Money Skill #5. Making Money
Making money is an entirely different skill from investing money. Investing is passive. Someone else does the work for you…like money growing in a bank. Making money, Skill #5, is the entrepreneurial side of money. Are you an entrepreneur? You should be. Everyone will need to create multiple streams of income in the future. Families used to be able to survive on one income in the 50’s and 60’s. Then, in the 70’s and 80’s it became necessary for there to be 2 income earners per family. In the 90’s, with the stability of those 2 incomes in question, with corporate downsizing, re-engineering, or whatever you want to call it, you need to take matters into you own hands. You must learn the skills of being your own boss…even if you’re working for a solid corporation and plan on retiring there. The world is just too insecure to make long term plans with one company.
When it comes to choosing the perfect home based business, use the MoneyTree Formula you learned in the Audio Cassette, Multiple Streams of Income. The full program from Nightingale/Conant will show you 7 extremely profitable home based business you can start with little capital investment. Any of them could take your to financial freedom. But, when you are doing several of them simultaneously, you can accelerate your prosperity curve dramatically. You’ll love the program. Or your money back. It consists of 8 jam packed audio cassettes (or CD’s if you prefer) plus a bonus audio and a special Study Guide.
In the meantime, if you’re going to start your own business, remember these rules:
Rule # 1. Get on purpose. Do what you love and the money will follow.
Get into a business that is in alignment with your purpose and values. Here are the purpose questions:
* What are you good at?
* What do you like to do?
* What is important to you?
* What is your destiny?
Answer these questions before you begin.
Rule # 2. Decide on your ideal lifestyle, then choose a business.
Rule # 3. Become the best in your field.
Rule # 4. Ride a trend that is on the wax not on the wane
Rule # 5. Be a copy cat. Don’t be the first in. Don’t start a trend. Copy others…legally, of course.
Rule # 6. No se habla employees. Be slow to hire and fast to fire.
Rule # 7. Constantly economize.
Rule # 8. Avoid overhead like the HIV virus. Rich people don’t buy fancy office equipment to impress. Warren buffet manages his entire empire from a corner desk in small office. He has no computer…as he once said, “I am a computer.”
Money Skill #6. Shield It
Making money is one set of skills Keeping it is another. As you work toward your financial goals, you will need to learn how to preserve the wealth you are creating. The new millennium is an infinitely more dangerous environment for wealth creation that were the 60’s, 70’s, 80’s or 90’s. New kinds of street gangs roam the streets seeking prey…hoards of attorneys looking for victims to represent. The worst mistake one can make today is leave large amounts of personal assets unprotected. You must learn how to get your homes, cars and business entities out of sight through corporations, trusts and family partnerships to build a financial fortress around your assets. This information, which used to be available only for the super-rich, must be put to use by everyone. Why? Because if you’re practicing your money skills, sooner or later there is a 100% probability that you will be sued…and any smart attorney will be able to look in the public record to find out what assets you have in your name. Therefore, the secret to smart money is to learn to live like a millionaire but be a pauper on paper. You used to be able to brag about your money. Not any more. Today, you don’t want to be a millionaire…just to live like one. I, myself, am not a millionaire. Or even a multi-millionaire. I used to be. But not any more. That doesn’t mean that I don’t know where it is…and how to get to it. But the public will never know. You must protect yourself today against the catastrophes of tomorrow.
Here are the eleven basic commandments of financial protection.
1. Thou shalt avoid conspicuous consumption
2. Thou shalt avoid putting assets in your name.
3. The shalt never co-sign a loan for anyone, ever.
4. Thou shalt carry adequate liability insurance.
5. Thou shalt not serve on a board of directors.
6. Thou shalt avoid all “recourse” debt.
7. Thou shalt operate thy business from a corporate entity.
8. Thou shalt not go into business without a detailed business plan.
9. Thou shalt never enter a partnership without a simple, fool proof plan for getting out.
10. Thou shalt never put all of thy eggs in one basket.
11. Thou shalt always assume the worst. You’ll probably be optimistic.
Money Skill #7. Share It
Finally, skill seven is to share your money. And this really is a skill. Remember what I said about the Rockerfellers. They believed that giving their money was essential to their wealth. And so should you. The secret is that money multiplies fastest when it’s divided. It’s all God’s money, anyway. You’re just a temporary steward. When you share freely, you prime the pump of the universe. I encourage you to establish a legacy that will outlive you. Plant money trees from which others will harvest the fruit. This is true prosperity.
I have a belief which I have learned from the great billionaires over the past century. Almost without fail, each of them has been guided by the following principle:
“Ultimately, the only purpose for having money is to help others.”
So, to review. First you must Value money…then, Control It…then Save It…then Invest It…then, Make It… then Shield It…and finally Share It. I don’t think it’s possible to make and keep a lot of money without being good at these things.
Now, look at that dollar bill one more time. This simple money seed contains the power to bless you and countless future generations…if you’ll start now. The future is counting on you. A wealthy future is awaiting you. It’s worth the sacrifice. Let nothing divert you from your task.
It all starts with a single dollar bill.
Authors Details: Robert G. Allen – Prosperity, 7 Secrets.
His colossal bestseller Nothing Down established Robert Allen as one of the most influential investment advisors of all time. Also the author of ‘The One Minute Millionaire’