What Are These People Doing That Allows Them To Be Successful?

What Are These People Doing That Allows Them To Be Successful?

According to the article, millionaires in general have these traits in common:

1. They don't have an earn and spend mentality, instead they focus on saving and investing.
   
2. They are able to focus their efforts on a project and make it successful.
   
3. They're willing to do what it takes to make their ideas successful, even it involves making sacrifices.
   
4. They take calculated risks (In other words, they take risks when they have a chance of paying off).
   
5. They are generous, and share what they've earned and have been blessed with.
   

Excerpt from the article:

1. Avoid the Earn-to-Spend Mentality:   Michael LeBoeuf, author of The Millionaire in You, points out that to increase wealth, it's essential to emulate millionaires who view money as something to save and invest, rather than income to spend. Many wealthy people live quite simply, he points out, choosing less pretentious homes than they could theoretically afford and opting for financial independence over material showmanship.

2. Focus: LeBoeuf also counsels resisting the impulse to be scattered in your efforts and interests: "Winners focus; losers spray." And goals that are clearly written down are easier to keep in focus.

3. Do Whatever Is Necessary to Meet Your Goal:  People who earn their millions are able not only to focus but persevere in the pursuit of their goals. One single mom entrepreneur, Melissa Clark-Reynolds, started her first business, a health and safety consultancy, when she had a young son. En route to her goal of being a millionaire by age 35, Clarke-Reynolds and her son ate lots of pizza, did homework late at night and often slept at the office. She is now a chief executive mentor for Empower New Zealand, a global business consulting firm headquartered in London.

4. Take Calculated Risks:  You have to take strategic risks to earn and grow money. And a little rebelliousness seems to help too. One interesting study found a majority of male millionaire entrepreneurs had been in trouble with school authorities or the police during their adolescence.

5. Be Generous: And why doesn't it surprise us that millionaires are often very generous? Sometimes it's for the tax breaks, obviously, but often it's not. One Jewish Swiss millionaire, for instance, flew to Israel to give $5,000 in cash to a waiter at a Jerusalem café who foiled a Palestinian suicide bombing. Among the most generous of millionaires are those from North America, who are, according to a Merrill Lynch Cap-Gemini report, two to five times more likely to give to causes they value than their European counterparts.

These five habits are a pretty good prescription for living happily even if you're not a millionaire.

So millionaires are savers and investors, focused, dedicated, risk-takers, and generous to a fault. I guess it's not exactly surprising that they've found these things, it stands to reason that in order to be successful you need to be a dedicated hard working person who has integrity and focus. Without it I think the only way you can be successful like these folks is to either be lucky, or extremely unethical.  And gaining wealth through ill means never seems to be as satisfying (or lasting).

Dishonest money dwindles away, but he who gathers money little by little makes it grow. Proverbs 13:11

What Are These People Doing That Allows Them To Be Successful?

What Are These People Doing That Allows Them To Be Successful?

According to the article, millionaires in general have these traits in common:

1. They don't have an earn and spend mentality, instead they focus on saving and investing.
   
2. They are able to focus their efforts on a project and make it successful.
   
3. They're willing to do what it takes to make their ideas successful, even it involves making sacrifices.
   
4. They take calculated risks (In other words, they take risks when they have a chance of paying off).
   
5. They are generous, and share what they've earned and have been blessed with.
   

Excerpt from the article:

1. Avoid the Earn-to-Spend Mentality:   Michael LeBoeuf, author of The Millionaire in You, points out that to increase wealth, it's essential to emulate millionaires who view money as something to save and invest, rather than income to spend. Many wealthy people live quite simply, he points out, choosing less pretentious homes than they could theoretically afford and opting for financial independence over material showmanship.

2. Focus: LeBoeuf also counsels resisting the impulse to be scattered in your efforts and interests: "Winners focus; losers spray." And goals that are clearly written down are easier to keep in focus.

3. Do Whatever Is Necessary to Meet Your Goal:  People who earn their millions are able not only to focus but persevere in the pursuit of their goals. One single mom entrepreneur, Melissa Clark-Reynolds, started her first business, a health and safety consultancy, when she had a young son. En route to her goal of being a millionaire by age 35, Clarke-Reynolds and her son ate lots of pizza, did homework late at night and often slept at the office. She is now a chief executive mentor for Empower New Zealand, a global business consulting firm headquartered in London.

4. Take Calculated Risks:  You have to take strategic risks to earn and grow money. And a little rebelliousness seems to help too. One interesting study found a majority of male millionaire entrepreneurs had been in trouble with school authorities or the police during their adolescence.

5. Be Generous: And why doesn't it surprise us that millionaires are often very generous? Sometimes it's for the tax breaks, obviously, but often it's not. One Jewish Swiss millionaire, for instance, flew to Israel to give $5,000 in cash to a waiter at a Jerusalem café who foiled a Palestinian suicide bombing. Among the most generous of millionaires are those from North America, who are, according to a Merrill Lynch Cap-Gemini report, two to five times more likely to give to causes they value than their European counterparts.

These five habits are a pretty good prescription for living happily even if you're not a millionaire.

So millionaires are savers and investors, focused, dedicated, risk-takers, and generous to a fault. I guess it's not exactly surprising that they've found these things, it stands to reason that in order to be successful you need to be a dedicated hard working person who has integrity and focus. Without it I think the only way you can be successful like these folks is to either be lucky, or extremely unethical.  And gaining wealth through ill means never seems to be as satisfying (or lasting).

Dishonest money dwindles away, but he who gathers money little by little makes it grow. Proverbs 13:11

7 things you shouldn’t do in an economic crisis

7 things you shouldn't do in an economic crisis

1. You shouldn't listen to the media:  Remember the old saying, "If it bleeds, it leads".  The media will report the bad news first, and often gloss over the good or encouraging news.  Try not to take the news reports too seriously as good reporting is becoming harder to come by.
   
2. You shouldn't forget to be positive: If you can't stay positive, and look at the silver linings of a situation, your feelings of loss and panic will start to surface. Remember that money doesn't bring happiness, and that the market will rebound.  It may not happen as quickly as we'd like it to, but it will come around.
   
3. You shouldn't continuously check your 401k:  If you're like me, you can't resist the urge to be constantly checking your 401k every day.  The DOW dropped 400 points?  Oh my gosh, I wonder how much money I lost today!  Resist the urge to keep checking your balance.  Make sure you have good diversification and good allocations, and then set it and forget it.
   
4. You shouldn't count on the government to help you: Don't waste your time waiting around for the government to turn things around, bring you a bailout plan, and turn things around.  Things will only get better for you if you make things better yourself.   Create your own bailout plan, make some extra income and make a plan to succeed!
   
5. You shouldn't stop investing for retirement:  The old investing adage says, "Buy low, sell high".  The markets are tanking right now, so you'll probably be able to find some investments in good strong companies at a fraction of their normal price.   Buy it while it's low!
   
6. You shouldn't try and time the market: It's a fools game to try and time the market.  It's impossible to know when the market is at it's lowest, and when it's at the highest.  I thought it was at the low point the other day, and its dropped over a 1000 points since then. Don't try to beat the market.  Invest for the long term.   Put together a nicely diversified portfolio,  and then let it ride.
   
7. You shouldn't forget that it's only money: No matter how bad things get, remember  that the sun will rise tomorrow.   Even if you lose it all, your heavenly father will still take care of you.   "Therefore do not worry about tomorrow, for tomorrow will worry about itself.  Each day has enough trouble of its own. Matthew 6:34″
   

Remember, this country has gone through hard times before, and we have always come out of it sooner or later. I have no doubt that this time will be the same.

10 Things I Have Learned About Money

 

10 Things I Have Learned About Money

1. Having debt is not a good thing:  A lot of times you'll hear about how having and using debt is just a tool that people have in their arsenal as they work on their way towards becoming financially stable, and eventually, wealthy.  What I've learned these past few months is that debt will cut short any gains you hope to make.   I've learned that:
   

   The rich rule over the poor, and the borrower is servant to the lender. Proverbs 22:7
   

   When you have debt, you are a servant. Only once you have gotten rid of your debt and are living free can you truly work on your way towards true financial independence.
   

2. To truly succeed with money, you must have a plan: Not having a plan means you are planning to fail.  If you really want to have financial success you need to set up a family budget, have family budget meetings, and set financial goals for both the long term, and the short term.   As the bible states:
   

   A wise man thinks ahead; a fool doesn't, and even brags about it! Proverbs 13:16
   

3. Having money does not mean having happiness:  True happiness does not come from having things, or from having money.  When you have money, you only want more.
   

   Whoever loves money never has money enough; whoever loves wealth is never satisfied with his income. This too is meaningless. Ecclesiastes 5:10
   

   Money is a never ending black hole where you never have enough.  True happiness comes from having a strong faith in God, and knowing your true worth is found in Christ, and not in things of this world. Once you realize that, it makes it so much easier to be happy!
   

4. Lending money to friends and family is almost always a mistake: One thing I've come to realize is that lending money to family or friends is almost never going to be a good thing.  By the nature of it, when you lend money it changes the relationship from one of family, to one of master and servant (see the verse above about the borrower being slave to the lender).  If you're going to give money to family, give it and don't lend it. By the same token, don't co-sign. There is usually a reason why someone needs a co-signer.
   
5. Giving helps not only the person you're giving to, but helps you as well:  Sometimes you feel like you don't have anything to give, or you can't afford to.  I've found this year that when you make a plan, you will always have something to give.
   

   Give generously to him and do so without a grudging heart; then because of this the Lord your God will bless you in all your work and in everything you put your hand to. Deuteronomy 15:10
   

   Giving isn't always easy, but when you do, you will be blessed. Earlier this year when my wife and I actually started giving more regularly, I found that the amount we had started giving, was almost exactly the amount I had started making on this blog. When you give even when you don't know if the income is there – God will provide.
   

6. No need to worry, God will provide: We went through some very hard things earlier this year when my wife was hospitalized for almost a month and we had medical bills in excess of $250,000.  If we hadn't had insurance we would have gone bankrupt.  If we hadn't been saving for a rainy day through our emergency fund we would have gone deeply in debt.God knows what we need, even before we need it. Even if we aren't able to provide for ourselves, he will find a way.
   

   Do not worry then, saying, 'What will we eat?' or 'What will we drink?' or 'What will we wear for clothing?' For the Gentiles eagerly seek all these things; for your heavenly Father knows that you need all these things. Matthew 6:31-32
   

7. Start saving as early as you can: The earlier you start saving for your future, the better off you'll be.    Interest that you earn on your money compounds at an amazing rate if you start saving early.  The wonders of compounding interest!  It's never too late to start!
   

   The plans of the diligent lead surely to advantage, but everyone who is hasty comes surely to poverty. Proverbs 21:5
   

8. We are only stewards of everything we have: God has given us so much material wealth here in America.  We must remember, however, that everything we have is God's. We are only stewards of these things for a short time, and we must be careful how we use what we are given. We must use what we have for God's glory.
   

   For every beast of the forest is Mine, the cattle on a thousand hills. I know every bird of the mountains, and everything that moves in the field is Mine. If I were hungry I would not tell you, for the world is Mine, and all it contains. Psalm 50:10-12
   

9. "Easy money" is almost never actually easy.  Get rich quick schemes often don't make you rich quick: There are a lot of get rich quick schemes out there offering quick and easy riches.  I've learned through experience that "easy money" or "getting rich quick" is almost never easy or quick.   Most often the best way to make money is through hard work, and saving little by little.
   

   Dishonest money dwindles away, but he who gathers money little by little makes it grow. Proverbs 13:11
   

10. Having your integrity is more important than having wealth: It can be easy to be lured by the siren song of quick riches, and to sell our soul to gain wealth. We can rationalize just about anything in order to justify doing things that are not very ethical, or just plain wrong. It is better to keep your integrity and not have as much. From Proverbs:
    

    Better is a little with righteousness than great income with injustice. Proverbs 16:8