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Success Building Blocks: Team Spirit

By Bigg Success Staff
08-08-08

Timeless Principles

success_pyramid

John Wooden was arguably the best coach in the history of college basketball. He developed the Pyramid of Success, a wonderful tool to succeed bigg in any endeavor you choose.

So far, we’ve discussed the bottom two rows of his Pyramid. 843 Industriousness], Friendship, Loyalty, Cooperation, and 879 Enthusiasm] form the foundation. The second row consists of 1011 Self-control], 1071 Alertness], 1099 Initiative], and 1032 Intentness].

Last time, we started the middle row with the block on the far left side – Condition.

Now we’ll move to the other side of the middle row, to the block that sits atop Initiative and Intentness.

Team Spirit

This success building block sits in the heart of the Pyramid on the right hand side. It’s impossible for a team to succeed with a group of individuals. The individuals need to think and play as a group.

It doesn’t come from begrudgingly putting the team first. Wooden felt that the individuals needed to eagerly forfeit their self-interest for the good of the group. All for one and one for all, put into practice. Nobody cares who gets the credit as long as the team wins.

Team mates don’t necessarily have to like each other to play together in this manner. They do, however, have to respect one another and be considerate. Good team members are selfless, not selfish, always putting the needs of the team above their own.

3 Hear today’s lesson and laugh on The Bigg Success Show. ]

 

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I Don't Know How to Spell Millionaire, But I is One!

On the show, George shared a story from when he was a young man. So, obviously, this is an old story! He met a gentleman who was very successful in business and real estate investing. But you wouldn’t have known he had a dime to his name.

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:

“Any self-made millionaire listens for opportunity. The average
person listens for what's wrong and why something won't work.”

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!

 

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BIGG Success Logo boxed

I Don’t Know How to Spell Millionaire, But I is One!

On the show, George shared a story from when he was a young man. So, obviously, this is an old story! He met a gentleman who was very successful in business and real estate investing. But you wouldn’t have known he had a dime to his name.

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:

“Any self-made millionaire listens for opportunity. The average
person listens for what's wrong and why something won't work.”

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!

 

Related posts  

40]

219]

199]

489] 

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5 Places to Find Cash for Your Business Today

cash

We have a friend who is setting sales records in her business. However, she recently faced a severe cash crunch. She felt overwhelmed and discouraged, to the point of giving up. She was scared. What should she do?

We told her to find the low-hanging fruit!


When you’re faced with a cash crunch, think about all the places, prospects, and possibilities where you could get cash today. Then spend your time on the things most likely to pay off TODAY.

5 things to understand about this strategy

#1 – Long-term strategy

This is not a good long-term strategy – in fact, it distracts from it! However, when survival is the issue, who cares? Survive today so you can thrive tomorrow.

#2 – Perceptions
This strategy can create misperceptions with customers, employees, vendors, and investors. For example, customers may expect discounts if you offer them frequently. They’ll sit back and wait for the next one.

#3 – Frequency
If it happens occasionally, perhaps seasonally, that may be okay. Even then, you should plan for those occasions in advance. If you’re in this position frequently, it’s probably a sign of a bigger problem.

#4 – Financial statements
To find the real problem, understand your financial statements. What are the numbers telling you? How can you prevent this from happening again? Is it a short-term problem? Or do you need to make some adjustment for the long-term?

#5 – Mindset
Get over any reluctance to cut special deals. Some people really struggle with this. For example, they find it hard to sell inventory at less than cost. But if it’s not selling at its current price, it’s not worth its current price! Mark it down so it moves and you get the cash you need!

5 places to find cash today for your business

#1 – Call people who owe you money.

See when they will commit to paying. Consider a discount if your situation is severe enough.

#2 – Contact customers.

Find the customers who are the far along in the sales cycle. Follow up on proposals you’ve already made. Once again, if your situation dictates, offer them a discount for signing on the dotted line and paying today.

#3 – Work your contacts for referrals.

Who do they know that might do business with you? Tell them you have a special deal that you want to share with as many people as possible.

# 4 – Sell assets you don’t need any longer.

They’re costing you money sitting around. This includes inventory as we discussed earlier. Also think about your receivables. If you have customers with good credit, you may be able to sell your receivables to a factoring company.

#5 – Borrow.
This is similar to #4, only here you use your assets as collateral for a loan. You have a short-term problem; get a short-term loan!

One final tip – don’t appear desperate. People do business with successful people. So don’t present it as your problem; show them an opportunity.

Our bigg quote today is unclaimed, but still good.

“Money is not the most important thing in the world. Love is. Fortunately, I love money.”

And absence makes the heart grow fonder!

Next time, we’ll discuss six factors that will help you succeed when opportunity knocks. Until then, here’s to your bigg success!

 

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How To Become A Millionaire

By Bigg Success Staff
02-13-08

Timeless Principles

one_million_dollars_jpg

Do you want to be a millionaire?

Here’s a long-standing success formula that a lot of millionaires have followed:

Borrow a million dollars. Pay it back. You’re a millionaire!

Sounds simple, doesn’t it?

Well, you’ve probably already figured out that it’s not quite as simple as it may sound. So let’s discuss some details of how to do it.

Equity
It’s much easier to borrow money if you have “skin in the game”, as lenders often call your stake in any deal.

How much you’ll need to put in depends on a number of factors – what you plan to invest in, the market conditions at that time, the lending environment, your personal history and resources, and more.

You’ll generally need between $100,000 and $1,000,000.

You ask, “Why would I borrow $1 million if I already have $1 million?
 
We answer, “So you can have $2 million!”

Now, you object, “But I don’t have any money available.”

We answer, “Find a partner who does.”

Of course, you’ll have to share the proceeds with them. But so what – as long as you’re making progress toward your goal, why do you care?

Track record
You need a good credit rating to borrow money. These days there’s a flight to quality. The higher your credit score, the better. So if you don’t have a good credit rating, work hard to improve it. In the meantime, find a partner with a good one.

It also helps to have of past successes. Start small and begin building your track record. Or team up with someone who has a track record, but needs something you can offer.

Asset
You can’t just buy any asset – an asset that goes down in value won’t help you reach your $1 million goal. You want to buy something that will go up in value (or at the very least, hold its value).

How do you do that?

First, calculate your return. Divide the cash flow you will receive before your loan payment by the price you will pay for the asset.

Now compare that to your interest cost.

Is it greater?

If the answer is “yes”, then you may have a good investment. If the answer is “no”, you almost definitely don’t.

You’ll want to weigh in other factors, but that’s beyond the scope of this article.

Want to learn more? E-mail us at bigginfo@biggsuccess.com!

Just type “I want to be a millionaire” in the Subject line.

Customer(s)
Here’s the secret that millionaires have been using for years – they let their customers pay off their debt!

Think about it this way. Let’s say you own a duplex. You have two customers who pay their rent every month. You then pay the mortgage on the property. This continues month after month, year after year.

Before you know it, you own a duplex outright! You haven’t done anything extraordinary. You’ve just let your customers pay off your debt!

It’s not simple, but yet it is. You need some basic business skills before you start.

The reason this works is it’s a forced savings program. Your money just keeps growing year after year.

This is the timeless secret that a lot of millionaires have used to build their nest egg!

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Hear today's lesson and laugh on The Bigg Success Show. 

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