Success Archives - MoneyWatch101

6 Creative Ways to Save and Eventually Replace Income

They say if you can save 25 times annual expenses that you can retire so lets play a fun game of thinking in terms of 25 times saving goals. Below is a fun list to get you to think differently about money. I believe we all have the opportunity to win with personal finance and it merely begins with choices. The choice to save 25X expenses is very difficult and I wont sugar coat it. But with every passing day and year, you can get a bit closer. See below for the 6 creative ways to save and eventually replace income.

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How Do I Define Success

When this idea entered my mind I was traveling about 35 miles per hour on a side street going home. Why did this idea all of a sudden enter my consciousness? If I could answer where creativity comes from and possibly how such inspirations come about, maybe I can give all of you a definitive explanation. But for now I will take it as a sign to just keep on plugging away trying to find my own success and or happiness around this personal finance journey intertwined with this PF blog. How do I define success? Keep reading below to find out and maybe confirm if you agree with the definition of success.

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Life Questioned for Financial Success

On occasion I second guess purchases with a question attached to the indecision. The question is does this expense provide value to my life? If no then for the most part I don’t spend the dollars. Many people will read this and think why is Rich Uncle EL so strict with his income? Well I will answer it for you today and it is really simple. My personality is and will always be a forward looking type of person. I look to maximize anything that will benefit my family’s future, even if it means the present is lived a bit more modestly.

This is what I mean about life questioned for financial success.

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Milestones Achieved in 2014

milestones achieved in 2014

Happy New Year! Hello friends if you are reading this you will soon learn of all the milestones achieved in 2014. I want to do this every New Year as a way to remember what I accomplished and as a way to help me set up my new goals going forward. I hope you succeeded in completing a few goals of your own this year.

Now this is not a post to brag, but a way to recognize that I am finally keeping track of finances and that just transforms me to keep superseding previous goals. I want to give you a few milestones relating to several topics, but the majority will be related to personal finance or money management, as this is in line with the subject matter of this blog.

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What to Know Before You Quit Your Job to Start a Business

Almost everyone has dreamed of giving up his or her 9 to 5 job at one point or another and becoming an entrepreneur. The idea of being your own boss, making your own rules, and not having to rely on someone else to earn a living is a compelling one to many people.

However, statistically speaking, most new businesses are doomed to failure. According to Bloomberg, as many as 80 percent of businesses crash and burn before they reach their first anniversary. In almost every case, the failure is due to poor planning. The truth is, owning a business isn’t all four-hour martini lunches and long weekends. The profits don’t just start flowing in because you aren’t working for someone else. Owning a business, and keeping it running successfully, requires commitment, planning, and more than a little sacrifice. If you’re willing and able to do what it takes, though, it is possible to build a thriving empire.

But before you hand in your two weeks’ notice and order your business cards, take a moment to consider some of the truths about working for yourself. While they shouldn’t deter you from pursuing your dreams, they should serve as a reminder of what you need to do before you start your own business.

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The 1% Movie

Hey readers I recently saw the 1% movie, which was written and directed by Jamie Johnson. Jamie is the grandson of the founder of Johnson & Johnson Company, a multi-billion dollar conglomerate. After seeing this movie I am sort of shocked at the greed that some of the 1 percenter’s take pride in displaying. They clearly do not want to discuss or even think of the social economic dysfunction of this society. It is fascinating how in one single movie both sides were portrayed and given the opportunity to shed light on a matter that is very controversial in our society. On both sides of the spectrum, they feel that their views are right and the other is wrong. It is a typical thought process behind I am right, with no in between talks on how to solve the social economic issues.

It provides facts behind the political influences that big companies have on the government. It goes to show how greed can have a conflict of interest. In one example a major sugar company based in Florida, donates to both political parties in a power move to build a favorable relationship with both sides of politics. It also states how the sugar importing is not allowed, and we as consumers have to buy sugar at 3-4 times in price when compared to Canada and Mexico. Why would the government interfere with free trade in that manner, because the sugar company has them in their pockets? In this example the CEO of said sugar company can and has dialed directly the president of the U.S. to discuss matters that can affect his company’s revenue.

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Quotes on Achieving More

What’s going on in your world my friends? I want all of you to succeed and to help you a little; I will give you a few quotes on achieving more. I know motivation can be a blessing, if you take the information and immediately act on it. I don’t want you to get this great information and forget about it. Read it and begin a task right after, as to get some traction on overdue goals you want to complete. The success level we attain is what defines us now and in the future. I cannot imagine a life where I stop excelling for greatness, and it is this mindset that can help us move forward. Now think for a moment when you had a very productive day, what sparked you to get so much done? Thinking back can help you have many more productive days like that. When I have productive days, I feel like I achieved a lot and that just makes my mood better and the day turns out great.

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The Company you Keep

Do all of you believe in the saying you are who you are based on the company you keep. If your family and friends define you as per this statement, then if they are not on your level does that mean you will not grow or maybe they will hold you back? What if the coin was on the other side, and you have a group of friends who want to give you the boot because you are not winning as per their standards. Maybe you have not had success in a few years and feel you are in a rut professionally, does that qualify you to be a loser? This thinking came to me as I was reading a post that made a hidden reference stating people will be more successful if they are around successful people.

OK the question of the day is when do you know if you should move on, and find more successful people or if you should stay loyal to your original circle and hopefully they will surprise you one day by getting that PHD degree. I am struggling with finding the appropriate reasoning behind leaving your good friends that you get along with but may not be at your level. Maybe I am different from others who are cut throat type of individuals, or maybe since watching the movie Rudy I was forever changed. (90% of the time I root for the underdog unless it is my favorite team)

The second question is what if you are the person being dumped or pushed aside, what would you do? Keep attempting to hang out and communicate with a person disinterested in you or move on as well. I can’t believe it but this happens all the time here at my place of work. Certain circles of people hang every day and then in a month or two one person is suddenly out casted, thus not seen every day with the same crowd and is now eating lunch Hans Solo. Damn people can be rude at times, but do they have reasoning or not? Can that sort of behavior lead to promotions and success in the office? I really do not know, but I have heard the richer get richer. People who invest in businesses and real estate join forces with others with the same mentality or for that fact the same wallet size. Do you know how awkward it would be to ask your buddy that has 50 K debt and a 30K income to invest in a 3 family house with you? Hello the answer will be 95% of the time a flat-out, I can’t do it buddy.

In Conclusion will you, if you strive for more find a circle of successful friends or stick with the original circle of friends you had? Maybe you have the drive and determination to achieve success by yourself and not involve your friends or family. Do you think Wal-Mart, Microsoft, or Apple would be the successful companies they have become without help from those close to the founders? I would assume no is a possibility to the answer. Everyday millions of no name insiders make things happen for companies and thus continue in making the entity successful. A great idea is the starting point, but without a successful motivated and energized team the idea would not get off the ground.

That great show you see with all the great actors who bring you joyous TV magic do not do it by themselves. There are at least 30 + show staffers who make it happen behind the scenes. What does this crap have to do with the post? If you strive for success and are one step closer to a major milestone, do you trust some new business acquaintance to help you do business dealings or would you be more willing to trust a friend you have known for years.
I think I would probably trust somebody whom I have known for years. My one trepidation would be that a relationship can turn sour when you intertwine money with family / friends.

Comment if you agree with the company you keep post above or if you do not? Have you ever dropped a friend because they were a complete mess and didn’t strive for success?

Rich Uncle EL