Monday, 27 January 2014

Millionnaire Mind set tips by Sandy Botkin

Millionnaire Mind set by
Sandy Botkin  part 1   from a face book post
Would you like to be a mufti-millionaire? Are you sure? I just read a great article on developing that type of mind set that I think all of my friends will find very useful. Here is part I of this article:
1. Have the courage to pursue your ideas: The average person gets four good money making ideas a year but rarely have the courage to pursue them.
2. Think long term: the average millionaire is a big believer in creating goals.. They write down their short and long term goals and up-date them frequently.
3.Multiply your revenue exponentially: You will rarely get rich if you have to do all the work to make the money. Millionaires truly understand leverage. There are two forms of leverage however. The first is to use other people's money to help you fund your ideas. Donald Trump and many others use this technique. The second way is to use other people's time,which is why companies hire employees and why multi-level marketing can result in riches. Remember the old saying , "I would rather have 1% of 100 people's efforts than 100% of my own.

Sandy Botkin  part 2
Welcome from snowy Maryland. Here is part II of the article that deals with having a millionaire mind set.

4.Be a thief of knowledge: Most wealthy people that I know are lifetime learners. They really learn about their craft or profession. I can't stress this enough. There is an old saying to wit:" if you steal from one person, it is plagiarism. If you steal ideas from many people, it is called research! Research has shown that multi-millionaires all value education and training.

5. Love what you do: It may sound apparent, but most multi-millionaires work long hours and harder than most people, putting in an average of 60-75 hours per week. I can always tell if the owner of the store is in because he or she is usually the first one in and the last one to leave. Most people see the front end of what millionaires do, which is only about 10% of their work. If you can't be passionate about what you are doing, it will be very hard to both get good at it and to put in the hours to make the money that you deserve.

6. Be cheap, cheap and cheap: Did I say you need to be cheap. Millionaires spend conservatively while they are building up their business. For example, when I opening up my seminar business, Tax Reduction Institute, I purchased used furniture from bankruptcy auctions. I rarely went to Office Depot or new furniture places. The key is to live like a frugal medical student by keeping yourself on a tight budget and spend most of what you make on your business.

7. Be a networker: There is an old saying, it isn't what you know but who you know that counts. Personally, I think both are important. Being able to network is a way of life and the key to success vs failure. The person who did this the best was Eric Preminger. Eric is the son of Otto Preminger and Gypsy Rose Lee. Eric writes books , and I met him on a public relations tour. He makes index cards of everyone he meets, phone numbers and addresses and jots some notes about their strengths and benefits. Millionaires learn to network well. Remember my favorite saying, "if you want to fly like an eagle, you don't hang around with turkeys."
The last part of this article will be posted tomorrow. Please feel free to share this with all of your friends

Here is the final installment on achieving the multi-millionaire mindset.

8. It never was about how much you make. It is what you get to keep that counts. Millionaires are very concerned with taxes and tax planning. It is astonishing to me that most people will spend hours fighting about a credit card over charge or an improper charge on their credit card yet rarely spend any time on tax and estate planning. In fact, based on the seminars that I have done over the last 30-years, I have found that almost all self employed taxpayers are overpaying their taxes to the tune of thousands! Be honest: I have been promoting my books, "Lower Your Taxes: Big Time" and "Achieve Financial Freedom: Big Time." I would BET and give odds that most of you still haven't gotten those books and if purchased, haven't read them! I would also bet that few of you have gone to you accountant and said, " I will pay you whatever it takes to plan to reduce my income taxes and estate taxes" and haven't gone to an estate planner to eliminate estate taxes and probate. I promise you that it will be MUCH harder to get rich if you don't get your taxes down to the legal minimum.
Also while we are talking about taxes, we should also discuss estate taxes and probate charges. Multi-millionaires usually leave a legacy. It doesn't take huge riches to do so either. There was a teacher who was raped. She was able to set up a foundation for rape victim counseling. There was a federal worker who left an endowment to an art school for scholarships. Giving back is usually part of the of the millionaire mindset. It is always possible to do good deeds!

Enjoy these steps from Sandy

take care and God Bless
Alex W Fraser
Courtenay, BC

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