Monday, May 19, 2008
LIfe is what you want it to be
Everything happens for a reason, and I believe this to be 100% true. If you never go through bad times , then how can you enjoy the fruits of success. If you are going through hard times, consider it to be a blessing, because it is just preparing you for success. It is a prerequisite to experience bad times to be successful !
Wednesday, April 30, 2008
Partnerships and Company Structure
Another critical learning experience that I've had is the realization that all businesses for profit need to be organized and structured properly. A common problem with partnerships is the fact that duties always overlap and efficiency is not maximized by the owners. When there are not actual job titles and duties, people are not accountable for anything. A proper chain of command is very necessary to conduct proper business on a day to day basis. If you run your business like a multi million dollar operation , you can expect the same results as a multi million dollar operation. A proper chain of command will look something like this...
1. Board of Directors- The owners or investors of a company (in big corps. these people are chosen to speak for the shareholders) that give direction to the officers.
2. CEO - Chief Executive Officer - The person that will make final decisions about the company and reports to the Board of Directors.
3. CFO , COO, CIO - Chief Financial Officer, Chief Operations Officer, and Chief Information Officer - They all control thier respective divisions of the company and report to the CEO.
4. Division Managers or Employees - Report to the Chief Officers of every division and directly control Operations and employees.
This looks like something that Microsoft, Coca-Cola , or General Motors might have , but not something for the everyday business... wrong... This structure must take place in every business to experience success. The difference in smaller companies is that the same person may need to wear several different hats. In partnerships, the problem that I've experienced is that every partner is the board and the CEO, CFO, COO, and CIO. Each partner has an equal say and equal responsibility for different divisions. A better way of running the business would be to have a CEO (preferably a third party) running the business and all the partners would be the board of directors. Even if the CEO was not a third party, it could still be one of the partners, the point being that there NEEDS to be one person in control and one person giving orders. It wouldn't even take more work for the CEO, it would just be that one person that would give out the orders and report to the other partners or board of directors. The benefit of having one Ceo instead of several is that authority is never undermined, orders to staff can never be miscontrued, accountability and responsibility can never be deferred, and more order will be brought to the business. This was probably one of my top 3 learning experiences to date and has been very costly for my business.
1. Board of Directors- The owners or investors of a company (in big corps. these people are chosen to speak for the shareholders) that give direction to the officers.
2. CEO - Chief Executive Officer - The person that will make final decisions about the company and reports to the Board of Directors.
3. CFO , COO, CIO - Chief Financial Officer, Chief Operations Officer, and Chief Information Officer - They all control thier respective divisions of the company and report to the CEO.
4. Division Managers or Employees - Report to the Chief Officers of every division and directly control Operations and employees.
This looks like something that Microsoft, Coca-Cola , or General Motors might have , but not something for the everyday business... wrong... This structure must take place in every business to experience success. The difference in smaller companies is that the same person may need to wear several different hats. In partnerships, the problem that I've experienced is that every partner is the board and the CEO, CFO, COO, and CIO. Each partner has an equal say and equal responsibility for different divisions. A better way of running the business would be to have a CEO (preferably a third party) running the business and all the partners would be the board of directors. Even if the CEO was not a third party, it could still be one of the partners, the point being that there NEEDS to be one person in control and one person giving orders. It wouldn't even take more work for the CEO, it would just be that one person that would give out the orders and report to the other partners or board of directors. The benefit of having one Ceo instead of several is that authority is never undermined, orders to staff can never be miscontrued, accountability and responsibility can never be deferred, and more order will be brought to the business. This was probably one of my top 3 learning experiences to date and has been very costly for my business.
Thursday, April 24, 2008
Always underpromise and over deliver!
One of the most valuable lessons I've learned in the nightclub industry is that 99% of the people I meet and do business with always overpromise and under deliver. An example would be an event promoter telling me they have an event that will bring 300 people and a ton of money, and it sounds so great and believable that I buy into it. This scenario happens all too often and when it comes down to it , there is usually 100 people and a not so great event. People will often go so far as to lie, misrepresent themselves, and even slander someone else to improve their own position. I can honestly say that the staff and partnerships that I have today are still there because of the simple fact that they don't participate in this low level behavior. I have also learned that I am always impressed with those that can deliver without lying or giving a sales pitch. Having been in the nightclub industry for almost 2 years now, I have met more than enough of these characters. Now when I meet people, I usually don't even listen because I have heard the same song and dance over and over before. My rule of thumb when someone is giving their sales pitch is to take what they say and divide it by two.
Thursday, April 17, 2008
A Residential Real Estate Mogul !
A few years ago my life was changed by a man who taught me about buying and selling residential real estate. He is an investor and owner of a real estate education company called ICG (International Capital Group). There are many lessons to be learned from this man about real estate, so check out his site for more info (ICG), but I will comment on the main lessons that I have learned from him.
1. The main lesson that I learned was that in residential real estate you get the absolute best loans. You can put 10% down for a house and finance the other 90% on a 30 year fixed mortgage at a low rate. His teachings highlight this fact because of inflation alone, over 30 years , you will make money on your home. This is why most families have the most amount of equity in their homes. For example, your $1,000 monthly payment will still be $1,000 a month , 30 years from now. However, if you are renting this property out for $1,000 a month, in 30 years, that same house could be renting for $5,000 per month. For more info on this concept , click here!
2. The second reason residential real estate is great is because of the tax breaks. The government actually lets you depreciate your rental property because it is property. This means that even if your property increases in value (which most properties do) you still get to write off up to $25,000 in tax depreciation expense. This means if you made $25,000 of income at your job and your property has a depreciation of $25,000 , you actually owe zero taxes. *Of course see your accountant for professional advice as I am not a professional.
3. The third reason residential real estate is great is because you have the biggest market of buyers, sellers, and renters. When entering or exiting a real estate market, you will always have a market to buy or sell from. Every American family either wants to buy or rent a home , and I don't see this trend changing in the near future. Also, almost always, the price of the property will rise over time, because of the population growth and families wanting to buy homes in good areas (He stresses to buy in good areas with good schools).
I have witnessed this man who was a millionaire when I met him in 1998 , turn in to a multi-multi millionaire! I can estimate that he owns more than 500 homes in the US and has diversified into commercial projects as well. If you get a chance you should read his book because he breaks real estate down to a level where anyone can understand it. He started with almost nothing, and turned a few rental properties into $100 plus million of real estate. His current idea about real estate is to buy in the midwest and south because of the baby boom population retiring and moving to warmer climates. He projected that property in the bay area would stay the same but that property in surrounding areas would decrease, and he was right. He also predicted the real estate boom that happend in Las Vegas and Arizona from 2000-2005, and made millions off of buying and selling homes in those areas.
1. The main lesson that I learned was that in residential real estate you get the absolute best loans. You can put 10% down for a house and finance the other 90% on a 30 year fixed mortgage at a low rate. His teachings highlight this fact because of inflation alone, over 30 years , you will make money on your home. This is why most families have the most amount of equity in their homes. For example, your $1,000 monthly payment will still be $1,000 a month , 30 years from now. However, if you are renting this property out for $1,000 a month, in 30 years, that same house could be renting for $5,000 per month. For more info on this concept , click here!
2. The second reason residential real estate is great is because of the tax breaks. The government actually lets you depreciate your rental property because it is property. This means that even if your property increases in value (which most properties do) you still get to write off up to $25,000 in tax depreciation expense. This means if you made $25,000 of income at your job and your property has a depreciation of $25,000 , you actually owe zero taxes. *Of course see your accountant for professional advice as I am not a professional.
3. The third reason residential real estate is great is because you have the biggest market of buyers, sellers, and renters. When entering or exiting a real estate market, you will always have a market to buy or sell from. Every American family either wants to buy or rent a home , and I don't see this trend changing in the near future. Also, almost always, the price of the property will rise over time, because of the population growth and families wanting to buy homes in good areas (He stresses to buy in good areas with good schools).
I have witnessed this man who was a millionaire when I met him in 1998 , turn in to a multi-multi millionaire! I can estimate that he owns more than 500 homes in the US and has diversified into commercial projects as well. If you get a chance you should read his book because he breaks real estate down to a level where anyone can understand it. He started with almost nothing, and turned a few rental properties into $100 plus million of real estate. His current idea about real estate is to buy in the midwest and south because of the baby boom population retiring and moving to warmer climates. He projected that property in the bay area would stay the same but that property in surrounding areas would decrease, and he was right. He also predicted the real estate boom that happend in Las Vegas and Arizona from 2000-2005, and made millions off of buying and selling homes in those areas.
Monday, April 14, 2008
Life is Precious ... don't take it for granted
Two weeks ago there were two double homicides in San Francisco right around 2am. Unfortunately, I didn't know the victims, but people that are close to me did know them. One of the murders happend at a pizza parlor in a good neighborhood in SF. The victim was a friend of one of my employees and had actually came to my place of business two weeks before. The man had 3 kids and was just getting pizza after taking his co-workers out for a drink when the assailants started an argument with him over who was buying a pizza. The assailants friend came in to the parlor and shot the victim and his co worker killing both of them. To read more, click here... To donate money to his family, click here...
On the other side of the city, my friends' brothers friend was sitting in a car with two other men when a random shooter drove up and shot two of the men in the car, killing them both. The police think it was some sort of gang initiation and that the victims were totally innocent. Again, one of the victims had visisted my place of business not but a month before. click here for more info.
These incidents have definitely touched me since I know people connected to each victim. The world we live in today is very crazy and unpredictable. Both of these victims were not in gangs or into drugs, they were normal people. It also shows just how precious life is and that we should try to live life to the fullest at every moment because we never know how many moments are promised to us.
On the other side of the city, my friends' brothers friend was sitting in a car with two other men when a random shooter drove up and shot two of the men in the car, killing them both. The police think it was some sort of gang initiation and that the victims were totally innocent. Again, one of the victims had visisted my place of business not but a month before. click here for more info.
These incidents have definitely touched me since I know people connected to each victim. The world we live in today is very crazy and unpredictable. Both of these victims were not in gangs or into drugs, they were normal people. It also shows just how precious life is and that we should try to live life to the fullest at every moment because we never know how many moments are promised to us.
Friday, April 11, 2008
Nobody Cares !!!!
One of the biggest lessons I have learned in the last 3 years is that nobody cares about your well being, only you can helf yourself! Its hard to tell who is your friend and who is your acquaintance because when you are doing good , dozens of people surround you. Its when you are not doing so good, when you learn who your friends are. I have had so many personal and business experiences to date that I feel that I am a master at differentiating the two. Once you realize this important lesson, you won't waste time with random people that don't mean much to you. You will begin to focus on improving your important relationships with your true friends and family. After learning this lesson, it opened up the world for opportunity because I realized that nobody cares. Nobody cares if you fail, nobody cares if you make a million dollars, nobody cares if you go bankrupt! Nobody cares, except the people that are your true friends and family. In times of need for me, certain people have came to the forefront to offer their helping hand , whether it was money or services or just support. Just remember that in the end it is you and your close circle only that will feel the effects of your decisions. Don't drop your life savings into some record company that sounds good and is exciting but that you know nothing about. In the end, when you lose your money , nobody will care. This cannot go without saying that if you do your research, have a strong plan, be willing to take risks. When you make a million dollars, no one will care, so it's okay!
Monday, April 7, 2008
simplicity
Since my blog explores the specific aspects of success and business, I felt the need to stress that attaining success is very simple (not easy). The Secret to Success is the law of attraction. Just like the law of gravity; what goes up must come down, the law of attraction is what you think about, you attract. This can be demonstrated simply by thinking about your life today. You are exactly where you expected to be 1 , 2, or even 3 years ago. Given, once in awhile , there can be an anomoly like winning the lotto, but for the most part you are a sum total of your thoughts! Five years ago in 2003 , I was just graduating college , owned pretty much nothing, but had a lot of motivation and positive thinking. I knew exactly what I wanted to do... own real estate and own businesses. My mind back then was constantly filled with thoughts of owning a business and owning several homes or apartment buildings. Today, I do own 2 businesses , and several homes , but it's nothing crazy for me because it's what I expect. The trick now is trying to expand my thoughts to expect bigger things. Can you think on a $1million level, or how about $10 million, or $1 billion? For me, my mind can think on a $1million level. I can smell it , taste it, and imagine exactly what it is to have $1million. Now if I changed that figure to $100 million, my mind can't think on that level yet.
Thursday, April 3, 2008
Buying a Business
Buying a business is a lot like buying real estate. This post will take you through the steps of buying a business and all the options you have as the buyer. In previous posts I explained the difference between a owner absentee business and an owner operated business and which business I prefer. When looking at different businesses you should take a lot of things into consideration:
1. The type of lease in place (how many years, what rate per sq ft.)
- Can it be assgined , sublease options?
2. The location value ( where is it located - good neighborhood, good visibility? )
3. The Value of the business - net income, cashflow, balance sheet, and assets.
4. The assets - certain employees, machinery, inventory, improvements, intangibles (ie .website, emails, licenses, etc).
When considering the price of the business , the main things to look at are the lease, the net income, and how the business is run (absenteee or operated). When you make an offer or deliver your letter of intent, you should never offer the price that you want to pay, always offer less. In the negotiating process you may be able to get certain things out of the seller like a credits, or even a seller carryback loan. The best case for you as the buyer will be for you to buy a $100,000 business with $20,000 or less, and have the seller give you a carryback loan for the other $80,000. The terms of the $80k will have to be negoatiated properly, but you have a lot of power as the buyer, knowing that the seller wants to sell their business. There are no rules to buying businesses so pretty much anything goes if you and the seller can come to an agreement. What I have given you is an outline of how most business transactions work. My ultimate business purchase would be an owner absentee business , with $10,000 or 10% down, a 90% carry back loan at 5% over 10 years, with a net income of $50,000 / year. You might say , this would never happen, but I can tell you it happens everyday! Stay tuned for some actual stories of business owners.
1. The type of lease in place (how many years, what rate per sq ft.)
- Can it be assgined , sublease options?
2. The location value ( where is it located - good neighborhood, good visibility? )
3. The Value of the business - net income, cashflow, balance sheet, and assets.
4. The assets - certain employees, machinery, inventory, improvements, intangibles (ie .website, emails, licenses, etc).
When considering the price of the business , the main things to look at are the lease, the net income, and how the business is run (absenteee or operated). When you make an offer or deliver your letter of intent, you should never offer the price that you want to pay, always offer less. In the negotiating process you may be able to get certain things out of the seller like a credits, or even a seller carryback loan. The best case for you as the buyer will be for you to buy a $100,000 business with $20,000 or less, and have the seller give you a carryback loan for the other $80,000. The terms of the $80k will have to be negoatiated properly, but you have a lot of power as the buyer, knowing that the seller wants to sell their business. There are no rules to buying businesses so pretty much anything goes if you and the seller can come to an agreement. What I have given you is an outline of how most business transactions work. My ultimate business purchase would be an owner absentee business , with $10,000 or 10% down, a 90% carry back loan at 5% over 10 years, with a net income of $50,000 / year. You might say , this would never happen, but I can tell you it happens everyday! Stay tuned for some actual stories of business owners.
Tuesday, April 1, 2008
March blog income report
My blog has been alive for almost two months now and has grown a tremendous amount . I know some people are waiting to see how much my blog has earned and if there is any improvement from February's $0.69 earnings. Well, here it is copied directly from my google adsense account, if I could copy the actual page I would.
AdSense for Content
Page impressions 461
Clicks 7
Page CTR 1.52%
Page eCPM [?] $11.16
Earnings $5.14
AdSense for Search
queries 9
clicks 3
page CTR 33.33%
page ecpm $86.70
earnings $0.78
Total Earnings (in March)
$5.92
AdSense for Content
Page impressions 461
Clicks 7
Page CTR 1.52%
Page eCPM [?] $11.16
Earnings $5.14
AdSense for Search
queries 9
clicks 3
page CTR 33.33%
page ecpm $86.70
earnings $0.78
Total Earnings (in March)
$5.92
Friday, March 28, 2008
Why are blog posts the best information?
Because blogs are not trying to sell you anything! Blogs are created to get views and people visiting the site therefore increasing traffic, and 3rd party ad revenue. My blog will continue to give REAL information without diluting or distorting the content. I realized this a few days ago when talking to a real estate agent, and he was trying to get me to sign a contract with him to sell my home after he gave me some information on the housing market in that area. This is the problem and the opportunity for the web industry. It seems like nowadays everyone will tell me some good information only if I buy something or sign up for something. Blogs like www.johnchow.com and www.zacjohnson.com, are outlets for real people to get real information. Of course there is money being made, but in this case the money is being made off of third party advertisers. Stay up to date with my blog I have some really good posts coming up!
Sincerly,
Mitch Matsuno
Sincerly,
Mitch Matsuno
Wednesday, March 26, 2008
single family homes (cont from last post)
Single family homes are by far the best investment for the intermediate investor because it has the biggest market of buyers, they is always a demand, and it offers the best loan structures. Since single family homes are known to be the safest investments in real estate, banks allow you to have the best interest rates and the lowest down payments. For obvious reasons, it is always best to put the least amount down for a property as possible. Single family homes , or SFH, also offer the biggest market to sell to when you go to sell. Every American family wants and looks for a nice 3 or 4 bedroom home, in a good neighborhood, and with good schools. There will never be a trend that sways this trend. SFH also provide you with the biggest market to low interest loans and low down payment structures. SFH can include condos, but the buyers market, especially in a down market like the one we are experiencing right now, will be significantly smaller. One of the properties I bought in 2004 was a condo in Tacoma, WA, which was purchased with $1,000 down. I put $1,000 for the down payment, which was a deposit for this condo, and financed 100% of the purchase price. One year after buying, I sold this property for $41,000 more than I purchased it for. Also, during this year, the rent of $1,200 completely covered my $1,200 mortgage, which means that all I paid out of pocket was the HOA, taxes, and insurance costs. Minus comissions and closing costs, I received a check for $30,000, and reinvested this money into a bar/nightclub (please leave a comment for more info). Currently we are experiencing a buyers market, meaning many properties are being sold for less than market rate, due to the fact that there are not many buyers right now. Many , many millionaires will be created in the next 10 years due to the fact that a lot of saavy investors are buying up quality properties for pennies on the dollar. As all the news articles say that the recession is in progress and people are losing money in real estate, I guarantee that people like Robert Kiyosaki are buying up properties all across the country.
Saturday, March 22, 2008
What successful people do
Business Ownership:
In my life I have met a lot of successful people, six figure earners and millionaires, self-made and some inherited. Today I wanted to talk about two things that I have reconized that true wealthy people have in common, they own businesses and they own real estate. These categories can be broken down even futher as there are different types of businesses to own (this lesson is important! ) There are owner operated businesses , and owner absentee businesses! Owner operated businesses means that the owner operates the business essentially working there to make sure it is running. Owner absentee business means that the owner does not work there and is absentee. In both cases , time is very important and in the second option of owner absentee business, many successful entrepreneurs create a profitable business system so that they don't have to be there and they could move on to start other business without selling or folding the first business. Personally I would rather have a business that nets $30,000 a year without having to do anything but check my bank account, rather than a business that nets $75,000 a year , and have to be there all the time. I have seen this strategy create millionaires, best case example being franchises (i.e. panda express, subway, 7-11, etc).
Real Estate:
Real estate has historically created the most millionaires rather than any other industry in the world. This is why lenders give 30 year loans on homes for low interest rates, because real estate is a safe risk. Lets break this down even further! Lets say you buy a home for $100,000 today (not realistic in Bay Area, but for numbers sake we'll keep it low), and put $20,000 for a down payment. Your best friend, Bill, a stockbroker, is trying to tell you to put your $20,000 into the stock market just like he did. Lets say , one year from now, Bills stocks have gone up by an amazing 20% and your home has only gone up by a measly 10%. Bill brags to you why you should have invested with him, but here is why you win. You only put $20,000 down for a $100,000 home, and got a loan for the other $80,000. If you home went up by 10%, you actually made $10,000 on your $20,000 investment, a 50% return! If this home is a rental and the rent that you get pays your mortgage, then this means you have put nothing else in other than your down payment. Now take the same example and make the numbers $1,000,000 or $10,000,000 for homes (or commercial / residential real estate) and do the math. People that have successfully invested in real estate and held on to their investments are now millionaires. They buy good real estate (homes, apartments, or commercial) , let it grow, and over time reinvest their profits. Another reason real estate beats any other investment, is because you can sell your home and pay ZERO taxes (check with your CPA for proffessional advice). Through a 1031 exchange , you can sell your home , take the proceeds, and reinvest in more like homes and pay no capital gains tax. You may be asking how will you ever get the money out? You really don't need to get the money out if you keep building your portfolio of real estate , rents alone will make you money to put in your pocket. If you did want to get some money out tax free, you can take an equity line on your home. Heres a real example: In 2003 , my Arizona home was worth about $350,000 and of this I only owed about $130,000 on the mortgage. I took out an equity line for about $50,000 at 7% interest and paid about $400 a month on payments. My rents for the home were about $1400 and my mortage was only about $1,000/ month. This means that the rent covered my equity line and mortgage. I took the $50,000 and later sold the home and did a 1031 exchange to buy more properties. (please leave a comment if you would like more info)
The last part about real estate is the tax breaks at the end of the year. You are allowed to write off up to $25,000 in depreciation expense, meaning if your income was $50,000 for the year but you own homes that add up to the $25,000 depreciation , your reportable income now becomes $25,000. If you are at the 30% tax bracket that means you just saved $7,500 in income tax! This is probably the best part of real estate , and if you are a real estate professional , you can write off $100,000 or more! So everyone understands how crazy this is, I need to explain a little futher. Depreciation expense means that the govenment is saying that you can deduct cost for your home depreciating and losing value. The only this is that over a long period of time, real estate has never lost value! This is one of the best kept secrets of the rich and wealthy.
Real Estate is very simple if you keep it simple. Of course there are more types of investments like re options, foreclosures, flipping, syndicates, commercial leases , which are all great but a little more complicated. The mentor that taught me this simple strategy owns more than 500 residential homes and is worth over $50,000,000! The craziest comment I remember him saying is that he rents his 4,000 square foot home in Marin, because he says if he lives there it isn't an investment (tax breaks, mortgage, no income, etc)
In my life I have met a lot of successful people, six figure earners and millionaires, self-made and some inherited. Today I wanted to talk about two things that I have reconized that true wealthy people have in common, they own businesses and they own real estate. These categories can be broken down even futher as there are different types of businesses to own (this lesson is important! ) There are owner operated businesses , and owner absentee businesses! Owner operated businesses means that the owner operates the business essentially working there to make sure it is running. Owner absentee business means that the owner does not work there and is absentee. In both cases , time is very important and in the second option of owner absentee business, many successful entrepreneurs create a profitable business system so that they don't have to be there and they could move on to start other business without selling or folding the first business. Personally I would rather have a business that nets $30,000 a year without having to do anything but check my bank account, rather than a business that nets $75,000 a year , and have to be there all the time. I have seen this strategy create millionaires, best case example being franchises (i.e. panda express, subway, 7-11, etc).
Real Estate:
Real estate has historically created the most millionaires rather than any other industry in the world. This is why lenders give 30 year loans on homes for low interest rates, because real estate is a safe risk. Lets break this down even further! Lets say you buy a home for $100,000 today (not realistic in Bay Area, but for numbers sake we'll keep it low), and put $20,000 for a down payment. Your best friend, Bill, a stockbroker, is trying to tell you to put your $20,000 into the stock market just like he did. Lets say , one year from now, Bills stocks have gone up by an amazing 20% and your home has only gone up by a measly 10%. Bill brags to you why you should have invested with him, but here is why you win. You only put $20,000 down for a $100,000 home, and got a loan for the other $80,000. If you home went up by 10%, you actually made $10,000 on your $20,000 investment, a 50% return! If this home is a rental and the rent that you get pays your mortgage, then this means you have put nothing else in other than your down payment. Now take the same example and make the numbers $1,000,000 or $10,000,000 for homes (or commercial / residential real estate) and do the math. People that have successfully invested in real estate and held on to their investments are now millionaires. They buy good real estate (homes, apartments, or commercial) , let it grow, and over time reinvest their profits. Another reason real estate beats any other investment, is because you can sell your home and pay ZERO taxes (check with your CPA for proffessional advice). Through a 1031 exchange , you can sell your home , take the proceeds, and reinvest in more like homes and pay no capital gains tax. You may be asking how will you ever get the money out? You really don't need to get the money out if you keep building your portfolio of real estate , rents alone will make you money to put in your pocket. If you did want to get some money out tax free, you can take an equity line on your home. Heres a real example: In 2003 , my Arizona home was worth about $350,000 and of this I only owed about $130,000 on the mortgage. I took out an equity line for about $50,000 at 7% interest and paid about $400 a month on payments. My rents for the home were about $1400 and my mortage was only about $1,000/ month. This means that the rent covered my equity line and mortgage. I took the $50,000 and later sold the home and did a 1031 exchange to buy more properties. (please leave a comment if you would like more info)
The last part about real estate is the tax breaks at the end of the year. You are allowed to write off up to $25,000 in depreciation expense, meaning if your income was $50,000 for the year but you own homes that add up to the $25,000 depreciation , your reportable income now becomes $25,000. If you are at the 30% tax bracket that means you just saved $7,500 in income tax! This is probably the best part of real estate , and if you are a real estate professional , you can write off $100,000 or more! So everyone understands how crazy this is, I need to explain a little futher. Depreciation expense means that the govenment is saying that you can deduct cost for your home depreciating and losing value. The only this is that over a long period of time, real estate has never lost value! This is one of the best kept secrets of the rich and wealthy.
Real Estate is very simple if you keep it simple. Of course there are more types of investments like re options, foreclosures, flipping, syndicates, commercial leases , which are all great but a little more complicated. The mentor that taught me this simple strategy owns more than 500 residential homes and is worth over $50,000,000! The craziest comment I remember him saying is that he rents his 4,000 square foot home in Marin, because he says if he lives there it isn't an investment (tax breaks, mortgage, no income, etc)
Thursday, March 20, 2008
google analytics snapshot
I was so excited that today I hit a record 19 unique visitors to my blog, I wanted to share my google analytics page with everyone.
66 people visited this site
175 Visits
66 Absolute Unique Visitors
280 Pageviews
1.60 Average Pageviews
00:03:07 Time on Site
50.86% Bounce Rate
38.29% New Visits
Thanks to one of my best friends , 02millions, who introduced me to the entrecard. This blog tool has brought 14 new visitors to my site in the last 3 days! My blog hasn't been alive for 30 days and has already reached 66 unique visitors, amazing! I am even more dedicated to keeping the site updated with great content.
66 people visited this site
175 Visits
66 Absolute Unique Visitors
280 Pageviews
1.60 Average Pageviews
00:03:07 Time on Site
50.86% Bounce Rate
38.29% New Visits
Thanks to one of my best friends , 02millions, who introduced me to the entrecard. This blog tool has brought 14 new visitors to my site in the last 3 days! My blog hasn't been alive for 30 days and has already reached 66 unique visitors, amazing! I am even more dedicated to keeping the site updated with great content.
Wednesday, March 19, 2008
Important people on the web
If you are thinking of starting a web business, you should get to know about some of these people. PC world has been kind enough to provide a list of who they think are the 50 most important people on the web. You will be amazed at how young some of these entrepreneurs are. The web has opened up opportunities for everyone; black, white, asian, hispanic, big, small, young, and old!
50 MOST IMPORTANT PEOPLE ON THE WEB by PCWORLD.com (click on link for full list)
One interesting pick is #16 , Matt Mullenweg, age 22, who started wordpress, an online blog program just like blogspot.com. Wordpress.com is rank #51 on the Alexa, a web traffic ranking site. To put this into perspective, yahoo.com is #1, Facebook.com is #7, and MTV.com is #699.
Another noteworthy web mogul is Perez Hilton, #41, and his hollwood blog site, http://www.perezhilton.com/, rank #760 on Alexa. He has made millions by blogging about Hollywood celebs and their crazy activities. Its not all peachy, as Hilton is involved in a legal battle with photo agency X17, which has accused him of using its copyrighted photos without permission. Hilton claims that posting the photos on his site is legal. The $7.6 million federal lawsuit could have lasting effects on how bloggers everywhere use digital photos online.
Coming in at #50 on the list is the Tila Tequila Myspace personality (a myspace page)! Her myspace page gets 56 million page views and 1.7 milllion comments! She also has 1.6 million friends on her list and she is using it to the maximum advantage. She is selling all types of products right from her myspace, anything from her music, to her clothes, and ringtones. She has successfully branded herself and I would look out for her in the future to be taking her brand to another level.
Matt Zuckerberg, age 23, founder of Facebook didn't make this list for some reason but you can find out more info on the youngest billionaire ever recorded right here... Matt Zuckerberg.
50 MOST IMPORTANT PEOPLE ON THE WEB by PCWORLD.com (click on link for full list)
One interesting pick is #16 , Matt Mullenweg, age 22, who started wordpress, an online blog program just like blogspot.com. Wordpress.com is rank #51 on the Alexa, a web traffic ranking site. To put this into perspective, yahoo.com is #1, Facebook.com is #7, and MTV.com is #699.
Another noteworthy web mogul is Perez Hilton, #41, and his hollwood blog site, http://www.perezhilton.com/, rank #760 on Alexa. He has made millions by blogging about Hollywood celebs and their crazy activities. Its not all peachy, as Hilton is involved in a legal battle with photo agency X17, which has accused him of using its copyrighted photos without permission. Hilton claims that posting the photos on his site is legal. The $7.6 million federal lawsuit could have lasting effects on how bloggers everywhere use digital photos online.
Coming in at #50 on the list is the Tila Tequila Myspace personality (a myspace page)! Her myspace page gets 56 million page views and 1.7 milllion comments! She also has 1.6 million friends on her list and she is using it to the maximum advantage. She is selling all types of products right from her myspace, anything from her music, to her clothes, and ringtones. She has successfully branded herself and I would look out for her in the future to be taking her brand to another level.
Matt Zuckerberg, age 23, founder of Facebook didn't make this list for some reason but you can find out more info on the youngest billionaire ever recorded right here... Matt Zuckerberg.
Friday, March 14, 2008
Taking Risk and Short Success Story
Taking risk is one of the essentials to becoming a successful entrepreneur , but this doesn't mean doing something without the proper research and preparation. One of the best quotes that I've heard to date is that "preparation + opportunity = Success" . My latest business, a bar/nightclub
, has been a tremendous learning experience and has taught me that it's not the hare that wins the race, its the slow and steady snail. In 2006, I sold one of my properties in Arizona, but before doing so, I stripped a lot of the equity out (non taxed) and invested it. My partners and I believed that we had the right team and were looking for a cash cow business. We came across a great deal for a bar/nightclub and with the experience we had up to that point, we jumped right in. The next three months were spent working from 9am to 1am the next day, and filled with thousands of hickups and surprises (more to come about this). All in all, a year and a half later, we are finally getting it, and miraculously we're still in business. Some of the most memorable learning experiences were:
1. Its not about revenue - its about NET INCOME
2. Cutting costs is just as good as net income , because its money put in your pocket.
- Don't buy things you don't need .
- Don't waste time on things that don't bring in business.
- Don't get caught up in the hype and fun , focus on making money.
3. Never get too personal with your employees.
4. Know who your real friends are and who is pretending to be your friend.
5. small business mind is for small business, if you want to do big business, think big!
- Organize every aspect of your business.
- Divide your business into divisions so that everyone can report to someone.
A SHORT SUCCESS STORY:
A good friend of mine, who will remain nameless , is a very successful real estate broker and investor. He didn't have it handed to him, believe me, he worked very hard for it. He started in the real estate business as an agent about 3 year ago, and gave up his $70,000 job to become a real estate agent with ZERO guaranteed pay and a very saturated market. He started making cold calls everyday for 8 hours straight probably calling at least 300 people per day. Because of his dedication and persistance , he kept calling even after 3 months of making no money. After about 6 months, he started making progress and one listing became two , which became twelve. In his first year he sold about 5 homes, second year about 12 homes, and in year three about 17homes. In the bay area, homes average about $700,000 , so take 3% commission off of that and you do the math. After he made his money the second year, he smartly invested it into a broken down apartment building. This is where he decided to risk all the profits he made from selling homes. He felt he had enough experience. done enough research , and was prepared to handle the stress of totally rebuilding this building from the ground up. To make this story short, he recently sold this property after 1 1/2 years and turned his $80,000 investment into over $400,000. The main trait that this person has is that he was ready for success. From day one , I knew , and he knew that it was only time before he broke through and made it. He expected to be successful, so success couldn't deny him. He is still going, and on a mission to turn his $400k into $2million. I will keep a watch for how his story of success develops.
Main Points:
Main Points:
1. EXPECT SUCCESS - Believe without a doubt you will be successful!
2. DON'T be afraid of success, it is for you as long as you did your research and are prepared!
3. Do what you can , with what you've got, and never quit!
Wednesday, March 12, 2008
Snapshot of my life today and online prize game for bloggers
I just wanted to give my viewers and myself a snapshot of where I stand financially as of right now, March 2008.
Businesses : Bar/restaurant , online blog, insurance broker.
Assets: bar/ restaurant business , insurance book of business (about 200 clients) ,Real Estate - 4 rental homes and 2 half owned. All purchased on 1031 exchange from one property that I purchased in 2000 in Arizona.
Stock: none (lost about $5,000 trying to play google options)
Car : 1 lexus gs 300
liabilities: lots
- credit card debt about 20k
- no home mortgage or rent cost ( rental home mortgages are not liabilities, believe me)
Businesses to date that I have tried...
1. ACN (1997)- network marketing business ( Good business model based on relationships, but did it when I turned 18 and still made it to second highest level.)
2. Cell Phone retail business (2000)- we created an LLC and tried to resell cell phones at schools. (didnt work)
3. AX - Auto Xperience (2002-2003) - Tried to resell car after market parts and audio systems. This went okay, learned a lot from the experience. Made an LLC with two other partners, no office, no capital, but managed to gain contracts with about 6 venders(manufacturers) that allowed us to sell their products. We sold about 10 products total.
4. Small Business Network (2003)- A free newspaper that focused on information for small businesses and having a network for small businesses. It didn't quite make it off the ground.
5. Independent Insurance Broker (2005) - Got a contract to sell all types of insurance and own the book of business. I have worked the past 7 years in insurance sales , so this wasn't too hard to do. I still own my book to this date and write some business when I have time.
6. Bar/Nightclub (2006) - my biggest business to date with the most responsibility. I will write a seperate blog about this soon, since there is so much to talk about. Many learning experiences that were very expensive. I probably have a masters degree with all the things I have learned and all the money I lost by learning these lessons.
Future Businesses:
1. Online Retail Business ( coming soon , can't tell you what Im selling)
2. Blog - C Corp
3. Online Entertainment Website (coming soon, this one will be interesting)
Check out this link for an online contest for free prizes (all you have to do is put your email in)http://www.winningtheweb.com/craziest-internet-marketing-contest-century.php
Prizes Recap - $7,119 Total
$650 Cash from Azoogle Ads
$500 Cash from PepperJam Network
$250 Cash from NeverblueAds
$200 Cash from BidVertiser
1 Full Conference Pass to Affiliate Summit East ($949 value)
3 Month Membership to Aaron Wall’s SEO Training Program ($300 value)
6 Month Membership to SEOmoz Pro ($249 value)
12 Month Subscription to RankSense Professional ($630 value)
26 Week Internet Marketing Plan from Purple Internet Marketing ($800 value)
The Secret Classroom from Joel Comm & Next Internet Millionaire ($497 value)
Autographed Copy of Kris’ Jones Upcoming Book on SEO ($20 value)
Copy of the SEO Handbook 2008 from HuoMah ($10 value)
8 PSD Custom Banner Designs from Banners Mall ($275 value)
2 Exclusive Blog Themes from Unique Blog Designs (2 winners - $100 value each)
2 Revolution Wordpress Blog Themes from Brian Gardner (2 winners -$80 value each)
Wordpress Coding from CSS Rockstars ($209 value)
1 Year Swamp Plan Web Hosting from Host Gator ($150 value)
1 Hour Blog Optimization Consulting from Daniel Scocco of Daily Blog Tips ($175 value)
3 Month 125×125 Banner Ad on AndyBeard.eu ($100 value)
1 Month Text Link Ad on Ades Blog ($90 value)
1 Month 125×125 Banner Ad on John Cow ($125 value)
6 Month 125×125 Banner Ad on JonLee.ca ($300 value)
3 Fast Passes, 3 Featured Statuses, and 5000 Credits from Entrecard
1 Paid Review on Winning the Web - sponsored by 1 Cool File ($100 value)
20 Winning the Web T-shirts (20 winners - $9 value each)
Businesses : Bar/restaurant , online blog, insurance broker.
Assets: bar/ restaurant business , insurance book of business (about 200 clients) ,Real Estate - 4 rental homes and 2 half owned. All purchased on 1031 exchange from one property that I purchased in 2000 in Arizona.
Stock: none (lost about $5,000 trying to play google options)
Car : 1 lexus gs 300
liabilities: lots
- credit card debt about 20k
- no home mortgage or rent cost ( rental home mortgages are not liabilities, believe me)
Businesses to date that I have tried...
1. ACN (1997)- network marketing business ( Good business model based on relationships, but did it when I turned 18 and still made it to second highest level.)
2. Cell Phone retail business (2000)- we created an LLC and tried to resell cell phones at schools. (didnt work)
3. AX - Auto Xperience (2002-2003) - Tried to resell car after market parts and audio systems. This went okay, learned a lot from the experience. Made an LLC with two other partners, no office, no capital, but managed to gain contracts with about 6 venders(manufacturers) that allowed us to sell their products. We sold about 10 products total.
4. Small Business Network (2003)- A free newspaper that focused on information for small businesses and having a network for small businesses. It didn't quite make it off the ground.
5. Independent Insurance Broker (2005) - Got a contract to sell all types of insurance and own the book of business. I have worked the past 7 years in insurance sales , so this wasn't too hard to do. I still own my book to this date and write some business when I have time.
6. Bar/Nightclub (2006) - my biggest business to date with the most responsibility. I will write a seperate blog about this soon, since there is so much to talk about. Many learning experiences that were very expensive. I probably have a masters degree with all the things I have learned and all the money I lost by learning these lessons.
Future Businesses:
1. Online Retail Business ( coming soon , can't tell you what Im selling)
2. Blog - C Corp
3. Online Entertainment Website (coming soon, this one will be interesting)
Check out this link for an online contest for free prizes (all you have to do is put your email in)http://www.winningtheweb.com/craziest-internet-marketing-contest-century.php
Prizes Recap - $7,119 Total
$650 Cash from Azoogle Ads
$500 Cash from PepperJam Network
$250 Cash from NeverblueAds
$200 Cash from BidVertiser
1 Full Conference Pass to Affiliate Summit East ($949 value)
3 Month Membership to Aaron Wall’s SEO Training Program ($300 value)
6 Month Membership to SEOmoz Pro ($249 value)
12 Month Subscription to RankSense Professional ($630 value)
26 Week Internet Marketing Plan from Purple Internet Marketing ($800 value)
The Secret Classroom from Joel Comm & Next Internet Millionaire ($497 value)
Autographed Copy of Kris’ Jones Upcoming Book on SEO ($20 value)
Copy of the SEO Handbook 2008 from HuoMah ($10 value)
8 PSD Custom Banner Designs from Banners Mall ($275 value)
2 Exclusive Blog Themes from Unique Blog Designs (2 winners - $100 value each)
2 Revolution Wordpress Blog Themes from Brian Gardner (2 winners -$80 value each)
Wordpress Coding from CSS Rockstars ($209 value)
1 Year Swamp Plan Web Hosting from Host Gator ($150 value)
1 Hour Blog Optimization Consulting from Daniel Scocco of Daily Blog Tips ($175 value)
3 Month 125×125 Banner Ad on AndyBeard.eu ($100 value)
1 Month Text Link Ad on Ades Blog ($90 value)
1 Month 125×125 Banner Ad on John Cow ($125 value)
6 Month 125×125 Banner Ad on JonLee.ca ($300 value)
3 Fast Passes, 3 Featured Statuses, and 5000 Credits from Entrecard
1 Paid Review on Winning the Web - sponsored by 1 Cool File ($100 value)
20 Winning the Web T-shirts (20 winners - $9 value each)
Monday, March 10, 2008
Feb Income Report for this Blog
This is my Income report, copied and pasted from Google adsense (www.google.com/adsense) for the month Feb-Mar. One month of running this blog and 10 unique visitors after 10 blog posts. Lets see where it goes from here although at some point this blog will be switched over to a dot com actual site instead of using blogspot.com.
Today's Earnings: $0.01 View payment history
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Page impressions 111
Clicks 2
Page CTR 1.80%
Page eCPM [?] $6.23
Earnings $0.69
AdSense for Content
Total Earnings
$0.69
Today's Earnings: $0.01 View payment history
TIP
Get faster, more secure payments with EFT — we'll deposit your AdSense payments directly into your bank account. Sign up today!
Page impressions 111
Clicks 2
Page CTR 1.80%
Page eCPM [?] $6.23
Earnings $0.69
AdSense for Content
Total Earnings
$0.69
more on Mark Zuckerberg , Crabs in a Barrel or Unethical Behavior?
I spent about an hour doing some research on Mark Zuckerberg and found this article to be the most interesting. This is from http://www.02138mag.com/magazine/article/1724.html an online magazine talking more about Mark Zuckerberg, Facebook creator.
"Mark Zuckerberg may not yet have the stage presence of, say, Steve Jobs, but give him time; he has plenty of ego and ambition, and he is quickly developing a mythology. A confluence of intelligence, naïveté, and hubris, Zuckerberg can be both brilliant and immature. A self-styled revolutionary who speaks often of “trying to make the world a more open place,” he is sometimes smug and often comes across as brash. He once handed out business cards that read: “I’m CEO … bitch.”
Zuckerberg has regularly suggested that money does not much interest him, that he only wants to “make revolutionary things.” In the past, he deflected billion-dollar Facebook suitors such as Yahoo. The Wall Street Journal reported that, during March 2006 negotiations with Yahoo executives, Zuckerberg refused to meet over a weekend because his girlfriend was in town. “When I’m hanging out with her, I tend not to be that engaged [in work],” he later said. Then again, he might just have been holding out for a better price: In late October, Microsoft paid $240 million for a 1.6-percent stake in Facebook, a sum that valued the company at $15 billion. Zuckerberg owns 20 percent of Facebook, a $3-billion stake. "
Harvard dropout Mark Zuckerberg created one of the most trafficked sites on the Web and became a paper billionaire as a result. But ongoing lawsuits suggest that Facebook's origins are murkier than Zuckerberg would like to admit. Is the man many are calling Harvard’s next Bill Gates telling the truth?
The media have mostly glossed over ConnectU Inc. v. Facebook Inc., now unfolding in a Boston courthouse. Most articles depict the case as either a cash grab or a blip on Facebook’s march to global domination. But interviews with people familiar with the lawsuit, and a close examination of court records, suggest that, at the least, the case raises troubling questions about the ethics of this new billionaire.
The plaintiffs are three Harvard grads: Cameron and Tyler Winklevoss, twin rowers currently training for the Beijing Olympics, and Divya Narendra, who since graduation has worked in finance in New York and Boston. In 2002, the three friends dreamed up an online social network called Harvard Connection (subsequently renamed ConnectU), later asking Zuckerberg to finish programming it. Instead of fulfilling his end of the bargain, the plaintiffs say, Zuckerberg stole their ideas and source code to build his own competing social network. “We got royally screwed,” Narendra says in a deposition. "
"Mark Zuckerberg may not yet have the stage presence of, say, Steve Jobs, but give him time; he has plenty of ego and ambition, and he is quickly developing a mythology. A confluence of intelligence, naïveté, and hubris, Zuckerberg can be both brilliant and immature. A self-styled revolutionary who speaks often of “trying to make the world a more open place,” he is sometimes smug and often comes across as brash. He once handed out business cards that read: “I’m CEO … bitch.”
Zuckerberg has regularly suggested that money does not much interest him, that he only wants to “make revolutionary things.” In the past, he deflected billion-dollar Facebook suitors such as Yahoo. The Wall Street Journal reported that, during March 2006 negotiations with Yahoo executives, Zuckerberg refused to meet over a weekend because his girlfriend was in town. “When I’m hanging out with her, I tend not to be that engaged [in work],” he later said. Then again, he might just have been holding out for a better price: In late October, Microsoft paid $240 million for a 1.6-percent stake in Facebook, a sum that valued the company at $15 billion. Zuckerberg owns 20 percent of Facebook, a $3-billion stake. "
Harvard dropout Mark Zuckerberg created one of the most trafficked sites on the Web and became a paper billionaire as a result. But ongoing lawsuits suggest that Facebook's origins are murkier than Zuckerberg would like to admit. Is the man many are calling Harvard’s next Bill Gates telling the truth?
The media have mostly glossed over ConnectU Inc. v. Facebook Inc., now unfolding in a Boston courthouse. Most articles depict the case as either a cash grab or a blip on Facebook’s march to global domination. But interviews with people familiar with the lawsuit, and a close examination of court records, suggest that, at the least, the case raises troubling questions about the ethics of this new billionaire.
The plaintiffs are three Harvard grads: Cameron and Tyler Winklevoss, twin rowers currently training for the Beijing Olympics, and Divya Narendra, who since graduation has worked in finance in New York and Boston. In 2002, the three friends dreamed up an online social network called Harvard Connection (subsequently renamed ConnectU), later asking Zuckerberg to finish programming it. Instead of fulfilling his end of the bargain, the plaintiffs say, Zuckerberg stole their ideas and source code to build his own competing social network. “We got royally screwed,” Narendra says in a deposition. "
Friday, March 7, 2008
How to Make $1.5 Billion
The youngest self-made millionaire, excuse me, billionaire in history has just been recorded. Co-founder of Facebook, Mark Zuckerberg, 23 years old, has reportedly a 30% stake in Facebook. Facebook is also reportedly worth $12-14 Billion. http://www.abc.net.au/news/stories/2008/03/06/2181869.htm
This mogul, just goes to show what is possible in the online world. Check out this article, and start believing! What does a 23 year old do with $1.5 Billion ? I am going to research Mark's lifestyle and find out what dreams he is making a reality. More to come...
This mogul, just goes to show what is possible in the online world. Check out this article, and start believing! What does a 23 year old do with $1.5 Billion ? I am going to research Mark's lifestyle and find out what dreams he is making a reality. More to come...
Thursday, March 6, 2008
100 % ROI VS. 10% ROI
One of the first lessons that I learned from a very smart and successful entrepreneur that I know , Adiel Gorel, was that Real Estate beats the stock market 10 times out of 10. Even in a down market right now, real estate is still the best long term investment. The stock market has historically performed at about a 12-14% ROI (return on investment) per year, and real estate from 10-12%. The fact is that the Stock Market is dollar for dollar, meaning you invest $10,000 and get 10% ROI, then you walk with $11,000 excluding taxes. In real estate, the best kept secret is the financing; you can invest $10,000 and get a loan for the other $90,000 on a 30 year mortgage! This means that if you home goes up by $10,000 , you actually have a home now worth $110,000 , and you made $10,000 on your $10,000 investment! Please read this sentence again if it was not clear. In you were starting a business today, you may be able to get a loan for 5 years, or maybe even 10 years, but if you asked for the loan to be repayed over 30 years, they would laugh in your face. This is the power of real estate , in that over 30 years, with inflation alone, you will make money even if the market went down. What does this mean? It means that if you pay $1,000 per month for your mortgage, you will still be paying $1,000 per month 30 years from now! If you rented a home for $1,000 today, do you think that same home will rent out for $1,000, 30 years from now? Hmmmm. Something to think about....
Real estate is what helped me get started and made me the most money to date. ( more to come on the details)
For more on Adiel, go see www.icgre.com .
Real estate is what helped me get started and made me the most money to date. ( more to come on the details)
For more on Adiel, go see www.icgre.com .
Tuesday, March 4, 2008
Dare to Win !
Most peoples deepest fear is that they can be successful beyond their wildest dreams. You may not realize this but this is what holds people back from greatness , including myself. Who are you to be wealthy, strong, independent, powerful, and beautiful? You are all of those and more if you just believe it! If you are starting out with zero dollars as of now, I am telling you that you now have a ten million dollar asset : your mind. Your mind is powerful in that whatever you tell yourself and whatever you believe comes true. Please check out "Dare to Win" by Jack Canfield , You’ll learn to conquer your fears, accept life’s challenges and achieve the happiness and success you deserve. Topic areas include: Learning to dare!… Problems are opportunities in disguise… Expanding possibility thinking… Focusing energy… Affirming oneself… Life is a balancing act… Anything can be accomplished with love… Achieving total prosperity… Meeting the right people… Strengthening one’s mind… and…Awakening one’s creative powers. http://www.jackcanfield.com/
Where ever you are today is a direct reflection of the thoughts you had about yourself 5 years ago.
Where ever you are today is a direct reflection of the thoughts you had about yourself 5 years ago.
Who is John Chow and johnchow.com?
This man is probably the most innovative entrepreneur I have seen in the last 5 years. He has changed the entire blogging industry and the whole way people make money online. His site has also shed light on how people actually make money online and how you can do it too! His honesty is the reason for his success, as he tell you exactly how much he made and how much he makes now! http://www.johnchow.com/blog-income-report-january-2008/ . Check out the blog income report and you will see that he only made $352 in Sept 2006 when he started , now his report is close to $30k per month. If you really wanna get your mind going, look at the title to his site, "I make money online, by telling people how to make money online".
Monday, March 3, 2008
Its all about the Journey
I encourage everyone to keep or journal or start a blog so that you can keep track of your journey to success. Its not only about getting to the finish line, but about enjoying the road along the way as well. Track all of your mistakes and all of your triumphs, as it will help you learn later on. I started this blog, because I know where I am going and the successes that I will accomplish but I want to track the road that I taking to get there.
My businesses to date:
Real Estate - own 5 rental homes in the US
Bar/Restaurant - own bar/ restaurant/ nightclub in SF , CA
Insurance Broker - Property Casualty/ Life / Health Independent Broker
Investor - ? looking for some new businesses
I am still and will always remain a Student of life and business.
My businesses to date:
Real Estate - own 5 rental homes in the US
Bar/Restaurant - own bar/ restaurant/ nightclub in SF , CA
Insurance Broker - Property Casualty/ Life / Health Independent Broker
Investor - ? looking for some new businesses
I am still and will always remain a Student of life and business.
Monday, February 25, 2008
A New World has Risen
As an entrepreneur myself I look for up and coming industries and ways other entrepreneurs are making money. In the past month I have discovered the most amazing powerhouse industry, the blogging industry, hence the creation of this site. One website in particular , www.johnchow.com , is one of the leaders of this exploding industry. His website titled, "I make money online by telling people how to make money online" is actually filled with extremely valuable information. The title itself is so mind blowing to me, since there is no product being sold (at least traditional products) , or service being provided. Another very informative site is www.zacjohnson.com also about how to make money online. He actually shows a check that he got from Yahoo for over $320,000 for one month of ads on one of his sites.
Friday, February 22, 2008
8 Keys to Success
I found this article b David Lyman to be one of the best theories on what successful people all have in common. Please check out his site for more info ... http://www.digitaljournalist.org/issue0410/lyman.html
The 8 Keys to Success: An Essay And Thoughts on What It Takes To Reach Your True Potential
October 2004
by David H. Lyman
For years, I have been lecturing to CEOs, artists, photographers, filmmakers and other creative people on what it takes to be successful - successful at least at being who they can be, not necessarily who others think they should be. I've interviewed hundreds of successful artists, counseled hundreds of students and working professionals on their way up and a few on their way down. I've also looked at my own career, talents and motivations along the way, and come to the conclusion that there were eight keys to being successful. When I started there were five keys; in a few years, when I am wiser, then maybe I'll have 10 keys, but for now eight keys seem enough. Here they are in their order of importance.
#1: PASSION
Passion is that "demonic compulsiveness" that John Gardner talks about in his book, "On Becoming a Novelist." It's what fires any creative person, something that gets you angry, or something you love and want to share. It's ambition, a vision for your future, dim though it may be. That vision leads to setting goals, long-term goals (I want to be a photographer) and short-term goals, (what camera do I buy?). I ask everyone I interview, have you written down your goals? Most people have not. Have you? Do you know where you'd like to be in five years? I do. I have written it down, so that at year's end, or on some quiet evening, I can look at what I've written and reflect on where I've been, and where I'm going � how far along the path I've come and how far I've got to go. Often, I realize I've reached my goals and need to be dreaming about new horizons, new challenges and new goals. Write down your goals. They will tell you what to do for the short-term goals � what books to buy, skills to develop, workshops to take, exercises to do to get better.
#2: ABILITY TO ACCEPT A RISK
I do not know anyone who has succeeded who has not been able to assess and take a risk and then live with the consequence - success or failure. Risk avoidance is a sure way to remain mediocre; being safe does not promote personal growth. Failure or making a mistake is not a bad thing; it's proof you were exploring new ways to do something, and that's better than safe success. We learn from our mistakes, not our successes. Really creative people embrace risk. They can sustain a high level of ambiguity; they do not need to know where they are. They do not mind being lost, for they call it just taking the longer, more interesting way around.
#3: HIGH SELF-ESTEEM
You think well of yourself. You are not boastful or egotistical, but do have an honest understanding of your talents, handicaps and are working toward getting better.
#4: PERSISTENCE
You have just done this long enough. How long is long enough? Well, it will take 10 years. I have asked hundreds of accomplished photographers, writers, filmmakers, painters and musician how long it took before they felt they were able to speak from a source within. Ten years was been their unanimous answer.
If it takes 10 years, then how do you spend the time wisely? It will take at least two years to acquire 70 percent of the craft you will need to work in your medium. It will take another eight years to acquire the next 20 percent of your craft. At 90 percent, you will have mastered your craft, but there is that 10 percent that will take a lifetime to acquire. In the meantime, while working to master your craft (the technical skills and processes for working in your medium) you will also be learning and acquiring a personal vision, your ability to see, to observe, to create and discover things. This is difficult at first, but the older you get the wiser and more aware you become. Craft and vision are your tools for inner exploration.
Persistence takes discipline. Discipline is simply doing what you know you need to do, even though you don't feel like doing it. The first thing is knowing what to do. Most people do not know. You are reading this, so you are interested in finding out what to do. Make a list. Next, find the willpower to do what's on the list. This is the most difficult part of all the keys - finding the positive willpower to do what you know you need to do. We all wrestle with discipline for it does not come easily, not even for the most successful.
#5: BEING NICE TO WORK WITH
Why is being nice important? Because it will be other people who will help you acquire the craft, help you discover and develop your vision, give you a job, introduce you to opportunities. People want to help others, but only if they show a willingness to work, to contribute and are nice to have around. People want to have positive, enthusiastic people around, people who will solve problems, not create them.
#6: WHO YOU KNOW
If you are nice to work with, the next will follow. You need to know and be known by people who will help you, hire you, buy your work, and give you advice. Here is a list of people you need to know and be known by:
Good Teachers - People who know what you need to know and can teach it to you in a way that you learn it.
Coaches - People who know your limits and your potential and will help keep you close to your "edge" of learning and growing.
Peers - Your friends and classmates, people who are on the same rung of the ladder as you, who are striving as you are.
Masters - People who are successful in their careers who can look at your work, your process and your career and give you valuable feedback, feedback you will accept and follow.
Mentors - A master with whom you have established a working relationship, someone who is wiser, accomplished and will help you understand the limits and possibilities of your projects, your process and your creative life.
Your Clients - The people who will buy your work, give you assignments, hire you.
#7: MASTER YOUR CRAFT
Learn a craft, so you have a tool with which to earn a living. This tool can also be used to explore life - outwardly and spiritually inwardly - as you search your soul for the reasons of your existence.
#8: TALENT
Talent is the last thing you need. You have to have some of it, but you do not need a lot. Too much talent is often a handicap. Things come too easily and there is little incentive to push, to make use of the talent. I know highly talented musicians who refuse to perform in public, photographers who are so arrogant no one wants them around, filmmakers whose egos are so inflated they are a pain to deal with, and others who are so impatient at getting what they want, they never master anything and, therefore, never do succeed. I prefer to surround myself with positive, successful people, young people who are enthusiastic even though they have yet to find or develop what talent they may have.
A talent is the natural ability to do something extraordinary. We all can do a lot, but some people have been gifted with talents that go beyond what others can do. What are you talented at? Do you know?
Success is not a matter of being talented. Notice it is last on the list. A little bit of talent, combined with the other seven keys, will lead you to success. I know many people who are talented, but lack one or more of the other seven keys and they fail to succeed.
Do not blame your lack of success on your lack of talent. It will be your attitude that will determine your altitude, not your talent or lack thereof.
© David H. Lyman
Founder and DirectorThe Maine Photographic WorkshopsRockport, Maine
Email David H. Lyman
Discuss The 8 Keys to Success: An Essay And Thoughts on What It Takes To Reach Your True Potential in the forums
For a CD copy of David H. Lyman's 1-hour lecture on success and the creative process, call toll-free: 800.227.1541. Cost is $12.95, including shipping.
The 8 Keys to Success: An Essay And Thoughts on What It Takes To Reach Your True Potential
October 2004
by David H. Lyman
For years, I have been lecturing to CEOs, artists, photographers, filmmakers and other creative people on what it takes to be successful - successful at least at being who they can be, not necessarily who others think they should be. I've interviewed hundreds of successful artists, counseled hundreds of students and working professionals on their way up and a few on their way down. I've also looked at my own career, talents and motivations along the way, and come to the conclusion that there were eight keys to being successful. When I started there were five keys; in a few years, when I am wiser, then maybe I'll have 10 keys, but for now eight keys seem enough. Here they are in their order of importance.
#1: PASSION
Passion is that "demonic compulsiveness" that John Gardner talks about in his book, "On Becoming a Novelist." It's what fires any creative person, something that gets you angry, or something you love and want to share. It's ambition, a vision for your future, dim though it may be. That vision leads to setting goals, long-term goals (I want to be a photographer) and short-term goals, (what camera do I buy?). I ask everyone I interview, have you written down your goals? Most people have not. Have you? Do you know where you'd like to be in five years? I do. I have written it down, so that at year's end, or on some quiet evening, I can look at what I've written and reflect on where I've been, and where I'm going � how far along the path I've come and how far I've got to go. Often, I realize I've reached my goals and need to be dreaming about new horizons, new challenges and new goals. Write down your goals. They will tell you what to do for the short-term goals � what books to buy, skills to develop, workshops to take, exercises to do to get better.
#2: ABILITY TO ACCEPT A RISK
I do not know anyone who has succeeded who has not been able to assess and take a risk and then live with the consequence - success or failure. Risk avoidance is a sure way to remain mediocre; being safe does not promote personal growth. Failure or making a mistake is not a bad thing; it's proof you were exploring new ways to do something, and that's better than safe success. We learn from our mistakes, not our successes. Really creative people embrace risk. They can sustain a high level of ambiguity; they do not need to know where they are. They do not mind being lost, for they call it just taking the longer, more interesting way around.
#3: HIGH SELF-ESTEEM
You think well of yourself. You are not boastful or egotistical, but do have an honest understanding of your talents, handicaps and are working toward getting better.
#4: PERSISTENCE
You have just done this long enough. How long is long enough? Well, it will take 10 years. I have asked hundreds of accomplished photographers, writers, filmmakers, painters and musician how long it took before they felt they were able to speak from a source within. Ten years was been their unanimous answer.
If it takes 10 years, then how do you spend the time wisely? It will take at least two years to acquire 70 percent of the craft you will need to work in your medium. It will take another eight years to acquire the next 20 percent of your craft. At 90 percent, you will have mastered your craft, but there is that 10 percent that will take a lifetime to acquire. In the meantime, while working to master your craft (the technical skills and processes for working in your medium) you will also be learning and acquiring a personal vision, your ability to see, to observe, to create and discover things. This is difficult at first, but the older you get the wiser and more aware you become. Craft and vision are your tools for inner exploration.
Persistence takes discipline. Discipline is simply doing what you know you need to do, even though you don't feel like doing it. The first thing is knowing what to do. Most people do not know. You are reading this, so you are interested in finding out what to do. Make a list. Next, find the willpower to do what's on the list. This is the most difficult part of all the keys - finding the positive willpower to do what you know you need to do. We all wrestle with discipline for it does not come easily, not even for the most successful.
#5: BEING NICE TO WORK WITH
Why is being nice important? Because it will be other people who will help you acquire the craft, help you discover and develop your vision, give you a job, introduce you to opportunities. People want to help others, but only if they show a willingness to work, to contribute and are nice to have around. People want to have positive, enthusiastic people around, people who will solve problems, not create them.
#6: WHO YOU KNOW
If you are nice to work with, the next will follow. You need to know and be known by people who will help you, hire you, buy your work, and give you advice. Here is a list of people you need to know and be known by:
Good Teachers - People who know what you need to know and can teach it to you in a way that you learn it.
Coaches - People who know your limits and your potential and will help keep you close to your "edge" of learning and growing.
Peers - Your friends and classmates, people who are on the same rung of the ladder as you, who are striving as you are.
Masters - People who are successful in their careers who can look at your work, your process and your career and give you valuable feedback, feedback you will accept and follow.
Mentors - A master with whom you have established a working relationship, someone who is wiser, accomplished and will help you understand the limits and possibilities of your projects, your process and your creative life.
Your Clients - The people who will buy your work, give you assignments, hire you.
#7: MASTER YOUR CRAFT
Learn a craft, so you have a tool with which to earn a living. This tool can also be used to explore life - outwardly and spiritually inwardly - as you search your soul for the reasons of your existence.
#8: TALENT
Talent is the last thing you need. You have to have some of it, but you do not need a lot. Too much talent is often a handicap. Things come too easily and there is little incentive to push, to make use of the talent. I know highly talented musicians who refuse to perform in public, photographers who are so arrogant no one wants them around, filmmakers whose egos are so inflated they are a pain to deal with, and others who are so impatient at getting what they want, they never master anything and, therefore, never do succeed. I prefer to surround myself with positive, successful people, young people who are enthusiastic even though they have yet to find or develop what talent they may have.
A talent is the natural ability to do something extraordinary. We all can do a lot, but some people have been gifted with talents that go beyond what others can do. What are you talented at? Do you know?
Success is not a matter of being talented. Notice it is last on the list. A little bit of talent, combined with the other seven keys, will lead you to success. I know many people who are talented, but lack one or more of the other seven keys and they fail to succeed.
Do not blame your lack of success on your lack of talent. It will be your attitude that will determine your altitude, not your talent or lack thereof.
© David H. Lyman
Founder and DirectorThe Maine Photographic WorkshopsRockport, Maine
Email David H. Lyman
Discuss The 8 Keys to Success: An Essay And Thoughts on What It Takes To Reach Your True Potential in the forums
For a CD copy of David H. Lyman's 1-hour lecture on success and the creative process, call toll-free: 800.227.1541. Cost is $12.95, including shipping.
Wednesday, February 20, 2008
Train Your Mind
These are some quotes from the famous book "Think and Grow Rich", by Napolean Hill.
"Whatever the mind can conceive and believe, it can achieve."
"A quitter never wins and a winner never quits."
"Success requires no explanations. Failure permits no alibis."
"Whatsoever a man soweth, that shall he also reap."
"All impulses of thought have a tendency to clothe themselves in their physical equivalent"
Success is a choice, you choose to be successful , just as you chose to wake up today. If your mind can see it and live it, then your body and the world around you will make it a reality. This always used to sound like a hoax , but there is nothing closer to the truth. If you think about your life, everything you have and everything you are, are a direct sum of the thoughts you've had about yourself. Given some things in life come and look like luck, but I can tell you that if it came to you , it was the right time for you to receive it. Just some food for thought , since it all starts with training you own mind!
"Whatever the mind can conceive and believe, it can achieve."
"A quitter never wins and a winner never quits."
"Success requires no explanations. Failure permits no alibis."
"Whatsoever a man soweth, that shall he also reap."
"All impulses of thought have a tendency to clothe themselves in their physical equivalent"
Success is a choice, you choose to be successful , just as you chose to wake up today. If your mind can see it and live it, then your body and the world around you will make it a reality. This always used to sound like a hoax , but there is nothing closer to the truth. If you think about your life, everything you have and everything you are, are a direct sum of the thoughts you've had about yourself. Given some things in life come and look like luck, but I can tell you that if it came to you , it was the right time for you to receive it. Just some food for thought , since it all starts with training you own mind!
The Secrets 2 Success
The Secret reveals the most powerful law in the universe. The knowledge of this law has run like a golden thread through the lives and the teachings of all the prophets, seers, sages and saviors in the world's history, and through the lives of all truly great men and women. All that they have ever accomplished or attained has been done in full accordance with this most powerful law. Without exception, every human being has the ability to transform any weakness or suffering into strength, power, perfect peace, health, and abundance. Rhonda Byrne's discovery of The Secret began with a glimpse of the truth through a 100 year old book. She went back through centuries, tracing and uncovering a common truth that lay at the core of the most powerful philosophies, teachings and religions in the world. What Rhonda discovered is now captured in The Secret, a film that has been viewed by millions around the world. The Secret has also been released as an audio-book and printed book with more than six million copies in print. The Secret explains with simplicity the law that is governing all lives, and offers the knowledge of how to create - intentionally and effortlessly - a joyful life. This is the secret to everything - the secret to unlimited happiness, love, health and prosperity.
This is the secret to life.
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