same? You’ve attended wealth building seminars, workshops and conferences on the subject and even perused the internet. All valuable ways to increase your own wealth-building knowledge. And yet, you feel like you’re still missing an important key.

 

What you may need is a Wealth Mentor. Someone to coach you; someone to help you put all the pieces of your new-found knowledge together; someone who is willing to share her own expertise.

 

Just how do you find someone willing to share her expertise and wealth-building strategies? First of all you need to know what to look for. You wouldn’t go to someone who is down and out or struggling financially for advice, you would look for someone who has been there, done that and is still doing it. Making money that is! And the person should be someone you admire, trust and is willing to share her time with you, to coach you. The mentor/protégé relationship can be an informal one whereby you ask occasional advice or it can be more structured where the two of you meet frequently (at scheduled intervals) and discuss your goals and aspirations. A mentor must be not only be willing to do so, she must be committed to your success.

 

The first thing to do when seeking a mentor is write down the attributes you want your mentor to possess. Does your wealth mentor need to be a millionaire or would someone financially solvent be sufficient? What other attributes and characteristics do you want your mentor to have? A good mentor is non-judgmental, open and honest, a good listener, good observer, has the time and expertise you need and is patient. And don’t’ think the mentor is going to do it all for you.

 

This type of relationship is a two way street. It should be mutually beneficial. A good protégé must have a genuine desire to learn, is non-judgmental, trustworthy, ethical, takes initiative, asks for feedback and gives feedback on her progress. A good protégé learns to be a good listener. Does your mentor need to be local or could it be someone you could contact via phone or virtually? Many good relationships are virtual these days.

 

Since the emergence of the Internet, coaches and mentors around the world have moved their practices online and via phone. Make a list of people you know who might fit your criteria. If you are having trouble coming up with names, ask your circle of influence for some suggestions. If you don’t know the persons suggested, ask for a formal introduction. You can join your local Chamber of Commerce or other professional associations and get involved. By attending meetings regularly people get to know you and the ideal mentor might be right under your nose.

Three words of caution when searching for a mentor: your email inbox. With the overwhelming email we receive each day, there is undoubtedly tons of emails in your inbox from people offering to show you how to get rich quick by following their advice, signing up for their system, selling their “product that sells itself. Hey, if the product really sold itself, why would it need so many people to promote it? I’m not suggesting that there aren’t really good products out there that you could represent that may lead to your financial success. What I am suggesting is that you need to use caution and reason when deciding if the people who make the claims are for real. And that’s another chapter all together.

Choose wisely to find someone who is committed to the relationship, will give you time, and wants to see you thrive. Look for someone you can relate to, be open with and want to spend time getting to know better. The right mentor can be a catalyst to your success in building wealth. And isn’t that your goal?

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Blogging HER Way to Fame and Fortune

 

Did you happen to go to the annual BlogHer conference last weekend? If you did then you were among about a thousand bloggers, (mostly women) in attendance. The conference, which began in 2005 to help female bloggers gain exposure has grown in size, popularity and influence over the past few years.

 

I’ve been blogging for almost two year now and love it so much I have gone from 1 blog to 7!  I guess I better make plans to attend BlogHer 09, now shouldn’t I?

 

According to an article in the New York Times ~ Blogging’s Glass Ceiling, “Blogging has come a long way from its modest beginnings. These days, there is money to be made, fame to be earned and influence to be gained .… A study conducted by BlogHer and Compass Partners last year found that 36 million women participate in the blogosphere each week, and 15 million of them have their own blogs. BlogHer, has itself grown into a mini empire that includes a Web site that helps publicize women’s blogs, and an advertising network to help women generate revenue for the site.)”

Among the celebrity bloggers in attendance that are making money and making a difference were, Allison Blass of Lemonade Life  www.lemonade-life.com, Kristen Dimont of Mod Mom, Stephanie Klein of Greek Tragedy, Amy Mueller from MumsTheWurd,  Heather Armstrong of Dooce.com, and of course the Lisa Stone, Elisa Camahort Page and Jory Des Jardins, founders of BlogHer, and my good friend Mary Clare Hunt of In Women We Trust.

According to Hunt, “The best part of BlogHer is meeting women outside of my normal interest zone. The blogosphere allows me to talk with others “like me” which locks me into same/same mode.  These conferences force me to considering other options. One thing no one lacks is passion; it’s the #1 vibe in the room. The #2 vibe is community. Even with our differences, our ability to express those differences in such an open and uncensored way is what joins us together.”  You can read the rest of Mary’s comments at BlogHer 08 by the Numbers.

You can read the rest of the article in the New York Times here.  


So if you aren’t yet blogging, now is as good a time as any.  You can be among the famous and yes, rich! Blogging is definitely one of the many tools you can use to Grow a Million Dollar Business. Ask any of the women (and men) who are already doing it!  You will hear from some of them during the Grow a Million Dollar Business Summit taking place September 18-20.

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It’s Sunday and I thought it would be nice to start our first Wealth Carnival at Grow a Million Dollar Business!

I was surfing the net for some great content and found several articles to share.  They are:

You Gotta Have Content on the Wealth Together Blog with Melodieanne Whitney

Conspiracies, Copywriting (and are you ‘Cool’ enough?)… on the Word Wealth Blog with Troy White

Money is the #1 Issue to Discuss Before Saying “I do” on the Wallet Pop Blog with Barbara Bartlein

Is the Media Making our Economy and Stock Market Look Worse? at Money Managers Live With Dave Young

Splurging Is Good for Your Health at the Wall Street Journal Blog

How they made it: Thinking in millions, Marc Boyan, multi millioniare interview by City Wealth Magazine

The Best Time to Pay Bills – On Time or Early? At Saving Advice with Shannon Christman

10 Things Your Bank Won’t Tell You on the Smart Money Blog with Jim Rendon

Is doing good compatible with making money? It is if you practise spiritual capitalism at Ode Magazine with Carlene Hawn

 

And finally, when you are finished reading this great wealth-building advice,  take this fun little QUIZ  What Type of Billionaire Are You?

 

 

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I just read an interesting article by Darryl Zahorsky called 8 Simple Rules for Rating a Business Opportunity in which the author asked readers how they rate business opportunities. Do they go with their gut feeling or emotions or do they sit down and really analyze the key ingredients that can make an opportunity succeed or fail before investing their life’s savings? His article stated that emotion and passion are essential to being a success in business (and I agree) and he said that these rules will help make informed decisions to see if the opportunity is a winner.  

Here are the 8 rules:

1. Beta Test it:

2. Find the Target

3.  Apply Protection Armor

4. See What They Want

5. Play The Money Game

6. Bring Your Skills to the Table

7. View the Event Horizon

8. Use the People Factor

I agree with Mr. Zahorsky that anyone who follows these simple rules will be on their way to growing a million dollar business. To read the article in its entirety and see if your business opportunity meets these rules, visit About.com

Be sure you check out the Grow a Million Dollar Business Summit taking place September 18-20.

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  Want to promote your products and services, etc. during the Grow a Million Dollar Business Summit?

 

If you are among the first 25 women to respond, you may be eligible to “advertise” your products and services to attendees during this event.  Showcase opportunities are on a first-come, space available basis. We only have 25 slots available.

 

In order to showcase your products and services, you are asked to donate one “prize” valued at a minimum of $20 – prizes will be awarded during the event in between sessions, during our networking reception and during the showcases.  Showcases are approximately 5 minute advertorials where you can share a snippet about your products, services and offerings to our guests. You may, Of course, donate more than one prize :)!

 

Prize offerings and contributors will be listed in the blog, in our bi-weekly newsletter ~ eMonday News and in email invitations with a link to your company.  FYI, you do not have to “Showcase” to donate a prize.  


Even if you are not among the first 25 women to respond, we encourage you to donate a prize as this is an excellent way to “ADVERTISE” your products and services.

 

To schedule your showcase and/or donate a prize, contact Teresa Morrow of Key Business Partners (Showcase Chair) at KeyBusinessPartners (at) Verizon.net today! When submitting your prize, please send up to a 20-word description of prize and a link to your site for more information.

 

*PRIZES can include books, ebooks, events, consulting & coaching, gift baskets and more!  

 

* *SHOWCASER is responsible for delivery of prize to Winner.

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