Posts Tagged ‘Money’

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!

Self-Made Millionaires…Really?

Monday, May 23rd, 2011

As a child did you ever dream about becoming a Millionaire?  Driving a fancy sports car? Living in a castle in Germany?  Wealth beyond imagination?  Perhaps you day-dreamed about where you would travel or what you would do with your life if money were of no concern.

Being a “self-made” millionaire is something that is at the heart of many in search of the American Dream.  The idea of creating an innovative product or service, starting a business, and marketing that product and/or service to the world is what drives most entrepreneurial minds.  The truth of the matter is that there are no self-made millionaires.  In fact, every time I hear someone say it, I cringe. It’s simply not true!!! We live in an interdependent world where everyone must work with others to succeed. Our relationship capital and ability to exchange value with others is what accelerates more wealth. Did Warren Buffett, Bill Gates, or Carlos Slim do it alone? Of course not!!!

For instance, I used to be the “jack of all trades” financial advisor. You could come to me for mutual funds, life insurance, health insurance, mortgages, and even help with your debt! Heck, I would even offer to babysit if you would do business with me ;)  But seriously, despite all of these services, I struggled to make a decent living. Ironically, I made a lot more money when I began using my financial knowledge and ability to teach the “why” and the “how”, and then delegate a lot of the implementation of those services to others. I found out that I was better off making 50% of something than 100% of nothing. I was happy, the clients were happy, and my team was happy. How cool is that?! I figured out the fastest way to make money is to look for the “win-win-win.”

In the real business world, the more we focus on our using our strengths, and allow others to use their strengths, towards a common objective, the wealthier we ALL become.

What do you offer and who can help you deliver it so you can become more financially wealthy?

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!

What Is One Secret to More Success Right Now?

Thursday, October 21st, 2010

What is the one secret to becoming successful that most never figure out? What is that small pitfall that traps most of us in a world of mediocrity, frustration, and uncertainty?

Warren Buffett is currently the wealthiest investor & business owner in the world (depending on the value of his and Bill Gates’ companies). One of our mentors, Rick Sapio, interviewed Mr. Buffett for 40 minutes. There was statement made that stuck with Rick to this day. It is one of the biggest reasons why most never achieve financial freedom, greater health, or fulfilling relationships. It keeps us busy, but never attaining the results that we really want. In fact, by just implementing this one idea in your business, your money, and your life, it would transform the results you have seen up until this point!

Warren Buffett said this….

“The difference between those that are successful and those that are ultra-successful is that extremely successful people say ‘No’ to almost everything.”

Just saying “No” applies to a lot more than just drugs! Think about it. Have you ever over-committed to something? Have you ever said “yes” to too many things? Have you ever felt like you are running around with your head cut off? Sure, we all have! This is why Warren Buffett tells you that diversification is for those who don’t know what they are doing.

Focus is the key to seeing extraordinary results. This is why multi-tasking really doesn’t beat out focusing on one project at a time. Many go bankrupt or severely in debt because they tried to take on too many investments or projects. Those that try to implement a business idea, and then jump to another because they haven’t seen any results in a month or two, usually will never see results no matter what they do. You may know some of these people, and they drive you nuts! Well, let’s make sure we’re not one of them.

Here are some questions that will help you say “No” to the many wrong opportunities and “Yes” to the few right ones.

  1. Do I have sufficient knowledge or expertise about this investment or business?
  2. If money were no longer an issue for me, would I still do it?
  3. What other reasons, other than rate of return, would I invest in this?
  4. Would this distract me from being successful with my other investments or businesses?

Use these questions to guide your decision making and ensure you focus your energies towards the right activities to being “ultra-successful.” For further discussion on this, comment on your experiences with this and listen to our previous podcast, “The Power to Say NO.”

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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Should I Be in the Stock Market Right Now?

Thursday, August 19th, 2010

So many people lately are asking me more frequently, “Chris, should I be in the stock market right now, or should I get out?” With governments and economies teetering on the brink of a deeper recession, more people feel uncertain about the stock markets right now.

The first question to ask about whether you should be in the stock market now or to bail out before it’s too late is:

“If money were no longer an issue in my finances, would I still want to be in the stock market?”

Your answer will vary based on how you answer this question. Listen to my reply to both responses and what I predict the stock markets will do over the next few years.

*As a reminder, to cover my “you know what,” I am not recommending any specific investments or strategies. I am merely presenting information that will help you get more clear.

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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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Are You Frustrated With Your Investments?

Saturday, August 7th, 2010

How many of you are frustrated with losing money in your investments and not sure where to turn?

Are you confused because you don’t know who to trust because your financial adviser makes money even when you don’t?

Are you unsure where you should be invested? If so, you’re right to feel that way!

So many times I hear people express their frustration telling me “I’m frustrated because I’m losing money in my investments and I don’t know what to do or who to trust!” To that, my response is “Good! You should be!” It’s better to have that happen now than to have it happen to you when it’s too late.

For example, if your child were to go to a casino to gamble, would you prefer them to win their first time where they feel they have that “lucky touch,” or would you rather have them lose the first time to understand the consequences of gambling their money away? Personally, I would hope my kids wouldn’t gamble in the first place, but if they did, I would want them to fall flat on their face.

With investing, people think they’re financial adviser, or themselves, are brilliant when they make money, but then when it goes down, they want to blame the adviser or someone else. Here’s the reality: You can’t gamble your way to wealth, and your financial advisers are just nicely-dressed gamblers! They can’t perfectly predict the stock market any more than you can know exactly what will happen to you next week. The only thing guaranteed is the fact that your adviser will get paid for managing your money, regardless of the results.

The Solution: Stop trusting financial advisers that get paid to gamble it for you, and learn to control your own finances. There is a previous podcast about the best investment in today’s economy that can offer a deeper perspective on what might be right for you. The good news is that we are not going to sell you any investment. Education will make you a lot more money than ignorance.

Fire your financial adviser if they are telling you to be in it for the long haul, they tell you to buy when the market is high or low, and only invest in what they sell. Why have them gamble with your money, retirement plans, potential lifestyle, and financial freedom? Hire those that practice what they preach and believe that you shouldn’t take high risks to get high returns.

What are some of your frustrations with the financial planning advice you have received?

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