Tuesday, July 28, 2009

Part 10 - Millionaires vs the Middle Class

Hello,

Below is the final part, #10 in my series of blogs on “The Top Ten Distinctions Between Millionaires and the Middle Class” by Keith Smith.

Distinction 1 – Millionaires ask themselves empowering questions. Middle-class people ask themselves disempowering questions.

On the surface, this distinction may seem unimportant: though I assure you it is a profound principle. When you develop the habit of asking yourself empowering questions, your life will take on new meaning and success is inevitable… Whatever questions you ask you will receive the answers for; the bigger your questions, the better. Learn to ask yourself questions that stretch you beyond your current levels of experience. Questions hold the answers that you need to succeed.

For example, which question is more empowering? ‘How can I double my income this year?’ or ‘How can I get enough money to pay the bills this month?’
Do you see the difference? It takes the same amount of mental energy to think about answering the big question as it does the small question… Let’s look at a few more examples.

‘How can I make a $1,000,000 a year doing what I love?’ or ‘How can I get my boss to give me a raise?’
‘What is life trying to teach me right now?’ or ‘Why do bad things always happen to me?’
‘How can I develop a deeper relationship with my spouse?’ or ‘Why is it so hard to get along with my spouse?’
‘What can I do to show my kids I love them today?’ or ‘Why don’t my kids appreciate me?’
‘What would I enjoy doing to keep myself strong, healthy, and at my target weight?’ or ‘Why is it so hard to loose weight?’

Empowering questions ask what you can do and disempowering questions ask what you can’t do or why things are so hard. Empowering questions make you feel good. Disempowering questions make you feel bad…
The power of this distinction is awareness and consciousness. Most middle-class people are unaware or unconscious of the questions they ask themselves on a regular basis… Millionaires are aware of the questions they ask themselves. They are conscious of their thoughts. They continually work on conditioning their minds to lead them to more success.
We are all conditioned to think the way we do. Millionaires consciously condition their minds. By controlling the questions you ask yourself, you will learn to think for yourself. You gain control of your life by controlling your internal dialogue. You must become aware of the questions, and things you say to yourself if you want to be more successful.”

I truly believe in the power of positive thinking and that our “self talk”, meaning what you say when you talk to yourself, is a compass that leads us down the path of success or failure.

Here are a few books that I recommend on this subject.
1. “What to say When you talk to yourself.” By Shad Helmstetter
2. “Think & Grow Rich” by Napoleon Hill
3. “As a man thinketh” by James Allen

Here is a you tube clip that you may find interesting on How Self Talk Works.
http://www.youtube.com/watch?v=rvzfnm9uk-0&feature=related

Now that we are at the end of the book I think it would be good to do a quick recap, in part one we found that Millionaires think on a long term basis, and the middle class tends to think on a short term basis. In part two we found that Millionaires think and talk about ideas, and the middle class thinks and talks about things and people. In part three we learned that Millionaires embrace change and the middle class is threatened by change. In part four we found that Millionaires take calculated risks and the middle class is afraid to take risks. Part five was about how Millionaires continually learn and grown and the middle class thinks learning ended with school. Part six taught us that Millionaires work for profits and the middles class works for wages. In part seven we found that millionaires believe they must be generous and the middle class believes it can’t afford to give. In part eight we learned that millionaires have multiple sources of income and the middles class has only one or two. And last week in part nine we found that millionaires focus on increasing their net worth and the middle class focuses on increasing its paychecks.

Thank you for reading this series of Blogs and keep an eye out, because next week or so I will be starting another great series of positive, motivating, and personal growth Blogs.

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)

Thursday, July 16, 2009

Part 9 - Millionaires vs the Middle Class

Below is part 9 in my series of blogs about “The Top Ten Distinctions Between Millionaires and the Middle Class” by Keith Smith.

Distinction 2 – Millionaires focus on increasing their net worth. The Middle Class focuses on increasing its paychecks.

“Most everyone has heard the saying ‘Work smarter, not harder’. Focusing on your net worth is working smart. Working for a pay check is working hard. Millionaires attain their financial freedom because they work hard in the beginning to build their net worth. Once their net worth is built to a certain level, they are free to do what they want when they want…

The typical definition of net worth is assets minus liabilities. Most people think an asset is anything they own that has value… This is not the way millionaires think about assets… Millionaires look at assets as the things they own that have value and earn passive income for them… Your liabilities are things you owe money for, like mortgages, car payments, credit card debts, and school and personal loans. Subtract the things you owe from the things you own that have value and produce passive income. This is your true net worth…

Millionaires make their money work hard for them. The middle class works hard for its money. Here are two reasons why working for a paycheck alone is risky and not very smart. One, as your paycheck gets bigger, so do your taxes. Two as your paycheck gets bigger, so does your dependency on someone else. Millionaires are in control of their financial lives. Middle-class people place control of their financial lives in the hands of someone else…

Working for a paycheck, is not wrong or bad,… Many people who are millionaires today, once worked for a paycheck. How did they become financially free? By using their paychecks to buy assets… Buying assets that produce income is not easy at first. It requires new knowledge, which is gained by many hours of personal study… Millionaires apply the knowledge they gain.”

One way to get started is with a small business. “In my opinion, everyone should have a small business. I am not saying to quit your job and start a business. I am suggesting your start a part-time business while working your current job: a part-time business doing something you enjoy… When you start your business, make sure you keep your cost of lining the same and save the money you make from your new business until you are ready to invest in an asset. It is the most common thing in the world to spend more money when you start making more money.”

When considering what type of small business to start I suggest that you look at the things that you enjoy, or are skilled in, or already do for yourself that you can do for other people and charge a fee. The biggest WARNING I can give you is to stay far far away from multi level marketing companies. Do NOT get involved with any company where their entire sales pitch to you is that all you have to do is to get other people to sign up underneath you and you will make money from them, and then you will also make money off the people they sign up, and so on and so on. This is a pyramid scheme. No matter what they call it, or how different they say it is from other MLM companies, it is all the same. The only person who actually makes money is the person at the very top. Any company that charges you an initiation fee, or requires you to purchase a certain amount of product every month to be commissionable, is one where they are not actually making their money from selling products, they are almost solely making their money from conning people into signing up and paying their fees to do so.

A couple other types of assets that produce passive income is Real Estate, and Stocks. Now, I know what you are thinking. The real estate market is in the tank, the stock market keeps tanking more and more every day. However, even now can be a great time to purchase either of these two things, you just have to be smart about it.

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)