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January 25, 2009

My Pride and Joy


January 15, 2009

It's Amazing What People Will Do and How They Think!

Each time I check my website statistics, I am baffled by the contents!

I remember thinking it was strange initially.   Now, I no longer think it's strange, but I still think it's a product of our lifestyles, our thinking, our negative money patterns, and our ignorance.

I continue to be amazed at how many people do it?   What is it, you ask?

Here it is:   more people check my "Products" pages than my "Links" or "Resources" pages!   Why is that?

I mean, if you log onto a great website (such as www.canadianfinancialfreedom.com  - lol), then why not use it to your benefit instead of looking for a way to have it negate some part of you?  If  people are looking more at my products pages for examples than my resources pages (not that I mind it, mind you), but this means they're immediately looking for what I sell (so they can buy), instead of what I offer (so they can learn, register information, and improve their lives).  

Now don't get me wrong:   everything I sell is worthwhile and it goes to a good cause; I use it to subsidize the kids at my school who can't afford to come.     So, it's going to a good cause, for sure.

But think about it:  this means that most people are FIRST thinking to buy something/spend money, than to learn about how to change their lives!

It's our thinking that's off-centre.   We should change.   And, we should spread the word about change.

Making Money Through Generating Additional Income

There are so many ways to make money, it's unbelievable!   As this global economy turns more and more to entreprenuerial rhythms and moves further and further away from the long-term loyal employee/employer relationship, we will need to look at alternative forms of generating income.

Obviously one such way is to ensure our real estate purchases can 'pay us monthly'.   If they do, we have just learned to generate additional income.  In more advanced real estate circles, these are called cashflow purchases.

Another way is to find a real estate property that can generate seasonal cashflow income, such as a recreational property in Muskoka, Collingwood (Blue Mountain), or Wasaga Beach.   These properties can be rented on a seasonal basis and generate some income - at least enough to subsidize their money extraction from your pocket.   All the while, these properties that will NEVER REALLY go down in value (they're not making any waterfront property anymore  - but they are making some new city properties by encroaching into rural land bases!), continue to go up, up, and way up.

A third way is to create a secondary business on the side from your regular day job (notice that I didn't include your day job as a way to generate income, as most of us who have a day job generate only enough income to live paycheck to paycheck.   You can even get your name out there for free these days!  (www.kijiji.ca)

A fourth way is to create an internet business that will add passive income to your cash base.

A fifth way to generate income, which is often overlooked, is the reduction of expenses - without having to change your lifestyle and comfort level.   It's incredible once we actually spend one full day going through everything, how much we can save by making simple changes, all of which have little or no impact in our lives. 

Making changes in your life to generate additional income on your road to financial freedom is the way to go!   Do it today!    Take Action!   Generate Wealth!

January 03, 2009

We Always Forget The Goal!

It seems incredible to me that I often forget the 'main goal'.  

Have you ever done a mountain of work and then realized you still didn't finish the main job?   Have you ever thought you were working towards a goal, only to find that you were constantly getting redirected to unnecessary tangents - which seemed so necessary at the time?  Why must we all be SO tangental?

With respect to financial freedom, there is only one goal and here it is:

Monthly non-working income/cashflow MUST be    >   Monthly Expenses +

If you're a specialist doctor for example make $500k per year, are you financial free?   NO.  Because you still NEED to work to make money to pay your bills.  If you stop working, your income will stop in this case - no matter how much money you are making!

The key really is:  income that is not dependant on you working to get it.   What type of income is that?   - Cashflow income for rental properties that are taken care of by a property management company.  I have a few of these properties and over time, I have come to realize that RichDad's teachings (Robert Kiyosaki) are integral to financial freedom.   Because if you have to WORK for your money, they even if you make a lot of it, you are not financially free  (you are still tied to working to get the cash).   This can only occur if the money you make is not dependent on you working daily.  

Now that it has been put this way, be truthful to yourself.   How much of your income is not dependent on you working daily?   If you can truly say that your non-working income is greater than your monthly expenses, then you are financially free.  If no matter how much money you make, you can't say that, you are NOT financially free in your day job!  There are many people, who, even though they make A LOT of money are NOT financially free.

Don't forget the goal:   financial freedom comes from work-independent income which is greater than your expenses.