Wealthy mindset vs. Mediocre mindset. Fantastic!

This is from Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth

1. Rich people believe “I create my life.” Poor people believe, “Life happens to me.”

2. Rich people play the money game to win. Poor people play the money game to not lose.

3. Rich people are committed to being rich. Poor people want to be rich.

4. Rich people think big. Poor people think small.

5. Rich people focus on opportunities. Poor people focus on obstacles.

6. Rich people admire other rich and successful people. Poor people resent rich and successful people.

7. Rich people associate with positive, successful people. Poor people associate with negative or unsuccessful people.

8. Rich people are willing to promote themselves and their value. Poor people think negatively about selling and promotion.

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Managing wealth starts with managing the pennies in your pocket

I recently attended an investor meeting that was organized by some of the real estate investment team members I work with, and while I always seem to come across people with an increasing amount of money, I also hear about people who have very high debt levels that is putting a huge strain on many aspects of their lives. I can fully understand the weight of such debt as I have been in a similar situation with significant debt due to school and blatant spending. Here, I would like to talk about the things I used to eliminate the debt, and push myself into a positive cash reserve position.

I came upon this strategy while reading T. Harv Eker’s “Secrets of the Millionaire Mind” and have found that this similar strategy has been used elsewhere (Bob Proctor’s “You were Born Rich“, and George Classon’s “The Richest Man in Babylon”) to help generate great wealth for a lot of people over the centuries. The essence of the strategy is to not only help you eliminate debt and move into positive cash reserves, but also to help fund personal development and charities, while at the same time having enough to carry out your monthly obligations for yourself or your family.

Before I get into the steps however, I would like to point out that you can start by working with very small numbers, and resolve to gradually increase those numbers over the course of 30 days or 60 days to accelerate your results. By that I mean you can start with the pennies in your pocket and gradually work towards building your fortune. Keep in mind, this may require a little sacrifice on your part in the way of letting go of pointless expenditures (when considered in the long term view) and substitute it with something else like reading books (wisdom of the world at your fingertips).

Consider your current income as a full pie. Now as your income flows in, the people/companies you owe money to (bills) take pieces of the pie over the course of a month, and you’re left with a few crumbs.

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A decade past, a new one on the horizon – where are you on the map of life?

Leaders mention it, personal development coaches expound upon it, and children are a good measure of it: time flies!

A short 10 years ago it was the dawning of a new millennium. The year 2000 brought about many exciting changes and challenges as did the years leading up to 2010, however the common denominator is that regardless of the negative and positive events, the past 10 years have come and gone. Multitudes of personal, business, and financial goals have been set and achieved over the decade taking thousands of people to higher levels of achievement and fulfilment. On the flip side: how many millions of people did not set any solid goals; how many people had good intentions but no results due to inaction; how many people still have the same results, same financial standing, same lifestyle?

The point to understand here is that there is nothing we can do about our past, but we can learn from it. The next 10 years will come and go whether we choose to plan it out or not. We can either choose to continue sitting in front of the tv, watching The Amazing Race 2020, or we can take a year off and actually travel to the destinations on the show because our businesses and investments are paying for all our expenses. Which would you rather have? Seriously, think about it. 10 years ago you started out with a group of people who were quite similar to you – some excelled, some didn’t. Where are you in relation to them? Where would you have liked to have been? Where would you like to be 10 years from now?

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If you can’t define it, or act upon it, forget it!

Upon revisiting Tim Ferriss’ 4-Hour Workweek, I came across a paragraph that piqued my interest in relation to eliminating distractions, thereby sharpening your focus. He says, “If you take just this point from this book, it will put you in the top 1% of performers in the world and keep most philosophical distress out of your life”. That’s a pretty bold statement to make, so let’s examine what he’s talking about shall we?

“If you can’t define it, or act upon it, forget it.”

There it is, that’s the statement. So how does this work out. Well let’s preface this exposition by acknowledging that far too many of us are worry warts, and as a result, we think about too many things that are outside of our sphere of influence. Agreed? Good. Ferriss explains that people ask questions – some positive, but mostly negative (because of our innate fear of loss) – however if an answer to the question(s) posed cannot be acted upon to improve things, then it should be ignored! And rightly so. Remember, many of us spend too much time negative questions like, “what if there’s traffic this evening?” or “what if the train is late tomorrow?” These are questions about topics that are outside of a person’s direct influence.

So what comes of worrying about it? Nothing. Chances are you will run into more of what you didn’t want. Have you ever experienced a time in your life when you bought a car, or got a wrist watch as a gift, or purchased a new pair of running shoes; and then all of a sudden, as if by magic, you started noticing how many other people have the same thing that you just received or purchased? You may not have ever wondered why that happens, but I know of at least one person who has wondered, and went out there to find the answer. He is one of my brain-mentors – John Assaraf – and he has found that there is a particular part of our brain called the Reticular Activating System (RAS) that increases the amount of attention paid to things that you are constantly thinking about.

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Your ULTIMATE secret to success – 4 supercharged tips

In my ongoing research of exceptionally wealthy and valuable people, I have found a few common denominators that is consistent amongst the majority of these individuals. Not fairly consistent, not maybe consistent; but absolutely consistent! This lead me to look at formulas of success – is there a proven way to become harmoniously wealthy? To enjoy life, relationships, vacations, toys, etc, etc.?

It seems like there is such a formula! I was watching a presentation that Canadian Billionaire Michael Lee-Chin delivered to a banquet of top-notch investment advisors and he blurted out the best summation of the absolutely consistent common denominator I mentioned above:

1.    Find a wealthy individual whose success you respect the most.

2.    Find out their Recipe for Success. Keep digging, calling, reading, and learning, until you find the foundational recipe.

3.    Implement the recipe exactly in your own life.

4.    Most important step: DON’T CHANGE THE RECIPE!!

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Is it possible to make your money work hard for you?

Life is a game that consists of a number of sub-games: health, wealth, spirituality, self-development, etc., which in turn have their own number of periodical mini-games.

Alternatively, life can be seen as a delicate act of juggling multicoloured balls, and each ball represents an aspect of your life: family, health, mental well being, money, etc. Now picture yourself juggling these items and suppose you drop the money ball. You soon discover, fortunately, that the money ball is made of Jugglingrubber, it bounces right back and soon you are on your way to juggling again. But suppose you drop any of the other items – family, health, mental well being – and you discover they are made of glass; once shattered, they can never be put together entirely again. There will always be pieces missing. So make sure you take care of those first.

Now, ways to get that money rubber ball to bounce back.

I came across an article on thestar.com called “Don’t get peanuts on your savings” by Ellen Roseman. In it, the author goes on to explain large financial institutions, such as CIBC, RBC, TD, Scotiabank, BMO, etc., are providing their customers with very low “high-savings” interest rates currently sitting anywhere in the range of 0.5% to 2.2% per year. It is worrisome to see these rates of return especially when you consider that the average rate of inflation in Canada is above 2.0% per year. Yikes! In other words, if your money is sitting in a bank account or basic savings account, you are effectively losing money unless you are invested in something that provides a higher return than inflation and taxes combined!

The simple rule of thumb here is that banks do what’s good for banks first; period! That’s why they have the nicest, tallest buildings in every city. The responsibility for your financial well being, just like everything else, relies solely on your shoulders. You have to find ways to make your earned income work hard for you. This is what makes people wealthy – their money earns more money through sound investment.

Throughout this blog I have shared thoughts on wealth management. Do some research, and execute.

The long winding road to personal fulfillment

An interesting day today. I find myself yet again consumed with the quest for polishing, clarifying, and if necessary, redefining my sense of personal fulfillment. I have come to realize (like many many others I’m sure) that personal fulfillment is a state that is acquired and maintained from within, not from without. In my opinion, it is one’s own feeling of success and well being that is requisite enough to sustain a state of personal fulfillment because in the end, that is all Gadgetsthat a person really needs anyway. Material stuff is just stuff after all. People are terribly connected to their ‘things’, so much so that not having a blackberry, iphone, mp3 player, etc around is reason enough to get depressed or hopelessly bored.

Well that’s quite a lot for a first paragraph, so let’s break that down into smaller bits to digest.

While people have a distorted sense of fulfillment – i.e. absolute nonsense like working a job, getting married young, having kids while you’re still young, buy a house/condo, end up in a financial mess, and plan for retirement as if you were still in the 1950’s, retire old, die without having lived – I look to differentiate myself, not for profit’s sake, but for my own sake! Can you imagine running around in a rat race all your life, waking up every morning to work for someone else, do the things that you complain about the most over and over again, and come home to watch tv shows so you can be further dumbed down, and then rinse and repeat the process.

Vomit. Excrement. The typical modern life has turned out to be pretty nasty. And that’s even when you’re not in any financial trouble.

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Fire unproductivity (includes people)

Have you ever realized that it takes up a very small portion of our day to be truly productive? The rest of it is fluff stuff. Think about it. I have come to this realization a long time ago, and I keep refining the process of eliminating “stuff” to narrow down to productive tasks. Counter-intuitively, the more productive I am in a shorter amount of time, the more free time I have.

Let me explain.

Productive: I’m sure people have an understanding of what this term means, but do they really have an understanding of what this term means outside of your typical 9 to 5 workday context? Productivity is comprised of precisely those tasks that either directly generate income or are in a succession of exact steps that eventually generate income. That’s it. The key here is the precision of the action steps taken. Productivity in the income-generating facet of your life can be anywhere from 10 – 20 actions on a daily basis that can easily be completed in a matter of minutes (personal goal – complete income-generating or income-building tasks between 8:30 am and 11:00 am). Naturally, as with any other habit, this becomes easier with practice. Chances are you weren’t able to do the following tasks without any practice:

–       Walking
–       Bicycling
–       Putting food in your mouth with cutlery
–       How to keep stains off your clothes (some of us are still struggling with this)

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