Ultimate Wealth

More than anything else, the key to success in business depends on how and where to advertise. You must advertise or forever remain unknown. If you have “the better mousetrap,” you have to let people know about it, or your ideas and efforts will come to nothing. Everybody seemingly has an idea for a product, a service or a “how to” manual of some kind. Many people spend half of their lives perfecting a product, learning how to perform a special service, or writing a book – only to end up penniless and heartbroken because “no one beats a path to their door” to buy whatever it is they are trying to sell. In most cases, it’s a matter of whether you want to “go down in history” as just another inventor, hard-worker, author or want to “sell a product and enjoy the rewards.” Always do some basic common sense product analysis and market research before you begin building, learning or putting together something you want people to buy. The same kind of “research’ will save your time, frustration, and money, if you apply the same principles to every “selling opportunity” that arouses your interest. Make a check list of questions that must be answered before you embark upon any project or get too deeply involved in any selling situation. Such a checklist should answer the following questions: Read the rest of this entry »

What is your wealth quotient? And, when do you know you have achieved “wealth?”

For the purposes of this article, wealth is defined as an income level derived from passive sources that allows you to live without depending on a job. Passive sources are any income source that throws off a positive cash flow, that you can bank or spend. For example, the cash left over from a rental property after all expenses are paid, is passive income. Likewise, interest from a certificate of deposit, or dividends from stock investments, are examples of passive income. With this definition in mind, the key to creating wealth is to figure out how to create and build passive income sources. To measure my progress in this area, I use a simple formula:

Passive income divided by your total living expenses = wealth quotient

Consider this example: If you had $1,200 per month in passive income from a real estate investment and your cash savings account, and $4,500 in monthly expenses to survive (house payment, household expenses, etc), your wealth quotient equals: Read the rest of this entry »

I am going to introduce you today to a concept that if you understand and implement, will be the deciding factor of your financial success in your life. Like all great knowledge, this one is also dangerously simple, and that’s why most people don’t get it! But before I get to that, let me share with you a great quotation that I read recently:

“…there are people who put their dreams in a little box and say, “Yes, I’ve got dreams, of course, I’ve got dreams.” Then they put the box away and bring it out once in a while to look in it, and yep, they’re still there. These are great dreams, but they never even get out of the box. It takes an uncommon amount of guts to put your dreams on the line, to hold them up and say, “How good or how bad am I?” That’s where courage comes in.” ~ Erma Bombeck Read the rest of this entry »