Recent Webinar

Sorry it has been so long since I have posted. I have been extremely busy with working twelve hour shifts going to school and also a quick trip back home. I would first like to talk about the Rich Dad Poor Dad webinar that I have recently watched. It had a lot of good points and I will share a few of them now and also possibly more in later posts. He started out by telling you why employees and small business owners are destined to fail and big business owners and investors win. The biggest reason is because of debt and taxes. I am going to call employees and small business owners from here on out E's and S's and big business and investors B's and I's. E's and S's get screwed by taxes from the government because the government want to reward those who create jobs and provide houses because the government knows that it can not do it well enough. So since E's and S's are not doing what the government wants them to do they get taxed. B's and I's get taxed also but very small percentage points and they get the most tax right offs and incentives to reduce their taxes to the most minimal amount. E's and S's also lose in the category of debt. E's and S's lose on debt because they use bad debt B's and I's win because they use good debt. The difference between good debt and bad debt is that good debt makes you money and bad takes money out of your pocket. Good debt would be a mortgage on a income property meaning a rental or commercial property or buying a stock on margin that give you quarterly dividends. Bad debt is the debt that we all own meaning credit cards, mortgages on our own home, school loans, car loans, and whatever other doodad we buy on bad credit. I really hope you find something useful out of this post and apply it to your lives. If you apply some of these thoughts you can learn to begin to think like the rich and hopefully one day become wealthy yourself. And wealthy is a very generic term not only meaning money but also wealthy in happiness and relationships with your friends and family. Please let me know what you think of this and if there are any specific topics you would like me to hit on. Thanks for reading

Ben 

Comparison of Rich People Views and Poor People Views

Poor People	Rich People
“Go to school and make good grades.”	“Become financially literate.”
“Get a safe, secure job.”	“Build businesses.”
“Work hard and save.”	“Don’t save, invest.”
“Work for money.”	“Let money work for you.”
“Pay your creditors first.”	“Pay yourself first.”
“Save money by shopping for bargains.”	“Make money by shopping for investments that will go up in value.”
“Don’t buy something you can’t afford.”	“Ask yourself how you can afford it.”
“Investing is risky.”	“Not investing is risky.”
“Your house in an asset.”	“Your house is a liability.”
“The rich are greedy.”	“The rich are generous.”
“Money is a necessary evil.”	“Money is power.”

Warren Buffett Quotes

"A public-opinion poll is no substitute for thought."
 "I always knew I was going to be rich. I don’t think I ever doubted it for a minute. "
"I don’t look to jump over 7-foot bars: I look around for 1-foot bars that I can step over."
"I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years."
 "If a business does well, the stock eventually follows."
"If past history was all there was to the game, the richest people would be librarians."
"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently."

Professionalism

Pay attention to the things you do and say. Even when just writing a short email to some one try to use proper grammar. Your first impression of someone is very important. If you get an email from someone throwing you a pitch for their investment and they use bad grammar and spell every other word wrong you would probably question their legitimacy and question their intelligence. So just be aware of what stuff you put out there because it can always come back at you and might hurt you in future business deals. If you have any questions or comments please feel free to write me.

Thanks, Ben   

Sales

An important skill to learn if you are going to be successful is sales and marketing. Even if you don't think you have a product to sell you really do.. Yourself. Its always to good to get out there and make yourself known among the community. You need to make a name for yourself so people will trust and believe in your products or whatever it is you are trying to do. You can't just yell "look at me!" though you would sound obnoxious. You have to find people who would actually be interested in what you would offer and advertise it to them. Be it a lunch meeting or what have you. It is always best to be open  honest and well prepared when presenting an idea to your future clients because then you will make a good name for yourself and have people that will now trust you and help you with your future plans and ideas. If your product is of value, you price it fair, and have the right buyers it should essentially sell itself. If a particular item is hard to sell you are probably going to find out that that item is not with selling at all. Once again thanks for following if you have any questions or comments feel free to ask.

Thanks, Ben   

Goals

An important part of being successful is actually making goals. I'm sure you have heard this many times but it actually does work. You just have to make sure that you realize every milestone you make and congratulate yourself when you hit the goal. You need to set up what you want out of your life. Think about something you really want and set up realistic goals to reach it. Write down a list of short, medium, and long term goals. Each night before bed or when you wake up make a list of 5-10 that you want and or need to accomplish that day. Then track your progress. You need to write down everything you accomplished in that day and check it off the list for your short term goals and start working toward your medium term goals. Make this a strict list so you can always be accountable to it. If you do all this and stick to it you will accomplish what you set out to do and will be very proud of yourself for what you have done. Give it a try and see what happens. Thanks for following me let me know what you think about my blog and message me if you have any questions or want me to hit on a specific topic you are struggling with

Thanks, Ben

Assets vs. Liabilities

One of the main reasons people are struggling financially today is that they don’t really understand the difference between assets and liabilities and they are calling their liabilities assets. Assets are investments that put money into your hands monthly. Liabilities take money out of your hands monthly. Therefore your house and your car are not assets. Many people believe they are assets and that's how they get in trouble. Do not confuse the two 

Cash Flow

Cash flow is very important and a simple topic. You need more money coming in than going out. So you would think the more money you make the richer you will be. But most of the time that's not all the way true. Doctors make a lot of money but usually they have bigger houses nicer cars and more money on credit cards meaning they have more money going out than they do going in. Plus they pay higher taxes. You want to keep the money you are taxed on as low as possible to make a living. You also need to build your assets. Meaning more monthly cash flow. You acquire assets in many ways and just depends on what you want to buy. But a main asset would be apartments or a house. The monthly income from those assets will buy you the nicer things you want in your life. You should only buy major purchases like a house or a car if you have the monthly cash flow from an asset to pay for it all. 

Learning

What I have done starting off is first payed off all my debt. Then I looked at all the avenues of investing to pick which one or few I am going to stick to. I think you are better off focusing on a few avenues rather than investing in a ton of different ones. The more you learn about a specific topic the better advantage you will have on others who aren't as experienced in it. I would advise to learn as much as you can before putting a lot of money into something. But on the job experience I believe is the best way to learn. Just go out there with the knowledge you have and money you would be willing to lose and then learn from your mistakes and also successes. An alternative way I have found to learn about investing and personal finance is a game called "CashFlow" Here is the link. CashFlow. It shows you how the rich stay rich and the poor stay poor. Thank you for following I hope I can help all of you to be more successful in all ways of life. If you have any questions or topics you want me to hit on just message me and let me know.

Thanks, Ben

You can't just save your money

Many people providing financial advice will tell you to “save your money” to get ahead. While this might have been true in the past, changes made in 1971 made this no longer true. The phrase, “Savers are Losers” might sound radical, but in today’s economy, does it really make sense to save your money?

First and Foremost

First if you haven't already I would advise you to read the book Rich Dad Poor Dad. This book has helped me out tremendously. You need to view money in a different way and focus on building assets and limiting your liabilities. Get rid of all your debt first then look at new opportunities to invest.

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