Personal finance is one of the many essentials needed to fully take charge of your life. As an upcoming entrepreneur, knowing how to balance your money is important for your long term success. If you hold onto your beliefs of spending money unnecessarily and unwisely, when your income increases you wont have the proper knowledge to put your money to work. The basics to effective personal finance management include assessing your income and expenses. Setting short and long term goals for savings and investments. Creating a detailed plan for what will be done to achieve your financial goals. Executing the necessary steps to achieve your goals for your finances and consistently reviewing your financial status to ensure your on the correct path. Diligently following the steps above will place you in a better position to fully grasp and control your finances.
One minute millionaire by Robert G. Allen
Tip 1 – Focus on the critical few. Eighty-five percent of the things you do account for only 15% of your results. And vice versa. Therefore, only work on the critical things and y9ou’ll get there faster and with less effort.
Tip 2 – Learn how to procrastinate. Procrastination is absolutely essential to your success. Just make sure you procrastiante the right things. Put off 85% and tackle the 15%. Losers do jut the opposite. They tackle 85% and put off the 15%.
Tip 3 – Throw away your “to-do” list. Create instead an 85/15 list. Write the top-priority items at the top in the 15% box. Write the lower-priority items at the bottom. Only work on the top of your list.
Tip 4 – Reward yourself for doing the right things. There’s a great book by Micheal LebBoeuf, called GMP: The Greatest Management princicple in the world. Here’s the book in a nutshell: The Things That Get Rewarded Get Done. If you reward yourself for your most positive actions, you will get more of them done… almost effortlessly.
Tip 5 – Do your FTF: Feared Things First. Which activity on your list do you fear most? That’s your FTF. When you start your day, ask yourself, “What’s my FTF today?” Start your day with that activity. By training yourself to do your FTF, you uncounsiously urge yourself to tackle tougher tasks.
Tip 6- Do a daily power hour. Take a few minutes every day – it doesn’t need to be an hour – for planning. Planning is like a rehearsal. Every great actor rehearses many tomes before stepping on the stage. Don’t step on the stage of life without rehearsing your performance.
Tip 7 – Exercise. It helps you work harder, longer, and think more clearly. It increases your health span and your life span. WHile we exercise, we also listen to our tapes, so that we can layer those two activites together. And therefore, were not only exercising our bodies, but our brains at the same. Speaking of that….
Tip 8 – Layer your activities. Use your waiting time productively. Do two things at once. Listen to your tapes while exercising, driving, or standing in line. Constantly ask yourself this question: “Is this the most productive use of my time?”
Tip 9 – Write out goals daily. We learned this from Brian Tracy, who writes out his top goals each and everyday. See the twelth aha, page 54 for more information.
Tip 10 – Just say NO!. Don’t let other people dump their “monkey’s” on you. Sometimes you just have to say no.
Around November of 2011, I started my quest for success. I had no clue where to start looking or how to get started, but my determination to be successful was all I needed. Somehow or another I ended up on Youtube. My goal at the time, was to reach an unimaginable height of wealth. With that goal in mind, I began to research past videos on Warren Buffet, Bill Gates, Donald Trump, and other highly influential individuals. Doing my research I came upon Warren Buffets and Bill Gates views on the deregulation of energy. In a interview Warren Buffet announced that the deregulation of energy will be the biggest transfer of wealth in U.S history. The deregulation of energy is suppose to be bigger then deregulation of the Airlines industry, and the Telecom industry. The energy industry is in the billions of dollars range and I wanted to be apart of it.
I still had no clue, what to do or how I would get invovled, but I continued to look around. At first my idea was to try and start my own ESCO company in New York City. The problem I faced was that I lacked business experience and jumping into a market I knew nothing about could be disastrous. However, I kept researching ESCO companies, and I found Ambit Energy. The company presented itself as a too good to be true offer. Never did I think it was possible to earn residual income off of the electricity bills of friends and family. I wasn’t easily convinced about the offer being presented, so it took me months to fully research the company. In the end I made the decision to commit to Ambit Energy, but the result was a massive amount of time wasted by not getting started sooner.
In today’s economy jobs are disappearing at a alarming rate. With the advancement in technology and passing of certain laws by our politicians, now more then ever American workers are stuck in a non-advancing position. Ambit Energy has presented a wonderful opportunity to expand my income and not fully depend on my job to provide for me. I hope that the opportunities with Ambit Energy and the search for greater knowledge, will open many doors for you as it did for me.
In today’s society many people find themselves working longer and harder to be broke. Even after clocking in 40 hours a week at work, the earned income is not fulfilling. To make up for the shortfalls in bills and entertainment, we place ourselves in debt. It has become apparent that, most of society lacks a strong financial IQ. This can easily be seen through our current economic times. Since President Nixon ended the convertibility between U.S. dollars and Gold in 1971,the U.S currency continues to become worthless. Ninety Five percent of the U.S dollars value has been lost. Many Americans continue to save, without realizing that inflation is destroying their savings. If we as individuals all took the time to increase our financial IQ, many of the problems we face today, would be solved tomorrow.
Do not bury your head in the sand, dont brush it off. RESEARCH AND LEARN FOR YOUSELF!
The following was copied out from the National Bestseller, Multiple streams of income by Robert G. Allen. Depending on who you are, what your interested in, and your expertise in certain areas, you will more then likely fit into 1 or more of these categories. Determine which category fits you personally, then learn how you can capitalize on it.
-Highly recommend Multiple streams of Income by Robert G. Allen, for all individuals to learn how they can escape the rat race.
Intrapreneur Skills: To influence, persuade, and to lead.
1. Insurance agents get residual business.
2. Securities agents get residual sales.
3. Network marketers get residual income
4. Coporate managers get stock options.
Extrapreneur Skills: To be creative, to entertain.
1. Songwriters earn royalties.
2. Actors get a piece of the action.
3. Visual Artists get royalties from paintings.
4. Game designers get royalities.
5. Celebrity endorsers get a gross percentage of profits.
6. Inventors get royalties.
Infopreneur Skills: To organize, to simplify, to teach.
1. Authors earn royalties from books and tapes.
2. Marketing Consultants get a percentage of profit or gross revenue
3. Franchisors get franchising fees.
4. Software creaters get royalties.
5. Internet Content providers get advertising revenues and royalties.
Autopreneur Skills: To analyze, to see hidden value, to invest.
1. Entrepreneurs generate business profits.
2. Savings account owners earn interest.
3. Investors get dividends, interest, and appreciation.
4. Discount mortgagors earn interest.
5. Tax lien certificate holders earn interest penalties.
6. Mailing-list owners get rental fees.
7. Company pension plans offer income flow.
8. Venture partners get a percentage of profits.
9. Real Estate owners can get cash-flow profits.
Starting the year 2012 many opportunities await those who are ready to take action. The decline in the economy, along with the housing bust of 2006, has created a great time to invest. Opportunities lies everywhere, the problem is that our vision and minds must focused on finding those opportunities. Keeping that in mind, I have personally been absorbing as much information as possible to see what I can capitalize on.
Real Estate – The market for real estate seems dry, but investors are facing the best time to buy into the market. Sadly as many Americans cannot afford to live in their homes, the chance to purchase foreclosed properties has never been better. Fixing the property and turning it into a rental is a great long term investment for residual income. It is mandatory that proper due diligence is done first, before investing.
Silver/Gold- As the Federal Reserve prints more money to ease the the economic slowdown, the value of the dollar decreases. Savings accounts are becoming worthless since the interest rates on the account wont keep up with the rise in inflation. The best way to hedge against inflation is purchase gold/silver. Below is a link on gold, silver, and the investing potential behind it. Research the company before purchasing. http://www.youtube.com/watch?v=vVoA5H1_9Bg&feature=related
Internet Marketing- With the massive expansion of the internet, the opportunity to connect with millions at once, has never been better. With the growth in You tube, Facebook, Myspace, Linked and many more, offering a service or product to the world has never been easier. A business can be operated right at home. By looking further into this field and studying the market, the chance to earn extra income is in plain sight. Below is a link on benefits of internet marketing. http://www.youtube.com/watch?v=8s2-w9AIb4g
Network Marketing- Network marketing is by the far the safest business opportunity of the 21st century. With massive loss of jobs across the country, the chance to be apart of another company has never been better. Most network marketing companies have lost start up cost, and step by step training to help individuals be just as successful. Some companies will seem better then others, but timing of the business is crucial. Jumping right into starting the business is the best way to start. From personal experience waiting even a few months couild mean the loss of in hundreds of dollars in residual income. Below is a link to my network marketing company capitalizing on the deregulation of energy. Their’s never been a better time to earn money off monthly electric bills. http://www.josh.energy526.com/Home.aspx
What most people turn on the TV and see is a country in a recession. The truth is that the transfer of money from one person to another is still occurring. The old idea of depending on someone to pay you a nice salary is fading. Corporations are looking for cheaper employees. It’s time to use our minds and expand the actions we take. Take your time+money and invest in your future!
Wanna protect your savings against inflation? Buy Silver, and buy it now!
For those that don’t want to enter the field of business and entrepreneurship, becoming rich is still well within their reach. Knowing how to save and manage your money is the first step. Th second step would be knowing where to put your money. Compound interest is very powerful if used correctly. More videos on understanding compound interest will be put up soon.