What Does It Mean To Be Rich?
April 8, 2009
I used to think that being rich meant that you had millions of dollars, a fancy car, a big house and a myriad of other niceties in your life. Now however, I am not so sure. To me being rich means that you are debt free and you have more than enough to cover your needs and reasonable wants. It also means having the resources to help the people in your life you care about.
What this really comes down to is monthly cash flow. Are you on a whole taking in more than you spend and do you have reserves should an big emergency arise? If I answer this question for myself the answer is an emphatic no. With that I know I have some work to do. First I have to figure out what I need to live. Then I need to calculate what I would need to live the way I want to live.
My goal then becomes closing that gap. You see when you put up a goal of I want to be a “millionaire” you really are saying “I want to live like a millionaire.” What we often do not understand is that even some millionaires are deeply in debt and are themselves living paycheck to paycheck. If your wealth is not long lasting why bother. You want to maintain that lifestyle for the long-run, not for a few short intense years.
Additionally by focusing on the monthly gap you need to bridge, the goal seems much more reasonable to your brain. You can mentally process it and your subconscious mind will start to accept the goal as possible. Its when we think something is possible that things start to happen.
Your next step in this process is to sit down and brainstorm all the different ways you can bridge your gap. Really get creative. Its the simple changes and ideas that make the greatest impact. Then take action on the items you brainstormed. If one doesn’t work then try another until it sticks.
Without action you will stay in the same position you are currently in or be in a worse one, a year from now. This I can promise you. Nothing happens without action. Without it you are merely a dreamer. So get moving and make yourself rich, its only a tiny gap.
Christina Helwig
www.GlobalSuccessILG.com
Are You Sitting On Your Assets?
March 4, 2009
I went to go buy a pair of new boots the other day and was slightly frustrated that I could not find any. The saleslady was very sweet and offered to call around to see if she could find me a pair at another store. I thought about it for a second and then declined the offer. I remembered that I had several pairs of perfectly good black shoes at home I had never worn.
So this is where sitting on your assets comes in. We all have tons of STUFF sitting around our homes that we either never use or just don’t need. On some level this stuff has a value and we are wasting it by not using the items. While I do not believe in shrinking or pulling back from starting a business at this time I do believe in being smarter about your finances. All that stuff you are sitting on could be used by you, sold and or given to someone that really needs it. But if it just stays tucked away in a closet it’s worthless and actually costs you money in what we call opportunity costs.
Something that you probably have not thought about are the mental assets that you are sitting on. There are skills, abilities and knowledge that you possess that can benefit another person. If you were to put your mental assets into a product you could capitalize on your inherent abilities. Information products are some of the easiest to turn into a workable cash flow stream. They usually do not require the same infrastructure as a durable good to produce.
Think about the different talents that you have, the things that people commonly ask you questions on, and the subjects that you studied in school or have become highly efficient at in your career. Can you put that information together into a usable form? Jot down your ideas and start to organize your material. Make a commitment to yourself to work on the product for a set period of time each day or week.
In a short period of time you will have been able to take one of your mental assets and use it to better your situation. Regardless of what the economy is doing there are always possibilities and there is always room in the marketplace for people who fill a definite need with a superior service or product. Just remember to get started right away and not put it on your “I’ll do it tomorrow list.” Do it now.
Christina Helwig
www.GlobalSuccessILG.com
Recessions Are For Sissies – Make Your Business Grow No Matter What the Market is Doing
November 29, 2008
Recessions are two things: They are opportunities and they are challenges. How you deal with a recession is entirely up to you. You can focus on the bad or focus on all the good that comes out of a recession. The people who will thrive in this new economy are the people who keep their eyes open and their minds focused on building wealth. This is not the time to hide your cash or run from challenges. Seize your power and grow your business when others are running for cover.
Mass Consciousness
All over the world people are turning into little squirrels. They are gathering up their nuts and seeds and stuffing them away for “spring.” They are passing up opportunities to conserve what little they have left because they do not want to be left with nothing at all when this economy turns around. This is absolutely the wrong thing to be doing right now. While of course people should be shoring up their financial situation, they should not be ducking their heads in the sand and hiding money in the mattresses.
Have A Plan For The Recession
The first thing you should do is form a clear and concise plan of what your goals and objectives are for the next three years. Your plan should include a very precise snapshot of where you are financially right NOW! If you have not been keeping careful track on your monthly expenses and income you have some work to do. You cannot change anything until you first know where you are. Once you have that baseline you can decide where you would like to be in three years.
Start off with thinking of the amount of income you would like to have and the different things you would like to have in your life: a new car, home, toys, charitable giving, money for your child’s school etc. Once you have thought about these things then figure out how much each of these things will cost you.
With your current financial snapshot and your “dream” list completed you then are in a position to figure out how much you need to earn to accomplish those goals in three years. The more income you want, the higher level of service or “effort” will be required on your part.
Executing The Plan
You will want to build into your plan both a way to reduce your debt and a way to build up your wealth. Take your current income and apportion it in a way you feel comfortable to accomplish these goals. Make sure to include a reoccurring monthly amount for starting a business or investment account. If you solely focus on eliminating debt you will freeze yourself into not being able to act on business opportunities until you have all your debt paid off. This cycle gets you no where. You will have no savings and never be able to act on your goals and dreams. We all know the debt cycle. Somehow just when you are almost finished paying everything off… boom the car breaks down or someone needs braces. By having a monthly wealth building account you have money set aside to invest and grow a business.
Moving Forward When Others are Running Backwards
While your wealth building account grows you want to keep an eye out for bargains and potential ways to either grow your business or start a new business. An example right now would be consultants for people looking for jobs. As the job market shrinks more and more people need help to differentiate themselves from other job seekers. There are countless ways an entrepreneur could help people get and find jobs. You should also be on the lookout for innovative ways to improve things you use all the time. New and improved products always have a place in the market. Also start to pay careful attention to the way millionaires and more importantly billionaires are behaving in the market place.
If you watch closely, they will give very big clues on stable companies and markets that it is wise to think about investing in. Many people make massive fortunes in troubled economic times. Its all a function of the way you think and how well you prepare yourself to meet challenges head on.
Improving Your Skill And Mind-Set
One of the most important things you can do to improve your earning capacity it to increase your knowledge and more importantly your self-confidence. Simply reading a book a week or watching a motivational video can help give you the confidence to take action on your goals and dreams. Nothing happens while you are sitting around complaining about the economy. The prizes in this new era will go to the people who are not afraid to invest in themselves and take action even when others are hiding from the world.
Lastly think of the type of life your really want to lead and look at how you are living now. Do you think that your current habits, actions and thoughts are congruent with what you want to create in your life? What can you do to bring those three things into alignment.
Once you start to change your habits, actions and thoughts, your whole life will change and you will be able to create the wealth your deserve in your life.
Set aside a few minutes each day to work on and learn about how you can reach your goals. Take a look at this web-site http://www.GlobalSuccessILG.com to learn more how you can fit quality learning into short bursts in your day. This sites covers topics from leadership, to tax strategies to growing your business and many more.
Christina Helwig is an attorney and Vice-President of Wealth Expressions, Inc. She focuses on helping people learn more about themselves to improve all aspects of their lives.