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Profitable Passions – Part 1

career_renegade We are privileged to have a special guest on The Bigg Success Show today. Jonathan Fields is a lawyer, entrepreneur, and author of the recently released book Career Renegade: How to Make a Great Living Doing What You Love.

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marylynn
So Jonathan, you’re a renegade. That sounds so fun … so dangerous.

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jonathanWell you know I live my life all around danger. But the renegade side is just taking a different approach to how you earn a living. It’s almost like taking everything everybody says you can’t do and won’t succeed at and then somehow figuring out how to do it.

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The limitations of others

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georgeI think that’s a great point. It doesn’t matter if it works for anybody else. As long as it works for you, that’s all that matters.

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jonathanAbsolutely. And it’s funny … people think it’s age-dependent to a certain extent and I’ve had people who were 16 come to me and say, “Hey listen. I can’t get anybody to take me seriously because I’m 16 years old, but I have mad skills in the IT world.” And then I’ve had people come to me who are 55 and say, “I have this idea and nobody will take me seriously because I’m too old or I have too much on the line.” But the reality is that you make your own opportunities in life. When people say, “You can’t do that” what they’re really saying is, “I can’t do that. So who do you think you are to try?” You have to understand that and step outside that limitation. Realize that it’s their limitation and not yours. If there’s something you truly believe in, just do it.

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Becoming a renegade

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marylynnLet’s go back to your renegade story. You were a lawyer making good money and you decided to walk away to follow your passion. What motivated you to do it and how did you get past your fears and go for it?

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jonathanDepending on how you look at it, I had the good fortune or the bad fortune of having a bit of a health issue. I was actually not too deeply into my law career at the job and the career and the firm that everybody wants to be at making a great living. After working a three-week stint with very little sleep and very little downtime, my immune system essentially shut down. My body was, literally, physically rejecting my career. So I started making a list of things that I thought would be really cool to do, that I love to do, and that I could somehow figure out a way to make a living at.

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It’s not the hours

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marylynnDoesn’t being an entrepreneur take as much time? I hear a lot of people saying that they don’t want to be a business owner because of the time that it takes.

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jonathanAbsolutely. Being an entrepreneur takes as much time, if not more time. But it’s not so much the hours that you put in, as it is how you spend those hours, which determine your satisfaction with what you’re doing. I put in a lot of hours – between writing and running different businesses – but I have control over those hours. I’m a family person so there’s nothing more important to me than having time with my wife and my daughter. So I wrap those business hours around the time that I know I want to spend with my family. I make breakfast and lunch for my daughter. I hang out with her in the morning. I pick her up from school. And then I may work a little bit in the evening after everybody goes to bed. The flip side is that when I wake up, I can’t wait to work. I’m bummed when I can’t work because I love what I do so much. So when that’s how you define work, hours don’t really mean a whole lot anymore. The bigger challenge becomes balancing multiple passions so that you have enough time to intelligently honor whatever your commitments to those passions are.

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Is now the right time?

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georgeJonathan – it would seem like the objection a lot of people might have – there are times to start a business and there are times not to start a business. Like right now, is this a good time to be a renegade?

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jonathanThat’s a great question. In my mind, it’s a phenomenal time. Some of the biggest companies that are out there today were started during the last substantial recession. Within any time where there’s economic challenge, very often the people who are willing to take risks, when everybody else is awash in a sea of paralysis, are the people who end up being in a phenomenally better place once we emerge from whatever’s going on. They tend to be really well positioned to move forward aggressively. The challenge with what’s happening now is credit. A lot of people are saying, “Listen, I would be willing to take a risk.” Hundreds of thousands are out of a job. They’re saying, “I can’t go back to that job. If I had access to money, I actually might take the risk but I don’t.” But what’s really interesting is that there is a massive move to creating entrepreneurship online where you can swap work for money. It’s not so much that people don’t have the money anymore because you don’t need a whole lot. It’s that they don’t have the knowledge of what’s capable when you tap the online world. All you need for that is a broadband connection and a little bit of money to get going. You can literally transform a lot of knowledge that you have into monetizable businesses if you know how to do it.

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marylynnSo if your specialty is marketing, you can create your own brand online. Instead of just having your local clients, now you can have a shot at international clients.

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jonathanYeah. Being online opens up a worldwide market to you – whether it’s marketing or making kooky hats. There may be only 100 people in your town that would support a kooky hat store. But if you open up your market to online, maybe there’s thousands, or tens of thousands, or hundreds of thousands. You also don’t have to pay the rent for a storefront. You’re cutting a massive amount of your fixed overhead. I’ve been an entrepreneur, both online and in the brick-and-mortar world, so I understand the issues of overhead very well from both worlds.

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Learn more about Jonathan at his Career Renegade site.

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Get the tips and tools you need to be a BIGG success.
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Thanks so much for stopping by our site today. Join us next time when we continue our discussion with Jonathan. He gives more great advice for all you career renegades who want to get a business going. Until then, here’s to your bigg success!

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Direct link to The Bigg Success Show audio file:
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(Image in today's post by Career Renegade)

Starting from Scratch – Part 2

scratch_beginnings

Today on The Bigg Success Show, we continued our discussion with Adam Shepard. Adam is the author of the book Scratch Beginnings, which describes his year-long real-life experiment to see if the American Dream is still alive. Last time, Adam told us about the initial stages of his experiment and what it took to begin his path toward independence. Let’s get back to the conversation …

georgeAdam, have you ever thought about becoming a Wall Street investment banker, losing all your money and turning to the government for help?

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adam_shepard
I have not.

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Read more

Smart Investors, Tough Times

investing People who find joy in bad news have to be pretty happy lately. The financial crisis has dominated the news, as we watch Wall Street and Washington scramble.

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We don’t usually do this – in fact, we’ve never done it in the 230 shows we’ve done so far. But this subject is so important and so timely. So we want to share some valuable information that our newsletter subscribers received in their In boxes last Friday.

In the last edition of The Bigg Success Weekly, we discussed “Profiting from Panic”. It was about maintaining the proper mindset in the midst of all this turmoil.

We started with the safety net that exists for depositors, investors, and insureds. Here are some links directly to pages that can answer your questions about banks, brokers, and insurers in a hurry. 

Banks

In general, banks are insured by the Federal Deposit Insurance Corporation (FDIC). However, not all money invested through banks is insured. What would happen if your bank failed? If you have accounts with a failed bank, what should you do? How can you obtain a release of lien, if a failed institution is your lienholder? The following links provide the answers to all of these questions:

What is the FDIC

A Guide to What Is and Is Not Protected by FDIC Insurance

FDIC Bank Find (make sure your institution is FDIC insured)

When a Bank Fails- Facts for Depositors, Creditors, and Borrowers

Is My Account Fully Insured?

Obtaining a Lien Release

Brokers

Accounts with brokerage firms also offer some protection through the Securities Investor Protection Corporation (SIPC). The coverage isn't anything like that offered by the FDIC, but it's still important to know what remedies might be available to you. 

How SIPC Protects You

Insurers

While banks and brokers have federal backing, insurance companies have backing through associations at the state level.

The National Conference of Insurance Guaranty Funds

If your insurance company fails, you'll want to contact your state's Department of Insurance, since insurance companies are overseen by that department in each state in which they operate. Click here for a directory of each state's office. 

Your State's Department of Insurance or Guaranty Association

Two billionaires, two eras, one mindset

Warren Buffett, the richest man in the world according to Forbes, recently invested $5 billion in Goldman Sachs, in the midst of all this turmoil. That’s pretty typical of how he’s made his fortune – he says he’s “fearful when others are greedy and greedy when others are fearful.”

He has also opined, “We want to do business in [a pessimistic] environment, not because we like pessimism but because we like the prices it produces.”
 
From: The Warren Buffett Way: Investment Strategies of the World’s Greatest Investor, by Robert Hagstrom, Jr. 

Warren Buffett is not alone.

J. Paul Getty was one of the first billionaires and the richest man in the world in his day, according to The Guinness Book of World Records. He said, “I began buying stocks at the depths of the [Great] Depression. Prices were at their lowest, and there weren’t many stock buyers around. Most people with money to invest were unable to see the forest of potential profit for the multitudinous trees of their largely baseless fears.”

He went on to say that he made over 100 times his investment on many of these stocks!

From: How To Be Rich, by J. Paul Getty.

Our best strategy

So we can learn from these two men that we shouldn’t panic, even in turbulent times. Now, you may not want to rush out and buy a bunch of stocks. However, you probably shouldn’t sell out right now either.

These two billionaires made a fortune by going against grain. So keep making those 401(k) contributions. By investing consistently over time – paycheck by paycheck – you’re dollar-cost averaging into the market. In bad times, you’ll buy more shares with the same money than you can in good times – just like the billionaires. 

Above all – diversify, diversify, diversify. Diversification is one of the four key investment principles, according to William Sharpe, a Nobel Prize winning financial economist. Our newsletter subscribers read about these as well as some ideas to simply put them into practice.

Today, more than ever, it’s important for you to take on the role of Chief Investment Officer for you and your family. You can’t count on Wall Street or Washington to do it for you!

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If you would like to get the newsletter we’ve referred to here, just e-mail us: bigginfo@biggsuccess.com, with “Profiting from Panic” in the subject line. We’ll send it to you and sign you up for The Bigg Success Weekly!

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Next time, we’ll discuss why it’s so important to move beyond personal productivity. Until then, here’s to your bigg success! 

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

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(Image by PocketAces)

It’s Hard to Beat this Place for Cheap Entertainment

libraryShhhh! You have to read this quietly. We’re at the library!

We’ve been thinking about fun, yet inexpensive, things to do. So today we took a little … make that bigg … trip to our local library.

We’re in Champaign-Urbana, Illinois. Champaign’s brand new library is a state-of-the art facility. As we walked in the door, the first thing we noticed, that is different from the libraries of yore, is there’s a coffee shop! Remember the old “No food or beverages” signs. Not in this library! One thing that’s still the same – it’s a cool place to stay cool on a hot summer’s day. But don’t look for the card catalog! You won’t find one … everything’s on computer now. They also have flat screen TVs, Wi-Fi, and other modern technology.

What  did we check out?

While we were there, we checked out a few things – two audio books … Brian Tracy’s Goals and The Long Tail by Chris Anderson with Wired magazine … and Janet Switzer’s book Instant Income.

The price? FREE. It’s paid for by our property taxes.

They have tons of DVDs for FREE. Even the ones that are rentals are only $1 for a week. Right now, with so many of us looking for ways to save money, the library is a great place to go for cheap entertainment!

We’ve decided that we’re going to make it our “office away from the office”! It’s a great place to go for a change of scenery!

Don't do this!

We also found some real characters at the library. By observing them, we compiled a list of six things you should NOT do at the library:

#6 – While pointing to a very simple word like “the”, ask the person next to you if he or she can pronounce it for you.

#5 – Put down your book, then lean over and start reading the book of the person sitting next to you. When he or she looks at you, quickly pick up your book and act like you're reading it.

#4 – Read your book upside down.

#3 – Flip the page loudly every two seconds or so.

#2 – Announce the page number loudly each time you turn a page.

And the #1 thing you should not do at the library …

Break the silence with the noise from a bodily function … you know the one. Then say, "Wow! That was a good one!"

(Image by Dan O'Brien)

Warren Buffet's Single Piece of Wisdom

A bigg salute to Josh Whitford, who writes the Unconventional Marketing blog, for inspiring today’s post.

Josh read the The 4-Hour Workweek, written by Tim Ferriss, and decided to accept the challenge to contact a famous person. Josh chose Warren Buffett.


He wrote a letter to Buffett asking him for “his single piece of wisdom” and sent it along with a self-addressed, stamped postcard. To Josh’s surprise, the Oracle of Omaha responded a couple of weeks later. Buffett simply said,

“Read, read, read.”

A typical Buffett answer – short and to the point!

It’s interesting advice because a poll by the Associated Press – Ipsos showed that one in four Americans hasn’t read a single book in the last year. At least, that’s how the news reported it – we look at that and see that three out of four Americans did read a book last year!

In fact, the last Gallup poll that we saw on this subject showed that over half of all Americans have read more than 5 books in the last year!

Read, read, read … for the sake of your career (and finances)

We hear about the “haves” and the “have nots”. A study by the National Endowment for the Arts [pdf] showed the impact of reading on a person’s well-being – reading less leads to lower reading proficiency which leads to fewer (and lower quality) career opportunities.

For example, according to the study, “Proficient Readers” are 2.5 times more likely than “Basic Readers” to earn at least $850 each week. This study also showed that 44% of Basic Readers lack a full- or part-time job, two times the percentage of Proficient Readers.

So, Warren Buffett said it well … read, read, read.

Read, read, read … to expand your imagination

"When I was young … okay I’d like to think I’m still young … so when I was younger, I used to just read non-fiction, and specifically books on business and investing. Then I took a literature class with a phenomenal professor – a short-story class. It made me use my imagination in a way I didn’t do when I just read books that I thought were more practical."

And as Albert Einstein said, “Imagination is more important than intelligence.”

What’s nice about reading, rather than watching, is that you are the director. You create a vision of the story – the characters, the setting. 

 

"Just think about how many times you’ve read a book that gets turned into a movie. So you get all excited and go see the movie … and it’s not as good as the book! For me, a great example is Stephen King’s book, It. I scared myself more reading that book than watching the movie!"

It’s much more interactive mentally and the skills carry over to your professional life. 

A simple commitment to reading that’s worked better than a college degree
We have a friend who worked his way up in a small business. In fact, he ended up buying the business from the owner. After he bought it, he wished he would have gotten a college degree. But he didn’t have the time – he had a business to run!

So he made a commitment to himself – to read one business book every week. He reads the best sellers and he talks to friends for recommendations. He has that done for years now. He knows more about business than just about anybody we know.

Do-it-yourself knowledge … that’s what Warren Buffett is talking about.

What are you reading? 

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(Image by lusi)

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