5-1-16 Mey, Jordan & Jomel  at the Aston in Waikiki

11 Secrets To Make Money With Your Mind

Read this like your life depends on it…because financially, it does.

“In late 1974, I purchased a small condominium on the fringes of Waikiki as one of my first investment properties.  The price was $56,000 for a cute two-bedroom, one-bath unit in an average building.  It was a perfect rental unit…  and I knew it would rent quickly.

I drove over to my rich dad’s office, all excited about showing him the deal.  He glanced at the documents and in less than a minute he looked up and asked: “How much money are you losing a month?”

“About $100 a month,” I said.

“Don’t be foolish,” rich dad said.  “I haven’t gone over the numbers, but I can already tell from the written documents that you’re losing much more than that.  And besides, why in the world would you knowingly invest in something that loses money?”

“Well, the unit looked nice, and I thought it was a good deal.  A little paint and the place would be as good as new,” I said.

“That doesn’t justify knowingly losing money,” smirked rich dad.

“Well, my real estate agent said not to worry about losing money every month.  He said that in a few years the price of the unit will double, and in addition, the government gives me a tax break on the money I lose.  Besides, it was such a good deal that I was afraid someone else would buy it if I didn’t.”

Rich dad stood and closed his office door.  When he did that, I knew I was about to be chewed out as well as be taught an important lesson….

…On that day, I learned more about money and investing than I had in all my previous 27 years of life.”

(pp. 97-98 of The Cashflow Quadrant by Robert Kiyosaki)

The 11 Secrets to Make Money With Your Mind

1) How to handle “You can’t do that” – when you bring up a winning investment proposal, your advisors/realtors/etc may say “You can’t do that”. What they really mean is “They can’t do that”. It does not mean that it can’t be done. Don’t listen, make it happen.

2) $1.4 Trillion Looking for a home – everyday money is circulating electronically, it is invisible because most of it is electronic. If you know how to take care of money, money will flock to you, and be thrown at you. People will beg you to take it.

3) Train your eyes to see only 5% and your mind to see 95% when you invest – “The average person is 95 percent eyes and only 5 percent mind when they invest,” said rich dad. Be sure to only take advice from people who actually know what they are doing, and know their numbers…who know how to take care of money.

4) Train your brain to see money – The ability to make money begins with financial literacy, with understanding the words and the numbers

5) Know what real risk is – understand each investment, and how much is put in, how much the costs are, the return, possible set backs and pluses, practice with small investments and work your way up. Practice, practice, practice

Bad advice is risky – most people learn about money by modeling what their parents did with money, they hear advice or see what others do, and they can’t tell the difference between good and bad advice

6) Your advisors are only as smart as you – If you are financially naive, they must by law offer you only safe and secure financial strategies. If you are an unsophisticated investor, they can only offer low risk, low yield investments. They’ll often recommend “diversification” for unsophisticated investors. Few advisors take the time to teach you. Their time is also money. So if you will take it upon yourself to become financially educated and manage your money well, then a competent adviser can inform you about investments and strategies that only a few will ever see. But first, you must do your part to get educated. Always remember, your adviser can only be as smart as you.”

7) Know the difference between an asset and a liability

8) Understand THE GAME OF MONEY – Who is indebted to whom?

Money is debt – The more people you are indebted to, the poorer you are.
Words that lure you into the losing position of the game are:

“Low down, easy monthly payments”

“Don’t worry, the government will give you a tax break for those losses”

Who owes you?

The more people who owe you, the richer you are.

9) What is your interest rate…really?

10) If you take on debt and risk, you should be paid.

11) Understand the difference between facts and opinions
Common opinions are:
“You should marry him. He’ll make a great husband.”
“Find a secure job and stay there all your life.”
“Doctors make a lot of money.”
“They have a big house. They must be rich.”
“He has big muscles. He must be healthy.”
“This is a nice car, only driven by a little old lady.”
“There is not enough money for everyone to be rich.”
“The earth is flat.”
“Humans will never fly.”
“He’s smarter than his sister.”
“Bonds are safer than stocks.”
“People who make mistakes are stupid.”
“He’ll never sell for such a low price.”
“She’ll never go out with me.”
“Investing is risky.”
“I’ll never be rich.”
“I didn’t go to college so I’ll never get ahead.”
“You should diversify your investments.”
“You shouldn’t diversify your investments.”

Do you due diligence.

Understand the investment, do the math yourself, ask all the questions, after you analyze, act.

5-1-16 Mey, Jordan & Jomel  at the Aston in Waikiki

The 7 Levels of Investors from The Cashflow Quadrant by Robert Kiyosaki

Did you know according to Robert Kiyosaki in his book The Cashflow Quadrant, 50% of the adult population is a Level 0 Investor?

Level 0 is the level where people say they have nothing to invest.

I was a Level 0 investor in my 20s.  Are you a level 0 investor?

If you aren’t a Level 0 investor, then maybe you are a Level 1 investor, which are investors who borrow for everything!  They borrow to spend, they borrow to invest, they borrow to pay their bills.

I was a Level 1 investor in my mid 30s.  Are you a level 1 investor?

I’ve actually moved past Level 2 (saver) and Level 3 (“smart investor”) up to Level 4 (Long-Term Investors) and entering Level 5 (Sophisticated Investors).

Want to find out more about your level and how you can go to higher and higher levels?

Watch this video blog and comment below on what investor level you are at and where you want to be!

5 Biggest Mistakes People Make When Investing in Real Estate

Would you like to avoid the 5 Biggest Mistakes People Make When Investing in Real Estate?

Well, pay close attention to today’s training and learn what I’ve learned from multiple millionaires who are successful real estate investors, including Tom Wheelwright from his book Tax-Free Wealth, and Robert Kiyosaki from his book Rich Dad Poor Dad.

 

5 Biggest Mistakes:

1) Thinking that buying a home to live in is an investment

-People end up using all of their savings as a down payment

-They stop saving when they realize how big their mortgage is

-end up paying money to the bank in mortgage interest

-they spend all their time improving and maintaining their house

-they don’t get experience as an investor

-Property taxes might increase at any time, causing some home owners to have to sell their homes

– Consolidating debt with home equity loans often causes increased spending, which leads to further debt

2) Not properly looking at the cash flow of an investment property

-Property Taxes

-Insurance (mortgage insurance, hazzard insurance, flood insurance, etc)

-Maintenance (plumbers, handy men, roof repair, leaks, etc)

-Management (handle rental laws, and evictions, filling vacancies, screening renters)

-Tenancy Vacancies

-Cost of down payment

-Cost of mortgage fees, points, interest

-Fixed interest mortgages vs adjustable rate

-Legal fees

-Accounting fees

-Tax prep fees

3) Buying your first rental property out of state, or out of your country

-Paying more for maintenance (not being able to check work)

-Management will be less likely to service you (as you are farther away)

-Cost to visit your property

-Lacking experience to run your own property and not gaining it as the property is out of state or out of the country

4) Not Claiming Depreciation for the building

According to Chapter 7 of Tax-Free Wealth, by Tom Wheelwright, one of the biggest mistakes people make, is that they do not claim depreciation of their real estate investment property.

Why, it’s because they are lazy, or their CPA is lazy, or they are ignorant of this important deduction.

In his example, he shows what would happen if you have an investor who buys an $800,000.00 apartment building that cash flows $12,000/yr, or $1,000/mo.

$800,000 (cost of home)
-$200,000 (cost of land)
$600,000 (cost of building and contents)
-$100,000 (cost of contents)
=$500,000 (cost of building)

$500,000
x 3.6% (depreciation for building)
=$18,000 (depreciation deduction)

Without claiming depreciation for the building, you would have to pay taxes on the $12,000 earned from the rental property.

When you claim the $18,000 in depreciation, the rental income is completely tax free, because your business claims a loss of -$6,000!

Not only that, if you structured it properly, the -$6,000 will pass through to your ordinary income tax, reducing your taxable income by $6,000!

5) Not Claiming Depreciation for the contents of your rental property

Tom Wheelwright points out that separating the contents from the value of the building alone is the proper way to file your taxes.

There must be a study conducted by either a CPA or an engineer to evaluate which parts of the investment property are considered contents, and which parts are considered the building structure.

The good thing for an investor, is that contents depreciate at a much faster rate than the building, which leads to a higher percentage used to calculate the depreciation of contents vs. the building structure.

In his example which I showed above, the contents of the building were valued at $100,000.

$100,000 (contents of the apartment building)
x 20% (depreciation for contents)
=$20,000 (depreciation deduction)

So, with the building depreciation, you can reduce not only the taxes on the rental income (you pay no taxes), you also reduce your personal taxable income even more!

$12,000 (rental income)
-$18,000 (building depreciation)
-$20,000 (contents depreciation)

Conclusion

The First 3 Wealth Files – Are You Programmed To Be Rich?

Did you know that, according to T Harv Eker in the book Secrets of the Millionaire Mind, we have wealth files in our brain?

These wealth files determine whether we are going to be rich, middle class or poor.

We can change our wealth files too if we put in the work!

This blog will focus on the first 3 Wealth Files, and the exercises you can do to reprogram your wealth files to create a rich life!

Wealth File #1

Rich people believe “I create my life.”

Poor people believe “Life happens to me.”

DECLARATION “I create the exact level of my financial success!”

Touch your head and say “I have a millionaire mind!”

1. Every time you catch yourself blaming, justifying, or complaining, slide your index finger across your neck, as a trigger to remind yourself that you are slitting your financial throat.

2. Do a “debrief.”  At the end of each day, write down one thing that went well and one thing that didn’t.  Then write the answer to the following question: “How did I create each of these situations?”  If others were involved, ask yourself, “What was my part in creating each of these situations?”

Wealth File #2

Rich people play the money game to win.

Poor people play the money game not to lose.

DECLARATION “My goal is to become a millionaire and more!”

Touch your head and say “I have a millionaire mind!”

1. Write down two financial objectives that demonstrate your intention to create abundance, not mediocrity or poverty.  Write “play to win” goals for your:

a. Annual Income

b. Net Worth

Make these goals achievable with a realistic time frame, yet at the same time remember to “shoot for the stars.”

2. Go to an upscale restaurant and order a meal at “market price” without asking how much it costs. (If funds are tight, sharing is acceptable.)

P.S. No chicken!

Wealth File #3

Rich people are committed to being rich.

Poor people want to be rich.

DECLARATION “I commit to being rich.”

Touch your head and say “I have a millionaire mind!”

1. Write a short paragraph on exactly why creating wealth is important to you.  Be specific.

2. Meet with a friend or family member who is willing to support you.  Tell that person you want to evoke the power of communication for the purpose of creating greater success.  Put your hand on your heart, look that person in the eye, and repeat the following statement: “I, _________[your name], do hereby commit to becoming a millionaire or more by _________[date].”

Tell your partner “I believe in you.”

Then you say, “Thank you.”

Conclusion

Follow the exercises, and see your wealth files change to be set for wealth!

Please put your experiences and your answers to the exercises in the comments below!

The Working Parent’s Guide to Financial Freedom

Are you a working parent who wants to become financially free?

I have created The Working Parent’s Guide to Financial Freedom, which is designed specifically to help extremely busy working parents…

Benefits of Financial Freedom for Parents

In the past, many couples had the wife stay home and take care of the kids. That’s what my Mom did anyway…

In this day and age, most parents both work to bring home enough money to support their family.

In addition, we also have a lot of single moms and single dads who have to find a way to make the money and raise a family all at the same time!

Financial freedom means that money comes into your life without you having to spend time to work…this happens through multiple streams of income depending on how you invest your Financial Freedom money…

Becoming financially free is very beneficial to parents!

The parent or parents who want to spend more time with their children can now choose to stay home and raise the kids.

You can do home schooling…

travel with your whole family…

spend quality time together out in nature…

This doesn’t mean you don’t work anymore, as you may have a career that you do enjoy…

However, if you choose, you can be at home to take care of a sick child, and you can rotate with your wife or husband, allowing you both to follow your passions or career and still be there for your kids…

How Parents Can Become Financially Free

There is a strategy taught by pretty much all books written on financial success and planning that will lead to financial freedom…

These books often do not address the specific needs of working parents, and that’s why I create the Working Parent’s Guide to Financial Freedom…

This book addresses the following obstacles faced by working parents:

1) How to set up an AUTOMATED savings and investing strategy

2) How to schedule Investing Research into a very tight working and parenting schedule

3) Where to allocate your money for maximum passive income, while working and being with your kids

Claim Your Free Copy

As a free gift for signing up for the Yes Financially Free newsletter, I will be sending you a free copy of this Working Parent’s Guide to Financial Freedom…

The weekly newsletter will give you information on money management, investing, saving and other advanced financial freedom techniques…

To sign up, just fill in your name and your best e-mail address in the form below, and it will be sent to you instantly.

You can start creating wealth and financial freedom for yourself and your family as soon as you put the steps in the guide use…

So act now, enter your name and e-mail, and get your free copy of The Working Parent’s Guide to Financial Freedom!

What Does Loving Our Family Have To Do With Money

…Mey here on Saturday evening, just put my son to bed and we have a little heating pad to keep him warm, blogging about What Does Loving Our Family Have To Do With Money

…this post was actually originally written by me on http://www.candoitblog.com/what-does-loving-our-family-have-to-do-with-money/

…I’ve edited it to make it more timely…

I have an important question and perhaps one of the most important questions that I have ever asked…

What does loving our family have to do with money?

…what does seeing my son sleep and breathe easily while sleeping on his heating pad him have to do with our income?

…EVERYTHING…

…Huh?…

….What do you mean EVERYTHING?…

…healthy sleeping 2 year old and money?

…I’m telling you that for our family it means EVERYTHING…

…and for anyone else who highly values their family, it means EVERYTHING…

…I can only speak for my family, so read this and see if it makes sense for you…

…this is Mey writing on behalf of the family and I will say that Jomel and I recently went through a process that revealed to us that our highest value is family…

…we will spend time and money and thoughts and any other resources that we have to be with our family…

…that is how we get value in our lives…

…if you are like us, and highly value family, then you will relate to what I am saying…

…money is important to us because it helps us have more time with our family…

…money helps us pay for healthy food, school, toys, books, medicine and doctor visits…

…money helped us pay for the heating pad that our son is sleeping on as I write this post…

…and today I’m writing to let you know that you can become financially free if you have a family…

…in fact, if you tap into that love for your family…

…if you then extend your family out past your immediate family, and into the entire world, you will find the power that you need and you will realize the importance of you having the financial strength to care about those who you love…

…and it’s going to be a way that still gives you the time you want with your family, that still gives you the energy to play with your kids, and it’s going to be a way that still lets you have romantic time with your spouse…

…understanding what we value the most frees us and give us strength, courage and vision…

…stay with me, on this blog, and you will find your way…

…blessings to you and your family on this beautiful windy night…

P.S. Please leave me a note on what you highly value in your life!

…and if you like reading this blog, know that I like writing it…

…I want you to tap into your inner power and be free…

…and I help you and many others by blogging…

…if you have a talent, a love, or something of value you want to share with others…

…I highly suggest blogging about it…

…it will get your value out to the world, and help you make money at the same time…

CLICK HERE, watch the free video, and get started =)

Discovering Your Destiny and Getting Paid For It

…Mey here on a Wednesday night blogging while my son is watching Curious George (that monkey is so cute!) on Amazon Prime) about Discovering Your Destiny and Getting Paid For It…

…wouldn’t it be wonderful to work and feel like we are on vacation because we love what we do so much?

…if you don’t feel that way about what you do during your day, then you have to read on and find the 4 crucial steps that will change your life forever…

…this post is inspired by the book The Values Factor: The Secret to Creating an Inspired and Fulfilling Life which talks about the 4 steps below…

Step 1 Write Down Everything You Love To Do

…take some time and write down what you love to do, all day long, and are more energized after doing it…

…don’t worry about how you will make money doing it…

…just write down everything you love to do!

Step 2 Write Down How You Could Make Money Doing What You Love

…now take what you wrote down and think of ways that you could get paid doing what you love…

…if you like playing with children, then maybe you can run a daycare…

…or if you like to watch football games…

…then maybe you can start a fantasy football league…

…or a blog about football…

…brainstorm whatever you can think of…

Step 3 Envision Yourself Doing What You Love

…you may love doing something but not all day…

…maybe you only like playing with your kids after work…

…and wouldn’t want to be with them all day…

…so envision the five top ideas that you have…

…and see if you really would like to do that all day…

Step 4 Decide The 7 Highest Priority Next Steps To Start Your New Career

…once you find the most inspiring task…

…then write down the 7 highest priority next steps to make your dream job come true…

…if you aren’t inspired next…

…then do the 4 steps again!

 

I love blogging about personal growth and financial freedom…

…I actually did this exercise with a friend and coach who is a millionaire real estate investor…

…I found out that I love to talk to my friends about personal growth, reading and writing…

…and so we brainstormed with a group of friends and came up with the idea of blogging…

…and that’s when I started this blogging business…

…if you have similar interests, then CLICK HERE, watch the free video and start blogging today!

How Do You Prepare Your Kids For Financial Freedom

 

…Mey here blogging on a beautiful and breezy Sunday evening, daddy’s got Benji playing on the Ipad with Jordan, giving me a little time to do my daily blog on the important topic How Do You Prepare Your Kids For Financial Freedom

…the main skills you need is to save money and to invest it wisely, and also to control expenses…

…so how do we teach this to our children?

…as a couple, we have set up a HUTMA (trust account for minors) for our 2 year old son Jordan, and already invested most of it in a 1 year 3% bond…

…we hope to teach our son responsible use of his money be giving him an allowance and having him learn to save and spend wisely…

…and we are keeping his money in a HUTMA for him to manage when he is 18 years old…

…we hope to have him start making management decisions earlier than at 18…

…we believe that giving our kids the freedom to learn is the only way that they will learn…

…I’ve seen some parents that pay for everything their kids want, let them use a debit card and when they go overdrawn, just give them more money…

…these parents often wonder how they are going to teach their children successful money management…

…I wonder why they don’t just let their kids get a part time job and handle their own account!

…and if they run out of money, they run out of money, no need to give them anymore!

…that’s just my opinion though…

…what’s yours?

…how do you teach children to be financially free?

 

P.S. I blog about Financial Freedom because I love it…

…I love it so much that I blog about it 6 days a week…

…and it only takes me an hour and a half a day, and also helps me make money on the side too…

…you may be surprised at how much money you can make blogging about what you love…

CLICK HERE , watch the free video, and get started!

7 Key Steps For Married Couples to Become Financially Free Together

…Mey here on a dark Saturday evening after a nice day with my family blogging about the 7 Key Steps For Married Couples to Become Financially Free Together

…a lot of people will joke around about marriage, in that the wife spends all the money the husband makes and so on…

…yet, married couples are more likely to become free because they are a team, a mastermind…

…two heads are better than one…

…so, go ahead and read on and make sure you follow to 7 key steps for married couples to become financially free together

 

Key #1 Saying I Do want to Be Financially Free

…the first key is to actually decide as a couple that you want to be financially free…

...say I DO to financial freedom and that you want it together…

…many couples never do this, never make this pact, and yet, it is Key #1…

Key #2 Divide and Conquer Your Money and Accounts

…some couples throw all their money into one joint account and even though this may seem simple, it actually makes it really hard to manage where you want your money to go…

…there are a lot of different ways to manage your money and we use the Jar System from T Harv Eker

…in this system, you have a financial freedom account already established so you can just follow the system and make it happen…

Key #3 Give Your Spouse Freedom To Spend

…it’s important that both spouses have some freedom to spend on whatever they want…

…this can be accomplished by having each spouse have their own personal spending account…

…if one spouse works as a housewife or househusband, then give that spouse an allowance so that they have their own money…

…most housewives and househusbands are estimated to give about $100,000/year in services (if you were to pay someone else to do all that they do, that’s roughly the figure)…

CLICK HERE for a post I wrote on how Moms Can Become Financially Free

Key #4 Communicate About Your Financial Goals

…when you want to buy something, or go on a trip, or whatever it is…

…if it isn’t coming out of your personal money, and it is going to be a joint expense, communicate with your spouse about it…

Key #5 Respect Your Spouse’s Decisions

…if you want to spend the money in the joint account on a trip to France, and your spouse wants to trade in your car instead, then respect each other and know that you are not going to spend the money until you are in agreement…

Key #6 Enjoy Your Money Together

…the joint accounts are for your marriage, your love for each other, to be spent and a couple…

…make the process fun and happy…

…enjoy your money, and the process of making financial decisions together…

…enjoy the negotiation, and love your money…

Key #7 Monthly Check In Together

…every month see how you are doing…

…did you save like you planned…

…are your investments making passive income…

…are your expenses going down or at least staying the same…

…plot your progress until your passive income finally exceeds your expenses and you both are free!

Conclusion

…getting married is a blessing and if you manage your money properly, you will become financially free together!

…I hope you enjoyed this post…

…tell me what you think in the comments below!

…as you can tell I love my husband and I love sharing knowledge on Financial Freedom…

…do you have something that you are passionate about?

…ever consider blogging about it?

…you might be surprised on how much you can make doing it!

CLICK HERE, watch the free video and make your decision to get started =)