3 Money Habits That Separate the Rich From the Poor

3 Money Habits That Separate the Rich From the Poor

It all starts with the same amount of money—just a different philosophy

Here is an exciting thought! Why not work full time on your job and part time on your fortune? And what a feeling you’ll have when you can honestly say, “I’m working to become wealthy. I’m not just working to pay my bills.” When you have a wealth plan, you’ll be so motivated that you’ll have a hard time going to bed at night.

So if you will indulge me, I would like to share a simple formula for creating wealth. Here’s my thought on how money should be allocated.

The 70/30 Rule

After you pay your fair share of taxes, learn to live on 70 percent of your after-tax income. These are the necessities and luxuries you spend money on. Then, it’s important to look at how you allocate your remaining 30 percent. Let’s allocate it in the following ways:

Charity

Of the 30 percent not spent, one-third should go to charity. Charity is the act of giving back to the community and helping those who need assistance. I believe that contributing 10 percent of your after-tax income is a good amount to strive for.

The act of giving should be taught early, when the amounts are small. It’s pretty easy to take a dime out of a dollar. But it’s considerably harder to give away a $100,000 out of $1 million. You say, “Oh, if I had $1 million, I’d have no trouble giving $100,000.” I’m not so sure. $100,000 is a lot of money. Start early so you’ll develop the habit before the big money comes your way.

Capital Investment

With the next 10 percent of your after-tax income, you’re going to create wealth. This is money you’ll use to buy, fix, manufacture or sell. The key is to engage in commerce, even if only on a part-time basis.

So how do you go about creating wealth? There are lots of ways. Let your imagination roam. Take a close look at those skills you developed at work or through your hobbies; you may be able to convert these into a profitable enterprise.

In addition, you can also learn to buy a product at wholesale and sell it for retail. Or you can purchase a piece of property and improve it. Use this 10 percent to purchase your equipment, products or equity—and get started. There is no telling what genius is inside you waiting to be awakened by the spark of opportunity.

Savings

The last 10 percent should be put in savings. I consider this to be one of the most exciting parts of your wealth plan because it can offer you peace of mind by preparing you for the “winters” of life. Let me give you the definition of “rich” and “poor”: Poor people spend their money and save what’s left. Rich people save their money and spend what’s left.

Twenty years ago, two people each earned a $1,000 a month and they each earned the same increases over the years. One had the philosophy of spending money and saving what’s left; the other had the philosophy of saving first and spending what’s left. Today, if you knew both, you’d call one poor and the other wealthy.

So, remember that giving, investing and saving, like any form of discipline, has a subtle effect. At the end of the day, the week, the month, the results are hardly noticeable. But let five years lapse and the differences become pronounced. At the end of 10 years, the differences are dramatic.

And it all starts with the same amount of money—just a different philosophy.

 

May Your Wisdom Guide You on Your Way to Success & Freedom

SANDRA BRAVO

#1 Best Selling Author ☆ Entrepreneur ☆ International Speaker ☆ Women Empowerment

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4 Ways to Create Financial Security Without Salary Certaint

4 Ways to Create Financial Security Without Salary Certaint

One week last November, I had issued over $40,000 in invoices but had only $2,000 in my business bank account.

Despite careful budgeting, cash cushion building and prompt invoicing, my due diligence was not enough to avoid the squeeze of solopreneurship. For members of the YouEconomy, the ebb and flow of getting paid can be a burden.

Everything from past-due payments to seasonal slowdowns can result in unexpected cash flow interruptions. Cycles of feast or famine can perpetuate the stress of paycheck-to-paycheck living.

To survive and thrive in the midst of this volatility, the adage “expect the unexpected” is a mandate. After all, the rent is still due. It doesn’t matter how many thousands of dollars are on the way if none of them are in your bank account when it comes time to pay your quarterly tax bill.

Here are four ways solopreneurs can begin creating a framework for financial security, even without salary certainty.

 

4 Ways to Combat Financial Uncertainty in the YouEconomy1. Calculate your make-or-break number.

What is the bare minimum, no frills cost of running your business and your life? Add to that a buffer of 10 percent and a retirement savings contribution to get your make-or-break number: a benchmark for the viability of your venture.

When you have a clear metric for covering your basic operational costs, it offers a threshold for how much you need to earn as well as a gauge for other spending, savings and reinvestment goals.

Subtract your make-or-break number from your previous month’s income to calculate how much you can afford to spend on discretionary expenses.

4 Ways to Combat Financial Uncertainty in the YouEconomy

2. Don’t mix business and personal accounts.

For the novice freelance writer or part-time TaskRabbit, making a couple of hundred bucks on the side might not feel like much of a business. But it should still be treated as such. Set up separate business accounts to keep self-employment or side-hustle income and expenses separate from personal ones.

In addition to simplifying accounting come tax time, this separation can help cultivate a critical solopreneur mindset: Revenue does not equal income!

4 Ways to Combat Financial Uncertainty in the YouEconomy3. Build a buffer.

Expecting the unexpected requires a healthy cash cushion for managing cash flow interruptions—separate from personal emergency savings.

While building this business savings buffer, solopreneurs should also look ahead for potential business slowdowns and put backup plans in place. Instead of scrambling after a few weeks without work, proactively seeking new opportunities prior to a breaking point can help avoid overreliance on the emergency business buffer.

4 Ways to Combat Financial Uncertainty in the YouEconomy4. Be your own human resources department.

Switching over to self-employment also means becoming self-reliant. With no HR department to set up your health care or employer to match your 401(k) contributions, solopreneurs have to take the reins of their own long-term well-being, and treat it as seriously as any other aspect of their business.

I include retirement contributions in my make-or-break number to ensure they become as nonnegotiable as any other essential living cost. After all, the only way to thrive in the YouEconomy is to take the long view and plan accordingly.

Get a copy of my #1 BestSeller Book here >> 

 

SANDRA BRAVO

 Entrepreneur ☆ International Speaker ☆ #1 Best Selling Author ☆ Women Empowerment

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source: http://www.success.com

FIRST IMPRESSIONS LAST

There are many things in life that you can do multiple times.  Making a first impression isn’t one of them.

First impressions are lasting.  Once a first impression is made, if it’s less than great, unfortunately it takes a long time to change it. 

Experts say it takes between five and 15 seconds for someone to form a first impression about a person.  According to William Thourlby in his book “You Are What You Wear:  The Key to Business Success,” the first time we meet someone, we’re trying to size them up.  People look at socio-economic status, level of education, social position, level of sophistication, economic background, social background, moral character and level of success.

First impressions are influenced by our backgrounds, including our families, friends, education, religion, jobs and other factors.  These include body language, dress and appearance, and voice.  Your body language and appearance speak much louder than words.  Use your body language to project appropriate confidence and self-assurance.  Stand tall, make eye contact, greet with a firm handshake.

Quite possibly, one of the most important and terrifying times to make a spectacular first impression is when you are interviewing for or starting a new job. 

The first day of a new job can be exciting and nerve-racking at the same time.  Even if you never plan to leave your current job, you’ll probably be promoted or switch to a new position at some point, and the experience will be much the same.  There are some guidelines for relieving some of that stress on day one that you should keep in mind.

  • Don’t be late.  In fact, it’s best to be a little early.  Double-check where you’re supposed to be and what time you’re expected to start.  If it’s a new workplace, test your route and give yourself extra time for a prompt arrival.
  • Learn the lay of the land.  Your manager will probably show you around, but make an extra effort to remember what you see so you don’t have to repeat the same questions.  Yes, you can always ask for directions later, but you’ll impress people more by being a quick study.
  • Master people’s names.  Again, you’ll gain a reputation for attention and thoughtfulness by memorizing the names of everyone you meet.  There are a variety of memory strategies that will help you match names and faces.  There is no bigger compliment than using someone’s name when you speak to them.
  • Bring your lunch.  Maybe the boss or co-workers will take you out to lunch on your first day, but don’t count on it.  Stay in the workplace and eat in the lunchroom so you get a chance to meet more people.  Just don’t waste too much time chowing down on your first day – demonstrate your eagerness to get back to work.
  • Smile.  Put a pleasant expression on your face.  Be friendly.  Show that you’re glad to be there.  People respond to smiles and sincerity.  Ask questions and be interested in your new co-workers.  They’ll remember and appreciate your effort.
  • Restrain your instincts.  Your first day is a time to learn, not to show off what you think you know.  So show you are glad to be there, but don’t let your enthusiasm get the best of you lest you come off as insincere.  Concentrate instead on what you can contribute and how you can fit in to the culture. 

On the other side of the equation, when I hire people, I am acutely aware of the first impression they leave on me.  Will a customer have the same reaction?

We’ve all had cringe-worthy moments hoping we came across as positive as we could.  Remember the movie, “Pretty Woman”?   Julia Roberts’ character goes into a swanky Beverly Hills shop looking for a wardrobe upgrade, wearing a very casual and somewhat provocative outfit.  The saleswomen ignore her, thinking she can’t afford their clothing.  She gets the message and walks out of the store as quickly as she came in.

But a couple days later, she returns, dressed to the nines.  The sales staff is most attentive, anticipating a huge sale from this elegant woman.   They obviously don’t recognize her.  So she reminds them that they had snubbed her and so she took her business elsewhere.  Nothing could make up for their pathetic first impression.

 

Get a copy of my #1 BestSeller Book here >> 

 

SANDRA BRAVO

 Entrepreneur ☆ International Speaker ☆ #1 Best Selling Author ☆ Women Empowerment

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source: http://www.harveymackay.com

The Power of Positive Thinking

The Power of Positive Thinking

Recently on The School of Greatness podcast, I had the opportunity to interview Steve Weatherford, the former NFL Super Bowl champion who was one of the best punters in the world, about his secrets to success.

One of the most powerful things that entrepreneurs and success-seekers can take away from the world of sports and athletic achievement is the effectiveness of visualization and positive thinking. Study after study points to the power of this simple yet life-changing practice.

What most people don’t realize is that the people who are on the top of their success game already are constantly learning, feeding their souls and minds to continue to grow. One of my favorite things about Steve is that he is so successful, in the top 1 percent of the 1 percent in his niche, one of the best in the world at what he does, yet he is transitioning to the next thing in his life (entrepreneurship) and is still learning and growing.

“Visualize your day going perfect in detail. Commit to the habit for 30 days and your life will change.”

Steve’s key life hack is positive self-talk. He recommends that you “talk yourself through every day. In the morning say, ‘Today is going to be a great day and this is why’.… Visualize your day going perfect in detail. Commit to the habit for 30 days and your life will change.”

He doesn’t believe in realistic. He visualizes every single thing going perfectly. Does it? No. But having the vision that it will makes a big difference.

“You have to see things happen in your life before you can do it. It is visualization. I learned that as an athlete; don’t ever go out onto the field of competition thinking about what you don’t want to have happen, because once you let those negative thoughts into your mind, they can more easily manifest.

“If you are in a place of positivity, your percentage chance of hitting the perfect punt is higher, much higher, because you are thinking about what you want to do, not what you don’t want to do, or what you don’t want to happen.

“Your brain is the most powerful muscle you have.”

Monday Momentum

Steve says his approach to life is to envision, plan and take advantage of Monday’s momentum.

“I have been able to accomplish some amazing things because every Sunday I write down the goals that I want to accomplish in every aspect of my life. I map out my vision and accomplishments for the week and I break it into days. Monday is the day I attack the most. I get up early on Monday because it sets the tone for the rest of the week—my mindset, my productivity, my efficiency. Monday is the day I create momentum.”

Self-Scouting

 

Steve talks about the importance of “self-scouting,” or reflecting on your day to review just like athletes watching videos after a game. Identify what you did well and identify the things you did poorly to try to lock and load for the next day.

Formula for Prosperity

Steve says his formula for prosperity is identifying what your vision is, maintaining your focus, trusting your plan, working every day and being diligent, consistent and positive because you have your vision of where you want to be. Consistent work is the biggest piece of making your vision happen.

“Prosperity to me is a combination of health, wealth, gratitude and love, and I gravitate toward people like that because I want to create that in my life and I want to share that with other people as well.”

Daily Investment

Steve says there are dreamers everywhere, but how many dreamers are consistently making the daily investment, that daily sacrifice? It is going to require those daily decisions, that compound interest over time, to get just that much closer to your goal. People have a real problem choosing what they want 10 years from now over what they want today.

Make it a priority to surround yourself with positive people who encourage and also teach you.

Impact

Steve says he is most interested now in making an impact on people. “You are gonna die. But what are you going to do with your life? You can’t take it with you. What are you going to do between now and when you die that is going to impact people?”

Win or Learn

Every mistake that you make, every failure that you have, Steve’s mindset is this: “I am going to win or I am going to learn. I don’t think about failing, I just think about opportunities to grow. You are never going to lose… you are going to win or you are going to learn. Don’t let the fear of failure stop you from your greatness.

Get a copy of my #1 BestSeller Book here >>

 

SANDRA BRAVO

Entrepreneur ☆ International Speaker ☆ #1 Best Selling Author ☆ Women Empowerment

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source: http://www.success.com

 

The Role Your Subconscious Mind Plays In Your Everyday Life

The Role Your Subconscious Mind Plays In Your Everyday Life

The subconscious mind – something that has a huge effect on every action, but is constantly overlooked.

Instead, the focus is often on our conscious mind, which contains the critical thought function of our brains. The subconscious is the powerful layer underneath. It encompasses the awareness of all things the conscious mind cannot recognize.

Once the subconscious is tapped into, this remarkable part of the brain plays many different roles in your everyday life.

The Memory Bank

Your subconscious mind is like a huge memory bank. Its capacity is virtually unlimited. It permanently stores everything that ever happens to you.

By the time you reach the age of 21, you’ve already permanently stored more than one hundred times the contents of the entire Encyclopedia Britannica.

Under hypnosis, older people can often remember, with perfect clarity, events from fifty years before. Your unconscious memory is virtually perfect. It is your conscious recall that is suspect.

The function of your subconscious mind is to store and retrieve data.

Its job is to ensure that you respond exactly the way you are programmed. Your subconscious mind makes everything you say and do fit a pattern consistent with your self-concept. This is your “Master Program.”

The Unquestioning Servant

Your subconscious mind is subjective. It does not think or reason independently. It merely obeys the commands it receives from your conscious mind.

Your conscious mind can be thought of as the gardener, planting seeds. Your subconscious mind can be thought of as the garden, or fertile soil, in which the seeds germinate and grow.

Your conscious mind commands and your subconscious mind obeys.

Your subconscious mind is an unquestioning servant. It works day and night to make your behavior fits a pattern consistent with your emotionalized thoughts, hopes, and desires.

Your subconscious mind grows either flowers or weeds in the garden of your life. Whichever you plant is based on the mental equivalents you create.

The Preserver Of Balance

Your subconscious mind has what is called a homeostatic impulse. It keeps your body temperature at 98.6 degrees Fahrenheit. It keeps you breathing regularly and keeps your heart beating at a certain rate.

Through your autonomic nervous system, it maintains a balance among the hundreds of chemicals in your billions of cells. Your entire physical machine functions in complete harmony most of the time.

Your subconscious mind also practices homeostasis in your mental realm. It keeps you thinking and acting in a manner consistent with what you have done and said in the past.

The Comfort Zone

All your habits of thinking and acting are stored in your subconscious mind. It has memorized all your comfort zones and it works to keep you in them.

Your subconscious mind causes you to feel emotionally and physically uncomfortable whenever you attempt to do anything new or different. It goes against changing any of your established patterns of behavior.

You can feel your subconscious pulling you back toward your comfort zone each time you try something new. Even thinking about doing something different from what you’re accustomed to will make you feel tense and uneasy.

One of the biggest habits of successful men and women is always stretching themselves or pushing themselves out of their comfort zones. They are very aware how quickly the comfort zone, in any area, becomes a rut. They know that complacency is the great enemy of creativity and future possibilities.

Tap Into Your Subconscious

Remember, for you to grow and get out of your comfort zone, you have to be willing to feel awkward and uncomfortable doing new things. If it’s worth doing, it’s worth doing poorly until you get a feel for it. Keep trying until you develop a new comfort zone at a new, higher level of competence.

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