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
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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
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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.
Wealth Building 101: Why Bother?
Ninety five percent of people are only uncomfortable enough to complain. This is what my Kiyosaki Rich Dad education trainer said to me in my first interview. He asked if I was really serious about wealth building. Most people don’t want to bother with doing what wealth building requires.
Most people would rather wait for something outside of themselves to happen to make their life better. If this does not happen then they are OK to suffer and be a victim. These are not bad or lazy people they are normal people. This is human nature to do as little as needed.
That being said, wealth building is about being challenged to be your best and stretch your limits. This builds character and confidence. Reaching for more is also in our DNA. So, we must choose.
Do you choose
a secure job?
a pension or managed retirement account?
vacations that must be taken when you can get time off work?
health care that is provided when you need it?
Or do you choose
freedom to work hard and build your own business?
cash flow monthly that will continue to come whether you work or not?
time freedom to do what you want to do when you want to do it?
means to take care of yourself and balance in your life?
The Kiyosaki Rich Dad education plan is for those who choose freedom, which ultimately leads to real security. Wealth building is a choice. It won’t happen to you. Madalyn
Let me know how your choices have worked out for you.
Are your working hard to make your business work but not getting ahead?
Are you underwater with an investment property?
Have you found an investment that is really rockin? Let me know.
This post got you interested? Check out Change your stinkin thinkin
Money Smart Skills: Don’t let fear push you off you dreams!
OMG. I just invested $8,000 in a wealth building program with the Rich Dad Poor Dad school. Talk about fear. Only a strong connection to my dreams got me to this crossroad. I love my life and if I keep working the same number of hours each day I can continue to maintain. The problem is, maintaining is not in my genetics. I have big dreams.
As part of my wealth building program I play the board game, CashFlow. From playing this game I know that realizing big dreams requires taking risk. I don’t like risk. It scares me but each time I play CashFlow I get less nervous about taking risks and this gets me out of the rat race faster. This training will be about investing and advancing all of my businesses.
This morning I prayed for guidance on how to move to the next level with my financial training and knowledge. Within an hour I got a call from the Rich Dad team. I had spent much of last friday exploring Rich Dad World and applied for the one on one coaching. I knew the training would not be inexpensive and I also knew the timing was right for me to go forward despite my fear. I will keep you posted as I proceed with this wealth building program. Any moral support will be greatly appreciated. Madalyn
