Live Your Dream With Purpose – Part I

About thirty days ago, we asked you to visualize the life you want. Specifically, we asked you to remove the two constraints – time and money – and answer this question:

If neither time nor money was an issue,
how would you spend your time and money?

Mary-Lynn said that, as a long-time broadcaster, her dream is to develop her own content that helps people. She’s doing that with Bigg Success. George says his dream is to travel more, especially spending more time on the beach.

Dreaming is great, but we all have responsibilities. Money is limited. Time even more so. How does it help to dream without considering that fact?

Understand that this is a process. We’ll bring the two constraints back in … but not just yet. First, find your passions by dreaming about the life you want. But you won’t have peace of mind if you’re not living your values.

And, if you remember, we defined success as peace of mind. You’ll never feel successful without it. So, now we want to define our core values.

What’s most important to you? You’ll find your core values at the point where your passions and your beliefs intersect. They’re the combination of what you want and what you believe (i.e. your morals).

Everyone lives according to a set of values. Sometimes consciously, sometimes subconsciously. We have all sorts of values … our own, things our parents taught us, influences of our society …

The question is NOT, “Are you living by a set of values?”
The question is, “Are you living by YOUR core values?”

Many people default to a subconscious set of mostly external values. Defining your core values should be extremely personal. What is most important to YOU? If you don’t live your life in line with your answer to that question, you’ll never achieve peace of mind. You’ll experience frustration, stress, burnout … all things diametrically opposed to peace of mind!

If you’re like a lot of people, you may say that your core values interfere with pursuing your passions. For example, supporting your family may be an overriding value of yours. You’re not happy but you have to do what you have to do, right? 

Keep in mind that seeing the big picture – aligning your core values with your passions – energizes you. You may come to see your current situation as a stepping stone to the future of which you dream. Doesn’t that change how you look at things as they are now?

We’ll revisit this topic next time. Between now and then, think about what’s most important to you, given your passions and beliefs. Tomorrow, we’ll talk about two techniques that will help you discover your core values so you can live your dream life with purpose. 

Our quote today is by Steven Covey. 

“Personal leadership is the process of keeping your vision and your
values before you and aligning your life to be congruent with them.”

So values your values and your vision … and live your life with purpose, on purpose.
Next time, we’ll continue on this track. You’ll get two techniques to discover your core values so you can live your dream life with purpose. Until then, here’s to your bigg success!

Intuition – It’s Not Just For Women Anymore

We’ve all heard about women’s intuition. We’re told that women rely more on their feelings when they make decisions. They’re more emotional. But women certainly use logic to make decisions as well. Men reason more because they like to be able to prove their point. Supposedly, they’re more argumentative. But that doesn’t mean they don’t use their intuition.

We value logic today, perhaps to an extreme. Few people, except the most successful, will admit to using their gut instincts to make decisions. Once successful, people like Oprah Winfrey and Donald Trump proudly proclaim that their hunches were partially responsible for their bigg success.

So, guys, it’s okay to admit that you use intuition. Don’t see it as a bad thing. Know when to use it and how.

Which type of decision-maker are you?
Gerd Gigerenzer, a social psychologist at the Max Planck Institute in Germany, recently wrote a book, Gut Feelings. He is a pioneer in research on intuition. He says there are two kinds of decision-makers:

  • “Maximizers” have to know all of the facts before they decide.
  • “Satisficers” only need to be “satisfied they have enough information to suffice” before they make a decision.

Gigerenzer’s research shows that you can often make better decisions with less information. Think of the time that saves you! But he does has skeptics within his field.

Sometimes the data lies
Steve McKee wrote an article recently for Business Week, entitled Beware the Advertising Pretest. He mentions a number of advertising campaigns that didn’t test well during market research. For example, if the advertisers hadn’t gone with their gut, against all the evidence, we never would have “Got Milk?”!

When should you satisfice?

  • The more familiar you are with the situation, the more likely you can satisfice.
  • The less the decision will significantly affect your life, the more likely you can satisfice.
  • Ask yourself, “Who is affected by my decision?” If the answer is “you”, then satisfice. If it involves others, you may want to err on the side of research.

Intuition and the magic 8-ball
Here’s a technique to try the next time you have a decision to make. Do all the analysis you want. Then frame a “yes” or “no” question. Shake your magic 8-ball (or flip a coin). How do you feel about the answer? That’s your intuition at work! This simple exercise helps you start to understand how your intuition plays in to your decision-making.

Our quote today is by Albert Einstein, considered one of most intelligent people ever.

“The intellect has little to do on the road to discovery. There
comes a leap in consciousness, call it intuition or what you will,
the solution comes to you and you don’t know how or why.”

Don’t get stuck in analysis paralysis. Sometimes you have to take a leap of faith.

Next time, we’ll revisit visualizing the life you want. We challenged you to answer the question, “If neither time nor money was an issue, how would you spend your time and your money?” We’re ready to take it to the next level – live your dream with a purpose.

Until then, here’s to your big success!

Regrets…Had A Few?

Last time, we talked about starting over to turn misfortune into fortune. Today, we want to discuss a study about regrets. The study was done by Dr. Neal Roese, professor of psychology, and Amy Summerville, graduate student researcher, at the University of Illinois.

In What We Regret … and Why, they assert that the biggest regrets that people have revolve around their education (cited by 32 percent of participants) and their career (selected by 22 percent of participants).

What about you? If you could do it again, would you get a different degree? Choose a different career? Study harder?

The good news is we have more choices today than ever before. The bad news is more choices mean more things to bemoan. The authors discuss two types of regret:

    • Action regrets.

These are regrets from things we did. If we lament something that’s relatively insignificant, we’re usually able to get past it with relative ease. If something was done that goes against our character, it’s tougher to get over it.

It’s not productive to beat yourself up. Apologize if need be. Learn from your mistakes. Resolve to do better next time. Then move on.

    • Inaction regrets.

According to the authors, these regrets are harder to overcome. They involve our imagination. We keep thinking about what might have been if only …

But that’s also a waste of our energy. Don’t think about what might have been. Focus on what might be. You can always make a U-turn on the Bigg Success Highway! Take action! Do something about it!

Mission accomplished! The longest college career in history ends happily.
Nola Ochs started college in 1930, but she didn’t finish. Life got in the way. She always wished she had been able to complete college.

Last May, she graduated from Fort Hays State University at the ripe young age of 95. According to The Guinness Book of World Records, Nola is the oldest person to complete their college degree.

She’s a living testament that you’re never too old to achieve your dreams.

Regrets … we’ve all had a few. But the best way to get over them is to take action! That gets you focused on how to achieve, rather than thinking how you failed.

Our quote today was made by Alexander Graham Bell.

“When one door closes, another opens; but we so often look so long and so regretfully upon the closed door, that we do not see the ones which open for us.”

Walk through your open doors and you may just find … room for improvement. Nola Ochs did it … so can you!

Tomorrow, we’ll look at why twenty somethings are getting a bad rap. Do they deserve it? Or is it just a generation gap? Until then, here’s to your big success!

Get Real Estate

Last time, we talked about how to get started in your own business or franchise. Today we want to discuss how to jump start your passive income by investing in rental property.

You may ask why you should think about investing in real estate now. The daily news is ripe with horror stories of houses in foreclosure, people getting slammed by increases in their adjustable-rate mortgages, and others struggling to sell their houses in this down market.

Believe it or not, that’s why we think now is a great time to buy! Relative to historical norms, things are not as bad now as they were good a little while ago. We’re comparing now to one of the most lucrative markets for sellers in history! Take time to note the word “sellers” in the prior sentence.

There’s less competition for property today. It’s a buyer’s market.
That’s why we think you should buy now.

We’ll assume you’re convinced – where should you start?

Start by buying your own home.
In the past, financial planners often recommended renting and investing in other assets, such as stocks. Historically, stocks have outperformed real estate. The problem – the investing part was voluntary.

Buying a home is a commitment. It forces you to save. And if you’re like most of us, you need that “forced” part. So as you pay your mortgage, month after month, you’re reducing your outstanding debt. That’s why, on average …

… homeowners are significantly wealthier than renters.

So owning your own home is the foundation for creating wealth. Now you’re almost ready for the next big step. Remember our discussion of getting aggressively passive? You’ve found money from watching your spending and paying off debt. Keep piling that money up to prepare for your next move.

Buy your first investment property.
Your next real estate purchase may be your first rental property. Or it may be your next home. Consider moving up to a nicer place and renting out your first one.

Either way, be sure you have more money coming in than going out. Hook up with a good realtor who can help you determine what your rent should be. Now, estimate your bills – property taxes, insurance, mortgage payment, and all the others. If you don’t project having money left over, don’t buy that property – find another one!

Don’t start without a cash stash.
Owning real estate comes with its risks. For example, what if your property suddenly requires major repairs? As with any business, don’t invest in real estate unless you have a cash stash. If you don’t have one, find a partner who does. Otherwise, you may lose everything.

Our quote today comes from the Australian author, Noel Whittaker.

“Becoming wealthy is like playing Monopoly …
… the person who can accumulate the most assets wins the game.”

So roll the dice, take a chance, pass GO, and collect more than $200! It’s not just play money!

Next time, we’ll look at some of the things that can go wrong – lessons from a bankrupt business owner, who happened to be a real estate speculator. Until then, here’s to your bigg success!

Start a Franchise or Business to Create Passive Income

Today we want to look at two ways you can jump start your passive income by starting your own business.

Let’s not kid ourselves. Starting a business can be risky. You’ve worked hard to build a nest egg. You have bills to pay. Kids to put through college. A retirement to fund. You don’t want to lose what you’ve worked so hard to gain.

If we can talk you out of starting your own business – so you avoid the financial and emotional turmoil that comes with it – we’ve done a good deed. Alternatively, if after reading this, you’re more determined than ever to go for it – you’ve got a big knot in the pit of your stomach – we’ve served you well. Either way, we want to get you off the fence.

Owning a business is not for everyone. You have to be willing and able to take risk. Numerous studies show that wealthy people accept more risk than the average person. You either have to accept some risk or accept a lower net worth.

Let’s look at two scenarios that allow you to start your own franchise or business, yet minimize your risk:

  • You have the money, but no time.
  • You have a job you love. You want to keep it. That doesn’t mean you can’t enjoy the benefits of passive income from business ownership. Find someone with talent to manage the business for you. But you want to be sure they are careful with your money. How do you do that? Structure your deal so they have more to lose than you do. Keep them up at night, so you can sleep. By aligning their interest with yours, you’ll be likely to develop that passive income you want..

  • You have the time, but no money.
  • You have that burning desire to own your own franchise or business, but you’re missing one key piece – money. Find a partner with money. But beware – you’ll be the one staying up at night! If you can replace your current salary and share in some of the profit, you’ll be jump starting your net worth.

Accepting risk is one thing. Learning to manage it is another. Successful business owners are good at controlling their risk. You need to develop this ability before you start out on your own, no matter which scenario you choose.

We encourage you to sign up for our free newsletter, “Bigg Success Weekly.” It’s published every Friday. This coming Friday, in our Home Office article, you’ll learn about a solopreneur who has built a business worth over $3 million in sales. Check it out!

Our quote today is by Dale Carnegie.

“The person who gets the furthest is generally the one who is willing
to do and dare. The sure-thing boat never gets far from shore.”

Next time, we’ll look at how to build a passive income through income-producing real estate. Until then, here’s to your bigg success!