Don’t spend more than you make. That seems to be the most basic common sense. However, a lot of people have forgotten the fundamental concept, if they ever knew, or even thought about it. To put yourself on track for the foundation of wealth creation one needs to establish a wealth account.

We do this by making sure that we never spend more than we make. More about the Wealth Account in our next Tip of the Week.

If you’re wondering about the title of this week’s tip know that we’re trying to make a very strong point. This is a reminder of how essential is this first important step in becoming a wealth builder instead of a slave.

A Wealth Account is the beginning of accumulating wealth. Your self-image as a wealth builder depends on maintaining your Wealth Account. In order to move on from what you presumably already know–which is how to work for money–you must have a Wealth Account so that your money is working for you.

Your money must be working for you continuously. Your Wealth Account is a place to deposit not withdraw. Never utilize the Wealth Account for expenses. Your Wealth Account is designated as the place to collect money for purchase of assets which will fuel the return of more income.

While right now it seems that almost every day we are seeing that yet another giant institution bites the dust, we are equally sure that still there are individuals making money. We could say that they are seizing the opportunity hidden in adverse circumstances or a dire situation.

What is your opinion? While lots of others are losing money, do you think there are people making money today?

How will you position yourself for today’s market? How will you find your center and become like the wibbly-wobblie with the solid center that when pushed on from all directions will not fall down? Taking the cue from the wibblie-wobblie where’s your center in difficult circumstances?

We propose that there are three ways to change our circumstances:

1) by changing our thoughts,

2) by changing the images we hold in our minds, and

3) by changing our behavior.

Controlling these three areas of one’s inner world we choose the experiences that we have in our outer world. Changing in this way allows a receptivity to the clear message of Universal mind:

I am being taken care of and abundance is my Divine right.

Making additional income is on most of people’s minds these days. Positive affirmation through effective self-hypnosis is an easy way to make money for you. While you might have heard that positive affirmation is the way to re-program your brain, and might even have tried to use positive affirmation, you might not be getting the desired results. Why?

Because our subconscious are filled with negative concepts that we are not even aware of. Those negative concepts runs deep and counter whatever you are saying through word of positive affirmation. Effective self-hypnosis will bypass your imprint of those negative concepts.

Here are the key elements compose of self-hypnosis that will speed up your process of attracting money. First, don’t forget to relax…. And then:

• Use positive terms

Mistakes were made by the eager beginner such as: “I do not want any more debts” ( or the more sophisticated, but equally inept : “I want to be debt free”. This will have your sub-conscious focus on attracting more debts.

Instead, use : ” Money comes easily to me.”

• In present tense

Your subconscious has no concept of time. Make whatever you want in present tense so your subconscious will work on it NOW.

• Add emotions

How will you feel when you have what you want? Add those elated emotions in your positive affirmation will set the motion.

• Visualize, Visualize, Visualize

In detail, get a clear picture, you are pulling money toward you by being specific and creative.

Most people want to be rich. The rest are just lying. We are still covering the basics here today. Financial literacy is more than having the ability to keep and maintain a record, more than having the ability of reading a balance sheet or budgeting. An accountant might not have the financial literacy as someone else with a sound investment strategy.

The government realized that this country is in dire need of people who are fiscally responsible, and so the US Treasury established its Office of Financial Education in 2002; and the US Congress established the Financial Literacy and Education Commission under the Financial Literacy and Education Improvement Act in 2003. The Commission published its National Strategy on Financial Literacy in 2006. Still, are you trusting the government to help you to manage your financial future?

I have known people who put aside 200 dollars a month aside and feeling that their financial future is taking care of. And those are the people doing better than the other 4 out 10 Americans don’t have any savings for their retirement. Still, 200 dollars a month will not save your skin in anything; unless you are 10 years old right now, and rely on compounded interest to have a meager living after retirement.

Robert Kiyosaki shook the ground when he came out with his Cashflow 101 game, in which all players start within the rat race and through understanding their balance sheet coupled with sound investment strategy, one will then move onto the fast track.

Most people were never taught financial literacy while in school. Now that we are earning money, how to multiply our income and getting out of the rat race is a huge concern. If you feel you are lacking in the financial literacy department, let me help you to get started. If you have not read the book Rich Dad, Poor Dad by the aforementioned Robert Kiyosaki, please do that now. This book has become a classic in gaining new perspective on what exactly is financial literacy and what you need to do in order to reach financial freedom. In our resources, you will find forms to help you plug in the numbers and get a clearer picture on where you are and where you want to be. There are lots of other articles that described in detailed steps to help you further paint a clear picture on why and how to get started no matter where you are on the totem pole of making money. And ask us questions if you don’t find answers in the articles and resources. Enlist the community’s help, too. Being a financial literate is powerful, exhilarating, puts money in your pocket, and create wealth opportunities where others see none. Join the club.

Abundance is Delighting in the Simple Pleasures of Life

There’s a reason for the classic expression ‘Don’t Forget to Smell the Flowers’ and ‘The Best Things in Life are Free’. This week’s tip of the week is designed as a reminder to take yourself outside and smell the roses.

Here are a few delights that we enjoy. We invite you to commit to partaking as well as adding your own delights to our list to make it your own. We hope it serves as a reminder by ratcheting up your joy quotient this week… and the week after…. and the week after that!

• petting your cat, dog, bunny, taking the turtle for a walk, etc.
• digging in the dirt
• relaxing outside with a cup of tea, java
• walking barefoot in the grass
• driving in the country with the windows open, the moonroof pulled back, top down, etc.
• restorative yoga pose
• close your eyes and think about what you’re grateful for
• noticing the miracles in every minute
• becoming suddenly awake to how beautiful the world is

Not even CPAs like to balance their own balance sheets (I have asked and they’ve told me). But its importance cannot be overstressed. Your balance sheet itself does not bring in income, but without it, you won’t ever make it to the rank. That goes without saying.

You might have kept a balance sheet for years. But you are reading this article right now, because you probably are not sure if you have done everything correctly. Don’t worry, this can be relatively painless.

Here is the check list for you to utilize for preparing your current balance sheet:

Income

All sources coming in monthly including W2, 1099, grants, passive, proprietorship or corporate.

Expenses

All monthly outflow including food, shelter, clothing, utilities, gas, maintenance, phone, credit cards, insurance

Assets

All appreciating real goods such as property, certain collectibles, precious metals, stocks & bonds, and certain depreciating goods such as expensive recreational ‘toys’

Liabilities

Mortgage balance, credit card balance, accounts payable.

Everybody wants to work less and earn more. But how? By joining network marketing could be the answer. Financial gurus such as Robert Kiyosaki, David Bach have all been advocates for network marketing. Both Robert Kiyosaki and Donald Trump have said that if they had to start all over again, they would be starting in network marketing.

Since you are reading this article, assume you have already done your homework on why network marketing is a good business model for people to make money from home. This is a bit deeper than arguing why network marketing works. We are introducing you to get some tools so you can find a good company to give your effort.

Maybe someone have already introduce you to some possible network marketing opportunities already. There are many, many good companies and products for you to pick from. Which one?

Here are some tools to steer you in the right direction.

§ Consumable product.

Something that people will need on a regular basis. I was in one of the network marketing company (a very large one), which sells a lot of household products. I bought some laundry soap last year, and am still using it. That definitely did not create volume. However, a health beverage that one drinks daily will be a good product. Or tablet one needs to take daily.

§ Strong, healthy growth

Do some research on the company you are leaning toward, if they are a new company, find out about their monthly growth. Is the growth a sustainable trend? If it is a more established company, how many years have they been in the business, and has their growth tapered off? Is the usual stereotype about network marketing compounded with a negative perception against that particular company?

§ Compensation plan

Every company says they have the best compensation plan. They are absolutely not the same. Check and ask around. Are you going to be happy with a check of two dollars and fifty cents (I have actually gotten one)? If not, then dig deeper. There are some companies that have much better compensation plans than others. Tip: look for people who run the company that has proven history of being a distributor’s advocate.

§ A Cause that you love

Most of the network marketing companies have some sort of charitable cause that they try to further making you feel good to be part of the business. Does the cause speak to you? Hopefully, it does.

§ A product that you love

I put this last because some argue that “you don’t have to love bagels to open a bagel shop.” I disagree. Being a consumer of the product that you love is imperative for you to talk with prospects with integrity and enthusiasm. You can’t feel good about doing business with someone unless you know you love the product yourself.

The above list should get you started. Network 21 has a good training program for business owners. It is related to Quixstar, the old Amway, which, unfortunately, becomes the proverbial negative stereotype of network marketing. But they have over 6 millions of distributors and a strong business, so I will still recommend their business tools. You can, of course, stick with your company’s recommendation or rely on your upline. The best way to get started is to get started. Good luck and keep on striving toward your goals. Feel free to email me at peng@mymoneydoctors.com for any questions.

Making Money–How to invest safely in Real Estate that will bring you profits and equity

Many people are sitting on the sideline these days when it comes to real estate investment. Scared. You need not do the same if you know how to make money in this market. The euphoria over the real estate market is over, and the down turn market wind has blown away the shaft of red herring investors. Now is the perfect time for the sophisticated you to get involved, if you have not done so.

If you are cash rich, congratulations. You have your pick. You can drive a bargain in many desirable areas.

If you are not cash rich, but want to invest, congratulations, too. You are a smart one. You might need to do a bit more work than the cash rich counterparts, but the reward is still huge.

Here are your check list for investing in this real estate market.

§ Due diligence

That goes without saying. But I still want to put it here first. Especially for those who belong to any real estate mentoring club, where you feel that most of the deals have been researched. Do your own homework. Call the local property manager to check on the rents. Don’t listen to your agent only.

§ Cash (flow) is the King

Robert Kiyosaki has been drumming this in our ears for years, that positive cash flow is a key element in real estate investment. This is largely ignored in the last few years when anybody seems to be making money in any market. Now the market is coming to a soft landing, pay attention to your wallet. Positive cash flow lets you sleep well at night. People who ignore this rule and only focus on building equity have come to some really tough moments in the last year or so, and the situation might not improve for them for at least another year or so.

§ Hot market is the market you know, not the one your neighbor knows

Do you really want to follow everybody to invest in a market that is overheated? The answer is not so simple. Know your market before you invest. What everybody says has value, but only so much. Listen to the experts, but don’t trust them. Ultimately, you are the one paying the mortgage. Know the real estate cycles, and if the top market has been really hot for 3 or 4 years, it might not be the best time to get in anymore.

§ Know your risk tolerance.

And if you have a family, know your family’s risk tolerance. When unexpected element hits, a different risk tolerance between spouses can cause relationship strife. Talk before you invest.

§ Long term vs. Short term

If your risk tolerance is low, a short term, quick flip might not be your thing. 3/2 family houses in stable areas with low equity play but positive cash flow probably will be your best bet.

Most of all, this could be your best time to invest if you know how. Get into a group to talk about your ideas. Join our online community to ask questions and give your answers, too. And may you make loads of money : )

Step 5. Forego anything.

Initially keep track daily for one week of all money spent. Continue to track your spending using force of will and focus accounting to the penny, if possible. This exercise will pay off in spades! Over a very short period of time–days and even a couple or three weeks, you will begin to see a pattern of expenses. You will begin to notice small, unnecessary expenses. You will notice that you really could have managed without that purchase. You will begin to compare the purchase itself with the value of one more small addition to your money stash.

Again, over just a brief period of days and weeks there will be many instances where the value of the mounting total will be greater than the brief satisfaction provided by money hastily and perhaps not healthily spent. Soon your stash will begin to look more like the blossoming of a Wealth Account.