Wealth On Any Income


We Are Raising Philanthropists

Myths that Keep You Broke #30

Myth #30 – It’s Too Late:   This is Myth #30 in the series and the last one. It is also the opposite of the attitude wealthy people have that it is never too late. While on a brief vacation to Santa Barbara with my wife, we went to a thrift store, which we both enjoy. My

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Myths that Keep You Broke #29

Myth #29 – We Have Problems:    Language is so important in how we speak and how we talk. I am talking about how we speak to ourselves, and how we talk to others. Do we have problems, or do we have challenges? Would you rather deal with a problem or a challenge? It is all

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Myths that Keep You Broke #28

Myth #28 – You Have Plenty of Time II:   Most young people think they have plenty of time before they have to think about setting aside money for retirement. I don’t like to talk about retirement and in another email, I will talk about the difference between retirement and Complete Financial Choice®. For now, just understand

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Myths that Keep You Broke #27

Myth #27 – Only You Can Do It Right:  Many of us, and me included, often feel that if we want something done right we have to do it our self. I see my wife struggling trying to create a resource list for her networking group for the first time using Microsoft Word that looks like an

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Myths that Keep You Broke #26

Myth #26 – Invest Instead of Save:    Many people believe they need to start investing right away, and that putting money in a savings account, or a money market account, is a waste of time. However, if you start investing before you start saving, what if you need money for something as simple as your car

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Myths that Keep You Broke #25

Myth #25 – I Have to Work Hard for Money:       The myth for today that you have to work hard for money is closely associated with Myth 24, that hard work is supposed to pay more. And I explained value pays more than hard work. In this email, think of the quote from J. Paul

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Myths that Keep You Broke #24

Myth #24 – Hard Work Pays More:                       Too often I hear someone tell me how hard they work, and it is not producing more income. What they fail to recognize is that working hard is not the same as producing more value. And the value is

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Myths that Keep You Broke #23

Myth #23 – Wealth Is Not Fair:You may remember the protests in the streets about how unfair it was to have so much money in the hands of 1% of the population. The protesters were in the 99% of the population. You may have heard it said, that if all the money in the world were divided

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Myths that Keep You Broke #22

Myth #22 – I Can’t Be A Philanthropist:   In Myth #19, I said many people live with either/or thinking. This idea really goes hand-in-hand with your thinking about what you can, and cannot do in the area of philanthropy. In Myth #20, I addressed the idea that you might feel like you cannot afford to donate to a charity

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Myths that Keep You Broke #21

Myth #21: Plan for Saturday NightThere is a quote that is attributed to Gloria Steinem, that goes something like this:“The wealthy plan for generations, and the poor plan for Saturday night.” *Unfortunately, this myth appears to be real, and not a myth. It does appear that the poor, or those with a scarcity mindset, make very

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Myths that Keep You Broke #20

Many people live with either/or thinking. This idea really goes hand-in-hand with your thinking about what you can, and cannot afford. What I will discuss here, is about the thinking that you cannot support yourself and donate to charity.

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Myths that Keep You Broke #19

Myth #19 – You Can’t Have It All:   In Myth #18, I talked about how you speak matters, especially to yourself. This idea really goes hand-in-hand with the idea that many times we think we live in an either/or world. Either/or thinking says that if you have wealth, maybe you have to sacrifice happiness. However the wealthy

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Myths that Keep You Broke #18

Myth #18 – I Speak Just Fine:   How you speak not only gives other’s clues on how to treat you, but it also tells you how to treat yourself. Language matters to the wealthy, both in how they speak to those around them as well as in their self-talk. I recently heard about Tara Westover’s memoir Educated. Tara was raised

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Myths that Keep You Broke #17

Myth #17 – I Want a Big House:   I was recently out to dinner with my teenage grandsons and they asked me how you become a millionaire. My older grandson, who lives in an expensive city where the average home price is close to a million dollars, was trying to figure out how he could

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Myths that Keep You Broke #16

Myth #16 – The Wealthy Don’t Share Their Knowledge:    If you read the headlines in our sensationalized news culture, you may believe that the rich get richer by hoarding their money and their information. But this isn’t true when it comes to the vast majority of wealthy people. Being rich versus being wealthy is an attitude.

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Myths that Keep You Broke #15

Myth #15 – All Debt is Bad:   For many of us, the word debt, can be scary and intimidating. But not all debt is created equal. There certainly is high interest and misplaced bad debt. There is even necessary bad debt. However, there is also good debt that can help increase your personal investments. Combining

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Myths that Keep You Broke #14

Myth #14 – Others Deserve Money More Than Me:   Have you ever seen the photos of the retired couple traveling the world, or overheard a family talking about their beach house and thought: ‘Wow! They must have worked very hard to be so wealthy. I should have taken that better job or not taken out loans

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Myths that Keep You Broke #13

Myth #13 – Small Amounts of Money Will Not Lead to Wealth:   I’m sure you have heard the expression that it takes money to make money. If you take this logic to the next step, then it would seem that it also takes a lot of money to become wealthy. If you keep following this logic,

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Myths that Keep You Broke #12

Myth #12 – I Read Plenty:   What does it mean to be an avid reader? Maybe you subscribe to two or three industry publications that you flip through while drinking your morning coffee. Or maybe you check your social media feed or read the Tweet or Facebook post of the day. Polls show that the average American

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Myths that Keep You Broke #11

Myth #11 – I Need to Earn More Money:   As I mentioned in earlier myths, I was broke at age 50, and had to start over from scratch. Today the combined net worth of my wife and I puts us in the top 1% of Americans and this wealth was not achieved by getting a

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Myths that Keep You Broke #10

Myth #10 – Thoughts Are Powerful:   Let me explain what I mean when I say it is a myth that thoughts are powerful. In one respect they are powerful; if they lead to an action. Unfortunately, most of the time a good thought is cancelled out by feelings that might be uncomfortable, or feelings come

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Wealth is a Team Sport, not a Solo Sport.

Myths that Keep You Broke #9

Myth #9 – Do It Yourself:   One of the biggest lessons I learned in becoming wealthy was that it was a team effort, not a solo effort. Too many people think they can become successful and wealthy by themselves. This lesson hit me hard when I was the angel investor in a start-up when I did

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Myths that Keep You Broke #8

Myth #8 – Details:  You may think the details of an investment are the most important. Yes, the details are important, but they are NOT the most important. The most important aspect of an investment is how it fits into the big picture of your life. If you want nothing to do with tenants, trash, or toilets,

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Myths that Keep You Broke #7

Myth #7 – I Know This Already:   Like many teenagers, I thought I knew it all. As the famous UCLA basketball coach John Wooden used to say, “It’s what you learn after you know it all that counts.” Somewhere in my forties I learned that the wealthy ask questions when they hear familiar information instead of making statements. An example

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Myths that Keep You Broke #6

Myth #6 – I Don’t Need to Know Money Terms:   Many years ago, when I was first learning the terms as a part of becoming a Certified Financial Planner®, I heard someone ask the instructor, “How important is it whether or not I learn all these definitions?” He was referring to the terms we were

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Myths that Keep You Broke #5

Myth #5 – It’s Rude to Talk About Money:  You may think, and your parents may have said to you, “It’s rude to talk about money.” If that is the case, it is likely, your parents were not wealthy. Or even if they had wealth, they lacked a wealthy mindset. People with a wealthy mindset do not feel it

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Myths That Keep You Broke #4

Myth #4 – Your Friends (Who You Hang Around With) Don’t Matter:   You may have some friends from when you were very young, or from high school, or from college, and you really enjoy hanging with them. Once per month I actually have lunch with 8 – 18 friends with whom I went to elementary

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Myths That Keep You Broke #3

Myth #3 – You have plenty of time:   When I was young I thought I had plenty of time to plan for retirement. The myth that you have plenty of time to plan is deceptive. And the word retire was the word that was used to talk about a time when someone could choose not to

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Myths that Keep You Broke #2

Myth #2 – Self-made Millionaires:   “Wealth is a Team Sport, not a Solo Sport.” – Rennie GabrielYou have probably heard the expression about a wealthy person that they are a self-made millionaire. Maybe the person who said it, was wealthy. DO NOT BELIEVE IT! If you look at the wealthiest people in this country, whether past

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Myths That Keep You Broke #1

Myth #1 – Pay your Debts First:    Do you believe that you must pay down your debts before you start to invest? It doesn’t matter if I am talking about credit cards, car loans, or mortgages. This is the first in a series of 32 email and blog posts where I will uncover the many myths

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Wealthy Mindset Series #30

Ralf sold his manufacturing business to a large national company in exchange for $1 million in stock, and the company later went bankrupt and his stock was worthless. Ralf went through another marriage and divorced after about ten years. At age 65 his net worth was a negative $250,000.

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Wealthy Mindset Series #29

What I will tell you here is NOT to impress you, but to impress upon you how YOUR life can change. Many years ago I had to collect soda bottles and cans to get the refund money to buy food for my family. In 2018, my wife and I were able to donate over $100,000 to charity. That is more money than I used to earn

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Wealthy Mindset Series #28

Recently I had the pleasure to tour the southern part of the United States with my wife. While in Nashville, TN, we met with my wife’s nephew, Jeremy, and his wife, Melissa. Both of them are doctors, but they came from far different backgrounds. This email is about a decision that Melissa made when she was a teenager.

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Wealthy Mindset Series #27

You might be able to learn how to use Infusionsoft or 1ShoppingCart, or Lead Pages, or any one of the myriad of programs that can support an online business. You could learn graphic design for Power Point, or typeset a book. But where is your highest and most profitable use of your time?

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Wealthy Mindset Series #26

Living in Los Angeles I could see we had a growing rental market. Regardless of the regulations or obstacles to starting a business here, people want to live here. Yes, it is tough if you are poor. Yes, there can be overwhelming regulations to operate multi-unit rental housing, but the benefits and opportunities outweigh the obstacles.

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Wealthy Mindset Series #25

One of my favorite investors is Warren Buffet, and he commented that it was odd how the guy who drives up in a Rolls Royce hands his investment money to a stock broker who had to take the subway to work.

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Wealthy Mindset Series #24

You have probably heard of the Pareto Principal, more commonly known as the 80/20 rule. This is where you can see that 20% of your efforts or customers can produce 80% of your results.

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Wealthy Mindset Series #23

When I was in my 30’s I had to work for money, and it did not seem like there was enough to set aside and save or invest after making a house payment, paying bills and raising a family.

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Wealthy Mindset Series #22

Many people have jobs that pay them on an hourly basis. Regardless of the amount of work they complete they will receive an income based on their input of time, not value. They might have expended a lot of effort during that time and produced great results, but that will not change their hourly pay.

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Wealthy Mindset Series #21

In a zero-sum game what one person gains equals what someone else loses, so the net change in wealth is zero. An example would be in playing poker: The winner has the money that the other players lost, and the total amount of money on the table did not change, only who gained or lost the money.

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Wealthy Mindset Series #20

Many years ago I used to do business coaching for financial planning and accounting firms. Besides earning money from my coaching clients, I was able to support their philanthropic interests. The more money they made, the easier it became to give back to the community.

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Wealthy Mindset Series #19

In the last article of the series we spoke about how Andrew Carnegie used his vast fortune to build libraries around the world. You can find out more by typing into Google, Carnegie Libraries. Well, that was 100 years ago. What does it look like today?

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Wealthy Mindset Series #18

If you focus on what designer purse you want to have now while you are working an hourly job, you will be forever a slave to working for a living. As you are working, if all you can do is plan for what you will do on the weekend, you probably hate your job.

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Wealthy Mindset Series #17

let’s say you only have one dollar and you want to buy either a candy bar for that dollar or a magazine for that dollar. Well, you can either buy the candy bar or the magazine, but with only one dollar you can’t buy both. That is the either/or thinking.

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Wealthy Mindset Series #16

When my daughter was very young, like 9 or 10 years old, we were skiing at Mammoth Mountain in California. It was about a five hour drive from our home in Los Angeles. We approached one of the downhill runs that was for experienced skiers. My daughter said, “I can’t go down this.”

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Wealthy Mindset Series #15

When your CPA or Financial Planner says your house is an asset, yes, that is where you list it on a Balance Sheet, but it is not an investable asset for your financial freedom. It is a personal use asset.

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Wealthy Mindset Series #14

..if you are a coach, author or speaker and you have a message to deliver it is difficult to be a shining light to others if you can’t pay your own light bill! I want you to be financially strong to continue to do the work you are here to do.

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Wealthy Mindset Series #12

As I previously mentioned, (Series #11) after two divorces and a failure in the art gallery business I was broke at age 50 and felt I only had 15 years to plan for retirement.

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Wealthy Mindset Series #10

The wealthy will talk about money: How much they pay staff; how much they paid for the country club membership; what investments they have made; what the rate of return is on various investments; and the deal they got on the car they purchased or the jet they leased.

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Wealthy Mindset Series #9

Too many people will be sure to fill their car where the gasoline will be 5 cents cheaper, but spend thousands of dollars too much when buying or leasing their car because they did not shop around for the best deal.

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Wealthy Mindset Series #7

If you have read anything about me, you know I started over from broke at age 50. And now the net worth of me and my wife puts us in the top 1% of Americans

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Wealthy Mindset Series #6

I had a thought many years ago that I wanted to lose weight and that jogging would be a good idea. I set my alarm for 5 AM the next morning and when it rang to wake me, I thought, “It’s cold, it’s dark, I’m tired, I’ll do this on another day.”

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Wealthy Mindset Series #5

The concept of the self made millionaire is a fantasy. People who say they are a self-made millionaire are both deluding themselves, and full of themselves.

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Wealthy Mindset Series #4

Several years ago my wife and I were searching for an apartment building to purchase. We found one on Loopnet that might be a good deal based on the location and price. We drove out to see it and it was absolutely in a great area, and it had a lot of deferred maintenance.

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Wealthy Mindset Series #3

“I know that. I’ve heard that before. I’ve tried that. Or, that’s not new to me.” And just because this is familiar information they have no practice at hearing it like the person with a wealthy mindset.

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Wealthy Mindset Series #2

I did not want to hang around jerks, and many years ago I realized that if I wanted to create wealth I needed to hang around people who earned far more than me and who had a net worth far larger than mine. Guess what?

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Wealthy Mindset Series #1

You and I have a limited amount of time on this planet, and we cannot be sure how much of it we have left. If I earn $400 per hour working with clients, and I spend 30 minutes cleaning a toilet, that means it cost me $200 to clean the toilet.

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