Do you have what it takes to become a millionaire? Do you know the most important thoughts and habits of “the millionaire mind”?
Long before the best-selling book and video The Secret, enterprising men and women have been trying to understand the success secrets of the rich and famous. In fact, the Law of Attraction draws on the research of some pioneering thinkers who have given us clear directions for creating wealth.
You can see yourself as an entrepreneur, setting your own hours, being your own boss, enjoying the freedom of being self employed. And you can just imagine what life will be like once you’re a big success and pulling in all that cash.
But hang on. Before you run to the car showroom and test drive your dream car, let me ask you something: Are you cut out to be an entrepreneur? Do you really have what it takes to get rich?
Who’s afraid of the Big Bad Business Plan?
For some reason, those two words seem to put terror into the hearts of even the biggest, meanest hard-core business people…not to mention poor little red riding hood.
So today, I want to reassure you that you are already 3/4 of the way there to putting together a killer business plan for your new venture.
But first, let’s talk. Why do you need a business plan, anyway?
Remember how we talked on Day 7 about Robert Kiyosaki’s “cash flow quadrant” model? Basically, the idea is that there are four ways to generate income: as an employee, by being self-employed, as a business owner, or as an investor.
Each of these categories has its advantages and disadvantages, but Kiyosaki teaches that only business owners and investors are on the path to long-term financial freedom.
Employees, even those who employ themselves, are caught in the trap of trading time for dollars. If they don’t work, they don’t get paid. They have no leverage to earn income from the efforts of others, and no sources of residual income.
Would you be surprised to learn that many people who are thinking about making the shift from employee to entrepreneur are actually thinking about becoming self-employed?
Before you decide what form you want your business to take, we’re going to spend a little time reviewing the basics of wealth building and financial freedom. Maybe this will come as old news to some of you, but for me it was a real eye opener.
Do you know the biggest difference between people who are financially successful and those who are not? I’ll give you a hint, it is not talent, education, or family background.
The biggest difference between the rich and the poor is how they earn income, and what they do with the money they make. Generally, the rich recognize the importance of creating multiple streams of income. They invest income from one enterprise into a new asset that will use the powers of leverage and duplication to create more income. We’ll talk more about what all this means later.
By contrast, the poor generally get their income by working for someone else. They earn an hourly wage or salary, which they use to buy things that they need. Most (if not all) of the income they earn is converted into expenses.
The middle class in this country are caught in a powerful squeeze. They may earn a good income, either as a corporate employee or in professional self-employment…as doctors, lawyers and the like. But most of the income that they receive goes out the door to liabilities: a home mortgage, car payments, tuition for private schools, credit card bills for trips and luxury goods.
What does all of this mean for your new business vision? It means that you should aim to own an asset-building business, rather than being self-employed.
Welcome to my blog. You may know me as Laurie Morin, a somewhat wonky law professor, business owner and friend to the downtrodden. But beneath this mild-mannered exterior lies the soul of RENAISSANCE GIRL. She sings arias, she dances with the stars, she writes poetry and speaks 20 languages. She is on a journey around the globe to spread a message of love and prosperity. Read on to join her adventures. 