Posts

BIGG Success Logo boxed

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

BIGG Success Logo boxed

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.

Read more

BIGG Success Logo boxed

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!

 

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

Related posts

1838]

1840]

1841]

1842]

(Image in today's post by svilen001)

BIGG Success Logo boxed

6 Paths to Financial Freedom

freedomToday is the fourth installment in our freedom series. We’ll focus on financial freedom.

Financial freedom … can you imagine it? To use the lingo from our last couple of posts, it means freedom from money worries or, even better, freedom to choose how we spend and live.

___

___

Read more

BIGG Success Logo boxed

Good Debt vs. Bad Debt

By Bigg Success Staff
02-07-08

Timeless Principles

Albion knight sword

Many of the wealthiest people in the world built their fortunes using debt. Most people who file for bankruptcy got to that point using debt.

Debt is a double-edged sword. So how do you make sure it doesn’t stab you?

When we borrow money, we trade part of our future for the present. We enjoy the benefits of spending money now, with the understanding that we have to pay it back in the future. So how can that ever be good?

What is “good” debt?
Good debt makes us money. We borrow money to buy an asset now that pays for itself. We purchase something that comes with income. We use that income to pay back the loan. It’s just a matter of time before we have a debt-free asset. We have created wealth.

What is “bad” debt?
Bad debt costs us money. When we spend borrowed money for anything that won’t pay for itself, we’re borrowing from our future to pay for our present. We will have less wealth in the future because we made this purchase.

An example of each
Sissy wants a new plasma TV. She doesn’t have the cash to buy it now. She doesn’t even need to buy it now; the TV she’s using works just fine. But her neighbor just got a new TV and she wants to one-up him! She’ll just use her credit card – after all, the minimum payment isn’t that bad.

Sassy wants a new plasma TV as well. She even has the cash to buy it, but her TV works just fine. Besides, she’s busy tending to her investments; she doesn’t watch that much TV anyway. And 150 she wants financial freedom more than the TV]. So she uses her money to buy a small rental property with three partners. The rents will cover all her costs. Before you know it, she’ll have it paid off.

Do you see the difference? Sissy is taking on debt to buy something that will only go down in value. It won’t make her money … it will cost her. Sassy is building her net worth and creating a better future for herself.

It would be one thing for Sassy to buy the TV – she has the money! Sissy is just subjecting herself to have to continue slaving away for every dollar.

Can good debt turn bad?
There are some inherent assumptions in Sassy’s situation. You need to carefully consider your specific opportunity before you sign on the dotted line.

Ask yourself, “What if?” In order for it to truly be good debt, you have to be able to withstand some unexpected events. For instance, what if you can’t keep the property fully occupied? What if you have extended periods of time without a renter? What if you have a major repair? And on and on.

What’s your contingency plan?
Now that you’ve considered what could go wrong, determine what you would do if that happened. You may establish a cash reserve upfront to cover lengthy vacancies, major repairs, and the like. You may set money aside each month as the rent comes in for these types of things.

Whatever you do, expect the unexpected by planning for it in advance. That way, when something happens, you’ll know how to respond quickly.

Related posts

154]

38]

49]

111]

40]

39]

66]

How To Get Rich

144]

160]

(Image by The Welsh Knight, CC 2.0)