The Power of the Mind
Pay attention to the internal conversations that you have with yourself. These internal conversations will drive your decisions and therefore your actions. Decisions are made in the subconscious mind and then transferred to the right or left side of your brain. If your internal conversations are counter-productive then take steps to begin changing those converstaions. Control the "fear" conversations in your internal thought process and make sure to never base your investing or business decions on fear but rather on facts. It is from our thoughts that we can create our destiny. Consider this: Thoughts become emotions, emotions become belief, belief turns into words, words become actions, actions determine character, and character produces your destiny. You can create your desired destiny!
If you have a hill to climb.... Start climbing!!
Wealth is measured in time, not money. You should have your money working for you so you don't have to spend all your time working for it.
Two Types of Debt
There is good debt and bad debt. Good debt will always produce cash flow. If you borrow money to buy rental property and that rental property puts $300 in your pocket every month, that is good debt. If you borrow money to buy that Mercedes you just HAD to have and the fuel bill and insurance costs you $500 every month, that is bad debt. Enough good debt could make you wealthy and enough bad debt could put you in the poor house. The key is to manage the cash flow.
Assets and Liabilities
If it puts money in your pocket or bank account, consider it an asset. If it takes money our of your pocket or bank account, consider it a liability. Make it your goal to acquire assets which will produce positive cash flow month after month. This will eventually lead to wealth when your assets produce enough cash flow that your living expenses are paid for. This is true financial freedom.
Find something that is broken, within your passion, and fix it or improve it. Ford improved the way to build a car, Gates figured out a way to make computers operate better.
Experience is what you get right after you don't have it.
Good capitalism requires political freedom, economic freedom, and moral restraint.
We should serve our customers well, not milk them like cows
Words to Live by
Never give up!!
Adversity will reveal our commitment but best of all it strengthens us as we persevere through any given circumstance. Dave Ramsey, financial guru, once said, "Success is a pile of failure that you are standing on".
The Definition of Diversification
What is true diversification when it comes to investing? In our opinion, true diversification is NOT buying mutual funds or simply handing over your money to an employer sponsored financial advisor. Most people give their hard earned money to a financial advisor they have never met. The 401K investment is a perfect example. We give money to people we don't know. For us, true diversification is investing in these four investment categories: real estate, commodities, businesses, and paper assets. A critical component of success with this type of investment philosophy is financial and investing knowledge. We must take steps to educate ourselves so that we can be actively and intelligently involved with our investment advisors.