Friday, June 26, 2009

Part 8 - Millionaires vs the Middle Class

Below is part 8 in my Bloggs about "The Top Ten Distinctions between Millionaires and the Middle Class" by Keith Smith.

Distinction 3 - Millionaires have multiple sources of income. The Middle class has only one or two.

"Let's compare dollars to fish. Would a fisherman catch more fish if he had two lines in the water? Of course, there is a greater possibility that he would. What if he had five lines in the water? It's easy to see that the more lines he has in the water, the more fish he has the possibility of catching.

Money is like that. The more sources of income you can develop, the more likely it is you will become a millionaire. For every millionaire who has achieved his or her wealth doing only one thing, there are a dozen other who became financially free by combining several forms of income...

Let's look at a term from Nido Qubein - Intentional congruence. It is the essence of how to create successful multiple sources of income. Intentional means: doing something on purpose... Congruence means: connected...

The concept of intentional congruence is first and foremost intentional... If you currently have one source of income and want to start another source, then make sure the new source of income supports the first, and make sure the first source can support the new one. Do they help promote each other? Can your primary source of income do business with your secondary of third? Do they lend credibility to each other? Can the customers from your primary source also become customers of your new endeavor?"

Another concept mentioned in this chapter is that you do not have to, or should not manage and do all of the work for all of your sources of income yourself. This is a difference in middle class and millionaire thinking. Millionaires know that there are people who can do the job just as good, if not better than they can, and they hire those people to manage and run their multiple sources of income. The middle class mindset is one where they think that no one can do the job as good a them and they feel that in order for the job to be done right they have to do it themselves. This is why the middle classes concept of multiple sources of income is having a second job. I want to be clear, that this is NOT the concept being put forth. The concept is to have multiple sources of income that do not require you to do the work or manage the business, and where the various enterprises support each other.

Let me give you an example. There are a couple of doctors here locally. They them selves are into fitness. They preach to their patients the importance of maintaining a healthy lifestyle and a regular exercise program. The doctors decided that they would open a fitness center. They researched franchises and purchased one. They found a great location and purchased the equipment. Then they hired a great team to run the business for them. Their practice feeds the gym and the gym feeds their practice.

The bottom line is first, find something you are interested in and enjoy. Second, decided if you can hire a team to manage and run the business and still be profitable. Third, does the new business relate to the first business and can the two businesses feed off of each other.

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, June 19, 2009

Part 7 - Millionaires vs the Middle Class

Below is part 7 in my series of Bloggs about “The Top Ten Distinctions Between Millionaires and the Middle Class” by Keith Smith.

Distinction 4 – Millionaires believe they must be generous. The middle class believes it can’t afford to give.

“Not all millionaires are generous, but the happy ones are! Most millionaires believe in the law of sowing and reaping. They see money as a seed. They know if they are generous they will receive more in return.”

One important point to make is that millionaires typically do not give to get. They give to give. People who give to get something in return usually don’t receive any reciprocity because they are not really giving. Another thing millionaires do whenever possible is to give anonymously. They give anonymously because once again they are not giving to get something in return, and if you give to get recognition or a big pat on the back, then you are missing the true joy of giving unconditionally. To me there are very few feelings that match the feeling I get when I do something for someone or buy something for someone and they have no idea who blessed them with this act of kindness.

Another important point is that it is not the amount of the gift that matters. It is the intention of the giver. Millionaires can give large sums of monies to charities and they can make a big difference. Most likely if you are like me, stroking a check for $100,000 is not a possibility, even $100 right now is pushing it. But, you can give your restaurant sever an extra $10 or $20 on their tip, or if the person next to you at the grocery store only has a couple of items in their basket, pay for them. You never know how much an extra $10 or $20 might mean to someone else. I could be milk, bread, and Peanut butter for their hungry kids at home, or pack of diapers, or by paying for the elderly woman’s groceries, now she can afford to go and buy her prescription medicine this week. Little things that we may take for granted may be a huge deal to someone else.

One last point I want to make is that millionaires are not only generous with their money, but they are also generous with their time and abilities. One of the best ways to give to someone else is to volunteer your time or put your skills to work for someone in need. I know a nurse who volunteers one day a month at a free clinic treating patients, administering shots, and bandaging wounds. Or, if you are an accountant, maybe prepare some tax returns at no cost to someone struggling to get by. Volunteer with Habitat for Humanity, or help your elderly neighbor maintain their home by cutting their grass for them for free so they do not have to pay someone. There are things all around that you can do to help someone in need.

“It is a good habit to be generous; to make sure money never controls you. I once heard a spiritual teacher tell of a test you can do to see if you possess your money, or your money possesses you. The test: give it away. If you can do that, then you possess your money. If you can’t, then your money possesses you.”

Lastly, I have two quotes for you.

“If you give it out in slices, it will come back to you in loaves” Brian Buffini

“Always give without remembering and always receive without forgetting.” Brain Tracy

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 - 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, June 12, 2009

Part 6 - Millionaires vs the Middle Class

Below is part 6 in my series of Bloggs about “The Top Ten Distinctions Between Millionaires and the Middle Class” by Keith Smith.

Distinction 5 – Millionaires work for Profits. The middle class works for wages.

“People who work for wages end up earning enough to live on but not much more. It is rare for someone to make enough money from an hourly or salary position to become financially free. Millionaires understand this and choose to work for profits instead of wages. Wages are the pay you receive for the work you do. Profits are the result of buying something for one price and selling it for a higher price. Millionaires are in the sales business.
If you depend on wages for your income, then your income will always be extremely limited. If you learn to earn profits, then the sky is the limit.
It has been said that over 90 percent of people who make more than $100,000 a year are in some form of sales. I believe this is true. All of my mentors work for profits. Not one of them works for wages.”
For the remainder of this chapter Keith goes on to describe his own success story. His story is very interesting, but somewhat hard to summarize. The bottom line of what he describes, is that he was always looking for different ways to make money. He was always looking for things he could sell at a profit. He was always watching other successful people make money and then tried to do what they were doing.
I agree with a lot of what Keith says in this chapter, however, I don’t think you need to be self employed or necessarily in a sales position to become a millionaire. Do I think it will get you there faster to be an entrepreneur with a solid idea and business plan? Sure, absolutely. But can you get there from a salary position? Yes you can.
That being said, your mentality must be the same as someone who is self employed, or in sales. You can not go to work and work for your paycheck. You have to go to work, to work for your company. There is a big difference there. People who go to work for a paycheck typically do just enough to earn that paycheck. People who go to work for a company typically do more than what is asked of them and do more work than what they are getting paid to do. These people are the ones who end up getting the promotions, and the raises and end up running the company. These are the “non-self-employed” people who become millionaires.
In addition to reading this book, I have also been listening to my Zig Zigler CD’s. In one of Zig’s presentations he talks about affirmations and gives an affirmation that he suggests people say to themselves everyday. I am going to type it out below, but I want to you notice that the first sentence of this affirmation states that “regardless of who signs my paycheck I am self-employed”. I believe this is so important to understand and remember because you truly are in charge of your own destiny no matter where you work, or who you work for. Your attitude, your drive, your willingness to put forth more effort and work than the next person will determine how successful you will be and if you will be a millionaire, or if you will stay in the middle class.

Zig Ziglar Daily Affirmation:
1.
I am an honest, intelligent, organized, responsible, committed, teachable person who is sober, loyal, and clearly understands that regardless of who signs my paycheck I am self-employed. I am an optimistic, punctual, enthusiastic, goal-setting, smart working self-starter who is a disciplined, focused, dependable, persistent player and hard worker who appreciates the opportunity my company and the free enterprise system offer me. I am thrifty with my resources and apply common sense to my daily tasks. I take honest pride in my competence, appearance and manners, and am motivated to be and do my best so that my healthy self-image will remain on solid ground. These are the qualities which enable me to manage myself and help give me employment security in a non job-security world.

2.
I am a compassionate, respectful, encourager who is a considerate, generous, gentle, patient, caring, sensitive, personable, attentive, fun-loving person. I am a supportive, giving and forgiving, clean, kind, unselfish, affectionate, loving, family-oriented human being and I am a sincere and open-minded good listener and a good-finder who is trustworthy. These are the qualities which enable me to build good relationships with my associates, neighbors, mate and family.

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)