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Posts Tagged ‘The Millionaire Myth

2013 New Years message

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New year is a time when many people are creating resolutions and planning for the upcoming year. Many people set new goals and make commitments to stop doing some of the things that they think have been holding them back. These  resolutions often spark a giggle because most people know that they are not going to be that effective or long lasting.

 

So what can you do to increase your effectiveness in 2013?  Here are a few thoughts:

 

1)Don’t focus on stopping – focus on starting and doing better. When we focus on stopping a specific behavior it can be difficult. Those behaviors have become habits already. Habits are difficult to change unless we have something better to replace them with. By focusing on the stopping the negative habits of the past we also bring more attention to the negative into our lives. We would get greater value by determining what the positive new traits and habits we wait are and them seek those out so strongly that they crowd out the negative. In other words, set goals for what you WILL do this year, not resolutions for what you will not do this year. And I should also add that progress and productivity are not a matter of doing more. Progress and productivity are a matter of doing better. To become wealthy, more successful, a top achiever or whatever your goals is you must constantly be on the hunt for more effective strategies.

 

2)Put a plan in place -When you have some ideas of what you want to accomplish this year put a place in place that can be turned into specific action. The primary reason why most goals never get accomplished can be traced down to the fact that there is no system, follow up or path towards completion every contemplated. Don’t be content to just say “I’d like to…” Follow up your declarations and decisions with a plan. What can you do starting today? A purpose without a plan is not progress.

 

3)Take action now – Even with a plan in place you need to get started. Action is the ingredient that transforms all ideas from a mind into reality. Without action you cannot have a new reality. It may sound simple but for most people it is not. They often wait for conditions to be perfect or at least more ideal. Don’t wait. Conditions will never be ideal. But as you take actions conditions will change.  Top achievers do not wait for conditions, they create them. You must do the same. You must be willing to act in faith on what could be, not what already is. Do not search for ideal conditions, search for possibilities. You may remember something I said in The Opus Movie, “Top achievers are not perfectionists, they are improvisors.” I believe this is crucial. Don’t wait for ideal or perfect conditions to act. Get started today!

 

I hope these three thoughts have given you some thoughts to consider as you look at how you begin to approach 2013, but remember it doesn’t require a new year to make a change. Change is not attached to a specific date on a calendar. You can set goals and resolutions at any time. So don’t be afraid to come back and reevaluate and readjust later on this year. The key is to think carefully about what you really want and the get moving in that direction.

 

Happy New Year and make the best of 2013!

And all the best from my family to yours!

Douglas Vermeeren

Douglas Vermeeren, Millionaire Mentor

Douglas Vermeeren, Millionaire Mentor

Douglas Vermeeren – Wisdom from a Millionaire

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Douglas Vermeeren - Wisdom from a Millionaire

Douglas Vermeeren – Wisdom from a Millionaire

The Millionaire Event coming to Calgary

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The Millionaire Event in Calgary

The Millionaire Event in Calgary

Does financial education cost or pay?

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Money Smarts

How smart are you about your money?

Does financial education cost or pay?

By Douglas Vermeeren

To often people forget that every purchase we make is an investment. Everything you buy gives a return as we mentioned at the beginning of this book. It will either give you increased quality of life, enable to you to create or allow you to contribute. The investment in your education will also give you the ability to progress in these three areas.

If you would be financial free you must learn what it will take for you to arrive at that destination.

Too often people look at the price of education both in dollars and time and become frightened that the burden is too big. I would strongly state that the price of ignorance is where the real cost is. Ignorance limits your ability to see things as they really are and to utilize tools that you may not yet be aware of. Often we forget how lessons early in our lives changed our lives. If you had never learned how to walk, tie your shoe or ride a bike your freedom and opportunities would be extremely limited. The same is true of financial education. the more you learn the more power and ability you have.

The more you learn the more you earn.

Education also allows you to become more resourceful. Resourcefulness is the key to making big deals happen. When you know how to play by the rules then you can start working on the stuff that goes beyond the basics.

All top athletes learn the basics before they learn the extraordinary stuff that makes them superstars. The same is true with wealth building. Learn as much as you can about the basics and suddenly you will begin to develop the ideas and skills that will grow your wealth in extraordinary ways.

What about school?

Now let’s shift gears for a moment. What about increasing your education in school or university? Does staying in a formal school longer hurt or help your chances for being more financially successful. I still remember my parents (and maybe yours did too) threatening that if I did poorly in school that I would be destined to a job that would leave me broke. They further added that if I wanted to properly take care of my family I would have to do well in school to qualify for a job that paid well. Has anyone else ever heard that?

Is it true? Is it necessary for you to do well in school in order to achieve success?

In my own personal experience it hasn’t been especially true. I did average and below average in most of my courses, yet I have been able to create a pretty good financial situation for myself. I have seen the same of many of my friends and it was very common among the business leaders I have interacted with and studied. I believe that this notion is a little old fashioned as well. In the past most people relied on their income streams to come from others. Today we live in a time when most people have access to tools and business opportunities to create income streams beyond the traditional work place. No longer do we have to prove to a boss that we are worth the raise. Many of us are actually our own bosses and our raises will come as we go out and get them.  Street smarts seems to be the order of the day, not a college or university degree.  We have all heard by now, the success stories of people like Mark Zuckerberg, Bill Gates, Steve Jobs and others who did not complete their schooling with flying colours, yet became highly successful. This trend is starting to become more common.

Before I leave this subject however, I want to stress that I am not against formal education. I am simply stating that not all of the learning happens in the classroom. And a grade of A+ is not required to become financially success. In fact, the most important learning happens outside of it in application. Most people who acquired less that stellar grades actually do quite well when the learning style is switched to real life application. Maybe our schools need to add more of that component to supplement the theory.

In addition, I want to leave you with the clear understanding that I am for education. Formal and informal. I personally, still attend training on a regular basis and I do courses through correspondence and continuing education through Universities across the nation. Education will expand everything about you. But what I have observed is that your street smart education will generally have a stronger influence on your financial future and that expertise only comes as you are in the real world practicing what you’ve learned in school – and then learning how to do it better.

 

Douglas Vermeeren

Douglas Vermeeren

Douglas Vermeeren is considered the Modern Day Napoleon Hill. He is the CEO of the Monthly Millionaire Mentor Program, author of Self Made Millionaires for Dummies, Guerrilla Millionaire, Guerrilla Achiever and The Millionaire Myth. For more on Vermeeren go to: http://www.DouglasVermeeren.com

Buy your way to a Million dollars? Sure why not.

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Millionaire Mentor suggests business

Millionaire Mentor suggests business

 

Out of the self-made millionaires created in the world today 84% are created in the area of business. If that many self-made millionaires are made in this category it definitely merits a closer look.

Here are a few options:

Starting a business

You may have a great idea for a business. Keep in mind not all businesses are winners. A lot of business in fact fail and the vast majority of businesses make under $200,000 a year. That quite a distance from a million. So what are the key factors that make a businesses success more likely? Here’s a few quick questions that I try to create when building a business and ask when buying a business.

 

Is there an interested audience ready to pay for this product or service?

Are there systems to make this transaction or if not, how easily can one be created?

Is there management in place to keep the system running or improve upon it?

Does this business model have the potential for growth?

Is this business something that interests me?

 

Depending on how powerful the answers are to those question dictate whether or not I will move forward. You’ll notice that I don’t spend a lot of time wondering if I like the business. It’s actually the last question. While I think it’s important to be involved in something I enjoy it’s more important to remove emotion from the equation. If you aren’t making money you won’t have the privilege of being in business long and it certainly won’t help you to reach your goals of becoming a millionaire.

 

Quick tip: While there is a sense of satisfaction in starting your own business you can spend a lot of money doing so. It is always easier and generally more productive to buy an existing business with all of the systems and tools in place. It generally allows you to begin with cash flow in place.

 

Buying businesses

You don’t have to start a business. There are lots of great business to buy. Buying a business is a much easier and safer bet in my opinion as well. Statistics confirm that the majority of new business fail in the first two years. The majority of businesses are not profitable in their first five years. And Then there’s the issues of building your brand, finding customers and systematizing all of the details to be able to serve them. Why wouldn’t you just select a business that already has all these things in place and a proven track record and start there? It makes a lot more sense and is far more profitable and less expensive in the end.

 

You’d be surprised at the way these deals can be structured as well. And you never know why someone is looking to sell their business.

 

Recently I inquired about buying an additional business for my portfolio of passive income streams. In my quest for opportunities I found a wellness center that had been operating for nearly two decades. They had a large and loyal clientele and the revenue stream seemed consistent.  After answering yes to all of the above questions I decided to meet with the owner of the company.  The company was owned by an older couple who decided it was time to retire. However, I could sense that while they were interested in the financial benefits of selling the business the husband wasn’t entirely keen on stepping totally out of the picture. So we structured things and instead of me becoming the owner, I became a partner. He continued to work with the management team he put in place part time or as often as he wanted to, and I established another passive income stream for myself without having to put in any time or effort at all. In our agreement I also positioned myself that when my new partners grew weary of the business I would have first right of refusal to buy the rest of the company. I have built many deals where the original owners and I have become partners. Sometimes we have used the existing management and other times we have completely restructured the venture. Remember that everything is negotiable and you don’t always have to buy the entire company.

 

Quick Tip: There are many brokers and resources that sell businesses. You can find many of them online. I like brokerages for business because most of the time they have done most of your sifting already. they generally won’t list a business unless they believe they can sell it. Which means they have already explores the financials, legal documents and assets to ensure that everything they are representing is true. Naturally you will want to do your due diligence as well, but generally speaking brokerages give you a pretty fair head start. And by the way they generally charge the seller, not you.

 

Selling a business

While I like to buy business and hold on to them for cash flow or an increase in value I also like to buy and sell businesses. Sometimes you can make a lot of money doing this. Think of it like buying a fixer upper in real estate. You see a business that has potential, but maybe they are not quite running it at maximum performance yet. (Business being sold by people retiring are a great example. Perhaps they have become stale in how they have things systematized or are not even aware of new technology that could automate things for them allowing for more income.) Well, often when I see an opportunity like this I will buy the company, give it a facelift, increase the numbers and then go hunting for a new buyer. Buying and selling businesses are a great strategy for growing wealth.

Douglas Vermeeren, Millionaire Mentor

Douglas Vermeeren, Millionaire Mentor

Douglas Vermeeren is considered the Modern Day Napoleon Hill. He is the CEO of the Monthly Millionaire Mentor Program, author of Self Made Millionaires for Dummies, Guerrilla Millionaire, Guerrilla Achiever and The Millionaire Myth. For more on Vermeeren go to: http://www.DouglasVermeeren.com

A Secret Lesson in Growing Wealth

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Top Secret money strategies

Top Secret money strategies

A secret lesson in growing wealth

By Douglas Vermeeren

 

There are many financial programs, seminars and advisors that provide  the promise of financial abundance and instant changes to your current financial situation. Yet many of these programs offer complex strategies on money management and investment that either require a degree in economics to implement or in the end don’t provide the pay off that they promise. Is there a formula or system that will work to create greater financial security and an abundance financial future? Is there a strategy that will work for everyone, even those who don’t have extensive financial education?

 

Some gurus suggest there is no such thing as a blanket answer that will provide a solution to the financial challenges that so many people face today.  But is there?  And if there is, where do I find it and what do I do with it once I possess it?

 

There is a solution. One that will will work for everyone. The only difference will be in how it is applied. The challenge for most people is that this solution has been a secret. When you hear what it is you may not agree that it’s a secret, because it is so simple. But just because an idea is simple – don’t mean it is well understood. In fact, we generally measure how well something is understood by how common it is practiced. If that is the measurement of how well something is understood – then this is one of the greatest secrets ever revealed to mankind about money. Here’s the secret to become debt free, financially abundant and achieve incredible prosperity. Are you ready?

 

The Secret: It’s not how much money you make, it’s how you spend it!

 

The illusion: Most people think that how much they spend day to day is not really going to make a difference to their overall experience financially. But this is far from the truth.

 

The way money is spent in your life will either create freedom and opportunity or take it away.  Too often people assume that incredible opportunity and extreme freedom are given only to those with a lot of money. Again, that freedom and opportunity are found in how the money is spent. We see examples are around us (especially among celebrities and professional athletes) who make millions of dollars but become victims of vice and in a short time find themselves with a shrinking experience of freedom and opportunity until their popularity and money have both vanished. on the contrary we also see many who begin with very little money and ultimately become highly freedom and experience an abundance of opportunity. Such was the case with Warren Buffet who at his first job made close to $12,000 annually but later became one of the wealthiest men in the world.

 

So how should you spend your money for greater financial success? Before I answer that it is important to remember that every purchase you make is an investment. You are trading your money for what you value most. Having said that keep in mind that there are purchases that return value (appreciate) and purchases that do not return value. (Depreciate)

 

The difference between high net worth individuals and those in poverty situations is found in where they spend their money. A recent study demonstrated that people in poverty situations, or paycheck to paycheck survival mode typically spend an average of 97% of the income on purchases that do not appreciate or provide a return in value. This could include things like entertainment, shopping, eating out and so forth. So what amount do you think high net worth individuals spent on items that appreciate in comparison. I am always amazed when I ask this question at seminars. Attendees usually shout back answers like 50%, 60% or even as high as 80%. Is that what is required to become financially abundant – to dedicate the vast majority of your entire income to your future financial self. It doesn’t sound like fun.

How are you Spending your money?

How are you Spending your money?

 

Thank goodness that is not what is required. In fact, the difference is quite small. High net worth individuals actually spend only an average difference of 5% on assets that appreciate. But that 5% makes a huge difference. It reminds me of the saying that a large ship is steered by a small rudder. This is true in wealth building as well. The difference in the large things comes down to consistency and effectiveness in the little things.

 

One of my favorite life experiences so far has been to stand on the Great wall of China. Although the Great wall can be seen from outer space, when you get up close its interesting to see that it is really made up of small tiny bricks. This is the same way financial abundance is created. Small moments assembled to create significant victories.

 

One other thought: You may have heard about the expression – ‘Disposable income.”  I don’t believe it exists. Disposable means to throw away. If you are in the habit of throwing money you will never be financially free. There is no such thing as disposable income. And if you have been throwing away your money – stop it.

 

Remember how you spend your money makes all the difference.

 

So what can you do about it?

 

– Start looking more carefully at your purchases every day.

  • Consider what these purchases are costing you monthly and yearly
  • Explore where you can better use your money

 

Remember it doesn’t take a large shift in your money to make a difference. But it does require that you make some changes and you become consistent in better spending habits. As you do this you will find greater financial abundance and more freedoma nd opportunity.

 

Douglas Vermeeren - Millionaire Mentor

Douglas Vermeeren - Millionaire Mentor

Douglas Vermeeren is the CEO of the Monthly Millionaire Mentor program (www.TheMonthlyMillionaireMentor.com) He is also the author of Guerrilla Millionaire, Self-made Millionaires for Dummies, The Millionaire Myth, Millionaire Wisdom. He is considered one of the top wealth trainers in the world today. You can find out more at www.DouglasVermeeren.com

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