George said he can still picture this man sitting at the table in his coveralls with his cap. He was a great guy who said something George never forgot.

This man said, “I don’t know how to spell millionaire, but I is one.”

How did he become a millionaire?
He bought something!

Not a new wardrobe. Or a bigger house, a new car, a second house, or a boat.

He bought an income-producing asset. He bought a duplex.

What he bought is important
He put down a small amount of money and found a bank that helped him finance the rest of it. He improved the property by doing minor things like painting, putting down new carpet, and some basic landscaping.

So now he had a property that looked much better. So tenants were willing to pay more to live there. So he increased the rent.

Then he went back to the bank because he was making more money. They gladly refinanced his loan, because the income from the property would support it.

What he did next is even more important
He took this money from the bank and bought another investment property. A slightly bigger one. Which he then improved. He kept doing this over and over again until he became a millionaire. Eventually he owned a whole bunch of things.

What you don’t need to become a millionaire
You don’t have to be that smart to become a millionaire; just be sensible. It also doesn’t take that much money to get started. You don’t have to be a super savvy business person. And you don’t have to have a fancy education, although education is a good investment.

And you don’t have to wear flashy clothes!
 
4 tips that can lead you to a million dollars

#1 – Start small.
Don’t bite off more than you can chew. Assume you’ll lose everything, so don’t invest more than you can afford to lose.

#2 – Know your strengths and weaknesses.
Get help. If you’re handy, find someone who is financially savvy. If you’re financially savvy, find someone who’s handy. If you have time but no money, find a partner with money. If you have money but no time, partner with someone who has the time.

#3 – Make yourself accountable.
The CEOs of the biggest companies in the world answer to a Board of Directors. Get someone who will hold you accountable – be it a mentor, a coach, or a partner.

#4 – Logic, not emotion, rules.
Don’t fall in love with a property. You’re not looking for cute; you’re looking for cash flow. Don’t rent to a tenant because you like him or her; rent to them because of their good credit score.

Our bigg quote today is by Brian Koslow:

Paying attention may just pay you a million!

Click on our Comment link below to share your thoughts  Click on the Share This button below to Digg, Stumble, Mixx, etc.

Next time, we’ll offer up nine questions to answer before you make extra mortgage payments.

Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Related posts  

Get Real Estate

How To Become A Millionaire

Good Debt vs. Bad Debt

6 Factors to Help You Succeed When Opportunity Knocks 

George said he can still picture this man sitting at the table in his coveralls with his cap. He was a great guy who said something George never forgot.

This man said, “I don’t know how to spell millionaire, but I is one.”

How did he become a millionaire?
He bought something!

Not a new wardrobe. Or a bigger house, a new car, a second house, or a boat.

He bought an income-producing asset. He bought a duplex.

What he bought is important
He put down a small amount of money and found a bank that helped him finance the rest of it. He improved the property by doing minor things like painting, putting down new carpet, and some basic landscaping.

So now he had a property that looked much better. So tenants were willing to pay more to live there. So he increased the rent.

Then he went back to the bank because he was making more money. They gladly refinanced his loan, because the income from the property would support it.

What he did next is even more important
He took this money from the bank and bought another investment property. A slightly bigger one. Which he then improved. He kept doing this over and over again until he became a millionaire. Eventually he owned a whole bunch of things.

What you don’t need to become a millionaire
You don’t have to be that smart to become a millionaire; just be sensible. It also doesn’t take that much money to get started. You don’t have to be a super savvy business person. And you don’t have to have a fancy education, although education is a good investment.

And you don’t have to wear flashy clothes!
 
4 tips that can lead you to a million dollars

#1 – Start small.
Don’t bite off more than you can chew. Assume you’ll lose everything, so don’t invest more than you can afford to lose.

#2 – Know your strengths and weaknesses.
Get help. If you’re handy, find someone who is financially savvy. If you’re financially savvy, find someone who’s handy. If you have time but no money, find a partner with money. If you have money but no time, partner with someone who has the time.

#3 – Make yourself accountable.
The CEOs of the biggest companies in the world answer to a Board of Directors. Get someone who will hold you accountable – be it a mentor, a coach, or a partner.

#4 – Logic, not emotion, rules.
Don’t fall in love with a property. You’re not looking for cute; you’re looking for cash flow. Don’t rent to a tenant because you like him or her; rent to them because of their good credit score.

Our bigg quote today is by Brian Koslow:

Paying attention may just pay you a million!

Click on our Comment link below to share your thoughts  Click on the Share This button below to Digg, Stumble, Mixx, etc.

Next time, we’ll offer up nine questions to answer before you make extra mortgage payments.

Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Related posts  

Get Real Estate

How To Become A Millionaire

Good Debt vs. Bad Debt

6 Factors to Help You Succeed When Opportunity Knocks 

 On the show, George said he once had a student who underperformed, primarily due to sporadic attendance. As the semester wound down, he found out the reason – his student had a severe acne condition. Most of the time, it was under control. But it occasionally flared up, and this student wouldn’t leave his apartment.

George said that, had he known what the problem was, he could have helped. The University has fantastic support services for students. But this student didn’t take advantage of it.

So why don’t people, who need help, ask for it?

• Youth and inexperience
  Some people just don’t know any better. They may have never faced the situation before. 

• Insecurity
  Other people don’t ask for help because they lack self-confidence. They’re afraid they’ll be embarrassed or “look stupid”. 

• Ego
  Yet other people are too proud to admit that they’re in over their head. 

All of which leads us to the common perception that keeps many people from succeeding:

They think that they will look weak if they ask for help.

George has a friend who is a multi-multi-millionaire. He owns many businesses. He has real estate all over the country. He travels extensively. He is a well-respected leader in the community.

But it hasn’t always been easy. A few years ago, he almost ran out of cash in his franchise business. He approached anyone and everyone within the franchise organization that he thought could help him. Together they found a solution that helped him get back on his feet!

The moral to these stories … only the strong ask for help.

So, assuming you’re strong enough, here are three tips to get the help you need.

#1 – Know who to ask.
Don’t ask people who can’t help you, but ask anyone and everyone who can. George’s student may have talked to friends, but they didn’t know what to do. The businessman talked to the appropriate people with the franchisor. They helped make it happen!

#2 – Present your situation properly.
People respond best to opportunities. So, whenever possible, frame your situation as an opportunity, not a problem. Obviously, this won’t apply to all situations.

The student didn’t have an opportunity to offer, per se. However, there are people at the University whose entire job is to help students in that type of situation. This was an opportunity to fulfill their mission.

The businessman presented an openness to consider anything, but a desire to help his franchisor solve their problems, too. He ended up partnering with them in yet another business, which led to his fortune.

#3 – Be willing to accept advice and act upon it or don’t ask in the first place.
You’ll demonstrate that they’ve helped you by implementing their solution and letting them know how it goes. Otherwise, don’t waste their time.

Do you need help with a bigg challenge you’re facing? E-mail us at bigginfo@biggsuccess.com.We' love to help!

Our bigg quote today is by Ric Ocasek, the lead singer of The Cars.

“Refusing to ask for help when you need it is refusing someone the chance to be helpful.”

So “let’s go” ask for help. I usually get “just what I needed” to “shake it up” and create some “magic.”

Can you tell we’re bigg Cars fans?

The title of our next blog says it all – “Help! My Spouse Spends Too Much Money!” We’ll help one of our newsletter subscribers stop the bleeding without getting bloody! Until then, here’s to your bigg success!

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(Image by DannoHung, CC 2.0)