Friday, May 8, 2009

Part 5 - Millionaires vs the Middle Class

Below is part 5 in my series of Bloggs about “The Top Ten Distinctions Between Millionaires and the Middle Class” by Keith Smith.


Distinction Six - Millionaires continually learn and grow. The middle class thinks learning ended with School.


“Why do you think million-dollar homes have libraries? Is it just a coincidence that million-dollar homes have them and $100,000 homes don’t? I don’t think so.”
Most millionaires read a book, or listen to an audio recording, or attend a seminar every week. Most millionaires have invested well over $100,000 on success education. Most people with a middle class mentality will probably think, “I don’t have that kind of money to spend to learn how to make money.” If you notice it was never said that the money was spent all at one time. “Millionaires continue to invest more and more in knowledge as they make more money. Success is a process. If a percentage of your income is not going towards a financial education, you will stay trapped in the middle class.
You can start with books… Millionaires read and read and read. Books are so inexpensive compared to how much the knowledge they contain is worth. Are you aware you can learn a concept in only a few hours from a book that took someone years to develop? More people than ever are becoming millionaires because they are compressing time and learning financial secrets that took others years to discover. I feel like some of the $20 books I have read were worth $20,000 because of what I learned from them.
Most middle class people stay at the same level of income year after year because their knowledge stays at the same level year after year. One reason for this is because they think learning ended with school. Millionaires are students of life. They continually learn from the circumstances of their lives…
Millionaires focus on personal growth. They believe to have more they must become more. They see growing as one of the main purposes of life. Growth takes time. Be patient with yourself as you gain knowledge. Realize that knowledge is a seed and it takes time for seeds to grow into trees that bear fruit. Every time you read a book you are either planting another seed or watering some that are already in your mind. Millionaires read books about money and how to build better relationships. They read about the power of the mind. They read about the successes and failures of others. Millionaires are serious students of a successful life, not just financial success. They continually look for new ways of thinking and acting that can produce more fulfillment in their lives.
The secret of being a life long learner is to study what you love. One of the biggest differences I have seen between millionaires and the middle class is that millionaires focus on what they enjoy doing. They continually learn more about the subjects that inspire them. The reason millionaires study about every area of life is because they love life.
The middle class thinks millionaires love money too much. In my experience, that is simply not true. What is true, is that millionaires love what they can do for their families and others with their abundance. Millionaires who are greedy and afraid of loosing their money are not truly successful. True success involves peace and contentment. Study success and learn how to make money, but also learn how to be content with where you are while in pursuit of what you want.”

For me personally reading this chapter this week and forwarding the information to you could not have come at a better time. With all that is going on in the economy these days, and being a father to a young family, it seems as if there is less and less time in the day. I have been reading less and less, and listening to less audio CD’s and over all doing less in the way of personal growth. This chapter has inspired me to get back into the habit of keeping a personal growth or motivational CD in my car stereo, and to get back to reading more. Zig Zigler calls his car an “Automobile University”. This really is one of the best places to grow and learn. How much time do you spend in your car every week? What do you think would benefit you more? Listening to music, or personal growth books and seminars on CD?
Below is a list of books and Audio programs I highly recommend that you start your continuing education with.

Books or Audio Books
“The Richest Man In Babylon” by George Clason
“Think and Grow Rich” by Napoleon Hill
“The Millionaire Mind” & “The Millionaire Next Door” Both by Thomas Stanley
“As A Man Thinketh” by James Allen
“The Power of Positive Thinking” by Norman Vincent Peale
“Smart Talk” by Lou Tice
“Built to Last” & “Good to Great” by Jim Collins
“It’s Only a Mountain” by Dick Hoyt

Audio recordings and seminars
“How to Stay Motivated” by Zig Zigler
“Courtship After Marriage” By Zig Zigler
“Raising Positive Kids in a Negative Word” by Zig Zigler
Basically anything by Zig Zigler
“The Power of Ambition” by Jim Rhon
“The Art of Exceptional Living” by Jim Rohn
Basically anything by Jim Rohn

Personal Growth, Business, and Real Estate Coaching Companies
Brian Buffini and Company - http://www.brianbuffini.com/

Here are some quick video clips to give you a little motivation
Zig Zigler – Setting Goals 1 of 3 http://www.youtube.com/watch?v=Ae-VJ_lauCw
Zig Zigler – Setting Goals 2 of 3 http://www.youtube.com/watch?v=kiQV0oTyd98&feature=related
Zig Zigler – Setting Goals 3 of 3 http://www.youtube.com/watch?v=su2UuP3aqZg&feature=related

It's a Good Life!!!
Greg Novak MBA
Branch Manager
Eagle Nationwide Mortgage Company
Office - 386-756-8228 Cell - 386-846-6686 Fax - 386-756-8108
Web site - http://www.mynationwidelender.com/
Oh, by the way, if you know someone who is thinking about buying or refinancing a home, please give me a call with their name and number, I will be happy to follow up with them for you.

Here is a list of Mortgage Loans we are experts in closing.

  • Fixed Rate Mortgage Loans for new purchase and refinance
  • Adjustable Rate Mortgage Loans for new purchase and refinance
  • Conventional Mortgage Loans for new purchase and refinance
  • VA Mortgage loans
  • FHA Mortgage loans
  • FHA 203k Rehab Mortgages
  • USDA & Rural Development Mortgage Loans
  • First Time Homebuyer Mortgages
  • Mortgages up to 100% of the purchase price
  • Reverse Mortgages, for seniors 62 and older


We offer great rates, excellent service, and we really do succeed in catering to you, the borrower.
Our Main area’s of service include the Greater Daytona Beach Area, Daytona Beach, Port Orange, Ormond Beach, Volusia County, Palm Coast, Flagler County, Florida, Alabama (AL), Alaska (AK), Arizona (AZ), Arkansas (AR), California (CA), Colorado (CO), Connecticut (CT), Delaware (DE), Florida (FL), Georgia (GA), Hawaii (HI), Idaho (ID), Illinois (IL), Indiana (IN), Iowa (IA), Kansas (KS), Kentucky (KY), Louisiana (LA), Maine (ME), Maryland (MD), Massachusetts (MA), Michigan(MI), Minnesota (MN), Mississippi (MS), Missouri (MO), Montana (MT), Nebraska (NE), Nevada (NV), New Hampshire (NH), New Jersey (NJ), New Mexico (NM), New York (NY), North Carolina (NC), North Dakota (ND), Ohio (OH), Oklahoma (OK), Oregon (OR), Pennsylvania (PA), Rhode Island (RI), South Carolina (SC), South Dakota (SD), Tennessee (TN), Texas (TX), Utah (UT), Vermont (VT), Virginia (VA) , Washington (WA), West Virginia (WV), Wisconsin (WI), Wyoming (WY)

Friday, May 1, 2009

Part 4 - Millionaires vs the Middle Class

Distinction Seven – Millionaires take calculated risks. The Middle class is afraid to take risks.

The middle class is trapped in the rat race because it doesn’t take risks. The only way out of the rat race is to take risks… Taking risk doesn’t mean taking a shot in the dark. Millionaires take CALCULATED risks… Millionaires overcome fear,” associated with risk, “and the middle class submits to it.” Millionaires tend to ask three questions when analyzing an opportunity with associated risk. “1. What’s the best thing that could happen? 2. What’s the worst thing that could happen? 3. What’s the most likely thing to happen? If you can live with the worst thing that could happen and if the most likely thing to happen will get you closer to your goals, then go for it!” The problem with a lot of people, when they take a risk, is that they base their decision on a best case scenario and don’t consider the worst case, or the most likely case, and frequently the most likely thing to happen is something that they can not live with, or will put them in a worse off position financially.
Unfortunately, I think a lot of people, my self included, got caught up in the real estate frenzy with purchasing investment property. Most of these people, again, my self included, only looked at the best case scenario. That property values would continue to go up, the rental market would stay strong, and we would be able to cash flow the property for a period of time and make a good profit, or flip the property and make a good profit. Well, we all know how that story ends, and a big part of this problem falls back to a lot of people not considering the worst case scenario, or in some cases even the most likely scenario and a lot of money has been lost as a result. Real estate is not the obviously not the only risk that people take and not fully consider the down side. Some other popular failed risks include Multi Level Marketing companies, dot com investments, the latest and greatest new stock option, and other get rich quick schemes. The thing about taking a smart, calculated risk is that it rarely gets to rich quick. It usually takes years and sometimes decades to make you rich. If you have taken a loss on an investment, I think it was Zig Zigler who tell us to chalk those losses up as “Tuition in Life’s University”, learn from those mistakes and move forward.
This last statement is a great intro into the next part of this chapter which discusses the three main fears you must overcome in order to be successful.
1. “The Fear of Failure. It is not a matter of if you will fail, it is a matter of when. Millionaires understand that failure is part of the path to success. They do not fear failure, they embrace it when it comes and become wiser. The reason the middle class fears failure is because it thinks failure is bad. Millionaires think failure… gives them the opportunity to learn and grow… Failure is one of life’s many teachers.”
2. “The Fear of Rejection. The middle class puts too much importance on the acceptance of others. We all want others to accept us. We also want to be successful. Here’s a key to success: you must want to succeed more than you want the acceptance of other people. Millionaires desire success more than they desire acceptance. In order to be successful you will have to take risks and, if you fail, some people may reject you. The funny thing is, if you succeed some people will still reject you… If you are addicted to the approval of people, this will keep you from taking risks.”
3. “The Fear of Loss. Millionaires play to win. The middle class plays not to lose. HUGE DIFFERENCE! Can you imagine if a football team played defense the entire game? Their chances of winning would be zero. If you fear loss, you will only play defense when it comes to your money and your chance of financial freedom will be zero. People who play not to lose are always saying they should have done this or that. The biggest gap in the world is between I should and I did. Millionaires can say, ‘I Did’. The middle class is always saying, ‘I should’. When you take risks, you may lose some money; accept it and go on. Just as failure is part of success, losing is part of winning.”
I am going to finish up this weeks e-mail with a quote from Zig Zigler dedicated to those of us who have taken a risk and failed. “You are doing better than good when you clearly understand that failure is an event, not a person; that yesterday ended last night, and today is your brand new day. You are doing better than good when you have made friends with your past, are focused on the present, and optimistic about your future. You are doing better than good when you know that success (a win) doesn't make you, and failure (a loss) doesn't break you.”

It's a Good Life!!!
Greg Novak MBA
Branch Manager
Eagle Nationwide Mortgage Company
Office - 386-756-8228 Cell - 386-846-6686 Fax - 386-756-8108
Web site - http://www.mynationwidelender.com/

Oh, by the way, if you know someone who is thinking about buying or refinancing a home, please give me a call with their name and number, I will be happy to follow up with them for you.

Here is a list of Mortgage Loans we are experts in closing.
  • Fixed Rate Mortgage Loans for new purchase and refinance
  • Adjustable Rate Mortgage Loans for new purchase and refinance
  • Conventional Mortgage Loans for new purchase and refinance
  • VA Mortgage loans
  • FHA Mortgage loans
  • FHA 203k Rehab Mortgages
  • USDA & Rural Development Mortgage Loans
  • First Time Homebuyer Mortgages
  • Mortgages up to 100% of the purchase price
  • Reverse Mortgages, for seniors 62 and older

We offer great rates, excellent service, and we really do succeed in catering to you, the borrower.

Our Main area’s of service include the Greater Daytona Beach Area, Daytona Beach, Port Orange, Ormond Beach, Volusia County, Palm Coast, Flagler County, Florida, Alabama (AL), Alaska (AK), Arizona (AZ), Arkansas (AR), California (CA), Colorado (CO), Connecticut (CT), Delaware (DE), Florida (FL), Georgia (GA), Hawaii (HI), Idaho (ID), Illinois (IL), Indiana (IN), Iowa (IA), Kansas (KS), Kentucky (KY), Louisiana (LA), Maine (ME), Maryland (MD), Massachusetts (MA), Michigan(MI), Minnesota (MN), Mississippi (MS), Missouri (MO), Montana (MT), Nebraska (NE), Nevada (NV), New Hampshire (NH), New Jersey (NJ), New Mexico (NM), New York (NY), North Carolina (NC), North Dakota (ND), Ohio (OH), Oklahoma (OK), Oregon (OR), Pennsylvania (PA), Rhode Island (RI), South Carolina (SC), South Dakota (SD), Tennessee (TN), Texas (TX), Utah (UT), Vermont (VT), Virginia (VA) , Washington (WA), West Virginia (WV), Wisconsin (WI), Wyoming (WY)