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10 Steps to Get Rich

Cash Flow Quadrant | BIGG SuccessHe started in 1975 with just $700 to his name. Now he’s a millionaire many times over.

He’s the amazing Robert Kiyosaki, author of the #1 New York Times best seller Rich Dad, Poor Dad. And he has a simple message:

“With every dollar in your hand, you have the power to choose to be rich, poor or middle class.”

We found a great post by Robert Kiyosaki over at our friend Josh Hinds’ Get Motivation blog. It’s lengthy, but well worth the read.

We’ve provided a summary here for your convenience. Here they are – Robert Kiyosaki’s 10 Steps to Getting Rich:

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The Only Two Sources of Money

money | BIGG SuccessBIGG success is life on your own terms. Money is one of the five elements of BIGG success.

When you look at the essence of money, you realize that it comes from only two sources.

Money for time

Time is another one of the five elements of BIGG success. You can trade your time for money.

This is the first source of money. For millions upon millions of people, it is the only source of money.

For the most part, these people will never get ahead. In fact, they will probably end up worse off than they are now.

Once they are unable to trade time for a paycheck, they will be destined to scrape by for the rest of their lives.

Money from money

Your money will work for you if you let it. When you save and invest, you make money on your money.

This is the second source of money. It’s how most wealthy people got rich.

Every human being has the same 24 hours a day. So the only way to get ahead is to get your money working for you.

The starting point of riches

How do you get money to go to work for you?

You must understand this concept:

What you make matters much less than what you keep.

You can’t always control your earnings. However, you are in full control of your spending.

The key to getting started on the road to riches is saving money, month after month. It leads to BIGG success!

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The Two Sides of a Successful Small Business

yin-yangWe often encourage business owners to mentally step outside their business. You may find it helpful to look at your business through the lens of another industry.

For example, what if you thought of your business like the real estate business? Real estate has traditionally been one of the greatest creators of wealth.

Of course, there are many ways to make your money in real estate. We’ll use real estate development as our model because it’s the best analogy for start-up entrepreneurs and existing small business owners.

Listen to the audio version of this post. Click the player to hear Geore & Mary-Lynn on the BIGG Success Show podcast

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Development and management

The two sides of the business are development and property management.

The development side is about locating the property, preparing it for construction and actually building it.

The management side is about leasing the property and maintaining it.

Both sides are essential

It doesn’t do you any good to develop a site if you can’t find any tenants. Of course, without the building, you don’t have anything to show the tenants so it’s a moot point.

Wealth and income, today and tomorrow

Development creates wealth in the future.

Management creates income today.

The problem we see with so many small business owners is that they’re stuck on today. Management consumes all their time. They don’t do anything to create wealth tomorrow.

It’s hard to do. We’ve walked a thousand miles in those shows.

We’ve learned that you have to work presently in the future. You have to spend a certain amount of time as a developer. Otherwise, your business will stagnate.

Develop the habit of spending some time today on tomorrow:

  • Start small – maybe 15 minutes a day just thinking.
  • At some point, you’ll find a project – a new market to pursue, a new product or service to create, a new business to start or buy. You may need to find a little more time each day to develop it. That’s okay – you’ll know you’re setting yourself up for more income tomorrow.
  • Of course, don’t forget to keep your current customers happy. You’ll count on this income to help you keep building your business.

It’s the yin and yang of entrepreneuring. Doing two things at once leads to BIGG success!

Would you like some help developing the next phase of your business? E-mail us at bigginfo@biggsuccess.com or leave a voice message at 888.455.2444.

Direct link to The Bigg Success Show audio file:
http://traffic.libsyn.com/biggsuccess/00688-041211.mp3

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How to Weather Financial Climate Change

weather_a_stormBigg success is life on your own terms. There are five elements of bigg success – money, time, growth, work and play. Today we’ll focus on money.

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We hear a lot about climate change and its implications. It occurred to us that financial markets change much like the weather.

So here are 4 tips for weathering financial climate change:

Asset prices heat up and cool down

Stock prices skyrocket. Then they fall.

Real estate prices rise. Then the bubble bursts.

Nothing goes up linearly. Yet most of our projections do. Plan for all weather – diversify.

You won’t create much wealth without taking some risk. But you can manage that risk by investing across asset classes (e.g. stocks, bonds) and within asset classes (large cap, mid-cap and small cap stocks).

Price movements can be extreme

Experts are predicting more volatility in the years ahead. We don’t mind it when prices are rising quickly. But we have to be prepared for the other side as well.

Very, very few people successfully time the market period after period. So it’s important to move your money to less risky assets as you near the date when you’ll need it. If you’ll need it in less than ten years, you may want to look at shifting money to something less risky.

As we always say, talk with your financial planner about your specific situation to determine your best move.

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Watch your emissions

By emissions, we mean money out the door. In our businesses and in our personal lives, it’s much easier to spend less than to make more.

When you’re getting ready to spend it, think about how many hours you have to work to earn the money in the first place. If you really want an accurate picture, do this on an after-tax basis.

Make the green house effect work for you

When you’re buying a house, ask some important questions. Do you really need that extra room? How often will you use it?

You may decide to buy a smaller house and invest the “green” to further diversify your portfolio and increase your returns.

Also, invest your “green” in energy efficiency. Improving the efficiency of your home pays you back month after month by lowering your utility bills. You can’t say that about most outlays.

Take these four tips and go green to build a sustainable future for yourself. That’s bigg success!

How are you weathering financial climate change?
Share that with us by leaving a comment, e-mailing us at bigginfo@biggsuccess.com or leaving a voice mail at 888.455.BIGG (2444).

Thank you much for visiting us today. Next time, we’ll discuss a positively fantastic way to improve your bottom line. Please join us. 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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Simply Living Simply

simple_houseBigg success is life on your own terms. Today we’ll focus on money, one of the five elements of bigg success. There’s a tendency to define bigg success as having more money.

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But is it possible to have too much money?

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georgeI remember Donald Trump being asked about the difference between $70 million and $700 million. He said, “A bigger boat.”

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marylynn
Some people don’t need a bigger boat. Other people don’t need a boat at all!

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georgeThat reminds me of something one of my mentors once said, “There are two good days in the life of a boat owner. The day you buy it and the day you sell it!”

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marylynnToys are the fun side of money. It’s the side we usually think about. But more money also means more responsibilities – more legal issues, more accounting hassles, more management headaches even if it’s just managing your portfolio.

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A lot of people think you can just hire someone to do those things for you, but you have to be careful how much you delegate. No one will look out for your money like you will.

A simple choice

While our society often seems to equate bigg success with bigg money, it’s important to determine what you want. Bigg success is life on your own terms. Live the life that makes you the happiest.

For some people, there is such a thing as too much money. They choose a different path to bigg success.

We can reduce this to a simple choice:

  • adjust your lifestyle to your wealth or …
  • … accumulate enough wealth to support your lifestyle.

Now don’t think it’s a rags or riches mentality. You don’t have to live like a pauper if you choose to adjust your lifestyle.

Many people are perfectly content simply living simply, but comfortably. They have a nice house, drive nice cars, and take nice vacations. Of course, you get to define nice.
 

Simply pick your number

Let’s look at the difference between these two choices. First, let’s say you can live life on your own terms with an income of $100,000 a year. Financial planners tell us we can draw down our portfolio at the rate of 4% a year when we retire. So that means you would need $2.5 million of assets to support your lifestyle.

Now, what would it take if you wanted to live large? We hear a $250,000 a year income is now considered “rich” here in the States. So let’s use that as the magic number.

Then you would need a portfolio of $6.25 million.

Quite a difference, huh? You don’t have to stress about accumulating such a large portfolio if you adjust your lifestyle to your wealth.

Some people enjoy a higher quality of life by choosing to simply live simply yet comfortably.

They worry about money less because they have less money.

It’s life on your own terms. You pick the path that makes you the happiest. That’s bigg success!

What about you? Are you happy living simply or do you want to accumulate wealth?

Share that with us by leaving a comment below, calling us at 888.455.BIGG (2444) or e-mailing us at bigginfo@biggsuccess.com.

Thanks so much for simply spending your time with us today!

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

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Please join us next time when we’ll talk about the one-minute layoff. Until then, here’s to your bigg success!

Subscribe to The Bigg Success Show in iTunes. 

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Direct link to The Bigg Success Show audio file:
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Live Like a King on Less

6 Paths to Financial Freedom

Save Now Without Depriving Yourself

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