Acquire a Wealth Mindset by Doubling Your Way to a Million Dollars

January 29, 2012 By Leave a Comment

Here’s a simple game that can take you from absolute poverty to real wealth. In fact, all you need is a penny to get started. Even if you don’t have a cent to your name, you can still try this out; almost anyone will give you a penny if you ask for one.

The program is deceptively simple; you merely acquire a penny and then continue to double the amount of money in your possession until you have a million dollars. Even if you have significantly more than a penny to start with, you’ll actually learn a lot more by starting at the beginning with a penny.

The game is divided into 28 steps. This is great because the first steps are so small that you can’t possibly fail. You learn that you can be successful long before any internal messages of doubt kick in. Steven Goldsmith, the inventor of this program, also made starting easy, whereas programs with bold claims are often difficult to begin.

Here are the steps:

Step 1 Find a cent lying on the ground, or simply ask for it. Step 2 $.01 becomes $.02 Step 3 $.02 becomes $.04 Step 4 $.04 becomes $.08 Step 5 $.08 becomes $.16 Step 6 $.16 becomes $.32 Step 7 $.32 becomes $.64 Step 8 $.64 becomes $1.28 Step 9 $1.28 becomes $2.56 Step 10 $2.56 becomes $5.12 (Call it $5 to make it easier.) Step 11 $5 becomes $10 Step 12 $10 becomes $20 Step 13 $20 becomes $40 Step 14 $40 becomes $80 Step 15 $80 becomes $160 Step 16 $160 becomes $320 Step 17 $320 becomes $640 Step 18 $640 becomes $1,280 Step 19 $1,280 becomes $2,560 Step 20 $2,560 becomes $5,120 (Call it $5,000 to make it easier.) Step 21 $5,000 becomes $10,000 Step 22 $10,000 becomes $20,000 Step 23 $20,000 becomes $40,000 Step 24 $40,000 becomes $80,000 Step 25 $80.000 becomes $160,000 Step 26 $160,000 becomes $320,000 Step 27 $320,000 becomes $640,000 Step 28 $640,000 becomes $1,280,000

Basic Rules

1. You must ask for or find the first penny to get started.

2. You can only use the money that’s part of the game to earn more money. You can’t supplement with additional funds.

3. During the first 15 steps, you can only use the actual dollar bills and coins that you have generated to that point.

4. If at any time you more than double your money, you must spend the surplus on yourself before you move on. You’re not allowed to use the extra toward future steps.

5. The doubling does not have to occur in a single transaction.

6. You must keep a diary. You’ll learn a lot.

7. Only worry about the step you are on. You’ll figure out a way to deal with the later steps when the time comes.

8. You can’t spend any of the money until you’ve reached a million dollars.

9. If you lose money, you must drop down to the step which can be supported by the money you have left.

10. You can use your own labor, but that won’t help you much in the later steps.

What You’ll Gain (Besides a Million Dollars!)

In playing this game, you’ll learn:

* You can achieve great things, even when you begin with nothing. The only resources you need to get started are a penny and yourself.

* As your money grows step by step, you grow too! You’ll acquire the mindset of the wealthy little by little. With this mindset, you’ll always be wealthy!

* Becoming wealthy is about sales, marketing, and people. You can’t trade your time and labor for a significant amount of money. Most people believe that making a million dollars is about working harder and longer, because that’s the only experience they have when earning money.

* To use a variety of strategies. At the lower levels, you can simply find the money or simply give someone your change and ask for twice as much. But not many people will give you $40 just because you ask. And turning $40 into $80 will require something different than turning $320,000 into $640,000.

* To break huge tasks into small parts. Making a million dollars seems daunting, but the individual steps aren’t unfathomable. That’s the most ingenious parts of the game: the steps are so small initially that no one could be intimidated to get started.

As you’re going through the program, be sure to write down the strategies that you’ve used to accomplish each step. The way your approach varies throughout the game will provide valuable insights as you continue to grow your wealth.

Now get out there and make your million dollars!

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7 Key Fundamental Differences Between the Rich and the Poor

January 20, 2012 By Leave a Comment

Nearly everyone wants to be rich, but not many are. Why do so few people have real wealth, even though everyone desires it? Certainly, there must be some fundamental differences between the rich and the poor that can account for the differing levels of success.

Rich people often seem capable of generating amazing things in things in their lives. And many with less money seem to be stuck. You wouldn’t be alone if you concluded that this is due to some difference in abilities or work ethic. But if you look closely at the rich people you know, you’ll likely find that most aren’t particularly lucky, intelligent, or hardworking.

Let’s examine some of the actual fundamental differences between the rich and the poor:

1. Rich people attempt to create a specific life for themselves; poor people believe they have no control. If you don’t believe you can create the life you desire, why would you even try? But if you can envision what you want, you stand a chance to get it.

2. Wealthy people dream much bigger. Tell your poor friends that you want to be a millionaire and see what they say. You’re likely to hear something like this, “No one needs that much money. You can live fine with a lot less than a million dollars.”

* Do you think that a person who says things like this is ever likely to be wealthy? People who are poor always tend to think small. People who are rich dream big.

3. The rich play to win, and the poor play not to lose. This is significant. The rich are quite bold and are always searching for a way to win when money is involved. The poor are too busy worrying about preserving what little they have. They never give themselves the chance to become wealthy.

4. Opportunities vs. obstacles. Those who are wealthy tend to focus on the opportunities and then simply deal with the obstacles as they arise along the way. The poor have a habit of focusing on all the obstacles.

* Focusing on problems makes it very difficult to find solutions. A problem-oriented mindset also can cause challenges in staying motivated. By keeping your eye on the prize and staying focused on solutions, you’ll find continually moving forward to be much easier.

5. Commitment counts. The rich do an excellent job at staying committed to achieving their goals. The poor are good at dedicating themselves to dreaming about their hopes instead of making goals out of them.

* Although you may have fun thinking about how great it would be to be rich, that’s not going to make your desires happen. Set a goal and then fully commit to it.

6. Peer group matters. We all tend to rise or fall to the level of our peer group. Have you ever noticed that the rich hang out with other rich people? Spend time with wealthy people if you want to succeed financially. You’ll be amazed at how your perspective changes when you hear people talking about how they made $2,000+ in a single day.

7. The rich constantly learn. You’ll find that wealthy people are usually learning new things, especially when in regard to making more money. The poor frequently have an attitude that they already know everything they need to know. Don’t stop learning.

Developing the habits and attitudes presented in this article will go a long way towards improving your financial situation. It’s never too late to start, and you’ll be amazed at how quickly you can turn things around. Start today and you can change your financial life forever!

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Using Tax Planning and Wealth Management Services

March 29, 2011 By

Wealth Management Services

There are many different things that you can do yourself to plan for your financial future, and there are other things that should leave up to a financial planner or financial adviser. Things like budgeting your income, putting money away, and purchasing a home are all easy things that you can do by yourself. Private wealth management and inheritance tax planning services are all things that you should get assistance with, and to do so you need to find a financial expert that you feel safe with, and who you trust with your money.

To find a good planner who is going to set you up correctly, you want to find someone who comes highly recommended. There are many financial advisers that you can access for free at the bank you work with, but for more important things you are going to want to pay someone who will work specifically for you. When you are a private client you are going to get the attention that you need, and your money and planning is going to be handled in the best ways possible. You are going to have some peace of mind knowing that your financial future is taken care of.

Finding a good financial adviser is important because they are going to help guide you throughout the rest of your life, and that can be a very long time. You want to make sure that you now how to handle any inheritance tax planning, or private wealth management issues that may come up in the years to come, along with getting term life insurance advice and retirement planning options. Find someone who is going to work for you to make the most out of your money, and to help you start saving and planning better today for your future.

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Living Will: Pre-Planning Your End-of-Life Issues

August 25, 2010 By Leave a Comment

Preparing A Living Will

You can never be certain on what will happen to you so it is important to plan ahead. Making some preparations is forward thinking. Despite the sensitiveness of issues like injury, illness and death, it is always best to prepare so that you can make sure that you will receive the proper treatment. Preparing early would also spare your family from antagonizing on every decision that needs to be done. It also clears up some confusion between family members and even with your doctors on the best course of action regarding your medical treatments. And the perfect way to do all this is to have a living will, planning for end-of-life issues should always be part of our goals.

Plan Ahead

By planning ahead of time you will need to do some considerable thinking. It is important to know how you want your family and doctors will treat you when such a situation comes up. You might want to read more about all kinds of options for life-sustaining treatments to come up with the best decision on your living will. The living will can be canceled any time whenever you see fit. This is only natural since recent advancement in medical care might change your mind regarding certain procedures. You might want to accept a procedure that you previously crossed out.

Living Will Requirements

You need to be specific in your living will. Cite which treatments you don’t want and which ones you would prefer and so on. However, please understand that a living will cannot possibly cover all circumstances. There might be a situation where a living will is vague regarding a treatment or your instructions are subject to certain interpretations. With this in mind, part of a arranging advance directives for your medical care is assigning a healthcare proxy or a medical power of attorney (POA) assign to someone you trust. This person will take on the responsibility of ensuring that all your wishes in your living will is followed by your family and medical team.

Health Proxy

Another important job of a health proxy is to decide on your behalf. Like what have been mentioned before, some aspects of your living will might be vague or there might be some new medical procedures which might have changed some of the elements in the will it is important to have someone to make sound decisions. A medical POA assigned to a person will give him the right to interpret your wishes in situations that are not clearly stated in your will.

A health agent proxy’s responsibilities and rights can be limited to a certain degree depending on what you want. You can also change the person to be your proxy anytime. It is just simply filling up a form and making it legal. Pick a person that you belief will make good decisions for you. Your selecting a proxy should never be influenced by any of your emotions.

Having a living will, planning for end-of-life issues is something that you seriously need to think about. Having a legal document and having someone to act as your health proxy would be to your advantage especially if your family is not too keen on some of the treatments or procedures that you don’t want to have.

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