When I make more money…

It is funny how some comments can inspire us and others we easily forget. Recently I got an email from a staff training I presented to the U.S Bankruptcy Court. The lady who sent the email was commenting on how she would like to save more money, and then invest, and that as soon as she earned more money, she would do that.

Her comment inspired me to think more about how we sometimes operate as human beings.

There have been times someone would say to me, “I don’t have the money to take your program.” Or, “I don’t have the money to take the classes so I can earn more money.” I think you can see where I am going with this.

Earning more money, or getting a promotion at work, or getting more customers or clients for your business can be as easy as asking yourself some questions, like:

  • What do I need to do (to learn, to understand) to earn more money?
  • Where can I get the information, book, class, YouTube video, that will show me how to make more money?
  • Who can support me, guide me, teach me, train me on how to get more clients?
  • When will I make those marketing calls I’ve been putting off?

You get the point: It gets back to asking quality questions versus making statements.

The point is I was able to create the following analogy because that lady got my mind working. I asked the question, “What analogy can I create that will make the point that an action comes before a result, not the other way around?” And I came up with the following:

When someone says they will start to invest (or save) after they make some money is like saying they will eat more healthy after they lose some weight.

And as you look at the blocks you might have, think about the questions you can ask yourself.

Sincerely,

Rennie

Are you Illiterate too?

Recently I ran across a financial literacy test put out by the FINRA Investor Education Foundation based on a survey of 25,000 people.

There were only 6 questions, which I found to be very basic. And as you would suspect I got them all correct; but then I have studied money. You can take the test yourself at http://www.usfinancialcapability.org/quiz.php

The national test results were awful: While 81% of Americans believe they have “above average” financial literacy, the test results showed that only 37% were able to pass this basic financial literacy test. (The sixth question was a bonus.) The national average was 3.16 out of 6 and in California, where I live, the result was even lower than the national average at 2.97 out of 6.

Here are more results:

  • Almost 33% of Americans don’t know how to calculate interest payments;
  • About 28% of Americans don’t understand the relationship between bond prices and falling interest rates; and
  • 66% couldn’t get at least four of six financial questions right!

There is a HUGE gap between those who think they understand money and finance and those that actually do. This is what makes the Wealth On Any Income course so valuable. As I continue to remind people; this is not taught in school; parents can’t teach what they don’t know; and even Certified Financial Planners® are not taught how to create a personal budget.

If you want to really become financially literate, learn how to create and achieve financial goals, move from a place of debt to wealth, then watch the replay of the Wealth On Any Income online program.

 You can get access here 

To your prosperity,

 

Rennie

You too can be unlucky, or frightened

Recently I heard a story that I had to verify. It was about Ronald Wayne, who was one of the early investors in Apple computer.

Ron was an electronics industry worker and knew both Steve Jobs and Steve Wozniak. Unfortunately, he did not have faith in the new start up and sold his shares back for $800 (eight hundred dollars). He is now around 82 years old, retired in Pahrump, NV and has a net worth of about $300,000; which is the median price of a little 2 bedroom, 1 bath cabin in the woods in Manitou Springs, CO. So if he owned a house worth that much it would represent his entire net worth, if it was fully paid off with no mortgage.

So how much did Ronald Wayne give up? The price of Apple stock fluctuates daily, just as any stock would. So rather than subtracting his current net worth from the price of the Apple stock he gave up, let say for round numbers his stock would be worth about $35,000,000,000 (that is $35 billion!).

What’s my point? We all have great ideas. We often see things that appear to be a good idea that others have. Ron Wayne lacked the faith in his own ideas and the ideas of Jobs & Wozniak.

And you might wonder how much money Steve Wozniak is worth; it’s only $100 million. Why do I say only $100 million?  Because I am comparing that to Steve Jobs. However, Wozniak was a far nicer person. As an example, prior the Initial Public Offering (IPO) of Apple stock, Jobs was not willing to grant any stock options to the few people who were the earliest Apple employees, and there were only about 40 or so in 1980.

These people helped create what would soon become a billion dollar company and they would make no money from the planned IPO. So Wozniak sold some of his own shares, inexpensively, to his friends because he thought Jobs was being an (expletive body part). So with fewer shares he made less money than Jobs after the IPO. And this IPO turned out to raise more capital than Ford Motors in 1956.

Also Jobs went on to invest in Pixar Animation, and then founded NEXT after he got fired from Apple. And when he returned to Apple he got an enormous pile of additional stock. At Jobs death his stock was worth about $8 billion, or about 2% of all Apple stock.
What’s my point? Believe in yourself, and after careful deliberations, have confidence in the smart people you know. I doubt Ron Wayne consulted anyone before he sold back his stock.

To your prosperity,

Rennie

How to be Happy

I recently attended a conference and met Tom Malesic and he was giving away Be More Awesome rocks. We chatted for a while and he has a great FREE motivational organization.

As you know, every day we are inundated with negativity. The news media focuses on disaster and violence; “If it bleeds; it leads” as the old newspaper adage.

TV programming has made it normal for people to be mean and belittling as a way of life. World leaders are behaving like school yard bullies. There is good happening across the world, but unfortunately we don’t often hear about it. I think it’s more important than ever to shine a big bright light on all the good that is already happening; and you can be a part of it.

Tom inspired me and I’m sure his material will inspire you. He started the website www.beMoreAwesome.com  four months ago and now has over 40,000 Fans and subscribers. His goal is 1 million.

The site showcases the goodness and positivity in the world. You can read stories and watch videos of people being awesome, kind, generous and loving. You will find blogs, inspirational quotes and podcasts. He encourages visitors to share their own stories

Go check it out and signup to get his inspirational stories and ideas. www.bemoreawesome.com

Also, you can download his FREE e-book, 101 Things to Make You Instantly Happy: http://www.bemoreawesome.com/happiness-ebook

Have a wonderful holiday season, whatever you celebrate.

Sincerely,

Rennie

Teaching Healthy Money Skills

Here is some information about how to teach healthy money skills to children. It comes from a Los Angeles Times article by Kurt Smith and was in the Sunday edition on October 23, 2016:

  1. Model good financial behavior. Don’t make fun of people who use coupons to save money, and don’t crave the latest technology gadget or newest car.
  2. Make them wait to buy things they want. Teach them about delayed gratification.
  3. Teach them to save for the long term. Allow them to set aside money for their own college, or save up for a bike.
  4. Teach them how to compare prices. Set a budget for back to school items and check the newspapers or Internet to compare prices on similar items. Quote: “Take them to the grocery store and show them how the same food item can have two different prices and let them help you decide which one to buy.”
  5. Let them learn from their mistakes. If they have the money to buy something that you feel would be a mistake to purchase, something they will later regret, let them make the decision and learn from it.

While I would recommend the above five suggestions, the only difficulty I see is that most parents lack those skills to teach their children.

How can parents teach the skills they lack? They didn’t get those skills from their parents and they can’t give them to their children. Where the heck are these skills supposed to come from?

These are just a couple of questions to ponder as the holiday season of spending money on too much stuff no one needs is approaching.

To your prosperity,

Rennie

 

Inattention can be fatal

The other day I was riding my motorbike, (which I know sounds like something small, and that’s the point; I want to soften the image someone puts in their head. It’s actually a huge Honda Goldwing with a bike rack on the back. I am not a ‘biker’ but I do ride a motorcycle. And I ride a bicycle.) But I digress… I’ve been riding since I was 12 years old (which was many decades ago), and I learned to be a very defensive rider.  I check my helmet; I look to see who is behind me; I watch for who might cut me off from the side; on and on. Recently, when I got off my bike after a harrowing ride on the 101 freeway I went to unbuckle my helmet strap only to find out it had not been buckled since I left the house.

I was riding with a helmet just sitting on my head. Any car that might have knocked me over and my helmet would have gone flying and my brain turned to mush. I would have been another healthy organ donor. My heart raced knowing the danger I placed myself in, and relieved that nothing happened.

Inattention can be fatal in certain situations. Another example would be forgetting to thoroughly check the packing of a parachute before sky diving, or a pilot making sure his private plane has enough fuel and has been properly maintained. That is why good pilots follow a checklist prior to each and every flight.

Inattention can produce bad results in business and finances as well. We are constantly bombarded with buy this product, buy this program, use this toothpaste or deodorant, to the point of complete overwhelm. We check and recheck our smart phone for emails or text messages. We feel the need to instantly respond to messages, notifications or alerts. We end up splitting our attention so much we only pay partial attention to most things.

I read somewhere that partial attention is inattention is disguise. That leads to making errors, missing important demands and inefficiency. There are areas where we need to be fully present, otherwise we are not honoring ourselves, those we love, or the clients we are here to serve. How we spend or invest our time and our money deserves our full attention.

One of the solutions you can learn is to say, “No” to the unimportant, to the things that are not aligned with your goals, to the things that take you off course. That way you will have the room to say, “Yes” to the things that will bring you joy and fulfillment. Multi-tasking is a lie; computers don’t do it, and we can’t do it either.

When you focus on your goals, based on your values, you become unstoppable. Mental focus is like a superpower, and can only grow by practice. The Wealth On Any Income program is designed to have you focus on what is important in your life and to create alignment with your values and the creation of wealth.

By the way, don’t forget to strap your helmet, or buckle your seat belt.

To your prosperity,

Rennie

Edwin, lucky retirement picture

Can luck play a part in retirement?

In speaking to one of my neighbors, a retired dentist I’ll call Edwin, I asked how he planned for retirement. The answer appeared haphazard. Edwin is 92 and has been retired for about 20 years.

Back in 1960, when he was about age 38, a friend of his had built a couple of apartment buildings in the Palms area of Los Angeles. He offered Edwin the chance to own half of the next 7 unit building he was constructing for a $6000 investment. To a young dentist raising a family that was a lot of money. But Edwin was able to borrow $6000 against his life insurance and made the investment. While it didn’t pay much for the first 10 years, the profit did grow. By the 1970’s Edwin was receiving about $1000 per month. Now… the building is paid off it is generating about $4000 per month profit at this point. Continue reading Edwin, lucky retirement picture

Two dozen free gifts

Hi Folks,
I am always excited to share with you some great resources to help you succeed in all areas of your life, not just real estate and finance.

So I am really excited to share with you a cool event that I’m participating in with other amazing coaches, authors and speakers where we are providing  you some of our best tools and techniques, for free!

Get Your Year in Gear Giveaway  Continue reading Two dozen free gifts

Bad Address Creates Credit Score Problem

In a recent Los Angeles Times column (Sunday, February 15, 2015) someone wrote into Liz Weston about how she applied for a store credit card six months earlier, and apparently the creditor input the wrong address from her application.

When she called the store to make her first payment, she was told she needed to wait until her card arrived and had her account number before she could make a payment. But due to the wrong address the card and later statements never showed up and it was referred to collection.

She wanted to know what grounds she had to dispute this.   Continue reading Bad Address Creates Credit Score Problem