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March 07, 2009

Spend A Day Learning About Success!

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SPEND THE DAY WITH AMERICA'S #1 SUCCESS COACH - THIS MAY IN TORONTO!
This May, success coach Jack Canfield, originator of the Chicken Soup for The Soul books will be arriving in Toronto for the first time to teach "The Success Principles 2009", his powerfully motivating positive thinking program.    You can spend the day listening to his teachings and leave that much stronger, more knowledgeable, pumped to change, and more dedicated to success than ever before.   I will be there in support of my very good friend, and one of the original founders of this club, Ginny Kontosic.  It was her brilliant idea to bring Jack Canfield to Toronto, and I am dedicated to her success.  Join me and fellow club members for the day and learn the specific strategies Jack has used to become a millionaire many times over!  Buy your ticket on the Early-Bird Special and save on your ticket price.  Check out her website at www.universalenergieseventplanning.com.   Anyone who is dedicated to success will be there!   See you at the Metro Convention Centre on Saturday, May 23rd, 2009.

A Dozen Hard Learned Lessons!

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SOME HARD LEARNED LESSONS!

Lesson # 1:  Combine the things you love, but make sure one of them makes you money! 
Lesson # 2:  Watch Fads because they could become Moneymakers! 
Lesson # 3:  Even successful people can be close minded about new things - they may only trust the market they know. 
Lesson # 4:  Realize how stupid you were yesterday, how much you need to learn today, and how much you will realize you didn't know today when tomorrow comes
Lesson # 5:  There is always another way to solve the problem; you just have to be open-minded enough to see it
Lesson # 6:  Don't be afraid to venture out and try something new
Lesson # 7:  Real estate growth is way easier than working for a living
Lesson # 8:  "Listen to people who have more than you in the field in which you wish to gain, not less.   Pay attention to their prejudices about new things, but trust what they say about what they know.
Lesson # 9:  Even though you make the same amount of money, you can move up if your real estate makes more money than you do!) 
Lesson # 10:  Don't be afraid to do what you love, just find something else to subsidize it, instead of having it deplete you.)  
Lesson # 11:  Fear and need are powerful motivators.
Lesson # 12:  Don't forget to give.   You shall receive.   Always spend your days trying to find some way of giving back something.   It doesn't really matter what, who, or how much.   Just do it!

A Past Newsletter Tidbit

INSPIRATION

Have you found that you just can't get going in real estate?   If you're in a little bit of a rut, and you need a kickstart, have you considered a Daily Mantra?   Before you laugh this off and think that perhaps a New Age Guru has taken over this blog, let me assure you that it's still me - Paola, writing to you from cottage country enjoying this week's supply of rain!    When I first started, I repeated this sentence each morning as I started my day:  "I am now a real estate investor.   What will I do today to that end?"   During the time that I used the Daily Mantra, my equity wealth and some cash flow stuff improved my overall financial wealth picture by 67%.   In mid March or so, I stopped repeating this sentence (things got hectic for me and serious family illness added to the commotion) and my wealth over that period did not increase at all!  I restarted the Daily Mantra routine in mid June, and since then I have decreased my expenses by $225/monthly (to add to my next purchase investment accrual high interest savings account), as well as increased my overall wealth picture by 22% (in two months).   Have I convinced you yet?    Try creating a sign and sticking it up beside your bathroom mirror to read everyday.  You can use my sentence or create your own one.   If you can't be bothered to make the sign, feel free to use the one I am now using, by downloading from our website.

Ten Rules for Creating Wealth

A few rules I've learned about creating wealth:

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Rule # 1:   Decide what you need the money for and designate it as your goal.  (If you're working for something you want, you'll be more dedicated to it.)

Rule # 2:   It's never too late to start.  

Rule # 3:   You can always start fresh every day.  (If you didn't succeed in a venture, it was because you did something wrong.   Determine what that was and don't repeat it in your new venture - which you should force yourself to complete, without allowing your failure/poor performance to dictate your future.)
Rule # 4:  Spend less than you earn.   (It's surprsing how many of us do not do this.)
Rule # 5:  Borrow only for good debt - which means don't borrow for bad debt, unless you can profit from it anyways somehow.
Rule # 6:   Don't pay a lot to learn something from someone.   If you're taking a course, make sure the fee is reasonable or even inexpensive (<$1000 for example   If you're paying anything more than that for a course or mentoring, then you are subsidizing someone else's great business idea.)
Rule # 7:   Have a set time of day or week to work on 'getting wealthy' and stick to it.   (If you consider it a part-time job you've committed to, say every Saturday from 1:00 to 4:00 pm, then you will grow wealthy more quickly.)
Rule # 8:   Create to income streams to generate more money, then allocate that money to your investment goals.  
Rule # 9:  Understand that there are no secrets and that it doesn't work overnight.   You have to fine-tune your thinking constantly over time until it's right and until it affects your decision making all the time.  Building wealth takes time and learning how to build wealth is a process.
Rule # 10:  Remember the best advice is free!   If someone is telling you something, you only have to question their motives and understand if they are legitimate.   (If you are paying some top dollar for a course, their motive may be to help you get rich, but it also may be the $4000 you just paid them to tell you stuff you can learn from each other for free, or for small amounts.  I also once met someone who spends a lot of time counselling other investors in real estate investment, but doesn't actually own any property!   So remember to ensure legitimacy.)
Follow the rules and financial freedom will come!

Cashflow, Cashflow, Cashflow!

DO THE NUMBERS!

I'd like to re-iterate the importance of doing the numbers on your prospective property purchase, as I've heard a few people saying they know it cashflows, but can't produce a spreadsheet to prove it.   In my opinion, and believe me, I've learned my lesson in this area, properties that seem like they would cashflow don't necessarily cashflow.  And that's fine, provided you're buying for equity (and that's your strategy) AND you can support the negative cash flow in your overall picture.  Notice that I've attempted to make an impact on readers by dramatically highlighting the key phrases.  

CONCENTRATE ON THE BIG PICTURE

It's also important to consider the "BIG PICTURE".   To do that, the best suggestion I have is to buy a large piece of bristol board, (like you did in Grade six when you had to do that project on the Native Peoples of Canada) and plot it all out in boxes.   What do you have?   Colour code the cash flow properties one colour (blue - solid/boring, but cashflow productive) and the equity properties another colour (red - to signify hot/lucrative, but dangerous).   Make the bristoal board total picture match your goal.  If your goal is to purchase three cashflow properties by December, then you should include three empty boxes, which should 'bug you" as you look at them sitting empty every day - right beside your desk or hanging by your bedroom lamp, where you'll see it all the time.    This simple exercise will help you: identify your goals, write them down (in visual format), see what's missing visually, and constantly try to fill in the missing pieces.   It will keep you on track when you're looking at investments, because it'll make you think (while you're hearing people talk about great deals) - "does it fill in my empty box bugging me on the bristol board beside my desk?"

Formula for Success

NAPOLEON HILL’S FORMULA FOR SUCCESS

Here is an excerpt from Napoleon Hill's book Think and Grow Rich regarding the FORMULA FOR SUCCESS:

"The application of this principle may be made through a simple arrangement of positive thought impulses stated in writing, memorized, and repeated, until they become a part of the working equipment of the subconscious faculty of your mind." Commit to this formula and you are bound to have success:

FIRST: I know that I have the ability to achieve the object of my definite purpose in life; therefore I demand of myself persistent, continuous action toward its attainment, and I here and now promise to render such action.

SECOND: I realize the dominating thoughts of my mind will eventually reproduce themselves in outward, physical action, and gradually transform themselves into physical reality; therefor, I will concentrate my thoughts for 30 minutes daily, upon the task of thinking of the person I intend to become, thereby creating in my mind a clear mental picture.

THIRD: I know through the principle of autosuggestion, any desire that I persistently hold in my mind will eventually seek expression through some practical means of attaining the object back of it; therefore, I will devote ten minutes daily to demanding of myself the develpment of self-confidence.

FOURTH: I have clearly written down a description of my DEFINITE CHEIF AIM in life, and I will never stop trying, until I shall have developed sufficient self-confidence for its attainment.

FIFTH: I fully realize that no wealth or position can long endure, unless built upon truth and justice; therefore I will engage in no transaction which does not benefit all whom it affects. I will succeed by attracting to myself the forces I wish to use, and the co-operation of other people. I will induce others to serve me, because of my willingness to serve others. I will eliminate hatred, envy, jealousy, selfishness, and cynicism, by developing love for all humanity, because I know that a negative attitude toward others can never bring me sucess. I will cause others to believe in me, bcause I will believe in them, and in myself.

I WILL SIGN MY NAME TO THIS FORMULA, COMMIT IT TO MEMORY, AND REPEAT IT ALOUD ONCE A DAY, WITH FULL FAITH THAT IT WILL GRADUALLY INFLUENCE MY THOUGHTS AND ACTIONS SO THAT I WILL BECOME A SELF-RELIANT AND SUCCESSFUL PERSON.

Thanks to Joan Hing-King from www.helpingeachother.ca or www.justaskjoan.ca for this synopsis.