The problem with traditional debt management within traditional BS money management is that unexpected expenses make it harder to ever dig yourself out from under your bills. It likely feels like you can never get ahead… because you don’t. Therefore, you must save even if at the expense of not paying down your debt faster. If you have debt, you should create a budget that sets aside a monthly amount for that debt after saving. Then, that savings can be your most valuable resource to avoid falling back into debt. If you still can’t seem to stay within your budget, setup your Fun Account in cash. Studies show people have less resistance to using credit cards and checks as to spending cash. Finally, write down everything you buy (at the very least just to spend more time and thought on each and every purchase) and then review your current expenses for surprises as well as areas you know you can cut back (to detail how much). Common hot spots include TV and cell phone contracts as well as eating out. The lifetime expense of a medium sized dog is $16,000 – what message are you sending when effectively taking that money from your children’s college fund?
If you are looking to make some serious money online, these are our favorite ways to get the job done. They won’t make you rich overnight, they require real skills, and they demand a time investment from you…. but all of these options can eventually lead to a full time income.
Buy real estate. A common way to make money is investing in real estate. Property may gain in value over years, and may provide a good return on investment. Investments can be flipped, rented, or developed.
Start a blog, give speeches, write articles or publish a book on your niche area of business. Become the expert that people seek out when they need a solution. If you market yourself enough you will be receiving warm phone calls from individuals wanting to buy from you instead of potentially cold calling on individuals who have no interest in your business. (For further reading, check out Small Business: It’s All About Relationships.)
From Day 23 (when the money is just about $41,000), something very interesting and dramatic happens. The doubling rates pick up and grow so fast in just seven days that the money hits $5.368 million by Day 30. Truly amazing!
Emotional intelligence (EQ) is the ability to identify and effectively manage your own and other people’s emotions. Many academic studies over the past decades demonstrated the power of emotional intelligence, and it is now considered the core ingredient of personal and professional success.
Just like there is no easy way to predict which startup will become the next billion-dollar unicorn -there are so many factors to consider and sometimes you’ve got to take a chance and stop thinking you know it all.
Start reaching out to Millionaire’s that you admire. Even in your local community. Most successful people are open to sharing their story and possibly being a mentor for you. If you don’t know anyone ask your friends. Ask around for a referral. Every time I ask one of my Millionaire friends they also have Millionaire friends. Just like I said before “Your Network is Your Networth”. If you want to fly with the Eagles, Don’t hang out with the Turkey’s. That is why it is not a coincidence that one Millionaire will also surround him or her self with many other successful people too.
Finally, we are at it. What else do I have to say, what advice do I have to give at this point? If you have steadfastly gotten to step nine, I say congratulations but I’m still sorry to say that all your effort will be null and void if you ignore step ten; the most important step of all. In the game of entrepreneurship and life in general, many start the race with enthusiasm but along the way, most lose their enthusiasm and others their focus. Only about ten percent will make it to the end of the race. Are you going to be among this ten percent? Only you can decide that.
Getting rich and becoming a millionaire is a taboo topic. Telling someone that you can get it done in five or ten years sounds like an unrealistic and outrageous fantasy. Pull it off and society will suggest that keep your financial success on the ‘down low’ or be labeled a greedy, gluttonous elitist.
My third company, Cardone Acquisitions was started with ten years of saved money (remember the sacred accounts). I invested $350,000, a large part of my net worth at the time into my first apartment deals. That company has done over $500,000,000 in real estate transactions. All that was possible because of steps 1-8 with the goal of having money do the heavy lifting.
Let’s take a look at how an average person, let’s call him Joe, can reach this million-dollar goal by the time he retires at age 67 (34 years from now). Joe (single, age 33) has an annual gross income of $50,000, and his employer has a 401(k) plan and matches contributions up to 5% of Joe’s salary. Joe is also committed to saving $4,000 a year in a Roth IRA. We’ll assume his investments have a 7% return, (average rates of return range from 5 to 8%).
Wow long post but this is so correct!! It all does come down to those 3 things and attitude is probably what I think is the most important. I’ve been in a really bad slump and not doing the amount of business that I was doing the only thing that has gotten me through is the desire to reach my goal of being wealthy. Without that vision I would’ve given up a long time ago.
“Listen, I realize your time is valuable, so I am happy to pay whatever you think is appropriate for an hour of your time even if that’s more than your normal rate. Whatever you feel is appropriate, I am happy to Paypal that to you. Can I get on your calendar in the next two weeks?”
There are many people out there using fake names and hire people to claim they make tons of money using some made up system. You can find these “actors” on sites like Fiverr.com for example. On that site and other similar ones you can hire anyone to do some acting for you for $5.
Blogging is something that requires patience, persistence and discipline. It may mean writing everyday for over a year before you really start to see any money from it. There are exceptions to the rule, but from my dealings with other bloggers, it seems to be pretty common to spend one or even two years building your blog, your brand and your authority, before making any serious amount of money.
Rule No. 2: Pick a boring business. Everyone is always on the lookout for “the next big thing.” The next big thing is finding rare earth minerals on Mars. That’s HARD WORK. Don’t do it! Bryan picked a business that every merchant in the world needs and he also knew that it was an exploding business because of all the online stores that were opening up. You don’t have to come up with the new, new thing. Just do the old, old thing slightly better than everyone else. And when you are nimble and smaller than the behemoths that are stuck with bureaucracy, you can often offer better sales and better service, and higher touch to your customers. Customers will switch to you.
Ryan Guina is the founder and editor of Cash Money Life. He is a writer, small business owner, and entrepreneur. He served over 6 years on active duty in the USAF https://youtu.be/oqILt-n4Qns is currently a member of the IL Air National Guard. He also writes about military money topics and military and veterans benefits at The Military Wallet.
Interest on your money is just one way to make income online. Another way that is profitable is affiliate marketing. More work required, but some are very good and profitable to do. Sponsorship is usually required. Some with little effort. Here are a few I like.
Thank you very much for your comment Alexis. You are right, those videos with only voice over PowerPoint presentations are extremely poor. I understand, it is much easier, cheaper, and also safer to produce. First, they don’t need to rent luxury villas, privates jets, Ferraris, etc. Second, they don’t need to hire actors. And third, if the guy in the video (only the voice) says that he is a super-duper success story John Smith but never show you any photo of himself, how on Earth can you prove he is a genuine person. Most probably he is not.
Ari Meisel, author and entrepreneur, batches his activities and alternates his environments to match the work he’s doing. On days he is recording podcasts, he goes to a studio and records about 5 podcast episodes in a single session.
Consider the work you want to do online. Because the types of online jobs vary, it’s wise to home in on what you want to accomplish from the experience, the number of hours you want to work and how much money you’re looking to make online.
Extra: What a tip? Start by resisting the temptation to improve your standard of living too quickly. It’s fun when you start going to fancier restaurants and living in bigger houses but there’s no going back (or at least without major pain). You can always spend more later, and there is absolutely no rush.
MTTB program is 21 steps, each step about 10 to 30 min video from Matt Llyod: subject business types, Business Mindset, Franchise,… You are required to schedule a 10 minute call with a coach who will discuss with you the progress and than she/he give you access to the next step. At the sixth step you will be introduced to MOBE (My Online Business Education) and you are required to pay $2499 to be able to proceed to the next 15 step if not forget the $49 and the $500.
“Avoid decision fatigue,” writes Tucker Hughes, who became a millionaire by 22. “Attention is a finite daily resource and can be a bottleneck on productivity. No matter the mental stamina developed over time, there is always going to be a threshold where you break down and your remaining efforts for the day become suboptimal.
What I want you to do right now is to reach out to one influencer you follow, provide tons of value to them, and then ask if they will feature you on their page. As I always like to say, you never know until you ask, so just do it.
A great way to get promoted at work is to show you do not get upset easily and prove you can stay composed when not everything goes according to plan. Try to come up with different imaginary scenarios requiring you to use your EQ skills and work out the possible solutions to them.