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How the Rich Make Money

golden_eggs.jpgThe Federal Reserve recently published some new wealth data [PDF]. They looked at levels of net worth and the income associated with each. They defined net worth as total assets (including a primary residence) minus any money owed.

You need a net worth of over $8 million to make the top 1%, $2 million gets you in the top 5% and it takes about $900,000 to place yourself in the top 10%.

So those are your targets if life on your own terms means being in the top 10% or above.

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Making more doesn’t mean having more

This report also looked at share of total wealth. As it turns out, the richest of the rich – the top 1% – didn’t get richer. They still held approximately one-third of the country’s total wealth in 2007, the same as 1995.

However, their share of income was up significantly – from 17% in 1997 to 22% in 2007.

The wealthiest people in our country saw a bigg increase in share of income, but their share of net worth didn’t go up. Does that mean rich people got caught up in the “spend, spend, spend” economy? Possibly.

We often think, “If I could just make a little more money.” This study offers further proof that making more doesn’t necessarily translate into having more – even for the richest among us!

Make do, then make more

The crucial thing – the starting point – is to figure out how to make do with what we already have. Then when we make more, we’ll have more because we manage it all better.

We can enjoy some of it now and invest the rest for our future – for the life we dream of living.

How the rich make money

As might be expected, the average person gets most of their income from salaries and wages. As we move to the top 5%, we see that a larger share of income comes from business ownership and investment real estate.

It really kicks in for the top 1%. Plus they have built up enough assets to get a significant boost from selling those assets for a profit. It’s Economics 101 – buy low and sell high.

But it’s no panacea

We’ve recently seen people losing money in business and real estate. Like most things, it’s no panacea. It’s risky. But if you aren’t trying to get rich quick, you can greatly improve your odds.

The best advice

We also found it revealing that this study showed that the bottom 50% lost money holding assets and from the ownership of businesses and real estate.

The rich made a lot. The bottom half lost money. What do the rich know?

Before you jump into investing in a business or real estate, educate yourself. Get advice from someone who’s actually succeeded at it. If they’ll mentor you, that’s great. If they charge you for it, it will be worth every penny.

You’ll get where you want to be faster by learning from people who have done it rather than trying to learn it on your own.

So if life on your own terms means building wealth, get started creating multiple streams of income today – even if it’s just part-time!

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Please join us next time when we ask, “Are you talking to the right person?”

Thanks for reading our post today. Until next time, here’s to your bigg success!

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Make the Grass Greener on Your Side of the Fence

greener_grass.jpgIt’s Earth Day which always makes us think that spring is close at hand. them.”

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marylynnSpring … I love it! Flowers are blooming, trees are budding. Warmer temperatures are coming!

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georgeWhen I think of spring, I think spring green, which got us thinking about the old saying, “The grass is greener on the other side of the fence.”

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You look across the fence at your neighbor’s yard – at that nice green grass – and you wonder how in the world your neighbor does it. You feel like you work just as hard at tending to your yard, but somehow your neighbor’s yard still looks better.

So today we want to talk about four fences between you and that greener grass. The first two involve our perceptions.

You and other people

One fence sits between you and other people. Some may be more successful than you. Just like a lush neighbor’s yard, success just seems to come easy for them.

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marylynnBigg success is life on your own terms. One of the many things I love about that definition of bigg success is that it is so liberating. I don’t have to worry about what other people are doing. I focus on what I’m doing.

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georgeI think we have a tendency to view our success in light of others. But that’s counterproductive. We need to discover and live up to our potential and stop thinking about what other people are (or are not for that matter) doing.

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The reason it’s not good to compare ourselves to others is that we’re not truly walking a mile in their shoes. We don’t really know how hard they’ve worked. We don’t know about all the obstacles they’ve overcome.

We make assumptions because we see the output – the green grass – but we don’t think about all the sunshine, the rain, the fertilizer, and the manual labor that made it that green.

What you did and what you could have done

Another fence is between what you’ve actually done and what you think you could have done. We look over that fence and beat ourselves up. The grass would be greener if we had only taken a different path.

We romanticize the outcome that could have been. We assume that life would be better.

In fact, it may be worse. We’ll never know. All we see is greener grass. We need to realize that the decisions we made got us to this point and the experiences we’ve had make us a unique human being.

That’s an asset that we can use for our bigg success.

Now we want to look at the final two fences. These fences help us make the grass greener.

Yesterday and today

Another fence is between yesterday and today. It’s up to us to make the grass greener today than it was yesterday.

It’s about doing all that you can … day-by-day, step-by-step … to move closer to bigg success, to life on your own terms. If you’ve done everything you possibly can today to get closer, your grass is greener!

Where you are and where you want to be

The final fence is between where you are and where you want to be. You see the green grass that you want to have. You see a person or persons who were where you are and now are where you want to be.

This could be a role model, a mentor or a coach. Instead of looking over the fence and being jealous, you know that you can learn from them. They can teach you how to make your grass greener.

What are some of your secrets for getting your grass greener?

Share that with us by leaving a comment below, calling us at 888.455.BIGG or sending us an e-mail at bigginfo@biggsuccess.com. Maybe your comment will help make the grass greener for others.

Thanks so much for reading our post today.

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Please join us next time when we ask, “What’s your one thing?”

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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Are You Afraid of Success?

afraid We won’t name names. However, we’ve all seen it – usually with a celebrity – a person who is on the verge of bigg success, but then they go through a meltdown.

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We wonder what could have caused it. Usually, it’s a very individual thing but there are some common reasons:

#1 – Self-doubt
You’re not sure that you can handle bigg success. You worry about what you don’t know. You dwell on what you don’t have (a common worry is not having the right degree). You tell yourself all the reasons why you don’t deserve this level of success, even though you’re so close to it.

#2 – Fear of loss
If you become more successful than your friends, what will they think? Will they still be your friends? Will they be jealous of your success? You know the answer to these questions already. What kind of friend wouldn’t be thrilled with your bigg success?

#3 – Fear of embarrassment
This fear is a carry-over from childhood – that adolescent fear of standing out from the group. You’re afraid of what people will think if they see you fail. Which leads us to …

#4 – Fear of failure
You may think that it’s better to have never experienced bigg success, than to have it and then lose it. Somehow it’s better to never get there. But why do you assume it will be fleeting?

The net result is that we talk ourselves out of succeeding bigg. We accept that it’s better to be part of the crowd than to blaze our own trail. We feel more comfortable. It seems less risky. But we’re wrong!

How to conquer your fear of bigg success

#1 – Self-talk is so important.

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marylynnAs a first-time entrepreneur, fear has crept in on occasion. I’ve been lucky to have George around. He’s helped me understand that negative self-talk isn’t going to help you succeed. You have to turn it around.

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georgeEven as an experienced business owner, I still have to battle that little voice that impedes bigg success. You just have to constantly keep telling yourself why you will do it.

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Think of all the things you’ve done right to get this far. Remind yourself of the obstacles that you faced and how you overcame them. Focus on the things that have already gone your way.

#2 – You don’t have to get it perfect; you just have to keep going.
It certainly hasn’t been perfect up to this point, has it? So why would it have to be perfect from here on out? Enjoy the journey. Enjoy the growth you’re experiencing.

Every time we reach another plateau, we celebrate our victory. Then we look back and realize the victory had already occurred. We grew. We learned so much. That’s the real joy of bigg success!

#3 – Success comes one level at a time.
Sure you have to keep your eye on that ultimate goal. But you get there one step at a time. You only have to take the next step.

You’ve learned enough to know how to do that. Perhaps more importantly, you’ve already learned how to find out anything you don’t already know.

#4 – Surround yourself with people who have made it.
We can’t possibly over-emphasize this point. Develop a support network of mentors and coaches. People who were once where you are now, but are now where you want to be.

Don’t be afraid to take those little steps that lead to bigg success!

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Evidence shows that more and more of us are running two businesses simultaneously. Next time, we’ll get some tips from an expert who’s doing just that. Until then, here’s to your bigg success!

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Anything I Can Do, You Can Do Better!

In Annie Get Your Gun, Annie Oakley and Frank Butler show their competitive sides as they sing the now well-known song Anything You Can Do, I Can Do Better.

With all due respect to Irving Berlin, the great writer of this song, we’re putting our own twist on it … anything I can do, you can do better!

A blooming mistake
Jim McCann was a social worker. He got a part-time job in a flower shop to make ends meet. A few years later, he started his own flower business. He made some money, but not that much. So he opened another shop. And then another.

Over ten years, he ended up with fourteen flower shops. One morning, he was listening to the radio as he got ready for work. He had a fresh idea – a nationwide flower service.

He found a bankrupt company which had stopped doing business several years earlier. Its only asset was a toll-free phone number – 1-800-FLOWERS. Now this was before the internet when ordering via telephone was huge.

He really wanted this phone number. So he agreed to buy the company and assume the debt. He figured their liabilities had to be pretty insignificant, since they hadn’t done any business for years.

After buying the company, he found out how wrong he was. It turned out they were $7 million in debt. His friends advised him to declare bankruptcy, but he pressed on. It took about five years to pay off the debt, but he did. And last year his little business sold over $750 million of flowers!

Learn from Your (and Our) Mistakes
So Jim McCann learned a valuable lesson about due diligence. But anyone who wants to buy a business can learn this lesson without having to go through a similar experience.

You can do anything better than me by learning from my mistakes so you don’t have to make them yourself. Learning from your mistakes is good; learning from mine is better. You’ll succeed faster!

Shared Success
With information so prevalent today, there’s another way our title applies. In many cases, it doesn’t make sense to hoard information, you’re better off sharing it.

The final step of mastering any craft is the desire and ability to mentor others. And an interesting thing happens as you do that … the people you’re mentoring may, at some point, start doing better than you.

Then the teacher begins to learn from the student. So the teacher performs better. And the student learns and performs better.

Anything we can do, we can do better! You both help each other grow.  

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Our bigg quote today is by the great Will Rogers, who said,

“A man only learns in two ways, one by reading,
and the other by association with smarter people.”

It’s the smart thing to do!

Next time, we’ll discuss how to have the discipline to invest even if you don’t have the discipline to invest. Until then, here’s to your bigg success!

Subscribe to the Bigg Success feed.

Subscribe to The Bigg Success Show in iTunes. 

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7 Things You Must Learn In College That College Won’t Teach You

diploma 

Some things are teachable; others have to be learned. Today, we’ll discuss things you have to learn on your own. Hopefully, you’ll do it while you’re still in college! If you’re already out, check this list to see how you’re doing!

#1 – Learn how YOU learn.
Do you learn best by reading? Listening? Watching? Or some combination? You’ll save a lot of time, money, and frustration later if you learn this now.

#2 – Learn HOW to think.
Most students focus on WHAT to think. Get a well-rounded education so you can cut to the essence of any issue. You fully understand a topic when you can debate both sides of an argument equally well.

#3 – Learn self-discipline.
Know how to set goals and schedule yourself to achieve them. Stick to the schedule you’ve set so you can focus on your priorities and balance work with fun.

#4 – Learn how to build YOUR brand.
You are the CEO of most important organization – YOU, Inc. For what will you be famous? What makes you unique? How will you let the world know?

The choices you make are critical. It’s good to be a member of an organization; it’s better to be a leader in it. Choose internships and summer jobs wisely because they reflect on your brand, too.

#5 – Learn how to communicate effectively.

It’s true – you learn a LITTLE bit about this in college. But how you communicate reflects on your brand. For example, if your written work is full of typographical errors and grammatical mistakes, the reader may assume that you’re sloppy or apathetic. Also understand that HOW you say something is just as important as WHAT you say.

#6 – Learn how to build your network.
Take every opportunity to reach out to people with common interests. It’s amazing how few students get to know their professors. They are great mentors even after you’re done with college!

It’s important to cultivate relationships. Take an interest in them. For your network to work when you desperately need it, you’ll need established relationships.

There are no six steps to Kevin Bacon when it comes to networking. You need to get one step removed from the person you need to contact. If you know me, and I know somebody, you have a good chance with that somebody.

#7 – Learn how to find your initial vision.
Your vision consists of your passion, your values, your competencies, and the environment you face. Here are some great resources to help you:

Your vision will probably change over time. However, developing the skills to discover it and work toward it are essential to your bigg success.

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Our bigg quote today comes from the great Ralph Waldo Emerson, who said,

“The things taught in schools and colleges are
not an education, but the means to an education.”

Education is a life-long adventure to discover yourself and uncover your full potential.

As he moves on from the game he loves, superstar quarterback Brett Favre taught us a lesson on peak performance. We’ll discuss it in our next blog.

Brett’s moving on to the perfect job. One with two vacations a year … six months each!

Until next time, here’s to your bigg success! 

Subscribe to the Bigg Success feed.

Subscribe to The Bigg Success Show in iTunes. 

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Pages

25 Ways to Reach the Top of Your Chosen Profession

By Bigg Success Staff
05-15-08

Peak Performance

twenty-five 

When peak performance is discussed, it’s often about athletic pursuits. However, it can also apply to any of us seeking the most of our chosen professions. Just like athletes, we have to prepare mentally and physically to reach the top.

Mindset
#1 – Find your passion.

#2 – Define your vision of success.

#3 – Find your opportunity / niche.

#4 – Set goals that lead to your vision of success, step-by-step.

#5 – Get started … take action.

Feed your mind
#6 – Read, listen to, or watch something that inspires you every day.

#7 – Read great works of literature and listen to great music.

#8 – Learn a little bit about a lot of things.

#9 – Take up a creative hobby to learn to be more creative.

#10 – Talk to people. Learn about their personal and professional interests so you learn.

Fuel your body
#11 – Eat right.

#12 – Exercise.

#13 – Get enough sleep.

#14 – Balance your personal and professional lives.

#15 – Give yourself down time, whatever that means to you.

Practice
#16 – Participate in classes, workshops, seminars, etc. in your chosen field.

#17 – Also take every opportunity to build your soft skills.

#18 – Get a mentor / coach.

#19 – Rehearse in front of a mirror.

#20 – Role-play.

Improvement
#21 – Learn from your mistakes.

#22 – Learn from your successes.

#23 – Learn from the mistakes of others.

#24 – Learn from others’ successes.

#25 – Focus on the next iteration … work to be a little bit better today.

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25 Ways to Lead Your Organization Through Good Times and Bad

By Bigg Success Staff
05-14-08

Leadership Skills

twenty-five 

Leadership is challenging under any condition. In this article, we’ll offer some tips to survive the bad times and to let the good times keep rolling! We discuss five great tips from each of five great articles along with the links to the original articles themselves.

5 Tips to Keep Your Organization’s Knowledge in Your Organization

#1 – Don’t let your best people leave.

#2 – Establish a mentoring program for new employees.

#3 – Share best practices.

#4 – Share lessons learned.

#5 – Document, document, document.

This is a fantastic article on The Providers Edge site. Check out the entire article to learn how to reduce knowledge loss in your organization. *Note that this link will open a PDF file.


5 Key to Overcoming a Crisis

#1 – Keep in mind that business without risk is business without growth.

#2 – Work with the facts. Listen to the market, not your ego.

#3 – Act quickly and decisively. Delay makes things worse, not better.

#4 – Be a proactive leader and clearly communicate your decisions.

#5 – Be resilient and continue to innovate. Success is not forever, nor is failure.

These great tips come from Atsutoshi Nishida, CEO of Toshiba. He was discussing his company’s decision to pull the plug on HD DVD with Yukari Iwatani Kane of The Wall Street Journal. Check out the full interview for detail on overcoming a crisis in your organization.

 

5 Tips to Get the Best Results from Your Employee Training Programs

#1 – Remember that training is an investment.

#2 – Make sure the training is targeted and really needed.

#3 – Establish measurable returns.

#4 – Work with vendors that truly understand your needs.

#5 – Make sure the training is flexible and customized.

Chris Young wrote this excellent post on his Maximizing Possibility blog. You owe it to yourself to check out his complete explanation of his five tips for improving employee training and development during a recession or economic downturn.

… but we’re not done with training yet …


5 Pointers to Train Your People to Up sell / Cross sell

#1 – Tell your people what’s in it for them.

#2 – Give them clear objectives.

#3 – Create a non-threatening environment for role playing.

#4 – Assign them structured skill improvement activities.

#5 – Schedule a follow-up workshop about a month after the initial session.

This is an oldie, but a goody written by Brian J. Geery for BNET. He specifies it as sales training, but these tips are helpful for training for any human interaction. Read details of his five tips to ensure successful up selling / cross selling training.


5 Tips to Keep the Momentum Going

#1 – Reset greater challenges.

#2 – Review individual efforts.

#3 – Re-energize.

#4 – Rewind.

#5 – Recognize and reward.

Understanding these concepts is so important because momentum is such a precious thing. Check out the details on CareerBuilder’s top five tips for maintaining momentum.  

 

Find out when we post new articles. Subscribe to the Bigg Success Weekly.

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

Related posts

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25 Skills That Lead to Bigg Success

25 Ways to Have More Money at the End of the Month

Check Out These 25 Tips Before You Change Your Job or Your Career

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615 Tips to Manage Your Business Better

25 Ways to Reach the Top of Your Chosen Profession  

(Image by Claudecf,CC 2.0)

The Go-Giver

By Bigg Success Staff
04-03-08

Bigg Book Review 

book_cover

Do you ever feel that you’re not achieving what you want to even though you’re working harder than ever?

If so, you’ll relate to Joe. He’s an ambitious, young go-getter, but he’s having a bad quarter. He desperately needs to make a sale. So he goes to Pindar, the wise consultant, for mentoring.

Pindar does something terrible – he doesn’t help Joe secure the sale he so desperately needs. Instead, he introduces him to five people (a restaurateur, a CEO, a financial advisor, a real estate broker, and the “Connector) in five days who share the five laws of stratospheric success:

#1 – Law of Value

#2 – Law of Compensation

#3 – Law of Influence

#4 – Law of Authenticity

#5 – Law of Receptivity

Joe comes to understand that you have to give in order to receive. He becomes a go-giver!

If you enjoy reading a tale with lessons, you’ll enjoy The Go-Giver, written by Bob Burg and Jon David Man. If you want to learn more about this great book, check out our interview with Bob Burg, one of the authors.

This wonderful book is a quick read that will inspire and enlighten you. We highly recommend that you add it to your stable of books.

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More Bigg Book Reviews

10 Laws of Survival and Success

Confessions Of A Serial Entrepreneur

Review: The Opposable Mind

Review: Fire Them Up

Review: The Richest Man In Babylon