Posts Tagged ‘Cash Flow’

The Sure-Fire Secret to Riches

Wednesday, June 15th, 2011

Often, you will hear us tell you that dollars follow value you create for others. Although true, are you tired of hearing it yet? ;)

Would it be valuable if we tell you how to do it so you can create faster, more guaranteed wealth rather than asking you to just do it?  Would it be worth it if it was only one, simple strategy that WORKS EVERY TIME? If so, keep reading!

This is a tip I began applying while listening to the audio book AND reading and taking notes on the book, “Master Key to Riches” by Napoleon Hill. He wrote this about 25 years after writing “Think and Grow Rich.” However, this book helped me retire 5 years ago and I felt it was helpful to review again. I wasn’t disappointed!!!

This one principle inspired me to test it more intentionally and it has yielded great rewards. In fact, this easy strategy just made me $3,090 during a one-hour lunch yesterday…and I didn’t have to pay for the lunch! Alright, I’m done teasing you now =)

This simple, yet powerful principle is GOING THE EXTRA MILE!

Lately, I have found every reason to go the extra mile in my career, family, and other responsibilities, and every time it pays handsomely. However, to make this work, you must have faith enough to actually do it! Many feel they are taken advantage of by applying this principle. Some wonder if their efforts even go noticed. Heck, I began wondering the same thing yesterday morning and had to remind myself that it does. Ironically, 4 hours later, it paid off for me!

Another example of this in the book “Master Key to Riches” is the story of Charles Schwab. Charles Schwab worked for one of the wealthiest men of that time (around 1900), Andrew Carnegie.  Although Charles started as an entry level worker with little schooling or experience, he quickly worked his way to the top as president of Carnegie’s US Steel. According to Napoleon Hill’s interview with Carnegie, Schwab made it impossible for him to NOT promote him due to his “can do” attitude and his willingness to go the extra mile.

As president, he was paid a hefty salary of $75,000/yr. Now that may not sound like much, but as I researched inflation statistics, that would be the equivalent of about $1.95 Million/yr. How many of us wouldn’t mind a base salary of $1.95 Million/yr?

On top of that, Carnegie gave Schwab a bonus of  $1 Million! That’s equivalent to a $26 Million bonus!!!

The reason? Carnegie said that he gave Schwab $75,000/yr for the job he was hired to do. And the $1 Million bonus for everything else that he did. Was Schwab “lucky”, or did he do everything possible to create value and go the extra mile to ensure his own success by helping others succeed as well? I think you know the answer to that.

So here’s how to apply this correctly. You must….

  1. Have a positive mental attitude KNOWING that it always works
  2. Understand that there is an irrefutable law of compensation where “what you reap is what you sow”…good or bad.
  3. Keep your eyes open for opportunities to serve others, even if it doesn’t seem to make you any money (This is what happened to me yesterday)
  4. Don’t hesitate to apply your strengths and passions in a way that helps others, especially when it’s not expected.
  5. Give your employer, customers, or anyone else every reason to return value to you by FIRST creating value for them. Always give more than what you are compensated for, and do it with a positive attitude.

Action Item - Go have fun going the extra mile, and COMMENT HERE how you have applied this principle to work in your life!

Get Off Your Assets!!!

Friday, November 5th, 2010

I have had several people ask me in the last few weeks, “How can I make money living my Soul Purpose?” Or they would ask, “What can I do to get more cash flow right now?” Each of these are fantastic questions that I asked of myself at one time or another. Now, I have a simple, yet misunderstood, answer for them, and any of you, that may be asking this same question….“GET UP OFF YOUR ASSETS AND DO SOMETHING ABOUT IT!” Simple, yet often overlooked. Let me identify two types of assets I am referring to here - Financial Assets and Human Assets.

Financial Assets

We are taught to save all of our money in a retirement plan and pay all of our debt off so that one day we can retire. The reality is most are not able to retire because this method is a slower, riskier way to achieve that goal. Most lose some of that money in the market or barely make a return over time. As you may have seen us illustrate before, paying off certain types of debt can actually cost you more than it saves you. Instead, what you can do is coordinate your assets to produce for you while still taking less risk. Many don’t even realize that they could free up at least $500-$1000/month just by making a few adjustments to how they use their assets and pay off their debts. Usually, what we see is someone who is so scared to touch their money in retirement accounts that they will lose more money outside of those accounts and never get ahead.

Human Assets

Most of us have the hardest time figuring this one out, even though it is usually why you have income today. In fact, many in financial trouble think that they just need to know what their Soul Purpose is before they can make money. This is completely false!!! How did you make money prior to learning more about your Soul Purpose? The same way everyone else has…you went to work using the human assets that you possess. You and I already know this “secret,” don’t we?

Dollars follow the value we create!

To earn (notice the word “earn”) more money, you need to offer a service and/or product that is valuable to someone else. That’s it! In fact, I guarantee that is how you got a job at some point. You gave them a resume of your experience and skills (aka Human Assets), and they hired you for a certain wage. You may have done something as simple as doing manual labor. I mowed lawns when I was 12. In fact, I was so obsessed about collecting baseball cards, I knew I had to make more money to buy more. Now that I think about it, I probably made more money during those years than when I was just paying for college. I knew what I wanted and then I worked for it.

If you want to “earn” more money, you have to get off your butt and do something! It’s so simple, most miss out on it! Thomas Edison said, “Opportunity is missed by most people because it is dressed in overalls and looks like work.”

Do whatever it takes to use your body, mind, experience, or any other skill or strength to provide real value for someone so they will want to pay you to have what you offer. In fact, if you really want to earn more money, do whatever it takes to become irreplaceable with your unique set of skills. In the meantime, start wherever you are and get to work!

Action Item

First, list your financial assets and your human assets and identify which ones are making you money right now. Keep using them! Second, list your underutilized assets and create an action plan to start capitalizing on those too. Then, listen to our podcast about how to make the Law of Attraction work. Remember, start doing something, and start doing it right now!

How Can I Be Financially Independent Faster?

Tuesday, September 14th, 2010

This last week, I had a coaching member ask me how we apply our model to know how much they will have in retirement. Although I hadn’t heard this question for awhile, several others had the same question this week.

They would all ask, “Chris, we know that what you teach works better, but (notice it followed by a “but”) we aren’t sure what it will eventually equate to be. What do you think?”

My honest reply was, “I really don’t know. My crystal ball is broken. I could tell you what it could likely be, but I might be limiting your expectations or you may not be alive to see the bigger results. This is why we focus on generating more cash flow TODAY rather than 15-30 years from now.” Let me explain more what I mean.

Traditional Planning Model

This brings back painful memories, but it is useful to understand =) If I were a traditional planner again, and you sat down with me, I would pull out my fancy little financial calculator to “predict” your life.

Let’s say you are 50 years old, have $80,000 to work with for your retirement, and you are currently putting away $600/month. I would “assume” that you would earn 8% average in a mutual fund. I remind you that past returns does not guarantee future results. (See our video on how traditional planning can manipulate figures.)

If you were to retire in 15 years and everything worked out perfectly, you would have $457,640. To some, this would sound like a good deal of money. However, traditional planning will tell you to live off the interest (Listen to our podcast as to why they say this).

Therefore, to be “conservative” in our figures, I would suggest that you “plan” on living off of 5% of the balance each year. In this example, this would be $22,882/yr.

How many of you could live off of that? You could live off of more, but now you risk running out of money before you pass away.

But wait! A really good planner will account for inflation at 4%. Naturally, in 15 years, it is very likely that you will have to have more to live on. Your purchasing power is now only worth $254,111! That would be like living on $12,700/yr. today!

Note: the REAL inflation rate is much more. Listen how!

This was the dilema I was caught in that caused me to question if this really worked. To have at least a $50,000/yr lifestyle, you would have to put away at least $5000/month in this example! Pocket change, right? Sense the sarcasm? You could work an extra 10 years to age 75, and then “only” have to put away $2500/month…as long as inflation stays down and you actually get 8% average (which many haven’t).

Recommendations from a truthful financial plan? Live on less income, get a 2nd job, and put away more!

Our Model

Our answer? Live your appropriate lifestyle and create more cash flow TODAY thru better use of your money! Although it’s not mainstream, it’s simpler and more attainable.

For example, last week I showed one of my coaching members how to free up at least another $15,000 or more this year by using their money more effectively without having to spend more money! On top of that, as we show people how to leverage their human capital by coordinating it with their money, they realize that having a $50,000/yr. lifestyle is not as hard as they thought. This is the same thing I did to do it with virtually no financial capital and only investing a few hours of each week.

It doesn’t take a lot of money to make money, only simple creativity!!!

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How Do I Get Rich Doing What I Love?

Wednesday, August 25th, 2010

Have you ever wondered how you could make money doing what you love everyday?

Do you ever ask yourself, “Why would people pay me so much for doing something that I would practically do for free? How can I get others to be on board with what I am passionate about so I can not survive living paycheck to paycheck, but thrive in any economy?” Imagine what your life would look like when you could do what you love each day and get highly compensated for it.

Chris Miles teaches the secrets that have worked for him, and many others that he has coached, and what didn’t work. Even though these simple tips may seem obvious, they are still elusive to many people out there right now. Listen to learn what really works, and what only makes you work hard to get little or no results!

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Which Financial Advisers Should You Hire?

Thursday, August 12th, 2010

Have you ever been caught in a dilemma? Have you ever been at a crossroads where you knew in your heart what was right, but afraid to take the leap of faith?

In March 2006, I was stuck between a rock and a hard place. A few months prior, my friend, Doug, and I had an argument about whether someone should invest in real estate or stocks. I was convinced that the stock market was best, even though I was beginning to have doubts. Doug finally asked me, “How many of your clients are financially independent and worry-free?” followed by, “How many of you (financial advisers) are financially independent from investments (not from commissions)?” Answering honestly, I said, “None.”

That was the beginning of a conversation that eventually got me to attend a seminar put on by Garrett Gunderson, NY Times Best-selling author of “Killing Sacred Cows” and his late partners. They asked the audience, “How many financial advisers are in the room tonight?” Since I believe I was the only one who was, I timidly rose my hand no higher than my shoulder and quickly dropped it (That was the first sign to me that I wasn’t so sure I wanted to be a financial advisor anymore). At that moment, they read an article written by a highly acclaimed financial planner, and then brought up every flaw in this planner’s “wise” counsel (some of which I will address below).

At the end of his seminar, I thought to myself, “Who would be crazy enough to teach this junk?” Suddenly, it hit me. I was teaching this junk!!! I then realized that I could no longer claim ignorance while keeping my integrity in tact. Although my business was really beginning to take off for the first time in 4 years of financial advising, I submitted my resignation that week.

Key Point - Quick action is more likely to get you quick results. I can attest to the fact that turning my back on the traditional financial industry has been a tremendous blessing in my life, my family’s lives, and my coaching members’ lives. To learn what else I discovered, listen to the podcast we posted previously, and/or see a condensed list down below.

How to Hire the RIGHT Financial Adviser
Ask yourself the following questions to see if you have the best financial adviser for you, or a salesman in a suit.

1. Do they earn commissions from your business? Have you ever noticed that the best investment many advisers recommend are often what they sell? Even the best intentioned advisers are tempted to advise you to buy only what they sell.
- Hire someone who is fee based, not commission-based.

2. Do they keep quoting figures 20, 30, or 40 years down the road? Will you even be alive then? These advisers will not teach you how to create cash in your life today, but instead, quote speculative numbers in the future. Nearly all financial advisers tell you to invest for the “long haul”…however long that is.
- Hire someone who teaches you how to create more cash flow today

3. Are they asking you to invest in their products, or in investments that are right for you? I was stumped when my brother-in-law said that he would rather invest into his own business and earn greater returns than 12% in the market (if you’re lucky). Almost every adviser or planner is guilty of this.
- Hire someone who is willing to tell you to invest where it is best for you, but possibly not them.

4. Do they tell you to take high risks if you want high returns? This is another lie! How can a higher chance of loss give you a better chance of winning? If this were true with money, you should ignore all financial products and only invest in lottery tickets since those have the highest risk of loss (FYI - I obviously don’t recommend this course of action).
- ONLY hire someone who counsels you to take lower, calculated risk.

5. Do they tell you to invest in the market whether it goes up or down? If they are so good at what they do, wouldn’t they only tell you to buy low and sell high? Have you ever noticed that it is always the right time to put your money with them, regardless of what’s happening in the market?
- Hire those that keep you away from speculative investments.
If your financial adviser works by any of these 5 myths, or others, then today is the perfect day to Fire Your Financial Adviser!!!

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How Can I Improve My Credit Score?

Wednesday, July 28th, 2010

What are some ways to improve your credit score so you can pay less in interest charges, insurance premiums, etc? What are some myths that cause you to hurt your credit score rather than help you?

Chris Miles and Dale Clarke discuss how you can improve your credit score quickly so you can take advantage of lower interest rates and free up more cash flow right now. Also learn what Chris Miles did to be able to increase his credit score by 200 points in 2 years! Listen to learn how.

Please comment if you have had other successful ways to improve your credit score that could help others that listen to this, or if you have specific questions on this topic.

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How Can I Qualify for Business Loans Right Now?

Tuesday, July 20th, 2010

With the credit market changing, how can you get business loans to invest in yourself right now, especially when rates are low? What are some key things you can do to look better (legitimately) to the bank so they will want to give you a loan? Why aren’t they loaning to people right now? How could this work for other loans too?

Chris Miles and Dale Clarke offer some easy tips you can start on to help you qualify for a business loan, or any loan, much faster in this economy than if you tried to do it the “old way.”

What are some of the things you have done to get loans too?

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How Can I Have More Cash Flow in a Down Economy?

Wednesday, July 14th, 2010

What things can you do to increase your monthly cash flow, even when the economy is struggling? How could you make this work in ANY economy? How could learning this now make you much more wealthier when the economy bounces back? What are some simple strategies you can apply today that can help you see results right now?

Chris Miles and Dale Clarke discuss what they have done to have greater cash flow now than when the economy was booming, what myths that many people believe that keep them living paycheck to paycheck, and how you can easily start getting cash back into your pocket today!

What things have you done for yourself to have more cash flow in a recession?

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How Are Financial Advisers Losing YOUR Money?

Wednesday, July 7th, 2010

How do you know whether you should fire your financial adviser before it’s too late? How do you know if you have the right one working for you? How are the wrong ones costing you money and you don’t even know about it? What are some simple questions to ask when interviewing for the right financial advisor or planner?

Chris Miles and Dale Clarke expose how financial advisers are costing you your retirement and your ability to have the life you dream of today. Learn a few fast questions to easily know if you have the right adviser or the expensive adviser, and which ones can help you create wealth today, rather than wishing for retirement someday.

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