Posts

Do More Good blog image of an eagle soaring in the glow of the sun

Do More Good

Do More Good blog image of an eagle soaring in the glow of the sun

Do more good by discovering how to gain more confidence, clarity and choices when it comes to your money.

Cue the drums. Sound the trumpets. Light the fireworks. Drum roll, please.

We’re excited to announce the release of our Financial Freedom Tool!

It’s software which helps you gain more confidence, clarity and choices when it comes to your money.

We talked more about this on The BIGG Success Show today. Here’s a summary of that discussion…

Financial freedom. What does it mean to you? Never mind that for now, we’ll talk about that next time. It’s the “what”.

Today, we want to share with you the “why”. Because the Financial Freedom Tool is more than just a software program. It’s a device to help you do more good.

But we’re getting ahead of ourselves. Let’s start at the beginning…

Personal finance powered by entrepreneurial finance

At BIGG Success, we’ve always been about bringing entrepreneurship to life. Whether or not you ever own a business, you are in charge of a very special enterprise – your life. You own it. So, it pays to think like an owner.

In addition, it can be useful to look at your household as a business. It’s not a large business. It’s more like a small business.

[Mary-Lynn] Since George teaches Entrepreneurial Finance at the University of Illinois, he’s familiar with the tools of the trade.

[George] I realized some of the main tools we use in entrepreneurial finance – tools which help owners really understand what’s going on with their business finances – these tools weren’t available in the personal finance space.

Our Financial Freedom Tool brings these powerful entrepreneurial finance tools to personal finance. We think of it as entrepreneurial personal finance.

Now, regular folks have access to the tools smart business people have used for years to manage their business better. (And while powerful, we make it so easy to use and understand. All you need to know is that smiley faces are good and frowny faces aren’t.)

It provides you with information about your money that you have probably never seen before. So, you can easily pinpoint opportunities to get ahead and make better money moves.

Do more good

Money itself is just a tool. It’s neither good nor bad. Money reflects the nature of the person who holds it. So we asked a question:

What if the good people of the world had more money?

We concluded:

If good people have more money, we can change the world for good.

Good people do good things with money.

What prevents good people from doing more? What holds us back from doing as much as we would like – for ourselves, for our loved ones, for the world?

When we think about how we can do more good, we tend to think in the future tense. It’s almost like a dream.

“It will be awesome when I can do that.”

“Once I’m making more money, I’ll do that.”

“I’d love to help that organization some day.”

But “some day” is usually just another word for “never”. Don’t delay.

Our Financial Freedom Tool helps good people have more money, so they can do more good.

It starts by seeing where you’re at. You may be able to start doing more good sooner than you think.

Hope for today and tomorrow

Let’s face it – we live in challenging times. We have witnessed one of the worst recessions in the history of the world. Even in good times, it’s not unusual for a large company to announce massive layoffs.

All the rules seem to have changed.

We used to have pensions, funded by our employer. Now we largely fund our own retirement.

Health insurance was a benefit for employees. Now its cost is largely paid by employees.

Fewer people have traditional jobs. We are moving to a “gig” economy.

Costs rise, even when wages are stagnant. People have to do more with less today. It’s harder. It can be discouraging.

We built the Financial Freedom Tool to give you more hope for today and tomorrow. It helps you know precisely how your finances stack up and you see exactly what to do to get to the next level. One level at a time, you reach BIGG success!

BIGG Takeaway

“Pinpoint opportunities to make more, save more, and do more good.”
Tweet this BIGG Takeaway

Do more good today

Want to make more? Want to save more? Want to do more good?

Then you owe it to yourself to learn more about our Financial Freedom Tool.

Here’s to your BIGG success!

George “The Professor” & Mary-Lynn
Co-Founders, BIGG Success

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00957-120418.mp3

FInancial freedom and security for BIGG Sucess

Financial Freedom is the New Financial Security

FInancial freedom and security for BIGG Sucess
Listen to this post! Click Play to hear George & Mary-Lynn on The BIGG Success Show Podcast (Duration 6:00)

When it comes to money, people have traditionally fallen into two camps:

Some seek financial freedom.

Others choose financial security.

[Mary-Lynn] We split right down the middle on that one – I’m all about financial security.

[George] And I’m a financial freedom guy.

[Mary-Lynn] Which makes decision-making interesting. Obviously, I’m more risk averse than George.

But here’s something we’ve noticed:

In today’s financial climate, you have to go for
financial freedom if you want financial security.

Here’s what led us to this conclusion:

3 Reasons Why Financial Freedom is the New Financial Security

 

  • “Generational returns” are abysmal for most generations

We ran some calculations. We THOUGHT we’d prove that the people who stayed the course after the stock market crash of 2008 were doing just fine.

But we were wrong!

We assumed people started investing a set amount each year, starting at the age of 25. Then we looked at their returns at the close of last year.

We found that people who stayed the course did better than those who got out. However, the results are different for different generations.

People who are now 60 plus are doing okay on their portfolios. But people between the ages of 31 and 59 are underperforming traditional expectations of stock market returns.

So these people may need to be careful using old models of financial planning.

(This is a good place to interject something you’ll often hear us say – you should talk with your own advisors about your specific situation.)

  • Social security does not equal financial security

We saw an interesting article on the U.S. News and World Report site called 10 Reasons to Worry About Your Retirement.

They list a number of things which are in your control. But what really caught our attention is that…

Only 18% of Americans plan to retire
with over a million dollars in assets.

Which essentially means – most Americans are largely counting on Social Security as their primary source of financial security.

BIGG Success is the place for BIGG goal-getters. We know you’re part of the elite group wanting financial freedom – which we’ll define as a nest-egg greater than a million dollars.

  • Volatility

We caught an interview with Jack Bogle on CNBC. He’s the founder of Vanguard, one of the best mutual fund families. He says to…

“Prepare for at least two declines of 25-30 percent,
maybe even 50 percent, in the coming decade.”

The Dow fell about 54% between October 2007 and March 2009. So we’re talking about history repeating itself here if Bogle turns out to be right.

Invest in assets you can control

 

So the question is: What can you do about it?

How can you put yourself on the path to financial freedom – the new financial security? The answer is…

Invest in assets you can control.

Of course, you can’t control everything that happens. But for example – when you own your own business, you can create a cash flow which far exceeds anything you will get from owning stocks.

But don’t jump in with both feet – if you have a job, try to find a way to start part-time. Or tweak your business model so it requires less capital.

Contrary to what you often hear, you don’t have to take a lot of risk today to make a lot of money.

In fact, that’s one of the secrets of entrepreneurs – they’re not risk lovers. They’re great risk managers.

That’s the key – focus on making your downside acceptable so you can move forward with no fear. It leads to BIGG success.

We talk more about this in our Special Report – DECIDE! 5 Keys to Know What to Do Next. Simply sign up below to get FREE instant access!

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00868-070213.mp3

Image in this post from stock.xchng

Build Your Own Economy to Be a Success

personal economy | BIGG SuccessUncertainty. It’s a word you hear a lot these days.

How do you live with uncertainty? How do you face the great unknown?

Think like an entrepreneur!

BIGG success is life on your own terms. You’re the person in charge of your life.

Entrepreneurs know that you can’t predict the future.

So don’t try. Instead, do what they do – create your future.

But not just any future. The future you want.

Build your own personal economy day by day, moment by moment.

Watch the inflows and outflows in your economy. Build a baseline for future flows of money.

Inflows

How much do you plan to increase your income next year? The year after?

Build a plan for three to five years. Then ask a very important question:

How will you get from where you are to where you want to be?

Be on the lookout for opportunities that match well with your passions and proficiencies. Then go for the ones that you think are the most profitable.

It’s a powerful combination when your passions and proficiencies meet profits.

Outflows

Many people never stop to think about this basic reality:

It’s easier to control your outflows than your inflows.

So while you project your income to grow, be careful about future increases in expenditures.

Sure, some will go up. Inflation will play in. And you probably want to enjoy some of the fruits of your labor now.

But controlling your outflows will give you more options and create a more sustainable personal economy.

Surplus

You do plan on a surplus, right? No deficit spending here!

With the surplus you generate, you can invest. Your money starts working for you. It’s a powerful thing.

Because, eventually, your Department of the Treasury will dwarf your Department of Labor.

It’s what you want – the freedom to work when you want, where you want, with who you want. That’s BIGG success!

Image in this post from dleafy

Entrepreneuring Your Personal Finances

personal_financeBigg success is life on your own terms. You are the entrepreneur of your life. Entrepreneurs look at the world through a different lens than do large company CEOs.

For example, large companies and small companies use different financial models. Large companies generally have the ability to raise large amounts of money when they need it.

___

___

For small companies, it’s much more difficult. So it’s more critical for small business owners to watch their cash flow. For us as individuals, our financial model is much closer to the entrepreneur’s.

The two decisions

There are two types of decisions which we must think about: investing decisions and financing decisions.

For large companies, these two types of decisions are independent. They decide what they will invest in. They determine how they will finance their firm.

In an entrepreneurial firm and for us as individuals, these decisions are interdependent. We invest in the things we can finance. It could be a new business or a piece of real estate. But it could also include a new car or a new house.
 
If we have an idea for a project, we first must either have the needed financial resources already available or we have to sell someone on funding it.

If neither of those is true – if we don’t have the money or we can’t sell someone on funding it, we can’t do the project.

Now let’s look at four ways to think entrepreneurially about your personal finances:

Bootstrap
Entrepreneurs understand that they have limited resources. They recognize it, but still make the most of what they already have. You can carry that same attitude into your personal finances.

Retain earnings
This is what we call it when a business saves money. Pre-fund your projects when possible. If you know that you need financing to make an investment, why not finance it yourself? That’s financial freedom.

If cash is king, reserve borrowing capability is queen.
Protect and preserve both your credit rating and your credit capacity. Then you’ll have the ability to fund your bigg opportunity when you see it.

Create value with your projects
Simply stated, Value = Cash Flow ÷ Cost of Capital.
Entrepreneurs must understand that capital comes with a cost. It may mean giving up a stake in the company. It may mean sharing the money with partners or bankers. In all cases, it requires a reasonable return on the money invested.

As an individual, your capital comes with a cost as well. You have to share some of the money you will make in the future with your funders. So just like an entrepreneur, you need to understand if the benefit you will receive from the project makes it worth the money you’re investing.

To determine this, look at the incremental cash flow from any project you consider. If the return on your investment exceeds the cost of the capital needed to fund it, you should do the project and vice versa.

Let’s say you have an old car that’s requiring a lot of repairs. You see that you can save money if you buy a newer car and pay interest. That’s a project that’s worth doing.

Smart entrepreneurs and wealthy people look at every cash outlay as an investment. They want to make sure they’re getting enough value out of the investment to make it worthwhile.

Now that value may be somewhat fuzzy – like it makes you happier or adds to your sense of well-being. In any case, thinking entrepreneurially about your money leads to bigg success.

___

Get the tips and tools you need to be a BIGG success.
Subscribe to the Bigg Success Weekly – it’s FREE!

___

Thank you so much for reading our post today. Please join us next time when we’ll talk about the long and winding road to bigg success. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00486-092209.mp3

Related posts

The Trap That Keeps You from being Financially Free

Freedom Or Security – Which Do You Choose?

(Image in today's post by srbichara)

4 Types of Free Agents

freedomThis is the final installment of our five-part series on freedom. In the first three parts, we discussed the 3 levels of freedom – freedom of, freedom from, and freedom to. Last time we talked about financial freedom.

Now we want to talk about the freedom to spend your time however you want. If you can do that, we think you’re a free agent. We’ll identify four types of free agents today:

___

___

The Aggressive Passive

Aggressive Passives let their money work for them so they don’t have to work. They make enough money from their investments to pay for their desired standard of living. So they are free to spend their time however they want.

The amount of money you need to be an Aggressive Passive is a lot less if you’re perfectly content not living lavishly than if you want to live large. But it’s life on your own terms, go for what you want.

In our last post, we discussed paths to financial freedom. If you want to be an Aggressive Passive – and you want it sooner rather than later – you’re going to focus on the wealth building path. Maximize income, minimize costs and build Assets – most likely your own business or real estate.

The Passion Player

Passion Players love what they do so much that they don’t feel like they’re working. In many cases, their hobby is their craft and their craft is their hobby.

We have a friend who had built up an incredible business and sold it off. Now he’s back in the same type of business only this time he’s doing it with no employees. He chooses his clients very carefully. He takes plenty of time off, yet he’s still doing very well money-wise. He’s thrilled!

You may choose to work inside a corporation and be a Passion Player. Just keep in mind that, in addition to your work, you must love working for and with the people around you. Since you only have one client – your employer – that may be difficult at times.

Inside or outside of a company, your focus as a Passion Player is building up your personal brand. It may make sense to do this while you have the security of a full-time job. But there’s also some real security – as well as freedom – in moving from an employer (which is like having only one client) to multiple clients.

The Automatic Pilot

Automatic Pilots don’t just sell a product or a service. They don’t just create a brand. These free agents build a business.

In that business, they develop systems and controls. The systems insure a consistent standard of the product or service they offer. The controls allow these free agents to step away from their business without fear of it falling apart.

While they develop their systems and controls, they also train a protégé who can run the business in their absence. Once the protégé is fully trained, the entrepreneur is a free agent!

The Synergizer Bunny

These free agents sit at the hub of a network. They tap that network to bring the best people to the table.

Synergizer bunnies don’t just do projects with others. Bigg success comes to them by creating entire businesses through strategic alliances. Everyone involved is well compensated and the customers receive a great value. It’s a win all the way around.

That’s the key to becoming a free agent of any type: Help others find ways to improve their lives and you’ll be a bigg success.

___

Would you like more tips and tools to live your life on your own terms?
Subscribe to the Bigg Success Weekly – it’s FREE!

___

Thanks so much for checking in on us today. Please join us next time when we’ll discuss one of the best assets to have today. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

Subscribe to the Bigg Success feed.

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00430-070609.mp3

Related posts

Three Levels of Freedom – Part 1

Three Levels of Freedom – Part 2

Three Levels of Freedom – Part 3

6 Paths to Financial Freedom

(Image in today's post by svilen001)