Business as a hobby

Millionaire Rule # 6: Learn How To De-Stress

stress 300x188 - Millionaire Rule # 6: Learn How To De-Stress

 

We all know that exercise, of any kind, is one of the best ways to de-stress the body. Well, you need a way to get to the gym, park or wherever you can exercise. At the age of 13, Dominic McVey started importing scooters from the U.S. to the UK since they were less expensive than what was available where he lived in London (given the dollar to pound ratio). He started selling them locally and was a millionaire by the time he was fifteen. One day, Dominic was googling “Visa” and ended up in a partnership with Visa and is now worth over $10 million.

 

Life and work can be stressful and it is important to find an outlet to de-stress. Yoga and guided meditations are an excellent way to let go of the day and become a human being – instead of a human doing. Between kids, work, spouses, finances, schedules, our own health and life in a modern world are all sources of stress. Continue reading →

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Millionaire Rule # 5: Get Out Of Your Comfort Zone

comfort zone 300x188 - Millionaire Rule # 5: Get Out Of Your Comfort Zone

 

At the young age of 10, Juliath Brindak began sketching characters and developed a complementary social media platform by the time she reached sixteen years of age. Her Miss O & Friends Company is now worth over $15 million, however, Juliath makes most of her revenue from advertisements.

 

We can stay in our comfort zones by spending time with people who are just like us. They think like you do, agree with you and have similar viewpoints of the world.

 

However, spending time with people who are most like us prevents us from growing. Learning and spending time with people who are smarter than us will expand our minds in crucial areas.

 

With just $600, Sean Belnik started an e-tail shop with trading cards. Eventually, he added furniture and founded BizChair.com. Having a knack for the market, Belnik is worth more than $24 million and he accomplished this all by the time he was 20 years old.

 

Being around those who are smarter than us helps us think differently and understand ourselves better. You become more conscious of why you are the way you are or what you do. It keeps us from believing that there is only one way of doing things or seeing things. People who are smarter than we challenge our way of thinking, what we consider to be the ‘norm,’ and our perceptions of the world.

 

John Koon was only 16 years old when he started an inaugural auto parts business in New York known as Extreme Performance Motorsports. He struck a deal with MTV to provide various products for their reality television shows and used that connection to team up with “Young Jeezy” for a fashion line. By that time, he was already worth $40 million and is headed to billionaire status very soon.

 

When you are around people who are smarter than you, you will become aware of many different perspectives, each with their own reasoning behind each viewpoint. This will challenge you to change your own perceptions when you understand someone else’s point of view, and it makes sense.

 

Recognize that each of us has our own individual talents, skills, and challenges. One person might be able to see the ‘big-picture’ while others can focus on the details. Having a detailed person around can help you think of all the consequences that can occur with a new idea or venture, while the ‘big-picture’ person can still think ‘big’ without worrying about the details. Hanging around people smarter than you will help you get a clearer picture and make smart decisions.

 

For example, Abraham Lincoln was well known for placing people in the cabinet that thought differently from him. Some people might feel threatened by this, but he realized early on that he was often blinded in his thought processes and needed people who were stronger in areas that he found himself weak in. He was seldom-caught off- guard because he surrounded himself with smart people who had thought of all the parts and pieces of an issue.

 

 

Quick TIP: Stay stimulated and remain sharp in the business world. It can open you up to a whole new world of possibilities.

 

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Millionaire Rule # 4: READ

 

read 300x188 - Millionaire Rule # 4: READ

 

 

One of the things that millionaires do on a regular basis is read. They love to learn because they are interested in expanding their skills and getting ahead in their field of interest. Millionaires know that knowledge is power and will stop at nothing to get more information, educational materials and talk to others, and that includes reading books.

 

When Steve Siebold was a college student, he was broke, but his quest to become a millionaire began with one interview with a millionaire. He has since interviewed over 1,500 millionaires now but during the course of his research, he noticed one pastime that the wealthy have in common – they love to read. Walk into any millionaire’s home and you will find a huge selection of books that typically focus on how to become more successful. Wealthy people would rather be educated than be entertained.

 

There is no better way to improve your mind than through reading. Taking the time to read is an investment in you and your mind. Take Warren Buffet, for an example who spends most of his working day reading. According to Thomas Corley, author of the book, “Rich Habits: The Daily Success Of Wealthy Individuals,” 67% of wealthy people watch television for one hour or less per day, spending much of their time reading. He also found that very few wealthy people watch reality television shows while 78% of the poor to make this a regular habit.

 

Interestingly enough, many wealthy people have very little formal education but appreciate the power of reading and learning long after school is out. You might still that the only way to wealth is through getting your Masters degree or doctorate, however, the wealthy are not interested in the means, only the end result. Continue reading →

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Millionaire Rule # 3: Avoid Get-Rich Quick Schemes

 

avoid 300x188 - Millionaire Rule # 3: Avoid Get-Rich Quick Schemes

 

Tony Lewis, the business owner, and writer was determined to get to the bottom of as many ‘get rich quick’ schemes that seem to pop up every day on the Internet. He found everything from real estate investing to affiliate marketing, all with incredible claims of making loads of money in a short amount of time. You do NOT want to fall prey to these scams and con artists. When Tony made the effort to get to the bottom of these so-called legitimate programs and investments for making money, he posed as an investor and managed to convince the owners that he was seriously interested in purchasing their entire business and website.

 

When the owners realized how much money they could make by selling their business to Tony, they gave him free access to their private member areas to review what he would be buying. In fact, the owners actually bragged about how many people had bought their useless programs. He continually found links leading to other websites that would ask for more money or the links didn’t work at all. There was no email support or help section and you could forget about ever getting a refund. Of course, when they contacted him again to see if he was still interested in purchasing their business, he didn’t respond to them.

 

You need to understand the difference between investing and speculation. When you are engaged in a business that generates cash and is sustainable, then you are investing. Generating sustainable cash over the long haul will yield value. When you are ready to get out of the business or do something else, you can sell it for a nice profit. Continue reading →

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Millionaire Rule # 2: Be Fiscally Responsible

responsible 300x188 - Millionaire Rule # 2: Be Fiscally Responsible

 

Being fiscally responsible means living within your means. Instant gratification and over-extending yourself, thinking that you will pay for it later is not the way to go. Justifying spending beyond your means is not going to reduce your desire or eagerness for the next new toy. In fact, you will be digging a bigger hole that you will find difficult to get out of, so get a hold of yourself.

 

No doubt, you have heard of Mark Cuban, entrepreneur regular on ABC’s “Shark Tank” and owner of the Dallas Mavericks, Landmark Theatres, co-owner of 2929 Entertainment, and Chairman of AXS TV. It was not an easy journey. Mark started out selling garbage bags door-to-door and lived off ketchup and mustard sandwiches while attending college.

 

Holding many jobs while attending University of Pittsburgh, Indiana University, and Kelley School of Business, Mark made his first million as an entrepreneur when he started a computer consulting firm. He made his first billion when he started web- broadcasting sports and is now worth of $2.6 billion. Mark was financially responsible and lived within his means, spending less than he made.

 

He didn’t use credit cards and did NOT spend every dime that he made. He followed the rule of “paying yourself first” – at least 10% before he paid the bills. Mark was prepared for the unexpected and knew where his money was going. Continue reading →

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Millionaire Rule # 1: Ask Questions

 

 

Ask Questions 300x188 - Millionaire Rule # 1: Ask Questions

 

When two brothers, named McDonald, ordered eight multi-mixers for their hamburger stand in San Bernardino, California, Ray Kroc, a multi-mixer machine salesman, knew he was on to something. He acquired the rights to the McDonald name and opened his first franchise in Des Plaines, Illinois in 1954. The rest, as they say, is history. Ray Kroc, in his fifties, seized the opportunity that was staring him in the face. It was not a complicated concept: hamburgers, French fries, and milkshakes. Today, the average McDonald restaurant franchise brings in a $1.4 million per year.

 

Ray Kroc asked questions about the business he was interested in, how things work, the economy, etc. He created a business model based on his findings by asking questions about the business and what keeps the customers coming back for more. It turned out to be a basic business that money makes money hand over fist. It doesn’t matter what the business is. It can be a product or service, and when you add your value and expertise to the mix, you can be very successful. However, making money is at its core.

 

Another example is a research chemist, Neil McCarthy who started investing in the stock market in the 70’s when he was 34 years of age. When stocks went down, he purchased more contributing to his IRA and 401K. His employer matched it 100% giving him risk-free money. It was during the 90’s bull market when he received a huge payoff because his stock doubled in three years, allowing him to reach $1 million.

Continue reading →

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Millionaire Mindset

millionaire thinking 300x188 - Millionaire Mindset

 

“Before you can become a millionaire, you must learn to think like one. You must learn how to motivate yourself to counter fear with courage. Making critical decisions about your career, business, investments and other resources conjure up fear, fear that is part of the process of becoming a financial success.”

 

– Thomas J. Stanley

 

Do you dream of being a millionaire? Do you want it so bad but have no idea how to achieve a millionaire status? Do you picture yourself winning Publisher’s Clearing House or the lottery? Right at this moment, think about what you are interested in or love to do. To cut to the chase, the millionaire mindset means knowing how to be an entrepreneur, saving your money and learning about what makes you tick.

 

Aaron LaPedis was 10-years old when his mom decided to have a garage sale. She told Aaron that if he sold some of his old toys, he could keep the money or use it to buy new ones. Later that afternoon, his parents went inside to have lunch, leaving Aaron in charge of the garage sale. Forty-five minutes later, his parents came out to find Aaron with pockets full of cash. They were very proud of him until they realized he had sold a lot of their furniture. Continue reading →

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AIDA marketing

AIDA

Other of the oldest mnemonics in MARKETING. AIDA describes the stepping stones to successful communication:

  • get Attention
  • hold Interest
  • arouse Desire; and
  • obtain Action

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Advertising

The expenditure on ADVERTISING in a period expressed as a percentage of the total sales for the period.  Most manufacturers believe that best promotion in newspapers and magazines for their products is a flattering copy in the editorial sections of the publication. More people make purchasing decisions on the basis of the prosaic recommendations of a well-respected correspondent than on the strength of a dazzlingly beautiful advertisement. A major part of the job of PUBLIC RELATIONS is to encourage such copy.

 

A way of achieving this at a price is to make advertisements look like editorial. Such “advertorials” are appearing in an increasing number of lifestyle magazines and always have the word “Advertisement” at the top. Continue reading →

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