Posts Tagged entrepreneur

The Key To Wealth Is Mindset

What if it were true, that you and I could literally think ourselves to wealth beyond our imagination, what then? With the ever changing face of the economy and the global marketplace, with access to the world at the click of an internet connection, the opportunities out there are all around us and many people are beginning to wonder to themselves- in rush hour traffic working ever longer hours for a boss that just doesn\’t seem to care – if this is all there is? They wonder if there might be a better way, and they are right!

Home based businesses, internet based opportunities abound and fill everyone\’s head with the wonders of wealth, time freedom, traveling the world and hardly working at all. All you really have to do is google home business to see how many millions, or perhaps it\’s billions of opportunities all over the world. So, with all of that to choose from, where does one go and how do they know they can succeed? Even more astounding is the fact that you don\’t have to be on the internet at all to be bombarded with the promise of possibility and being your own boss, all you have to do is open the classifieds on a Sunday and you will find plenty to ponder. Internet opportunity after home business opportunity after make money now, after earn fast cash, best legitimate business etc., fills the column and still the question remains what is the best choice, what will guarantee your success?

The simple answer, although not easy, is… You will! You will be the difference between your success and failure, the amount of cash flow and success you enjoy or the struggle you go through. You will be the cause of your wealth and good fortune, or the poverty and disappointment that any one of these business could bring to you.

Assuming first and foremost that we are talking about a legitimate business, that means no get rich quick schemes, pyramids or stuffing envelopes, what makes the difference between your success and failure is your mindset. If you are used to struggle, than your mindset is set on struggle. What this means is that you could find the most wonderful and amazing opportunity that is paying hundreds of thousands of dollars to people all around you in the business, but you will be struggling. No kidding. If you mindset is set to hard work, long hours and sacrifice, than that will be your experience, even when you see others enjoying themselves and being successful, you will have your gage set for long hours, hard work and sacrifice.
If you\’re terrified you are going to fail, you will. Same goes for getting ripped off and losing money, if that is your focus, you will attract it and than you may never take another chance because your mindset is set on losing.

Likewise. If you set your mind to success, it will happen. If you expect to generate hundreds of thousands of dollars, effortlessly and easily, if you expect to enjoy time freedom and wealth, if you expect to knock the cover off the ball and that is the mindset and vision you hold for yourself and your business, you will enjoy wealth, time freedom, and success effortlessly and easily. Keep in mind that I\’m not saying this whole mindset thing is easy, it\’s not, it\’s often about reprogramming years and years of negative and lack thinking, not to mention dealing with those closest to you who are not looking to make any type of change and won\’t be all that supportive of your changing anything either.

So a prosperous unstoppable mindset combined with a real business will get you where you want to be given some time and commitment. The truth to mindset is time and commitment because if you could just snap your fingers and make everything change in your life for the better don\’t you think we all would have done that by know? So it does take time and it takes a real commitment to yourself and the future you dream of having. By the way, the first step to achieving anything is to dream. The second is to take action and while you may have no idea exactly how you are going to get things done, when you set yourself up to succeed, the rest will find a way. Making up your mind is the most important part of your life as it will determine, quite literally the life you live day to day.

I hope you get the point of this article and the overall idea of what I\’m writing about. You are the one in charge of your life, like it or not, and the best part… If you don\’t like it, you can change it.

Pitfalls to mindset reset. Not taking it seriously, following through and practising your new ways of thinking. Listening to others who fail to support you new choices. Looking at your circumstances and deciding they are the truth.

Upside of mindset reset is that given a short amount of time – but time none the less – you will begin to see the results of your diligence. Life will begin to show up the way you have always wanted and you will begin to actually fully realize how amazing and powerful you are. Once you get this, you will become anything you want, because all you have to do is set your mind to it.

Deborah Bishop-Shotland
The Success Angle / Life

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Real Estate-The Quickest, Easiest Path To Entrepreneurial Success

In my experience, people become entrepreneurs for several reasons, including:

? To achieve financial freedom

? Build a business to leave to family

? The ego satisfaction of building a successful business

Yet, most overlook what is arguably one of the fastest, most proven, most profitable businesses there are, real estate investing.

Over the years, more people became millionaires by investing in real estate than any other business.

Guess it is too close to home for many, like the ?Acres of Diamonds? story.

One of the big reasons real estate investing doesn?t get considered, is that many people believe it takes a lot of money to get started.

Another group of people have heard of the difficulties in managing rental properties and don?t want any part of them.

Yet another group disdains real estate investments because they are supposed to be illiquid.

These issues, though real, are not insurmountable, but are not the subject of this article.

Here, we are here examining the tremendous wealth building capacity of real estate investing for the budding entrepreneur.

First, let?s make sure we are talking about the same thing. There are many ways of making money in real estate, but not all of them are classified as real estate investment.

If you buy undervalued properties and sell them for more; or buy properties, fix them up and resell them, these are active businesses and not investments.

A real estate investor acquires properties as is or fixes them up and holds them for income for the long term.

Let see what makes this such a great way to achieve financial independence.

Leverage

Whatever amount of money you are starting with can be magnified, or leveraged with bank financing by a factor of ten to one, or even infinitely!

Your $25, 000 cash investment can purchase a quarter of a million dollar asset.

Your $100,000 investment will give you ownership of a $1 Million dollar asset, right out of the box!

Few industries enjoy such trust from the banking establishment. Ever try to get a loan from a bank to start a restaurant?

These days, if you have good credit, you can get started with Zero Down, just as they say on late night TV.

As a matter of fact, I am currently in the process of buying a $260,000 3 family investment property in Philadelphia with 103% financing!

High returns

Real estate builds wealth in many ways.

? Positive cash flow, monthly passive income exceeding expenses

? Your tenants pay off your mortgage, thereby increasing your equity in the property every month!

? Appreciation, or increase in value of the property over time

? Tax shelter-the depreciation deduction can cut your tax bill, increasing your net income

Let?s look at appreciation a little closer. If the property you bought for $100,000 with 10% down appreciates 5% to $105,000 in the next year, (the historical appreciation rate in the US), this represents a 50% return on your $10,000 down payment! Not your average stock market return. But wait, there is more!

Say you collected $300 per month positive cash flow during the year, or $3,600 and paid off $800 of your mortgage. That is $4,400 more or another 44% return on your cash.

Tax benefits

You are able to write off not only your mortgage interest expense, your real estate and insurance costs but you can write off depreciation as well.

The government allows you to write off depreciation, a certain percentage of the building?s value against its income each year. This expense can partially shelter your cash flow. Or even be used to reduce the income from your other sources of income, like your job.

In the above example of the $100,000 house, your depreciation allowance would come to about $3,000 per year, which, if written off against your salary, would yield another $1,000 in cash if you are in the 33% tax bracket.

The total return on your $10,000 investment would therefore be:

Appreciation $5,000

Equity build up $ 800

Cash flow $3,600

Depreciation $1,000

Total return $10,400

That is a 104% return!

As an investor, you can shelter 100% of the gain from taxes when you sell your property, allowing you to invest all the gain into the next property!

Summary

As far as the potential drawbacks mentioned above, management and illiquidity, they can be handled. There are management companies to handle property management and illiquidity can be managed like any other financial variable.

Don?t step over the real estate ?Diamonds? at your feet in pursuit of entrepreneurial success. The low start up costs, the ?bank-ability? of real estate and its high, tax favored returns to most other businesses can catapult you to unbelievable heights in a few years.

I was able to retire from my National Sales Manager job in computers in only 5 years after my first real estate investment!

Copyright 2006 Bill Young. Bill is a former bank loan officer. He is a real estate investment and personal wealth building consultant. You can read more of his investment and wealth building articles at: http://EzineArticles.com/?expert=Bill_Young He is available to consult 1 on 1 or to your group. He can be reached at 877-291-3642

Writen By : Bill Young

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