Wealth Building 101: The power of persistence in creating real cash flow
There is a fine line between persistence and stubbornness. Creating real cash flow is an exercise in building your power of persistence and surviving your stubbornness. What I mean by this is that to create real cash flow you will need to set some clear goals, develop solid, good work habits, accept constructive criticism and be willing to enjoy the learning process. If you have a deep stubborn streak, like me, you won’t want to do any of these things.
God wants us to be persistent when we are in His will and working His plan. Stubbornness is what we exhibit when we have our own plan and agenda. Trust me when I say God wants us to be prosperous and have real cash flow but He wants us to achieve this through His plan which benefits many. Our plan generally only benefits you know who. So, how do we detect when we are being persistent or stubborn. Here are some characteristics of each.
Persistence – Working in God’s Will:
Objective, when achieved, will benefit many
Strategy is clear and well defined
We feel satisfaction even when progress seems slow(God’s timing)
We are willing to accept criticism and make needed adjustments
Stubbornness – Working in our will:
Our objective is to get what we want
Our strategy is to do things our way
We feel constant frustration that things are not happening fast enough
We have no desire to look at other options.
Whatever your vehicle for real cash flow is, you will want to frequently ask yourself if your are being persistent or stubborn in pursuing it. For those looking for a vehicle to create real cash flow and willing to be persistent in this goal I invite you to contact me. Madalyn
If you liked this post, check out The Narrow Way or The perfect wealth formula
Wealth Building 101: Choose the narrow way
Wealth building requires you to take a different, more difficult path than the majority of people. This is precisely why not everyone is wealthy.
Enter by the narrow gate; for wide is the gate and broad is the way that leads to destruction, and there are many who go in by it.
Because narrow is the gate and difficult is the way which leads to life, there are few who find it. Matthew 7:13-14
What did Jesus mean by this statement? I think he was saying that just because the majority believes or acts in a certain way that does not mean that is the best way. As matter of fact, his statement suggests that the conventional or socially acceptable system is often a path to destruction.
Destruction is a strong term but lets look at some conventional ways or systems and see if there is at least an element of destruction built into them:
Our conventional medical system
Our social security system
Our public school system
Our political system
All these systems were designed with good intentions, but are they working? Do we need to consider changing them?
For instance, here are some alternative ways to consider:
We need as a society to take more responsibility for our own health rather than waiting until we are sick and looking for a magic pill
We need to take responsibility for our own retirement by planning ahead
We need to teach our children more from home so we know what they are learning
We need to pick our leaders by there merit not their party
Why do we not jump up and make these changes? Lack of time and money.
Why do we not have time or money? Because we choose the conventional path to wealth building.
What is the conventional way to wealth building? Work hard and save your money. How is that working out for you? Like our other conventional systems, this one needs to be adjusted.
The alternative path to wealth building should be to gain money smart skills so you can work smart and bring in cash flow monthly by building or purchasing assets . Once your assets are bringing in consistent, passive cash flow monthly you have time and money to step out of or help change other conventional broken systems.
On a non conventional, but true, path to wealth building you will likely be criticized, made fun of or even pitied. Expect and accept this and remember what Jesus said about the narrow way. Madalyn
This blog is for seekers of the narrow way. Those who are sick of struggling in the conventional wealth building system of working hard but never getting ahead. I invite you to contact me about what I am doing to create cash flow monthly.
Wealth Building 101: Congratulations, you just failed
You can’t fail at something if you never start. Even if you have started and failed several times you are still ahead of those who never even try. Your willingness to fail is what will ultimately bring you to success. Wealth building won’t happen unless you are willing to fail. Very few people are able to be successful with their first attempt at building a home based business, investing in the stock market or buying rental property.
Don’t stop reading. There is hope. If you, like me, feel like somewhat of an expert on failing you have lots of information to work with. You see, when you fail repeatedly a pattern starts to emerge that can’t necessarily be seen with only a few failures.
Here are some examples of patterns that lead to repeated failure:
Lack of organization, leading to loss of focus, leading to distractions which take one away from completing necessary work
Working hard at first on a project but when rewards don’t come right away starting something new before a current project is completed
Getting excited about something and moving forward on a course of action without enough study and due diligence
Notice none of these reasons for failure have anything to do with how smart or wonderful a person is. Intelligent, good people can have some pretty bad work habits but these are all easily handled once they are recognized. So, why do we fear failure so much? I think it is because deep down in our hearts we know that the only things standing between us and success are our bad habits and lack of knowledge.
Here are some patterns, that when developed, lead to more consistent success:
Keep good records and take the time to store things where you can find them. This allows you to complete tasks without being sidetracked searching for the needed documents or supplies.
Set a goal, determine the projects and time tables that will be needed to reach it. Break those projects down into actions steps that need to be done on a daily, weekly and monthly schedule. Don’t add new projects until you have completed the initial ones. Keep you head down and get your most important list actions done first each day.
Make important business decisions only after careful study and consultation with more experienced advisers. Always keep learning.
These are only a few examples that I have personal experience with. Everyone has their own set of self sabotage patterns. Taking wealth building actions will often expose weaknesses that set us up for failure. Having negative patterns exposed is why many don’t ever even start anything new and challenging. It is easier to make excuses for not taking action to change one’s fortune than to change ourselves. We want something different but we don’t want to be someone different.
Be willing to fail but don’t fail in vain. Study your failures and use the information to fail less badly next time and even less badly the time after that. Slowly, step by step, as habits change you will start to feel the hint of success. Then you will have breakthroughs and then you will have new challenges to fail at. So quit hoping for your life to change and get out there and start a home based business or learn about stocks and real estate. Get some failures under your belt if you expect success on your wealth building journey. Madalyn
Most of us need help with working through our bad habits. This is Why you need a coach
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Why are you okay with being less than? The shadow side of “good enough”
Guest Post: Molly Gordon
There you are, poised at the top of a really, really steep ski run. You can’t see the bottom of the run, let alone see a way to get there without breaking every bone in your body. You’re sweating bullets and frozen in place. (Couldn’t help myself.)
You’re firmly in the grip of what Tim Gallwey and Robert Krieger call Fear 1 in their book, Inner Skiing. And if you are an under-earner, this fear keeps you settling for “good enough” and letting “just right” pass you by.
Oh, you might not be aware of the terror. Fear 1 dulls your senses and depletes your body’s stress mechanisms. Instead of quaking in your metaphorical boots, you’re more likely to feel subtle disquiet around such things as raising your fees, asking for referrals, tooting your own horn.
And it’s easy enough to confuse that subtle disquiet with gut feelings that come from wisdom and experience. This week you’ll learn the difference so you can shift the pattern of under-earning.
Why under-earners settle for good-enough instead of just right
. After reading last week’s article about under-earning, my dear friend Bob wrote:
“You were TOO gentle this week! Talk about the price we pay when we allow ourselves to be lulled into “good enough” without examining our underlying beliefs about why being “less than” is comfortable for us. I can think of all sorts of beliefs that bind me in these endeavors–fear of looking TOO prosperous; fear of judgment by others if I allow myself to prosper; fear of rejection by my peer group, if they are wallowing around as well and I’m doing OK or better than OK…!
He’s right. He’s naming the fears that, when chronic and unexamined, keep us playing small, not only when it comes to money, but when it comes to imagining a life that fits us just right.
The bad news is that these fears can absolutely keep you stuck indefinitely. The good news is that you don’t have to get over them. Instead, you can transform your disabling Fear 1 into empowering Fear 2.
Honest.
Not all fear is created equal.
Fear 1 is a great exaggerater. It magnifies danger, distorts perceptions, and creates chronic tension and anxiety. The more the risk is amplified, the less able you feel to handle it. It’s a perfect storm of stuckness.
Fear 2, on the other hand “is the body’s natural response to challenge…[It] focuses our attention in the present and lends us capabilities beyond our normal levels. Since this kind of fear is helpful to us, we need to learn not to resist it, nor to waste the energy it produces.” (Gallwey and Krieger)
Fear 1 is disabling. Fear 2 is empowering. And if you are an under-earner, Fear 1 is what keeps you that way.
It’s okay to be afraid of what people think.
As Byron Katie might say, “How do I know it’s okay to be afraid of what people think? Because I am.”
Fear of other people’s responses to your prosperity happens. The question is not how to prevent or get rid of it, but how to transform it.
And you do that by looking it in the face.
So, what are you afraid of, really?
My friend Bob spelled out three common fears that keep people locked into Fear 1 and under-earning:
Fear of looking TOO prosperous.
Fear of being judged for allowing yourself to prosper.
Fear of being rejected by peers who may not be doing as well as you are.
What exactly is so terrifying about these fears?
I propose that at the root of all of them is an atavistic fear of stepping too far out of the safety of the clan.
In the way olden days, stepping out could mean death. Wander too far from the protection and support of others, and you can be overtaken by predators, starvation, and exposure. In that situation, Fear 1 was a sane, survival-based response, and the most ancient part of the brain evolved to alert you to that kind of danger.
Fast forward: stepping out is not fatal
Here in the 21st century, stepping out still has elements of risk. Some people really might envy your prosperity. Others could judge you for allowing (or–heaven forbid-working for) prosperity.
And there is the possibility of being rejected by peers who aren’t doing as well.
But none of these risks is fatal. Not one of them is even a sure thing. And every one of them can be approached from Fear 2 in a way that honors your longing for community as well as your peaceful ambition to prosper.
What gets measured can’t kill you. The first step in transforming Fear 1 into Fear 2 is to make a measured assessment of reality. How serious is the threat, really? What concrete and specific evidence do you have that the threat exists at that level? What counter-evidence can you find (be honest!) that suggests the risk is smaller than you think?
The very act of making a measured assessment calms your nervous system, in itself a good thing. As you give shape and perspective to your fears, they become right-sized. What you fear stops being a threat and becomes a challenge.
And challenge is a good thing.
You’re less vulnerable than you think
. Fear 1 not only exaggerates the threat, it shrinks your confidence in being able to meet the challenge. Step 2 in transforming Fear 1 into Fear 2 is accurately assessing your vulnerability?
What’s the worst that could happen if someone envies, judges, or rejects you? Give this some thought and write down the most awful answer you can imagine. Ask again, what’s the worst thing that could happen then? And again. Keep going until you have an accurate assessment of your vulnerability. (Trust me; you’ll know when you get there.)
You’re safe in the here and now.
Bringing yourself firmly into the present is the third step in transforming Fear 1 into Fear 2. Memories of past hurts can feed Fear 1. This is especially true with memories of times when you were much younger. Fear 1 doesn’t notice that you’re feeling the emotions of a powerless child. When you relive them as an adult, they can seem cataclysmic.
One way to come into the present is to think of past experiences that make you fear prosperity. Remind yourself that that was then, and this is now. Notice that however upset you were, you survived.
There’s no excuse for under-earning.
Yikes! I didn’t expect to write that. How heavy-handed. And I think my friend Bob was right. I was too easy on you last week. If you’re hobbled by these sorts of fears, you now know that they aren’t life threatening. You know that they are exaggerated and that, with some awareness of your part, they can be transformed into creative challenges.
You may have reasons why you are not yet free of under-earning. It is, after all, a process. But you have no excuse for sitting in your stuff now that you know you have a choice.
Your pushy pal, Molly
Ack! I’m self-employed and I don’t want to under-earn any more!
If you love what you do and are blocked from earning enough by fear and confusion, you need “The Way of the Accidental Entrepreneur.” That’s a bold statement, and I offer it most sincerely. “The Way of the Accidental Entrepreneur” teaches you how to use three simple instructions to get clear, get clients, and get paid. You can learn more about it HERE.
Image Credit: Creative Commons
Wealth Building 101: Do what you have to do
A huge part of wealth building is personal growth. Personal growth means doing things we don’t always want to do when we need to do them. This is one of the big differences between those who are wealthy and those who are not. You see wealth building is not only about the money we have in the bank but the strength of our character to do what we have to do.
The cool thing is that the thing you did not want to do is rarely a big deal once you actually do it. For instance, My milk goat, Sissy, has just started weaning her first set of kids and I have been needing to milk her but I have been putting it off. You see, Sissy’s mother was very hard to milk the first time and I was expecting another rodeo.
When I brought Sissy into the milking pen she sensed my nervousness and got very tense. Initially she jumped all around at the end of her lead but she never tried to rip my clothes off like her mother did. Finally after we had covered the walls, floor and each other with milk she settled down and let me get a bit of milk in the bucket. Towards the end of the milking, Sissy laid her head against my back and relaxed.
Once the job was done we were all happy and in good spirits. I am confidant that the next milking will go very smoothly. Milking is not my favorite thing but it comes with the joy of owning milk goats and having wonderful little kids to watch grow up. Having wealth comes from doing consistent wealth building actions even when we don’t want to. The short term pain is worth it for the long term gain. Madalyn
Along the same lines, check out: Why you need a coach and You have to have boundaries
Wealth Building 101 – You have to have boundaries
The thought of boundaries strikes fear into the heart of a freedom loving, renegade, dreamer/creator like me but I now realize why I need to have them if I am serious about wealth building. Energy that is not channeled by boundaries tends to be scattered and dissipates without much effect. Energy that is not channeled can even be destructive.
My Kiyosaki, Rich Dad education coach is helping me to understand the concept of boundaries on my path to wealth building. He has me working within a dream achievers program that forces me to break down my dreams into goals, projects and action steps. The action steps have priority of 1, 2 or 3.
A 1 must happen in a day, a 2 within a week and a 3 is on the someday list. The challenge for me is the 1s and 2s are generally not fun tasks but they must be done. It is much more fun for me to day dream about the 3s.
Once my goals are entered into my dream achievers program a schedule for each day is generated that sets my agenda. Agenda is another word I have not been fond of. All of these boundaries and agendas seem so anti-freedom. I expressed this concern to my Kiyosaki, Rich Dad education coach. He understood exactly where I was coming from but patiently explained that my true freedom and success with wealth building would come from setting and living within boundaries.
Here are some examples of boundaries:
Setting goals – Goals are a dream with a deadline
Deadlines – A date that a task must be completed or there will be negative consequences.
Agendas – Set the program for how something will be accomplished
Budgets – Set limits on the amount of money that can be spent on a project or within a set amount of time
Rules – Guidelines that must be followed
Laws – Rules with more severe consequences for not being followed
Values – Rules for behavior that benefit all concerned
So look at it this way. E + B = FM = S = F. Energy plus boundaries = forward motion = success = freedom. Enjoy the journey. Madalyn
Enjoy a similar post: Hope is not a strategy
Wealth Building 101 – Why you need a coach
Last Monday I had 3 coaching calls before noon. One with my Kiyosaki, Rich Dad education coach, one with my network marketing coach and one with my personal and business coach. Yesterday I took my horse and had a lesson with my barrel racing coach.
Why do I work with all these coaches? The answer is simple. All these people know more than I do about what I want to get better at. I want to become more money smart, be a stronger network marketer, a better writer and person and learn to barrel race. I sure can’t do these things by myself and be successful.
Being coached is not always a pleasant experience. I don’t particularly enjoy being told what I am doing wrong but I know my coaches have my best interests at heart and they give me positive feedback along with the constructive criticism.
My coaches see what I can’t see. For example, with my barrel racing, I am supposed to run my horse full speed to a spot a few feet from the barrel, slow down enough to turn, but not lose momentum. I find that when I slow my horse down we lose momentum and end up losing a lot of time in our turns.
My coach was able to see that I was stopping my body momentum instead to continuing to drive my horse forward even as we slowed down to prepare for the turn. She modeled what she wanted me to do on the horse she was riding.
My coach pointed out that I was thinking slow down when I really needed to be thinking gather and prepare. A Ha! I got it. I doubt I would have figured this out myself and even if I did it would have been after much stress for me and my horse.
I also tend to be off in my timing when I ask for my horse to get ready to turn. Unfortunately, this is not something my coach can teach me. Perfect timing has to come through feel and this will take lots of practice. What my coach can do, however, is help by calling out when to give the slow down cue until it becomes instinctive for me.
In summary, why you need a coach:
A coach knows more than you about the subject you want to get better at
A coach has your best interests at heart and gives you encouragement even as they point out your mistakes
A coach sees things that you can’t see
A coach will model the correct actions
A coach will point out your limiting or incorrect beliefs
A coach can cover for your lack of skill while you practice
I love my coaches. I would recommend the Kiyosaki, Rich Dad education training program to anyone looking to go to the next level in becoming money smart. I love my business coach. She is a true friend and mentor. I love my network marketing coach and would never try to work my business without her. My network marketing coach works with me and my group in the big business, network building model. I am looking for a few partners who are ready to increase their cash flow monthly quickly and predictably. Contact me. Madalyn
For similar information check out: Is you dream big enough?
Wealth Building 101 – Waiting for the best deal
Playing the Kiyosaki, Rich Dad education game, Cash Flow, has taught me about becoming money smart but even more value has come from the wealth building mindset the game fosters. The game teaches how to manage your cash flow monthly but it also teaches you to be patient and wait for the best deals to come along.
The object of the Kiyosaki, Rich Dad education game is to get your cash flow monthly higher than your expenses. If you spend every penny you have the first opportunity you get the chances are you will be disappointed when a better cash flow monthly deal comes along and you have no money to invest.
While there are characteristics of a good deal that are specific for certain assets such as businesses or real estate, there are also characteristics of a good deal that seem to hold true for all endeavors.
For example, does your deal withstand evaluation of the details:
In relationships it is wise to get to know someone before you make any commitments.
In real estate, you want to get to know a property well before buying it.
In the stock market, you want to look at the balance sheets and management of any company you buy stock in.
For example, compatible friends, neighbors and sectors:
In relationships you would want to look at the kind of company a person keeps to get a better understanding of their true values.
In real estate, you would look closely at the neighborhood before making a purchase.
In the stock market, you look at other companies in the same sector and see how you company compares and how the whole sector looks in relation to other sectors.
For example, good cash flow:
In relationships you would look at the persons financial status and beliefs about money and assess the person’s ability to contribute to any joint project.
In real estate you would want to determine the cash flow monthly you would be able to count on from the property after taking into consideration all expenses and possible periods of vacancy.
In the stock market, you would expect you stock to rise in value or bring in cash flow monthly via dividends or covered call options.
For example, staying power:
In relationships you would want to invest your time in someone only if you felt they would hang around long enough to be worth the investment.
In real estate you would want a property that was well built and in good repair if you intend for it to pay you consistent cash flow monthly.
In the stock market you would want a stock that you are comfortable holding long term even if the market takes a dip. A good stock will pay you cash flow monthly even in a flat or down market if you get dividends or option income.
For example, good values:
In relationships you want someone who shares your values.
In real estate you want a property that offers good value to your tenant.
In the stock market you want a company that offers a product of quality that is in great demand.
In summary, the best deals have these common characteristics:
Require you to do your due diligence to get to know them personally
Surround themselves with other good deals
Contribute back what you put in
Have real value and willingly offer real value to others
The Kiyosaki, Rich Dad education game, Cash Flow teaches how to find good cash flow monthly deals and avoid the bad ones. You can learn these same lessons in real life but real life is not nearly as forgiving as a board game. Madalyn
For additional thoughts on wealth building get our free e book.
Want additional financial education check out these money smart skills:
Reduce debt
Increase cash flow monthly by $500
Invest in assets
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Wealth Building 101: Is your dream big enough?
One of the biggest challenges to wealth building is not having big enough dreams. After all wealth building is all about reaching your dreams and mediocre dreams do not inspire enough to motivate action.
I had a session with my Kiyosaki Rich Dad education coach and he made an interesting comment. He said so many of the people he coaches spend way too much time focusing on dreams that aren’t big enough to cause them to do the hard work required to reach them.
Here are some examples of dreams that tend not to inspire consistent wealth building actions:
Get out of debt
Save money for the kid’s college
Have money for retirement
Give more to charity
While all of these dreams are good I don’t see many people missing American Idol to work on them. They are important, worthy dreams but not big and exciting enough to motivate us to do the daily wealth building activities to achieve them.
On the other hand, here are some big, personal dreams that are more likely to stimulate the effort of wealth building:
Own your own farm
Take a year off work and travel around the world
Work entirely from home so you can spend time with your family
Become a professional golfer, rodeo contestant, race car driver, etc.
Big dreams, that are personal, will get you off your butt and into your office, on the computer or out finding business partners or customers. Big, personal dreams burn at your heart and keep you restless until you achieve them. They force you to focus on those boring details you don’t really want to pay attention to. The interesting thing is that when you become the person you need to be and do the things you need to do to realize big dreams often your other dreams happen naturally.
Next time you find yourself restless and unmotivated to improve your life, look at the dreams you have chosen and ask if they are big enough. Do you care enough to reach them. If not, search your heart for dreams big enough for you to take the wealth building actions to reach them. Madalyn
Like this post? check out Wealth building – Why Bother
Wealth Building 101: Can you embrace change?
Embrace change! You have got to be kidding? Even the thought of change strikes terror in the heart of most Americans? Why is that? Why do we cling, as individuals and as a society, to our actions, beliefs and relationships which are so obviously not working? We can be so paralyzed by fear that we can’t see what is happening in our lives. Others, who are less emotionally involved, can see our struggles quite clearly.
For example, I had a mule, named Jake, that was clearly more than I could handle, yet I kept working with him thinking he would change. Each day that passed he became more cantankerous but I was oblivious to this. My friends feared for my safety but I ignored their concerns. Finally, Jake did hurt me and suddenly the blinders came off and I realized how unrealistic I had been. Now I was ready to embrace change.
Luckily, I was not seriously injured but I spent 5 years with Jake that could have been spent with another animal that was a good match for me. Five years of frustration and bodily injury is a high price to pay for unwillingness to embrace a change.
Here are few questions to ask yourself about change:
What needed change in your life do you fear most?
What does your future look like if you resist this change?
What could be the worst thing that could happen if you embrace this change?
What would be the best thing that could happen if you embrace this change?
What are you waiting for?
Here is how these questions played out in my life:
My future, if I had kept Jake, I have no doubt would have led to a more serious injury.
My worst fear was that I would be seen as a failure and I would not be able to find another home for Jake.
In reality, I was not a failure but simply not up to training a mule as difficult as Jake. No one was critical of my decision to find a new home for Jake. Quite the opposite, as one of my good friends drove with me to New Mexico to deliver Jake to his new home. Jake and his new owner love each other and they are a perfect match.
Why did I wait so long when the need to make this change was so obvious to others. Fear! Irrational, paralyzing fear! I put this topic under wealth building because wealth is about more than your financial situation. Whether it is examining out of date belief systems, finding a better job, starting a home business, tackling bad debt or exiting a bad relationship you have to face your fear and embrace the change. Madalyn
No need to tackle change on your own. Lets work together.
