October 11th, 2008 at 6:58 am
I believe that life success is largely a result of your mindset. In some cases it’s luck or you’re just born into a family that offers great advantages, but for most of us we have to earn success. There are of course many factors that go into your ability to reach your goals, such as hard work, the ability to take action and discipline, but it all boils down to what you allow yourself to achieve.
At any given time, no matter your experience level or current “success status,” there is always room for improvement and growth. Even though there may be a certain feeling of being content or maybe even anun -realization that there is room for growth, there are certain factors that are holding your back from creating more wealth, more prosperity, more freedom, more time - whatever it is you want to achieve.
That’s an incredibly unfortunate thing. Don’t sell yourself short and allow yourself from settling for less.
The key to breaking through these barriers starts with a little reflection. Often when we set out to achieve a goal, we get sidetracked by the tactics we use to help us reach those goals rather than focusing on what really matters.
I’ll give you a personal example… I recently wanted to buy a new kitchen table. I went to a couple stores to find something that would go well with my current setup. Pretty quickly I found a couple different options that I liked, but there was one in particular that I was interested in buying. Unfortunately the store was missing one of the four matching chairs.
So I thought no problem - I’ll just go to the other location and get it there. Well, turns out the next store didn’t have the set in stock at all, so I went to another location. That store had the chairs in stock but the only table they had was scratched. Store after store, this went on for two days. I was at my whits end.
But then I realized that I was being foolish. I got so caught up in solving the problem of the missing chair, that I had completely ignored the fact that all I really wanted to do was buy a new kitchen table. I also ignored the fact that there were a number of different tables that I liked, that were in stock, and ready for me to take home. My goal could have been achieved in an hour rather than two days.
The point is that my inability to focus on the goal was constrained by the tactics to achieve that goal, which took me off track.
When it comes to business or more global areas of your life, there are constraints that prevent your for reaching your potential. When you can accurately identify those things that are holding you back and then figure out a way to work around them, you unleash the potential to explode your success.
For me, I know that I like to work through a list of tasks and complete them in full. The problem with that is I get fixated on projects even if I discover it is not worth my time or investment. I get so determined to finish the job when it should have been shut down long ago. When I do realize that a particular project I’m working on is a constraint from achieving my ultimate goal, it frees up my time and allows me to be more effective and efficient.
Discovering what it is that is holding you back from achieving life success may be one of the most difficult things. But when you do, and you figure out a way to compensate for those constraints, the ability to exponentially grow your success is extraordinary.
October 8th, 2008 at 2:07 am
The key to creating great wealth is to use financial leverage, right? You’ve probably heard it a hundred times before. In order to make a greater amount of money at a higher rate you have to use “other people’s money.” By using financial leverage, you create the ability to have more purchasing power and get your money back out of investments faster so you can take advantage of other opportunities that come your way.
Financial leverage, in its simplest definition, is simply using borrowed money in order to purchase assets. Those on the fast track to wealth building understand that by using loan products and tools that are available to them, they can use debt in a way that gives them great advantages.
This may be in the form of borrowing money from the bank or from a private lender in order to have a win-win situation. Here’s how:
- You find a $1 million piece of commercial property that is well run, in great shape and is full of tenants that have 5 - 10 years remaining on their lease.
- You could buy the piece of real estate with cash, but then all of your money would be tied up in this one investment.
- Instead, you obtain a commercial real estate loan that to purchase the property that only requires a $200,000 down payment.
- As a result, the bank earns a nice 6% interest on the loan, you earn $2,000 monthly cash flow from the rental income.
- You now have a remaining $80,000 in cash to use for other investment opportunities.
- In two years you are able to refinance the loan on your real estate purchase, which allows you to pull your original $20,000 out of the investment and still earn the $2,000 a month cash flow. Now you own the property entirely with other people’s money (OPM) and can repeat the process to purchase more income producing investments.
Take the same scenario with a person that has no cash on hand, but has found this great investment opportunity. You, the investor, could approach a private lender and come to an agreement to partner on the investment. They become the money person to help the real estate transaction go through, and you manage the details.
Since you handle all the work and they only provide the money, you split earnings 50/50. As a result, you become part owner of a great income producing piece of property with zero out of pocket expenses, and the private lender earns a great return on their investment without having to actively manage the deal.
Using financial leverage is an integral part to accelerating the amount of wealth you can produce. It gives you the ability to buy more with less and use your money in more ways than one. When you find a potential win-win situation that allows you to take advantage of OPM, you tap into one of the greatest wealth producing tools that exist.
October 5th, 2008 at 8:57 pm
Outsourcing work in order to get the job done is nothing entirely new, but people are finally starting to catch on. With the success of websites like guru.com and elance.com, it is now easy for anyone to hire someone across the globe to complete a project.
It’s amazing how much the internet has helped develop a global economy, and as internet access becomes more and more available around the world, that will only expand. We have only touched the tip of the iceberg when it comes to discovering global resources via electronic delivery.
Global outsourcing offer several major benefits. For one, you dollar can go much further. It might cost you $100 an hour to hire someone in the United States for a particular expertise, but in India it may only cost you $10 an hour.
Secondly, the different time zones presents significant opportunities that allow you to have your business running 24 hours a day, 7 days a week.
Imagine being a college student that has a research project due in 48 hours. You could hire someone from India to do all the research and organize it for you. You go to bed and when you check your email in the morning, you find a complete outline and all of the research you need to complete you report.
Not only that, but the research is very well organized, with all the sources accurately cited, direct links to the original source, and it even includes graphs and images. All you need to do now is add your own words to make it your very own content - and you could even outsource that.
But outsourcing work is not just for college kids. I’d be willing to bet that you could outsource a big part of your job, and other parts can be automated. The only exception to this rule is labor jobs that require your hands, but even then you could get creative.
Think about it . . .
- What repetitive tasks get on your nerves that a monkey could do?
- What do you hate most about your job that you could offload?
- How much more money could you make if you could multiply yourself?
- What part of your job do you wish you were better at?
- If you could get rid of work how would you spend your time?
By taking advantage of the global economy and the availability of highly competent, yet cheap resources, you can live the life of freedom. Discover the power of outsourcing work and you’ll never look at things the same.
To find out how to effectively search and hire the best talent for the least amount of money, go download the Xtreme Outsourcing video program. While this program discusses outsourcing internet businesses, the same powerful strategies can be applied to your line of work and just about any business model.