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Millionaires - The Real Secret

Sunday, October 17, 2010


Having come through this project thus far, here's what I think is the absolute bottom line when it comes to millionaires. Are you ready? Because I think I've got the core secret figured out!

Millionaires and those people who pull them themselves up from poverty to become millionaires have one thing in common - one thing that sets them apart from everyone else.

They are not afraid of money!

Think about it! After reading all these posts over the last 4 weeks, one thing remains. They are not afraid to:

  1. want money
  2. borrow money
  3. have money
  4. spend money
  5. use money
  6. ask for money
  7. charge money
  8. risk money
  9. work hard for money
  10. sacrifice for money
  11. get money
  12. do what ever it takes to make money

Wrapping Things Up

Saturday, October 16, 2010

Hey guys, well it looks like our project on learning the secrets of self-made millionaires is complete. I'm curious to know what, if anything, you learned from the project. In what ways was it helpful? Did any of those secrets resonate with you? Is there anything you will do differently in the future as a result of this project? Anything else you'd like to say?

7 Guidelines for Aspiring Millionaires

Thursday, October 14, 2010

Millionaires have certain guidelines they live by - that's one of the reasons they become Millionaires. If you haven’t created the wealth you desire, it can seem the Wealthy are privy to secrets you aren’t. The biggest secret is – you probably KNOW some of these so-called secrets already! You now need to APPLY them in your life, instead of just knowing them and you too can create your own Millions.


1. CONTINUE LEARNING To become a Millionaire, you must first create a Millionaire Mindset. Many Millionaires believe that your greatest asset is your knowledge. Your thoughts shape your future - choose your thoughts wisely. To realise your full potential, you need to continually be learning, discovering and educating yourself. Invest in your greatest asset by reading books, listening to audios and attending seminars constantly. By continuing your education beyond formal school years you will achieve more in life than you ever imagined.

2. LIVE BELOW YOUR MEANS This may not be the hot tip you expected, but this secret will assist you toward Millionaire status no matter what your income. A quote from Bill Earle sums it up perfectly “If your outgo exceeds your income, then your upkeep will be your downfall”. The typical Millionaire spends less than he earns, and invests the difference. Millionaires prefer to sacrifice high consumption today to achieve financial freedom tomorrow and for a lifetime.

3. BUILD A BUSINESS AROUND WHAT YOU LOVE Most of the richest people in the world own one or more businesses. To create true wealth, you must involve yourself in your own business – preferably doing something you love. Millionaires get that way because they do what they love. They love what they do so much that it rarely feels like work – they put their heart into it and the money just flows. This is where the money is – you will never get rich working for someone else. Find something you love, something you’re passionate about, create a business around what you love and watch the money flow to you.

4. BE PERSISTANT On your way to creating your own millions, you will definitely face some minor and major obstacles. The secret is to overcome these obstacles and move on. Do not give up - be persistent. True long-term wealth is achieved only by striding over, under and through the obstacles along your path to riches. “The road to success leads through the valley of humility, down the path of patience and across the wide barren plains of perseverance. As yet, no short cut has been discovered”

5. LEVERAGE YOUR TIME AND MONEY Millionaires do not have the time nor the inclination to do everything themselves and when it comes to making millions they don’t just use their own money. If you want to be a Millionaire you have to know how to leverage. Millionaires hire the right people to do far more than they possibly could themselves. And they utilise other people’s money to invest in income-producing assets.

6. INVEST IN REAL ESTATE ”One thing the Rich uniformly have in common is that almost without exception – the Rich either made their Wealth in Real Estate or they keep their Wealth in Real Estate” stated world famous Real Estate Investor, Dr. Dolf de Roos. It’s never too late to begin your Real Estate Investing career – with the right education and support you will be able to create long term secure wealth to pass onto future generations. Real Estate investing is one of the best-known ways to create millions – even if you have NO money to begin with!

7. GIVE BACK Many Millionaires are generous with their time and money in helping others. This wasn’t something they began after they became rich, they were givers before, during and after they made their millions. In fact many Millionaires even have their own foundations. They donate a percentage of their wealth to a cause they believe in. The more you give, the more you will receive. Don’t hoard your wealth, share it with others and watch it multiply.

Millionaires dream big, create a strong desire to achieve those dreams and then take consistent action to see their dreams come true. Follow these guidelines and you too can be on the way to your first Million!

Author: Sandy Forster

Millionaires Give Advice

Wednesday, October 13, 2010


Arthur Blank:
Find and follow your passions. Develop a culture and live it. Positive financial results will flow from that.

Tim Blixseth:
You are the next wave, and all of our shoes will be filled by someone. It may as well be you. Never give up trying.

Otis Booth:
Identify where you can have or can create an edge over the rest of the world doing something you enjoy. Then push that advantage to extremes.

Mark Cuban:
Everyone has the will to succeed. Only those with the will to prepare do.

Gerald Ford:
Never give up and have a positive reaction to failure.

Danny Gilbert
Be curious. And, the more you give, the more you get. It's as simple as that.

Kenneth Hendricks:
Learn the business from the ground floor up not from the top floor down.

Wayne Huizenga:
Have a passion for what you do. Work hard. Have great people with good personalities. Enjoy the ride, but balance work and family.

George Kaiser:
Identify and affiliate with creative talent. Brainstorm concepts and analyze constantly, but at the conceptual level not the spreadsheet level.

Michael Ilitch:
Ask lots of questions! And, when and if you get the chance to travel, always look for new ideas to bring home! Set your goals and never give up!

William Moncrief:
Accumulate a lot of singles and gradually get into the doubles and triples before you try for the home runs.

Phillip Ruffin:
To succeed you have to put in the hours and when you think you are there, put in more.

Jorge Perez:
Have great focus. Set high but achievable goals and work extremely hard at achieving them. Be flexible and ready to adapt to change.

James Sorenson:
Listen to yourself. Be guided by your real passions and convictions, not just by what you think might get you ahead in life.

Found at: Forbes

7 Secrets Of Millionaires.

Tuesday, October 12, 2010


You hear the word Millionaire and you imagine someone very different from yourself, the only difference between you and them is that they have found out the Secrets Of Millionaires that are basically available for all of us to discover, the difference is they have found them and are using them.

  1. Millionaires are always focused on the end results and can adapt to different conditions,

  2. Millionaires have belief in themselves and their capabilities and are not frightened to use their knowledge to advance them and grow.

  3. Millionaires realize that rather than trying to do everything themselves it is far better to delegate tasks to other competent and talented people in a particular field because they realize that doing so will achieve far more than they ever could on their own.

  4. Millionaires believe that nothing can stop them, they will always find an answer to any problem or situation that presents itself they simply view obstacles as things to be overcome.

  5. Millionaires understand that they create their own environment and conditions. They go out in the world and see opportunities everywhere for them to use.

  6. Millionaires will help anyone that wants to learn, and they will gladly share their expertise and knowledge and may quite often take on an understudy who will eventually grow to be able to extend the Millionaires influence in the world.

  7. Millionaires are very generous with their money and like to give to worthy causes raising money by attending and sponsoring charity events, funding hospital equipment and generally helping the community and individuals wherever they can.

5 Secrets of Self-Made Millionaires

Monday, October 11, 2010


They’re just like you. But with lots of money.


When you think “millionaire,” what image comes to mind? For many of us, it’s a flashy Wall Street banker type who flies a private jet, collects cars and lives the kind of decadent lifestyle that would make Donald Trump proud.

But many modern millionaires live in middle-class neighborhoods, work full-time and shop in discount stores like the rest of us. What motivates them isn’t material possessions but the choices that money can bring: “For the rich, it’s not about getting more stuff. It’s about having the freedom to make almost any decision you want,” says T. Harv Eker, author of Secrets of the Millionaire Mind. Wealth means you can send your child to any school or quit a job you don’t like.

According to the Spectrem Wealth Study, an annual survey of America’s wealthy, there are more people living the good life than ever before—the number of millionaires nearly doubled in the last decade. And the rich are getting richer. To make it onto the Forbes 400 list of the richest Americans, a mere billionaire no longer makes the cut. This year you needed a net worth of at least $1.3 billion.

If more people are getting richer than ever, why shouldn’t you be one of them? Here, five people who have at least a million dollars in liquid assets share the secrets that helped them get there.

1. Set your sights on where you’re going

Twenty years ago, Jeff Harris hardly seemed on the road to wealth. He was a college dropout who struggled to support his wife, DeAnn, and three kids, working as a grocery store clerk and at a junkyard where he melted scrap metal alongside convicts. “At times we were so broke that we washed our clothes in the bathtub because we couldn’t afford the Laundromat.” Now he’s a 49-year-old investment advisor and multimillionaire in York, South Carolina.

There was one big reason Jeff pulled ahead of the pack: He always knew he’d be rich. The reality is that 80 percent of Americans worth at least $5 million grew up in middle-class or lesser households, just like Jeff.

Wanting to be wealthy is a crucial first step. Says Eker, “The biggest obstacle to wealth is fear. People are afraid to think big, but if you think small, you’ll only achieve small things.”

It all started for Jeff when he met a stockbroker at a Christmas party. “Talking to him, it felt like discovering fire,” he says. “I started reading books about investing during my breaks at the grocery store, and I began putting $25 a month in a mutual fund.” Next he taught a class at a local community college on investing. His students became his first clients, which led to his investment practice. “There were lots of struggles,” says Jeff, “but what got me through it was believing with all my heart that I would succeed.”

2. Educate yourself

When Steve Maxwell graduated from college, he had an engineering degree and a high-tech job—but he couldn’t balance his checkbook. “I took one finance class in college but dropped it to go on a ski trip,” says the 45-year-old father of three, who lives in Windsor, Colorado. “I actually had to go to my bank and ask them to teach me how to read my statement.”

One of the biggest obstacles to making money is not understanding it: Thousands of us avoid investing because we just don’t get it. But to make money, you must be financially literate. “It bothered me that I didn’t understand this stuff,” says Steve, “so I read books and magazines about money management and investing, and I asked every financial whiz I knew to explain things to me.”

He and his wife started applying the lessons: They made a point to live below their means. They never bought on impulse, always negotiated better deals (on their cars, cable bills, furniture) and stayed in their home long after they could afford a more expensive one. They also put 20 percent of their annual salary into investments.

Within ten years, they were millionaires, and people were coming to Steve for advice. “Someone would say, ‘I need to refinance my house—what should I do?’ A lot of times, I wouldn’t know the answer, but I’d go find it and learn something in the process,” he says.

In 2003, Steve quit his job to become part owner of a company that holds personal finance seminars for employees of corporations like Wal-Mart. He also started going to real estate investment seminars, and it’s paid off: He now owns $30 million worth of investment properties, including apartment complexes, a shopping mall and a quarry.

“I was an engineer who never thought this life was possible, but all it truly takes is a little self-education,” says Steve. “You can do anything once you understand the basics.”

3. Passion pays off

In 1995, Jill Blashack Strahan and her husband were barely making ends meet. Like so many of us, Jill was eager to discover her purpose, so she splurged on a session with a life coach. “When I told her my goal was to make $30,000 a year, she said I was setting the bar too low. I needed to focus on my passion, not on the paycheck.”

Jill, who lives with her son in Alexandria, Minnesota, owned a gift basket company and earned just $15,000 a year. She noticed when she let potential buyers taste the food items, the baskets sold like crazy. Jill thought, Why not sell the food directly to customers in a fun setting?

With $6,000 in savings, a bank loan and a friend’s investment, Jill started packaging gourmet foods in a backyard shed and selling them at taste-testing parties. It wasn’t easy. “I remember sitting outside one day, thinking we were three months behind on our house payment, I had two employees I couldn’t pay, and I ought to get a real job. But then I thought, No, this is your dream. Recommit and get to work.”

She stuck with it, even after her husband died three years later. “I live by the law of abundance, meaning that even when there are challenges in life, I look for the win-win,” she says.

The positive attitude worked: Jill’s backyard company, Tastefully Simple, is now a direct-sales business, with $120 million in sales last year. And Jill was named one of the top 25 female business owners in North America by Fast Company magazine.

According to research by Thomas J. Stanley, author of The Millionaire Mind, over 80 percent of millionaires say they never would have been successful if their vocation wasn’t something they cared about.

4. Grow your money

Most of us know the never-ending cycle of living paycheck to paycheck. “The fastest way to get out of that pattern is to make extra money for the specific purpose of reinvesting in yourself,” says Loral Langemeier, author of The Millionaire Maker. In other words, earmark some money for the sole purpose of investing it in a place where it will grow dramatically—like a business or real estate.

There are endless ways to make extra money for investing—you just have to be willing to do the work. “Everyone has a marketable skill,” says Langemeier. “When I started out, I had a tutoring business, seeing clients in the morning before work and on my lunch break.”

A little moonlighting cash really can grow into a million. Twenty-five years ago, Rick Sikorski dreamed of owning a personal training business. “I rented a tiny studio where I charged $15 an hour,” he says. When money started trickling in, he squirreled it away instead of spending it, putting it all back into the business. Rick’s 400-square-foot studio is now Fitness Together, a franchise based in Highlands Ranch, Colorado, with more than 360 locations worldwide. And he’s worth over $40 million.

When extra money rolls in, it’s easy to think, Now I can buy that new TV. But if you want to get rich, you need to pay yourself first, by putting money where it will work hard for you—whether that’s in your retirement fund, a side business or investments like real estate.

5. No guts, no glory

Last summer, Dave Lindahl footed the bill for 18 relatives at a fancy mansion in the Adirondacks. One night, his dad looked out at the scenery and joked, “I can’t believe we used to call you the black sheep!”

At 29, Dave was broke, living in a small apartment near Boston and wondering what to do after ten years in a local rock band. “I looked around and thought, If I don’t do something, I’ll be stuck here forever.”

He started a landscape company, buying his equipment on credit. When business literally froze over that winter, a banker friend asked if he’d like to renovate a foreclosed home. “I’m a terrible carpenter, but I needed the money, so I went to some free seminars at Home Depot and figured it out as I went,” he says.

After a few more renovations, it occurred to him: Why not buy the homes and sell them for profit? He took a risk and bought his first property. Using the proceeds, he bought another, and another. Twelve years later, he owns apartment buildings, worth $143 million, in eight states.

The Biggest Secret? Stop spending.

Every millionaire we spoke to has one thing in common: Not a single one spends needlessly. Real estate investor Dave Lindahl drives a Ford Explorer and says his middle-class neighbors would be shocked to learn how much he’s worth. Fitness mogul Rick Sikorski can’t fathom why anyone would buy bottled water. Steve Maxwell, the finance teacher, looked at a $1.5 million home but decided to buy one for half the price because “a house with double the cost wouldn’t give me double the enjoyment.”

Source: Kristyn Kusek Lewis

10 Secrets That Millionaires Keep

Sunday, October 10, 2010


Think the wealthy are all smart, friendly, spendthrift, spoiled and privileged? You might be surprised by the real forces behind their success. What follows is a series of posts on the 10 secrets that millionaires keep: "You may think I'm rich, but I don't."

  1. I shop at Wal-Mart.
  2. But I didn't get rich by skimping on lattes.
  3. I have a concierge for everything.
  4. You don't get rich by being nice.
  5. Taxes are for little people.
  6. I was a B student.
  7. Like my Ferrari? It's a rental.
  8. Turns out money can buy happiness.
  9. You worry about the Joneses. I worry about keeping up with the Trumps.

Source: Smart Money

Keeping Up With The Trumps

Think the wealthy are all smart, friendly, spendthrift, spoiled and privileged? You might be surprised by the real forces behind their success.

Here's secret #10:

"You worry about the Joneses.
I worry about keeping up with the Trumps."



Wealth may go a long way toward creating happiness, but the middle-class rich still can't afford the life of the billionaire next door, the guy who writes charity checks for $100,000 and retreats to his own private island.

"What makes people happy isn't how much they're making," says Glenn Firebaugh, a sociologist at Pennsylvania State University. "It's how much they're making relative to their peers."

Indeed, for all their riches, some 40% of millionaires fear that their standard of living will decline in retirement and that their money will run out before they die, according to Fidelity.

Of course, it may not help if their lifestyle is so lavish that they're barely squeaking by on hundreds of thousands a year.

"You can always be happier with more money," Stevenson says. "There's no satiation point." But that's the trouble with keeping up with the Trumps. "Millionaires are always looking up," Schiff says, "and think it's better up there."

Source: Smart Money

Money Buys Happiness

Think the wealthy are all smart, friendly, spendthrift, spoiled and privileged? You might be surprised by the real forces behind their success.

Here's secret #9:

"Turns out money can buy happiness."


It may not be comforting to folks who aren't minting cash, but the rich really are different. "There's no group in America that's happier than the wealthy," says Taylor, of the Harrison Group.

Roughly 70% of millionaires say that money "created" more happiness for them, he says. Higher income also correlates with higher ratings in life satisfaction, according to a new study by economists at the Wharton School of Business. But it's not necessarily the Bentley or Manolo Blahniks that lead to bliss.

"It's the freedom that money buys," says Betsey Stevenson, a co-author of the Wharton study.

Concomitantly, rates of depression are lower among the wealthy, according to the Wharton study, and the rich tend to have better health than the rest of the population, says James Smith, senior labor economist at the Rand Corporation. In fact, health and happiness are as closely correlated as wealth and happiness, Smith says.

The wealthy even seem to smile and laugh more often, according to the Wharton study, to say nothing of getting treated with more respect and eating better food.

"People experience their day very differently when they have a lot of money," Stevenson says.

Source: Smart Money

Like my Ferrari?

Think the wealthy are all smart, friendly, spendthrift, spoiled and privileged? You might be surprised by the real forces behind their success.

Here's secret #8:

"Like my Ferrari? It's a rental."


Why spend $3,000 on a Versace bag that'll be out of style as soon as next season when you can rent it for $175 a month? For that matter, why blow $250,000 on a Ferrari when for $25,000 it can be yours for a few weekends a year? Clubs that offer "fractional ownership" of jets have been popular for some time, and now the concept has extended to other high-end luxuries like exotic cars and fine art.

How hot is the trend? More than 50% of millionaires say they plan to rent luxury goods within the next 12 months, according to a survey by Prince & Associates. Handbags topped the list, followed by cars, jewelry, watches and art. Online companies like Bag Borrow or Steal, for example, cater to customers who always want new designer accessories and jewelry, for prices starting at $15 a week.

For Suzanne Garner, a millionaire software engineer in Santa Clara, Calif., owning a $100,000 car doesn't make financial sense (she drives a Mazda Miata). Instead, Garner pays up to $30,000 in annual membership fees to Club Sportiva, a fractional-ownership car club in San Francisco that lets her take out Ferraris, Lamborghinis and other exotic vehicles on weekends.

"I'm all about the car," she says. And so are other people, it seems. While stopped at a light in a Ferrari recently, Garner received a marriage proposal from a guy in a pickup. (She declined the offer.)

Source: Smart Money

A "B" Student

Think the wealthy are all smart, friendly, spendthrift, spoiled and privileged? You might be surprised by the real forces behind their success.

Here's secret #7:

"I was a B student."


Mom was right when she said good grades are the key to success -- just not necessarily a big bank account. According to the book "The Millionaire Mind," the median college grade-point average for millionaires is 2.9, and the average SAT score is 1,190 -- hardly Harvard material. In fact, 59% of millionaires attended a state college or university, according to AmEx-Harrison.

When asked to list the keys to their success, millionaires rank hard work first, then education, determination and "treating others with respect." They also say that what they absorbed in class was less important than learning how to study and stay disciplined, says Jim Taylor, the vice chairman of the Harrison Group.

Granted, 48% of millionaires hold an advanced degree, and elite colleges do open doors to careers on Wall Street and in Silicon Valley (not to mention social connections that grease the wheels).

But for every Ph.D. millionaire, there are many more who squeaked through school. Kiyosaki, for one, says the only way he survived college calculus was by "sitting near" the smart kids in class. "We cheated like crazy," he says.

Source: Smart Money

Taxes Are For Little People

Think the wealthy are all smart, friendly, spendthrift, spoiled and privileged? You might be surprised by the real forces behind their success. Here's secret #6:

"Taxes are for little people."


Most millionaires do pay taxes. In fact, the top 1% of earners paid nearly 40% of federal income taxes in 2005 -- a whopping $368 billion -- according to the Internal Revenue Service.

That said, the wealthy tend to derive a higher portion of their income from dividends and capital gains, which are taxed at lower rates than wages (15% for long-term capital gains versus 25% for middle-class wages). Also, high-income earners pay Social Security tax on only their first $97,500 of income.

But the big savings come from owning a business and deducting everything related to it. Landlords can also depreciate their commercial properties and expenses such as mortgage interest. And that's without doing any creative accounting.

Then there are the tax shelters, trusts and other mechanisms the superrich use to shield their wealth. An estimated 2 million Americans have unreported accounts offshore, and income from foreign tax shelters costs the U.S. $20 billion to $40 billion a year, according to the IRS.

Indeed, "an increasing number of people want to establish an offshore fund," says Vernon Jacobs, a certified public accountant in Kansas who specializes in legal foreign accounts.

Source: Smart Money

Not a nice guy

Think the wealthy are all smart, friendly, spendthrift, spoiled and privileged? You might be surprised by the real forces behind their success.

Here's secret #5:

"You don't get rich by being nice."


John D. Rockefeller threatened rivals with bankruptcy if they didn't sell out to his company, Standard Oil. Bill Gates was ruthless in building Microsoft into the world's largest software company (remember Netscape?).

Indeed, many millionaires privately admit they're "bastards in business," Prince says. "They aren't nice guys."

Of course, the wealthy don't exactly look in the mirror and see Gordon Gekko either. Most millionaires share the values of their moderate-income parents, says Lewis Schiff, a private wealth consultant and Prince's co-author: "Spending time with family really matters to them."

Just 12% say that what they want most to be remembered for is their legacy in business, according to the AmEx-Harrison study.

Millionaires are also seemingly undaunted by failure. Crane, for example, now runs a successful company that screens tenants for landlords. But his first business venture, a real-estate partnership, went bankrupt, costing him $20,000 -- more than his house was worth at the time. "It was the most depressing time in my life, but it was the best lesson I ever learned," he says.

Source: Smart Money

A Concierge for Everything

Think the wealthy are all smart, friendly, spendthrift, spoiled and privileged? You might be surprised by the real forces behind their success.

Here's secret #4:

"I have a concierge for everything."


That hot restaurant may be booked for months, at least when Joe Nobody calls to make reservations. But many top eateries set aside tables for celebrities and A-list clientele, and that's where the personal concierge comes in.

Working for retainers that range anywhere from $25 an hour to six figures a year, these modern-day butlers have the inside track on chic restaurants, spa reservations, even an early tee time at the golf club. And good concierges will scour the planet for whatever their clients want, whether it's holy water blessed personally by the Pope, rare Mexican tequila or artisanal sausages found only in northern Spain.

For some people, the cost doesn't matter," says Yamileth Delgado, who runs Marquise Concierge and who once found those sausages for a client -- 40 pounds of chorizo that went for $1,000.

Concierge services now extend to medical attention as well. At the high end: For roughly $2,000 to $4,000 a month, clients can get 24-hour access to a primary-care physician who makes house calls and can facilitate admission to a hospital "without long waits in the emergency room," as one New York City service puts it.

Source: Smart Money

Not Skimping on Lattes

Think the wealthy are all smart, friendly, spendthrift, spoiled and privileged? You might be surprised by the real forces behind their success.

Here's secret #3:

"But I didn't get rich by skimping on lattes."


So how do you join the millionaires club? You could buy stocks or real estate, play the slots in Vegas or take the most common path: running your own business. That's how half of all millionaires made their money, according to the AmEx-Harrison survey. About a third had a professional practice or worked in the corporate world, and only 3% inherited their wealth.

Regardless of how they build their nest eggs, virtually all millionaires "make judicious use of debt," says Russ Alan Prince, a co-author of "The Middle-Class Millionaire."

They'll take out loans to build their business, avoid high-interest credit card debt and leverage their home equity to finance purchases if their cash flow doesn't cut it. Nor is their wealth tied up in their homes. Home equity represents just 11% of millionaires' total assets, according to TNS.

"People who are serious about building wealth always want to have a mortgage," says Jim Bell, the president of Bell Investment Advisors. His home is probably worth $1.5 million, he adds, but he owes $900,000 on it. "I'm in no hurry to pay it off," he says. "It's one of the few tax deductions I get."

Source: Smart Money

I shop at Walmart

Think the wealthy are all smart, friendly, spendthrift, spoiled and privileged? You might be surprised by the real forces behind their success.

Here's secret #2:

"I shop at Wal-Mart."


Millionaires may not buy the 99-cent paper towels, but they know what it is to be frugal. About 80% say they spend with a middle-class mind-set, according to a 2007 survey of high-net-worth individuals, published by American Express and the Harrison Group. That means buying luxury items on sale, hunting for bargains and even clipping coupons.

Don Crane, a small-business owner in Santa Rosa, Calif., certainly sees the value of everyday saving. "We can afford just about anything," he says, adding that his net worth is more than $1 million. But he and his wife both grew up on farms in the Midwest, where nothing was wasted. His wife clips coupons to this day.

In fact, most millionaires come from middle-class households, and roughly 70% have been wealthy for less than 15 years, according to the AmEx-Harrison survey. That said, there are plenty of millionaires who never check a price tag.

"I've always wanted to live above my means because it inspired me to work harder," says Robert Kiyosaki, the author of the 1997 best-seller "Rich Dad Poor Dad." An entrepreneur worth millions, Kiyosaki says he doesn't even know what his house would sell for today.

Source: Smart Money

You may think I'm rich... but

Think the wealthy are all smart, friendly, spendthrift, spoiled and privileged? You might be surprised by the real forces behind their success.

Here's secret #1:

"You may think I'm rich, but I don't."


A million dollars may sound like a fortune to most people, and folks with that much cash can't complain. They're richer than 90% of U.S. households and earn $366,000 a year, on average, putting them in the top 1% of taxpayers.

But the club isn't so exclusive anymore. Now 10 million households have a net worth above $1 million, excluding home equity, almost double the number in 2002. Moreover, a recent survey by Fidelity found just 8% of millionaires think they're "very" or "extremely" wealthy, while 19% don't feel rich at all.

"They're worried about health care, retirement and how they'll sustain their lifestyle," says Gail Graham, a wealth-management executive at Fidelity.

Indeed, many millionaires still don't have enough for exclusive luxuries like membership at an elite golf club, which can top $300,000 a year.

While $1 million was a tidy sum three decades ago, you'd need $3.6 million for the same purchasing power today. And half of all millionaires have a net worth of $2.5 million or less, according to research firm TNS. So what does it take to feel truly rich? The magic number is $23 million, according to Fidelity.

Source: Smart Money

Ten Tips For Getting In The Millionaire Mind-Set

Saturday, October 09, 2010

A new study by DataMonitor says the number of American millionaires rose from 7.3 million in 2002 to 8.5 million in 2004. At the current 7.1 percent annual growth rate, we're creating a million new millionaires every year, a total of 12 million millionaires by 2008.

You can join those folks. Here's the secret: It's all in your head, your attitude, your state of mind. If you want to retire a millionaire, you can. You control your mind. A few decades in business convinced me of this one simple truth: Becoming a millionaire is all in your head. It has little to do with wealth-building techniques, tools and rules.

In fact, you could even forget all the usual stuff: asset allocation, stock picking, savings plans, budgeting and so on. I know that's what advisers, pundits, brokers and other experts tell you to focus on. But if you're not in the right state of mind, none of that matters.

Seriously, I've read all the books: "The Millionaire Mind," "Instant Millionaire," "Automatic Millionaire," "Millionaire Next Door," "One Minute Millionaire" and many more. I even wrote one, "The Millionaire Code."

But I keep coming back to this one simple fact: It really is all in your head! Period. Here are 10 tips I picked up over the decades, tips that'll help you become one of America's next millionaires:

1. Getting rich isn't about money

Peter Lynch says if you spend 15 minutes a year studying the economy, that's 10 minutes too many. And when money guru Ric Edelman researched 5,000 millionaires for "Ordinary People, Extraordinary Wealth," he discovered that millionaires spend an average of just six minutes a day on personal finance. They have better things to do. Get a life!

2. Accentuate the positive

Most of us have read books like "Success Through A Positive Mental Attitude." That message was summarized for me by a U.S. Army Special Forces instructor, a veteran of 26 years: "If you have a guy with all the survival training in the world who has a negative attitude and a guy who doesn't have a clue but has a positive attitude, I guarantee you that the guy with a positive attitude is coming out of the woods alive. Simple as that."

3. Think differently

Go inside "The Millionaire Mind" with author George Stanley: "They think differently from the crowd ... It pays to be different." Yes, being different helps build wealth. That's the central theme of his work: Don't fit in, go your own way.

4. Quit doing what you hate

Many people live in quiet desperation, waiting for retirement, doing something they hate. Marcus Buckingham put it very simply in his new book, "The One Thing You Need to Know:" Figure out what you don't like doing then stop doing it.

5. Do what you love

You've heard all the pep talks: Follow your bliss; do what you love, money will follow. Never forget Stanley's bottom line: "If you are creative enough to select the ideal vocation, you can win, win big-time. The really brilliant millionaires are those who selected a vocation that they love."

6. Find 'the real you!'

Working in a career that doesn't fit right is exhausting and stressful. You're less efficient, less productive. Get in sync with the real you. Get help from a career counselor. Read books on personality types. In "The Millionaire Code" I identify 16 basic types to help people focus on their dreams. Buckingham's "Now, Discover Your Strengths" is another example. Find the real you, go for it and never turn back!

7. Invest in 'You, Inc.'

Tired of working for Corporate America? Become an entrepreneur. Create your own business. Read Kiyosaki's "Rich Dad" series. Browse through "eBay For Dummies." Open a Starbucks franchise. Most millionaires work for themselves, pay less in tax, live below their means and build equity in themselves.

8. Live with passion

Believe in something. Listen to the still small voice. What is it: Love, family, jazz, art, golf, writing, fishing, inventing? Whatever it is, it's you. And it's priceless. My mentor Joseph Campbell said: "If you follow your bliss, you will always have your bliss, money or not. If you follow money, you may lose it, and you will have nothing."

9. Live in the moment

A good friend is in his 60s. When I mention retirement planning, he laughs. He talks about his next vacation. His new jet skis. He's survived divorce, bankruptcy, foreclosure, health problems. He has a successful business, nice house, lots of debt. He's at risk. I couldn't do it, but he's happy. We all have friends like him, living in their moment. You need to live in yours.

10. Make a difference!

Most of us focus on our little world and our future. Millionaires dream of making the world a better place, with visions of a better tomorrow for everyone. They love helping people. I'll bet you have such a dream. Discover the real meaning of life by going beyond yourself and make a difference!

Remember, being a millionaire is all in your head. If you got the right attitude, if you feel it, if you believe you're a millionaire, you're already there. The money will follow. Trust me.

Authors:Paul B. Farrell

21 Secrets of Self-Made Millionaires

Friday, October 08, 2010

We've completed our 21 secrets of self-made millionaires. Tomorrow, we'll begin exloring more secrets of multi-millionaires. In the interim, I thought I thought it might be helpful to have these 21 secrets together in one post, so here they are.



Self-Made Millionaires are not smarter or better than you. They have just discovered these secrets and used them to become wealthy. You can do it too.

(1) DREAM BIG DREAMS. Thinking Big will change your life.

(2) CREATE A SPECIFIC PICTURE OF WHERE YOU'RE GOING. The more specific you are the more likely you are to get there.

(3) THINK AND ACT LIKE YOU'RE THE OWNER OF A BUSINESS, THE BUSINESS OF EVERYTHING YOU DO. Even if you work for someone else, you're attitude will plant seeds for your independent greatness to grow.

(4) LOVE WHATEVER YOU ARE DOING NOW. If you don't love it, leave it. By saying no to doing work just for money you are magnetizing work to you that you can love.

(5) CREATE A MASTERMIND GROUP. Have a regular meeting with others who are committed to building great lives. Share what you're up to and support each other.

(6) ESTABLISH A HEALTHY WORK ETHIC. Make taking action your best friend.

(7) COMMIT TO CONSTANT NEVER-ENDING IMPROVEMENT. Every day be searching for how you can learn more.

(8) SEE YOUR WORK AS SERVICE. Helping others will grow your business.

(9) KNOW YOUR BUSINESS FROM TOP TO BOTTOM. That's your job.

(10) PREPARE FOR OPPORTUNITY. It will knock. Will you be ready?

(11) STAY PHYSICALLY FIT. Strong minds create strong bodies. Weak bodies are the result of weak minds. Your physical and mental health are the core of your success in life.

(12) PRIORITIZE YOUR LIFE. Do what's most important first.

(13) DELIVER MORE THAN YOUR CUSTOMER EXPECTS. This builds loyalty and repeat business. It feels good too.

(14) DISCIPLINE YOURSELF. Fill your life with activities and people that make you grow. Discard activities that have negative results in your life.

(15) PAY YOURSELF FIRST. This is the first rule of the wealthy. Put money into savings before you pay bills. And DON'T touch it.

(16) MAKE TIME TO BE ALONE. This time is for planning and listening to what's inside you. Give your creativity time and silence to speak to you.

(17) GO FOR GREATNESS. Value the best and don't settle for less.

(18) HONESTY IS THE BEST POLICY. Know who you are and what you want. Express this with integrity at all times.

(19) MAKE DECISIONS QUICKLY AND BE SLOW TO CHANGE THEM.

(20) FAILURE IS NOT AN OPTION. Your mindset is focused on success. You will have success.

(21) BE DETERMINED TO ATTAIN YOUR GOALS. Tenacious persistence builds confidence which leads to victory.

Author: Sopan Greene M.A.

Determination

Thursday, October 07, 2010

Self-Made Millionaires are not smarter or better than you. They have just discovered these secrets and used them to become wealthy. You can do it too.

Here is secret #21:

BE DETERMINED TO ATTAIN YOUR GOALS. Tenacious persistence builds confidence which leads to victory.



My thoughts:

When it comes to blogging and websites, I have that tenacious persistence. When I'm working on an art project, or pulling a class together, hiking in the woods, or doing any one of the things that I love to do - that persistence comes easy. So, I'm having this idea that this is where "do what you love" is easy to figure out. I've got the "juice" for stuff I love - it's all that other stuff - dishes, laundry, marketing, my day job... that's where there is no love, and therefore, no juice. Start talking to me about money and my eyelids get heavy... very heavy... the TV comes on... and next thing you know I'm fast asleep.

So, now what? What's the answer to that, I wonder...

Failure

Wednesday, October 06, 2010

Self-Made Millionaires are not smarter or better than you. They have just discovered these secrets and used them to become wealthy. You can do it too.

Here is secret #20:

FAILURE IS NOT AN OPTION. Your mindset is focused on success. You will have success.


So this is what I think:

Last night I was watching season 2 of Breaking Bad, and there was one episode where Walt and Jesse were out in the middle of the desert, and (after a series of unfortunate incidents) found themselves with a dead battery, no water, no cell phones, no food, no one knew where they were, there was no way to walk for help. Whatever could go wrong had gone wrong... The situation looked hopeless. Here's a clip - watch how the energy changes when Jesse adopts the "failure is not an option" attitude.

Now, granted, this is a TV show. I get that it wasn't "real" life. However! And this is important, I think. At one point, they were both going to give up... but they didn't.

I used to write poetry and short stories - I'd send them out to 3 or 4 places... and then give up. I have a closet full of art which I've half-heartedly tried to sell with not much success. It's so not me. I love impossible tasks! I remember the day I made a retaining wall with railroad ties in the pouring down rain, knee deep in mud. I knew it was impossible - and that's why I did it! I climbed dog canyon with only sheer determination keeping my legs moving! I've walked on fire! So what's this roll over and die thing that crops up for me around money? and marketing?

In that same DVD, there was a scene where Walt's brother in law is suffering from depression and post traumatic stress. Walt goes in to talk to him and tells him he needs to get his ass out of bed and go out and kick it. I tried to find a clip or a quote ... no luck yet ... but I'm not giving up! I am, however, going to get out there and kick it!


And what about you? How many times have you been presented with a "hopeless" situation and simply given up? How many times have you preservered despite the hoplessness of it - and managed to make it through?

Fast and Slow

Tuesday, October 05, 2010

Self-Made Millionaires are not smarter or better than you. They have just discovered these secrets and used them to become wealthy. You can do it too.

Here is secret #19:

MAKE DECISIONS QUICKLY AND BE SLOW TO CHANGE THEM.



Notes from Shirley:

I like this one because I know it's got to be true - at least for me. When I go with my gut and just take a leap of faith, then hang on for dear life doggedly pushing through all the obstacles and fall out that crops up - when I do that - I have great success. It's when I wiffle-waffle, drag my feet, second guess myself, and let the energy get so frail that it wouldn't carry me through even the slightest of bumps in the road - that's when I fail.

The Truth

Monday, October 04, 2010

Self-Made Millionaires are not smarter or better than you. They have just discovered these secrets and used them to become wealthy. You can do it too.

Here is secret #18:

HONESTY IS THE BEST POLICY. Know who you are and what you want. Express this with integrity at all times.



Here's my truth:

I'm not sure that I really know who I am, and I'm pretty sure I am ambivalent about what I want... that being said, I totally agree that honesty is best. It does require a fair amount of courage though! And I'm wondering now if knowing who you are and what you want IS a form of honesty. And is it way easier to be firmly honest and always tell the truth and walk a path of real integrity when you DO know who you are and what you want?


Ideas and thoughts anyone?

Don't Settle

Sunday, October 03, 2010

Self-Made Millionaires are not smarter or better than you. They have just discovered these secrets and used them to become wealthy. You can do it too.

Here is secret #17:

GO FOR GREATNESS. Value the best and don't settle for less.



Shirley's notes on this one:

And so I'm looking around my house and noticing that I do settle for less than the best when it comes to personal comfort. On the other hand, I do have really good stuff where it "counts" and that would be.... hmmm... computer, graphics programs, magick, art... Which brought me to a small epiphany. It seems I value what I "do" more than who I am. Interesting.

But... (with me there's always that but)...

How do you NOT settle when you can't afford to buy the best? For example: Food - Organic and fresh, that's the food that's the best. But can I afford it? No. So what do I do? Eat 2 or 3 meals a week of the best food? or 2 meals a day of not the best food? And what about shoes? Do I go barefoot if I can't buy the best shoes? Not have sheets because there isn't enough money for 1500 count Egyptian cotton? How does this work in real life where the electric bill might not get paid because the phone bill was...

And maybe it's just that the Universe knows I'll settle for less. Maybe if I drew a line in the sand and said, "organic and fresh only" and "Nike's or nothing" the money would be there.

Plus, there's that added issue of making do... I could really benefit from a new pair of glasses, but I'm making do with the 10 year old pair that I have because I can get by and I can see well enough. The front steps are getting really rickety, but I'm making do because they are the only front steps I have and they are good enough for now. My towels are threadbare, and yet they still get me dry. Yes, it would be lovely and luxurious to have new and beautiful Egyptian cotton towels, and when is it sensible to buy them if I can't even afford to feed myself properly? In my world of barely getting by - settling for less often means making do with what I have. And is that the same as settling for less? Or a different animal altogether?

Perhaps I should be asking myself what would Bill Gates do if he was in my situation? What would... hmmm... I dunno... who am I trying to emulate here? Andrew Carnegie? Cornelius Vanderbilt? John D Rockefeller? Oprah? suggestions anyone?

Me Time

Saturday, October 02, 2010

Self-Made Millionaires are not smarter or better than you. They have just discovered these secrets and used them to become wealthy. You can do it too.

Here is secret #16:

MAKE TIME TO BE ALONE. This time is for planning and listening to what's inside you. Give your creativity time and silence to speak to you.



My notes:

Yes! I say yes and yes again. I love this one. It's important - and since I live alone it shouldn't be too difficult. Why is it that I don't have this structured into my daily routine? How is it that I fritter this time away on mindless trivia?

Pay Yourself

Friday, October 01, 2010

Self-Made Millionaires are not smarter or better than you. They have just discovered these secrets and used them to become wealthy. You can do it too.

Here is secret #15:

PAY YOURSELF FIRST. This is the first rule of the wealthy. Put money into savings before you pay bills. And DON'T touch it.



What I think:

Finally! One secret I can commit to actually doing. I used to do this all the time. I'd put money into savings before I spent any of it. Even if it was only $5. Then stuff happened... you know how it goes... years passed... and recently I started doing it again... and then... well... you know how it goes... stuff happened...

Is this the story of how I put myself last? or is this the story of how I only see what I don't have and make no provisions for having? or is this the story of seeing only the lack? I dunno. But it's a story I'm going to change.


Anyone else have anything to say about this? Do you pay yourself first? or last? Is putting yourself first something you often do? or is it the other way around? And are your savings and your self-worth related?

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