Clicky

Search:

Affirming Your Success

November 29, 2019 by  
Filed under blog

In my post last week, I quoted Richard Paul Evans’ book, The 5 Lessons a Millionaire Taught Me, and, of course, the very first lesson is simply “Decide to Be Wealthy”. In other words, make a commitment, set goals, and then, of course, act on those goals. To do this, you need the right mindset, one that is consistently and firmly placed in your head.

If you are smart, and have done even a little bit of homework, you know that things like fancy, expensive cars are not important and, in fact, will slow you down as surely as the value of that fancy car will drop in value. Your money needs to be put into assets that go up in value. Working hard on creating a great, big image of wealth is not the road you want, or should, take. Remember your goal is to BE wealthy not just to look wealthy.

Even if you are in terrible financial shape right now, it’s never too late to set big, financial goals and go to work on them. Once you make the decision to become wealthy, those little things called affirmations or self-talk can be a huge help. I know from experience that making a list of affirmations that I then repeat to myself on a regular basis gave a big boost to my mental attitude and lead me to actions that made me millions of dollars.

Chellie Campbell, a great writer of books and articles, has some great affirmations. I will share with you 14 out of a list of 50 super affirmations that help her and her many readers. I encourage you to take a look at this list and repeat them over and over in your mind and out loud too. It’s amazing how just saying stuff like this to yourself, even though they may not yet have happened, can bring about changes that do end up happening.

  1. People love to give me money!
  2. I am rich and wonderful.
  3. I am now earning a great big income doing what satisfies me.
  4. Something wonderful is happening to me today–I can feel it.
  5. All my bills are paid up in full and I still have all this money.
  6. My affirmations work for me, whether I believe they will or not. (This is for the skeptics among you.)
  7. A lot more money is coming into my life. I deserve it and will use it for my good and others.
  8. All my clients praise me and pay me!
  9. I am a money magnet!
  10. Money comes to me easily and effortlessly, waking and sleeping.
  11. I am now highly pleasing to myself in other people’s presence.
  12. I walk, talk, look, act, think, and am rich!
  13. I am a winner–I win often and I win big!
  14. I now receive large sums of money just for being me!

Wow. That is quite an amazing list of affirmations. Obviously, they are not all happening right now, but studies have shown that repeating affirmations to oneself can bring about many changes that eventually make things happen just like the affirmations that were repeated.

So, when you really decide to be wealthy, and mean it to your core, then repeating affirmations like these will not sound or seem out of the question or ridiculous. I had and have my favorite affirmations over the years and my first couple were:

  • I will save at least 10 to 15% of my gross income for later investments
  • I will be a millionaire by age 30 (Oops I missed that one. I became a millionaire at age 31.)

Go ahead and make your own list of affirmations and try and keep repeating that list over and over and I think you might be surprised, like I was, how greatly they help us to reach our goals.

Huge Helpful Lessons from Millionaires

November 17, 2019 by  
Filed under blog

I was just going through my huge library of books and came across a great book about making big money, written by a good friend of mine that I read back in about 2004. He is the famous Richard Paul Evans. I’ve known the author and his beautiful wife, Keri, for many years and still have fond memories of our great trip paddling on a beautiful Venice canal. Even though I had made many millions of dollars when I read his book, I still totally enjoyed it and learned some good things from the book, The 5 Lessons a Millionaire Taught Me. (And, hey, maybe he even learned 1 or 2 of those lessons from me!)

But, of course, most of the great lessons that have allowed me and others to make millions are universal and haven’t changed much in hundreds of years. However, the most important thing, after you learn those lessons, is to go out and actually do something about it!

Richard is a great guy, but I’m not totally pleased with him. Why? Because he has written more books and sold more books than I have! Okay, yeah, I’m a bit jealous. I’ve written 9 books and I thought that was a lot, but good ole Richard has written 35 books and sold a whopping 35 million copies! Wow, that’s a bunch! I’ll get even by saying that I’m jealous but congrats to you… I’m very pleased and proud of you and how much you have helped other people.

At least I can, with all the time I’ve put into playing the game, beat Richard in tennis. Or, at least, I think I can.

Let me now share with you what Mr. Evans says about those 5 lessons that were taught to him by a millionaire.

Lesson One: Decide to Be Wealthy.

Yep, I totally agree. A person really has to make the conscious decision that becoming wealthy is a big goal for them.

Lesson two: Take Responsibility for Your Money—1. Know How Much Money You Have… 2. Know Where Your Money Comes From… 3. Know Where Your Money is Going… 4. Know What Your Money Is Doing.

In regard to item number 4, what he means is, if you know that your money is just sitting in your checking account, look for ways and means to get it working for you.

So those are just the first two lessons. I will break down some of these great rules from my own experience in my next week’s post but in the meantime you ought to go buy Richard’s great little book. You won’t be sorry.

 

 

Be One of the Smart Ones

November 10, 2019 by  
Filed under blog

 

So, in last week’s post I told you a bit about the lady in Paris that suddenly found out one of the paintings in her house, one that she thought was just an average painting (the one you see above), was extremely valuable and it went on to sell for $26 million dollars!  Wow, what a shock that must have been for her! But have you read that many people who all of a sudden win the lottery or suddenly come into a huge fortune blow the money in short order or are scammed out of it? The problem is that most of the time, people who haven’t earned the money over time are clueless and just don’t know how to handle it. Most of these people start spending it like crazy and or they are taken to the cleaners by scam artist.

Compare that overnight super-rich person to a person who has worked for years and saved every extra dollar they could. The smart ones don’t go out and buy a brand-new car that will immediately drop in value. The smart ones buy a used car and put whatever extra money they have into savings. Then they slowly build up enough money to buy an asset that goes up in value and, if they’re really smart, when they sell that asset at a profit, they reinvest that profit in another appreciating asset. Over the years, those small savings and investments can grow into a fortune.  And if you have made your money that way, then you most likely won’t be like those who suddenly came into big money and spent it all or got scammed out of it.

It will be very interesting to try to follow the Paris lady and see if she goes crazy with her money, following the typical lottery winners. Please, Paris lady, be cautious and wise with that $26 million. Don’t put your money with someone else who makes promises of huge returns.

Years ago, I met a guy who told me that he could give me a 10% return, per month, on my money, guaranteed! Remember the old saying, “If it sounds too good to be true, it probably is.” I had a friend who had invested about $300,000 dollars with this guy who said it was going to get a great return and guaranteed it. I was pretty darn sure it would not be even close to that. And yes, my friend lost his entire investment, and the bad guy in now serving time in prison. Not that him being in prison gives my friend any of his money back.

So, I sure hope you see the huge benefit of saving all the dollars you can and investing them wisely. Do the research carefully. It’s my advice and experience that you should invest your savings in income producing real estate. It almost always goes up in value and even if the appreciation is very slow, if you have purchased wisely, you will have tenants paying off the mortgage. That’s what the smart ones do!

 

Money and Meditation

August 8, 2019 by  
Filed under blog

If you have been reading my blog for years, then you know that I started out mainly writing about money, money, money. I wrote about how to make it and how to invest it for the best returns. Over time, I have expanded my subjects to include physical and mental health because, as we all know, without good health, tons of money may not help you at all, or at least not much.

Our brains control our physical bodies much more than most people realize. Years ago, I found an explanation of why the brain can control so much of our lives in Time magazine. A professor at the University of Wisconsin, Richard Davidson, who Time magazine had honored as one of the “100 People Who Shape Our World”, was actually asked by the Dalai Lama to study the connection between the meditative state of mind of his Buddhist monks and their emotional and mental health.

Davidson first hooked 128 electrodes to the head of a French-born monk, Mathieu Ricard, and recorded an immediate increase in the gamma activity when the monk began to meditate. Later studies with a control group of students only lightly trained in meditation showed the monks produced gamma waves that were 30 times stronger than a control group. Wow, that is HUGE!

But what does all this mean? Simply put, this and other research unveils the real possibility that the brain, like the rest of the body, can be altered intentionally. Just as we build muscle through exercise, we can also build our mental capacities that can lead to better brain function and an increase in essential cognitive functions, including memory and perception. This all creates a more positive mental state–and that’s what in turn creates more productive gamma brain waves.

This discovery tells me that as I do more meditation, I will gain a better functioning brain which could help me be a much better investor. I do believe that by pumping my brain up through meditation, I can make better real estate deals and manage my money much better. How about you? Go ahead and try some meditation and see what it does to your brain.

One last comment. Or, I should say that I’m going to do a little bragging.  I’ve always been impressed by the Dalai Lama and many years ago I had the great privilege of escorting the Dalai Lama from his hotel room to a huge ball room and then I introduced him to the audience. I will never forget the great feeling and gratitude I received from doing that introduction and getting to know him even just a little bit.

Focus Your Energy for Strength and Profit

July 5, 2019 by  
Filed under blog

The quickest route to any objective, be it monetary or otherwise, is to totally focus your attention on a minimum number of things. Thomas Edison was once asked how he was able to get so much done. He said, “It’s very simple. You and I each have about 18 hours a day in which we may do something. You spend that 18 hours doing a number of unrelated things. I spend my time doing one thing, and some of my work is bound to amount to something.” If Edison took time to do dozens of unrelated things, he and his team most likely wouldn’t have come up with some of the great, world changing inventions that he patented.

If you truly want to be outstanding in any field, there’s one important rule you must observe: you must concentrate your energy on that one thing. Get just that one thing in your mind and in your heart.

With blinders on you’ll be able to look straight toward your goal and forget what’s happening on the sidelines. It’s been said that sidelines are “slide lines”. Ralph Waldo Emerson wrote two essays on the subject. One is entitled “Power” and the other “Wealth”. He wrote, “Stop all miscellaneous activities. Do away with distraction …,” because, as he put it, “distractions will untune us for the main purpose of our lives.” In another passage, he states that “The one prudence in life is concentration, the one evil is dissipation.”

If you have an intense, unwavering determination to make your objectives and goals a reality, nothing can stop you. Learn to concentrate your efforts by focusing your attention on one thing and keep it focused there. It’s like a magnifying glass—you can take the gentle rays of the sun and bunch them together with that magnifying glass and create a shaft of light that can burn a hole through steel.

To become a great person of accomplishment, financially, artistically, socially, religiously, politically, or any other way, you must concentrate your efforts and attentions through that tiny magnifying glass. You must resolve not to be sidetracked by the hundreds of diversions that will tempt you–diversions that are sometimes very interesting but are, nevertheless, usually meaningless and divert you away from your primary goal.

Daring to Dream Big

April 12, 2019 by  
Filed under blog

Years ago, I dreamed of being wealthy. I studied the lives of the rich, especially the ones who started from scratch. I mean, I really studied them and analyzed everything they did and how they did it. I discovered that millionaires are not a hundred times, or even ten times, smarter than you and me. And they aren’t working ten times longer or harder. How could they? There are only 168 hours in a week — no one gets any more than that. The difference was an honest to goodness and simple wealth formula that, if followed, works.

Before I discovered this wealthy formula, I lived in Denver, Colorado in a cramped and tumbled down house at 2545 S. High Street, near the University of Denver. I felt desperate and forced into a corner. I had to borrow a $150 from my father and another $150 from my father in law just to buy groceries and help pay the rent. If that wasn’t enough, I was several thousand dollars in debt, but I still kept studying the lives of the rich and dreaming of being a millionaire.

Then it happened. I met Larry Rosenberg, a man who became my mentor and showed me the simple formula that had made millions for him. He convinced me that I could do the same thing.

I began to apply the formula I had been shown. The results were amazing! I couldn’t believe how simple it was. In fact, it seemed too simple. (Please note, I said simple, not easy!) It did take work but oh, how that work was so very worth it!

For the next 3 ½ years, I worked very hard to refine and improve the formula that I’d been shown so it would be easier to get quicker results. As I did this, my assets and income multiplied very rapidly to the point that I didn’t have to work at my regular job. I quit!

The simple formula that I had been shown was to leverage income producing real estate —-as in small houses and apartment buildings. The key to building my fortune was to find run down properties that I loved to call “dirt bag properties”. These were properties that I could fix up and improve the value by 10 or 20 percent and then I could turn that 10% or 20% increase in value to 100% return on my investment, because of that great thing called “leverage”.

And as I’m sure you know a 100% return on your money can and will increase your net worth quite quickly! In my experience leverage income producing properties is the most reliable, fastest, and safest method of making big time money. Most people have a little bit of that “leveraged real estate” in the home they bought. But if you have to go a step further and but some dirt-bag or rental properties and fix them up and make those huge 100% percent returns. If you buy right, it will work wonders for you.

 

The Fear Factor

February 22, 2019 by  
Filed under blog

 

 

Sometimes I re-read my own words from my journals and books that I have written, and it inevitably surprises me how my own words can reinvigorate, inspire and motivate me. And now that I’m almost 75, I suddenly realized how much this thing called “the fear factor” was holding me back on some of my projects, big dreams, and desires.

Quoting a few highlights from my own book, The Courage to Be Rich (I hope that’s not plagiarizing–ho ho):

ACTION GETS THINGS DONE. When we are fearful of something, if we push ourselves to take action, many times that will totally overcome our fear and a big plus is that we get stuff done and isn’t that pretty much the whole ball game or at least a lot of the game. Without action you could be the greatest financial thinker, have the highest IQ, and end up with very little money or even broke. When we are fearful, we really need to give ourselves a big push, even if we stumble and blunder a bit.

FEAR OF STARTING. Getting started is really the most frightening and the hardest part of virtually any task. But even if you do something wrong, at least “do something”. I am not saying take risks larger than you can afford. We all should take risks gradually, whether they are financial risks, social risks, or any other kind of risk.

Some time ago, I was on a flight and as we began our final approach (I wish they wouldn’t call it “final approach”) and as the plane was descending, I noticed the lady next to me was very nervous and somewhat freaking out. Thinking that if I diverted her attention by talking to her, that might calm her down and it did until the pilot let the flaps down and the plane lurched and bounced a bit. I quickly explained to her what the pilot had just done and that gave her a bit of relief. I then suddenly realized that I was in the same plane, in the exact same situation, but my heart rate and blood pressure were normal, unlike my seat mate.

CHRONIC FEAR IS YOUR REAL ENEMY. I knew the damage fear could do because it had done damage to me in the past. I finally realized that I was letting fear dominate my thoughts. I decided to do something about it. Since I travel a great deal, giving seminars or negotiating real estate deals and since being relaxed and rested at the end of a flight is important to my performance, it was very important not to waste so much energy wrestling with fear.

It didn’t take much thinking after that to figure out that the fear factor entered into many of my decisions that had far greater implications than did flying. Why should I let myself be fearful of flying or anything else? After all, does that fear change the outcome of the flight or my financial conditions? People who are the real doers and the super successful people in life face frightening situations almost every day, but they don’t let those confrontations with fear scare them to death or slow down their progress or stop their actions.

I want to write more about the “fear factor” in my next blog, but for now I will end this blog by listing some very common fears.

  1. Giving a speech to a large audience.
  2. Fear of making a fool of yourself.
  3. Fear of losing all your money–or at least a big part of what you have.
  4. Fear of losing your friends.
  5. Fear of losing the love and respect of someone you love.
  6. Fear of criticism.

There are certainly a lot more fears than this short list. Take a look at yourself and analyze your own fears and ask yourself the question as to whether those fears help your situation in the long run or even in the short run.

P.S.  I read that if you take a commercial flight, at random, every day for the rest of your life it would be about 20,000 years before you got on a plane that crashed–so obviously the fear of flying on a commercial plane in totally not rational!

 

Smart Money Hedges Bets In Tough Times

February 15, 2019 by  
Filed under blog

We’ve had quite a few very good years, economically speaking, and we may very well have a few more to come. There are, however, some warning signs that things are starting to change but it’s a slow change. Here are few things the so-called experts are predicting that, in my opinion, are very likely to happen:

  1. European expansion will slow down.
  2. Japan’s recovery will remain weak.
  3. China’s economy will keep decelerating.
  4. The rate of inflation will stay around 3%.
  5. The Feds will raise interest rates 3 times in 2019.

The experts, however, are predicting that changes will take maybe 2 or 3 more years, and will no doubt happen slowly. Regardless, many of us investors are thinking about hedging our financials that’s right now. You might ask why wouldn’t anybody or everybody hedge their bets if they knew tough times were coming? Of course, many people would, but the average person doesn’t know that tough times are ahead.

Smart money –money that is invested by people with expert knowledge – does not always do well either, but there are indications that give the smart money people a head start on everyone else. No, they are not always right, but they are more often than not.

A very important part of the formula is to be an independent thinker. The overall economy is like a gigantic river. Sure, you can swim upstream, but it is very difficult. What smart money does is watch the general direction of the flow of that giant stream. Smart money people know that the flow doesn’t suddenly turn around and run the over way.

So even though some of the experts are saying our markets and economy is ready to turn around and go down, it most likely will not happen fast. So, these days, I am advising people to do two things to hedge their money and investment bets:

#1 – Save cash. Build up a cash reserve to be invested after the economic pull back.

#2 – Even though you are building your cash reserves, keep making low ball offers to highly motivated sellers. Granted, there are not a lot of motivated sellers right now because the economy has been in an uptrend for quite a while and many people think it will continue. Still, there are always some motivated sellers out there that need to sell for various reason and some of these people need to do it now at under market prices.

Finding those motivated sellers and making those lowball offers is still smart money, especially if you can do so while building up your cash reserve. So, you might as well keep throwing you net out there and see what you can find. That kind of smart investing and saving is the kind of thing that will get you through the tough times, whenever it is they get here.

 

 

The 100% Return Goal

January 18, 2019 by  
Filed under blog

As we begin a new year it’s a very good time to remember the basics, specifically the basics of financial independence through which you make and keep your own fortune.  It’s so easy to forget the basics, especially when we are all caught up in the details of our daily lives, even those details that are involved with building our wealth. For example, if you have a big problem with the plumbing at a rental property or the property taxes just got bumped up, it’s easy to focus on just that, but that can get you frustrated or make you kind of space out on your overall plan.

What you should not forget is that you have to continue to look at the big picture, looking for ways to take advantage of leverage whereby you could earn as much as 100% of your money due to compounding. I’ve certainly been there and done that. Even on the very property that is giving me fits, I many times have failed to step back and realize that my equity on that very property has already exceeded a 100% return on my money and I should be motivated and reminded to keep doing that.

There is a simple example that I used in my fist book, How to Wake Up the Financial Genius Inside You, where I showed how 1 single penny a day compounded at 100% a day turns into just over $339 million on the 35th day alone. Now I know there is no way you can compound your money at 100% per day, but it is possible to compound your money at 100% per year, especially in the first few years. The key to those huge numbers is using other people’s money (your leverage). So, maybe only 10, 20 or 30% of the price you pay is with your own money and then the rest is in a loan from the bank or the seller for the balance. It’s not only possible but many people are doing just that, every day, including myself and many people that I know and have helped.

I do know that finding beat up properties these days can be a bit more difficult, depending on where your market is, but things change and prices go up and down and you and I need to always be looking for those bargains, especially those properties that need fixing up, the ones I like to call “dirt bag properties”. Then, always remember that good ole leverage formula:
If your down payment is only 10%, and you improve the property enough to increase the value by 10% you have made a 100% return on your money. That formula is a little simplistic since it doesn’t take into account your expenses, but you can keep those pretty darn low if you do most of the work yourself. Just don’t let the goal of a 100% return on your investment scare you away because it seems too difficult. If you can get even part way there, say just a 30% return on your money per year on only $10,000, that fraction of the big goal will still add up to over $1,124,000 in just 18 years.

My big point here is that we must keep the big picture in mind and remember that those potential returns are there. If you do, it becomes easier to not be deterred or discouraged by those plumbing issues, property tax increases, or other relatively minor problems.  Keep your eye and your dreams focused on the big prize, because it is all together very possible to achieve that big goal.

My Words Out Loud

January 11, 2019 by  
Filed under blog

I have something very special for you today. Please take a listen to this pod cast I was on recently. There are a few things I share on it that I think can be very helpful to most people. I hope you like it and, if so, please share with others. Thank you so much for taking time to listen. This kind of thing is part of what I am doing to really try to be of help to others. Maybe it’s my age but I am all about sharing and helping these days!

 

The interviewer is Michelle Brown, a fellow Salt Lake City resident who teaches Life Story writing workshops. Get a nice warm beverage and sit back for a really interesting conversation. I hope you find it helpful and motivating!

 

Next Page »