Archives for August 2014
078: How the Rich Invest – Jonathan Duong
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Do you want to get lucky or be good?…
That is the question. If you want to rely on luck, your wealth likely won’t last. Instead, you should stick to timeless principles that will bring you massive wealth.
In this episode, Jonathan Duong of Wealth Engineers and I discuss how you can build massive and lasting wealth.
You better get your pen and paper out for this episode of YoPro Wealth, because there is a lot of wisdom shared. Enjoy it!
In This Podcast, You’ll Learn:
- How the rich set themselves apart from everyone else.
- Why you need a practical approach to investing.
- The biggest mistakes that most people make.
- The first few steps of taking control of your finances.
- When to consider if you need a Financial Planner or not.
- Jonathan’s favorite books on investing!
- The one action you need to take ASAP to get headed towards wealth.
- And much, much more.
2 Secrets of the Wealthy
Two secrets of the wealthy that I talk about in the book are:
1. Start With Gratitude
I’ve heard and read about so many successful people that start their day with gratitude. One practice is to write down everything that you’re grateful for before you do anything else in your day. You create your future, and it should start with gratitude. Here’s a brief book excerpt:
“By focusing on the positive, you see things in a completely different light and it impacts everything else. Every time you express gratitude, you are re-wiring your brain. You release dopamine into your brain, which makes you feel good, which in turn makes you more productive.” – Matt McWilliams
This is one of the many uncommon secrets shared by numerous guests. The way to turn things around from negative to positive begins with gratitude.
“Step #1 for Turning Terrible Into Terrific (Dr. Dennis Cummins’ book) is for people to be grateful for what they’ve got, no matter what it is. Start with gratitude.
As long as you’re focusing on the problems, what’s wrong in your life, you’re going to get more of that because you’re stuck in the ‘whoa it’s me’ syndrome. There’s always a lot of blame, but when you can find gratitude for what you’ve got, it changes your mindset and your way of thinking. It’s easy to be grateful for the things in your life when everything’s going well. The challenge is to find something to be grateful for when they’re really not going well, when things are really terrible. How do you look through all the junk, all the things that are not good to find the one thing that is? If you start focusing on that, now you start to develop a more positive attitude. The first one, just find something to be grateful for.” – Dr. Dennis Cummins
2. Thank You Letters
August Turak, Matt McWilliams, and Patrick Bet-David all shared their #1 tip for success: send handwritten thank you letters to people.
“The 5 minutes to write a thank you note statistically, according to research for about the next 3 hours, you have a 31% increase in productivity or 18 minutes more productivity. You get also the added benefit of affecting their lives, which in many cases will benefit you in return.” – Matt McWilliams
Both of these things not only build relationships and create positive momentum in your own life, but they also both make you more productive. Who would have thought?
What I want to teach you is how to do exactly that, and you do it by thinking differently. This is one of those ways.
Make someone’s day and the rewards will come back to you tenfold.
Book: The Key to Making Money
This is an excerpt from my upcoming book: Make Money, Live Wealthy. For a limited time, get a free copy of the book sent to you on launch day here!
The key to making money, per Dan Miller, is to create amazing relationships.
“I focus on creating those amazing relationships and doing the things I really love and serve other people well. And you know what, money just shows up even in unexpected ways. What can I do to increase my service to my customers? Answer that question in new and better ways, and profit will take care of itself. No man can become rich without enriching others.” – Dan Miller [Read more…]
Savings Tip #2: Avoid the SOS Mentality
After all, it’s not how much you make; it is how much you keep that matters.
Whether your income is $500,000 or $50,000, you can’t get ahead unless you live below your means. The best way for many to make progress with how much you save is by avoiding the emotional (see: regrettable) purchases As a result, savings tip #2 is to avoid emotional spending.
Get rid of the SOS (shiny object syndrome) mentality – the feeling of going out and having to buy stuff. – Mike Kawula on the YoPro Wealth podcast
077: Overseas Real Estate Investing – Taylor White
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The decision…
It all starts with that. Just know that wealth is a choice, and you have to make the decision if you’re going to be wealthy or not.
Taylor White made the decision that he was going to combine his passion (traveling) with his work (real estate), and now does overseas real estate investing.
In this episode he shares how exactly he does that. If you have an itch for travel and/or investing in real estate, this episode is for you.
In This Podcast, You’ll Learn:
- Why “hope” should not be in your money making strategy.
- How to find your dream career.
- What the lack of focus makes you do.
- The secret to real estate (or any) success.
- How an investment is won at the beginning, not the end.
- The specifics of a real estate deal, and what you can earn.
- Different ways to make money in real estate.
- The power of Ready, Fire, Aim.
- And much, much more.
The Ultimate Guide for Getting a Raise
Getting a raise is easier said than done…
It is difficult for most people to ask for more money. We don’t want to damage relationships, and always fear the worst possible outcome.
However, asking for a raise is often times absolutely necessary, and well worth the risk. Getting a raise is one of the quickest ways to make more money, as well as one of the most impactful ways to build wealth long-term (a raise now makes all of your future earnings even higher, and adds up to big numbers over a career). If you have the opportunity, you must do so.
You don’t earn what you’re worth; you earn what you negotiate. – one of my favorite personal mentors
To help you do exactly that, I asked the experts what you need to do in order to get a raise at work. Here are 7 steps, as well as 10 tips for getting a raise and more.
1. ANALYZE
First of all, you have to know if you should get paid more. What you really need to do, per Jae Lynn Rangel, is a little homework.
“The 2 most important things one needs to know before asking for a raise are:
1. The value of your job – both internal and external. Internal value is determined by the company’s salary band or pay rate/range for the job. External value is the job’s market rate.
There are lots of resources available on the web to help you find the value of a job including salary.com, payscale.com, glassdoor.com, the U.S. Department of Labor Statics, even trade organizations. Use multiple sources and try to find pay rates specific to your industry and city or state. Also, don’t value your job on title alone. Every organization titles and levels its jobs differently. Look at the knowledge, skills and experience required in the job to find the right market match. [Read more…]
Why Savings Matter
Savings, as boring as they are, matter. Why?
Because there are two things that you can absolutely expect to occur:
- Unexpected expenses.
- Opportunities to invest.
Job loss has hit my family and millions of others, and you never know what will happen with the economy. Especially if you have other mouths to feed, it is extremely important to be prepared for the worst.
Having an emergency fund gives you 3 things: flexibility, security, and peace of mind. These are all important components of being wealthy.
So, how much do you need? The answer is, as usual, it depends. Personal finances are personal, but here are some guidelines that you should consider.
Goal #1. $1,000
076: The 4 P’s of Building Wealth – Rob Wilson
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All things, big or small, are complex if you let them be. The secret that Rob Wilson and I learned in engineering school is to break that complex problem down into smaller, more manageable chunks. Wealth is no different. In this episode, Rob talks about the simple ways you need to think about making money that will get you in motion towards achieving your financial dreams. [Read more…]
Icon Lessons: The Hedgehog Concept (Jim Collins)
Being a “jack of all trades, master or none” is not a good thing…
I didn’t realize this for a long time. I used to call myself that, and have heard many others say the same. So many of us would rather be good at many things rather than great at one thing. Our attention span can only go so far, so we scatter our thoughts, projects, and missions. We become great starters, but not great finishers. Does that sound familiar?
Well, this week’s Icon Lesson is from Jim Collins (see others here) – the famed author of Good to Great and Built to Last.
My favorite lesson from him is what he calls The Hedgehog Concept.
Inspired by the famous essay of Isaiah Berlin, Jim shares some of the lessons with a strong favoring of the hedgehog.
The fox knows many things, but the hedgehog knows one big thing. – Greek parable
