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Article By Rhonda Abrams, USA TODAY
1. Great Faith: To build a business — or start anything new — you have to believe in yourself and your ideas. You can envision something that others cannot. You think up a new business, process, design or technology that hasn't existed before.
It is not only the quality of your ideas, but the strength of your faith in your ideas that will help you succeed. Moreover, it is your faith in yourself that attracts others to work with you, invest in your vision and support you as you pursue your dreams.
Great faith is exhilarating. But it is also exhausting. It's impossible to stay on an emotional high, even if things continually go well. And the reality is they will not always go well. When your business encounters the inevitable pitfalls, detours and slowdowns, you will be the one others will look to for reassurance.
Article From CNN Money:
Being a homeowner means you are entitled to a number of tax breaks.
Article By Gerri Willis, CNN
One of the most important tax advantages of home ownership is the deduction of your mortgage interest. But there are also plenty of tax benefits for people who just bought a home. For example, you should be able to deduct points, or costs, that your lender charged you when you took out your mortgage. One point equals 1 percent of the loan amount borrowed.
T. Harv Ecker is a famous author, public speaker, and personal development leader. We attended his "Millionaire Mind" seminar, and learned a good deal of information. This one topic of the Jar System was repeated at a different seminar we put on, by Myron Golden, with different names and titles. Both speakers felt it one of the central principles for achieving financial freedom. We do as well, and have begun adopting it into our life.
The Jars
This is a system of jars - but it can be bank accounts, envelopes, or anything else that segregates one amount of money from another. We use different bank accounts, plus a single jar for our loose change, which goes into a bank account.
There are six jars altogether, five of 10% each, and one of 50% each. You can vary the percentages as you need to, but not the categories. All six should stay in place.
Jar 1: FFA - Financial Freedom Account
The most important jar.
10% of your after tax income.
Paid BEFORE anything else, including bills. This is the "pay yourself first" jar.
It is for passive income streams, such as laundromats, parking lots, positive cash flow managed real estate, stocks, and some types of internet businesses. Start out with mutual funds, then stocks, and when you have enough money, buy into passive businesses.
This money can NEVER be spent on anything else.
It must be transfered to the next generation when you die.
Jar 2: GIV - Charity
Amount varies from 5% to 10%, depending on your opinion of charitable giving.
If reduced to 5%, Necessities account increases to 55%.
This is intended for true charities, not Christmas and birthday gifts to friends and family.
Jar 3: EDU - Education
10% of your after tax income.
This is YOUR OWN personal development and career advancement education, not your children's college education. They should have their own account, and work to save for it. Use them to help you in your home based business, and pay them as a contractor for this purpose.
Jar 4: LTSS - Long Term Saving and Spending
10% of your after tax income.
Save for cars, college tuition, room additions, or expensive trips. Don't buy these luxuries on a credit card. Pay with cash that you've saved. You can put this in a money market account, CD's, or other interest-bearing vehicle while you're saving up.
Jar 5: FUN - Fun Account
10% of your after tax income.
This money MUST BE BLOWN COMPLETELY every month. If you have some great plan, you can save up and blow it in a second month, but the idea is to drain it regularly.
Come up with special events, spectacular things, that you'll enjoy and remember.
Jar 6: NEC - Necessity
50% to 55% (depending on your GIV account) of your after tax income.
This is the money you pay your bills with.
Pay your credit cards with checks from different check books, as you identify which items are fun, education, necessity, etc.
If you can't make ends meet with 55% of your after tax income, change your habits! Sell or get rid of whatever is draining you. Simplify. Cut back. Get so you can get by with your necessities paid out of no more than 55% of your after tax income.
Pay off your highest interest rate credit card completely before you pay more than the minimum payment on any other credit cards. Pay off credit cards before other liabilities.
As your income increases, your necessities can increase also, but only in proportion.
These money management principles can turn your life around, and whip them into shape.
I've added to them one more principle, which has to do with TIME.
The FFA (Financial Freedom Account) TIME Principle
"Pay yourself first" with 1/2 HOUR A DAY devoted to actually DOING the things that your IDEAL WORKING SELF would do. (In other words, I don't mean relax for 1/2 hour a day - I mean work at what you love.)
For example, if, in your "heart of hearts" you really want to be an inventor, but you earn a living doing something else, BE that inventor for 1/2 hour a day. DO what that inventor would do.
Also, this doesn't mean "prepare" for that eventuality, by going back to school or something significantly delayed. It means IMMERSING yourself IMMEDIATELY in the REALITY of BEING that eventual person. DO exactly what that person would do.
As PGA reports:
...four-time champion Tiger Woods was heading in the wrong direction midway through his second round at Augusta National on Friday. Woods played his first nine holes in 39 to fall to 4 over par, seven shots behind the surprising Wetterich, who was 3 under through 15 holes.
>full story<
Is Distraction the Culprit?
Is Mindset Everything.
Has the young Tiger lost interest?
What attracts your attention? When you take charge of your mind, what are you capable of creating? >>>Wealth Theory
Just in case you missed it!! The Secret and Law of Attraction are catching on all over the world. The second I discovered The Secret I noticed more and more buzz. Watch the video and experience it for yourself!
Provided By Entrepreneur.com
How many times have you heard something like this? Accusing a person of doing something "like a girl" has become so common that even women are guilty of saying it--despite the negative connotations it holds toward females.
In her new book, How to Run Your Business Like a Girl, Elizabeth Cogswell Baskin turns the idea of doing something "like a girl" on its head by exploring common female traits and how women entrepreneurs--and all entrepreneurs--can use them to their advantage when running a business.
Provided By Know This Marketing
