Do You Want To Become A Multimillionaire? – Grant Cardone

Seven Secrets of Self-Made Multimillionaires
Grant Cardone BY GRANT CARDONE
Learn More About : www.grantcardone.com/

Seven Secrets of Self-Made Multimillionaires First, understand that you no longer want to be just a millionaire. You want to become a multimillionaire.

While you may think a million dollars will give you financial security, it will not. Given the volatility in economies, governments and financial markets around the world, it’s no longer safe to assume a million dollars will provide you and your family with true security. In fact, a Fidelity Investments’ study of millionaires last year found that 42 percent of them don’t feel wealthy and they would need $7.5 million of investable assets to start feeling rich.

This isn’t a how-to on the accumulation of wealth from a lifetime of saving and pinching pennies. This is about generating multimillion-dollar wealth and enjoying it during the creation process. To get started, consider these seven secrets of multimillionaires.

No. 1: Decide to Be a Multimillionaire– You first have to decide you want to be a self-made millionaire. I went from nothing—no money, just ideas and a lot of hard work—to create a net worth that probably cannot be destroyed in my lifetime. The first step was making a decision and setting a target. Every day for years, I wrote down this statement: “I am worth over $100,000,000!”

No. 2: Get Rid of Poverty Thinking – There’s no shortage of money on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end the poverty thinking. I know because I had to. I was raised by a single mother who did everything possible to put three boys through school and make ends meets. Many of the lessons she taught me encouraged a sense of scarcity and fear: “Eat all your food; there are people starving,” “Don’t waste anything,” “Money doesn’t grow on trees.” Real wealth and abundance aren’t created from such thinking.

No. 3: Treat it Like a Duty – Self-made multimillionaires are motivated not just by money, but by a need for the marketplace to validate their contributions. While I have always wanted wealth, I was driven more by my need to contribute consistent with my potential. Multimillionaires don’t lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community and charities.

No. 4: Surround Yourself with Multimillionaires – I have been studying wealthy people since I was 10 years old. I read their stories and see what they went through. These are my mentors and teachers who inspire me. You can’t learn how to make money from someone who doesn’t have much. Who says, “Money won’t make you happy”? People without money. Who says, “All rich people are greedy”? People who aren’t rich. Wealthy people don’t talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited?

No. 5: Work Like a Millionaire – Rich people treat time differently. They buy it, while poor people sell it. The wealthy know time is more valuable than money itself, so they hire people for things they’re not good at or aren’t a productive use of their time, such as household chores. But don’t kid yourself that those who hit it big don’t work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working.

No. 6: Shift Focus from Spending to Investing – The rich don’t spend money; they invest. They know the U.S. tax laws favor investing over spending. You buy a house and can’t write it off. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.

No. 7: Create Multiple Flows of Income – The really rich never depend on one flow of income but instead create a number of revenue streams. My first business had been generating a seven-figure income for years when I started investing cash in multifamily real estate. Once my real estate and my consulting business were churning, I went into a third business developing software to help retailers improve the customer experience.
Lastly, you may be surprised to learn that wealthy people wish you were wealthy, too. It’s a mystery to them why others don’t get rich. They know they aren’t special and that wealth is available to anyone who wants to focus and persist. Rich people want others to be rich for two reasons: first, so you can buy their products and services, and second, because they want to hang out with other rich people. Get rich — it’s American.


Do You Want To Become A Multimillionaire? – Grant Cardone
Read more: http://www.entrepreneur.com/article/222718#ixzz2bR5NWyxD

American Consumer Credit Counseling Reveals the Financial Fumbles of Well-Known Athletes

American Consumer Credit Counseling Reveals the Financial Fumbles of Well-Known Athletes (via PRWeb)

As the world’s highest-paid athletes rake in millions, national nonprofit debunks the myth that wealthy consumers are immune to money troubles and offers advice through financial literacy blog. The stories of pro athletes like Tyson, former New York…

Continue reading “American Consumer Credit Counseling Reveals the Financial Fumbles of Well-Known Athletes”

Boxing Legend Felix “Tito” Trinidad Brought To His Knees By A 68 Million Investment Loss

Posted By Felix A. Montelara

Author: Potencial Millonario

Boxing  legend Felix “Tito” Trinidad is brought to his knees by a 68 million investment loss.  However, the knockout blow may be the reported debt of approximately nine million dollars.

Felix Trinidad, in an attempt to be responsible with his assets obtained a brokerage firm, “Popular Securities,” to manage his well-earned fortune. Now I’m going to explain how it is possible to lose an estimated 68 million dollars even if it is invested by a third party and you (or in this case Trinidad) are not monitoring the account. According to reports, José ‘Pepe’ Ramos was assigned by Popular Securities to handle Trinidad’s account. Ramos invested most if not all the money in bonds, according to news reports in Puerto Rico.  The truth is that until September 2013, this type of investment was not risky on face value. The problem began in September 2013 when the markets (Moody’s and the S&P 500) downgraded Puerto Rico’s bonds to junk bond status, hence reducing Trinidad’s wealth (fortune). It is said that Trinidad began to see losses in his statement. Really? Red flag, anyone?

The second problem is that if it is true that Ramos invested 100% of Trinidad’s money in bonds only, we can all see an issue with assets allocation. In lay man words, Ramos placed all the eggs in one basket (Puerto Rico bonds). The right thing to do was to diversify into many assets across the market and invest in several different market sectors, as I would say, “A little of this and a little of that.” Truth be said it is unknown at this time if Trinidad asked to be conservative with his investments, or even if Ramos was authorized to invest without Trinidad’s consent.   No one knows why Ramos decided to place everything into bonds. It is true that before September 2013, Puerto Rico bonds had good ratings in the market and benefited from a triple tax exemption and could be enticing- or as I would say it would have been “sexy” to invest in them for any portfolio at that time; however, never at 100% of any portfolio.

One must understand that Trinidad is a former professional athlete and a marvelous boxing World Champion. He is not a finance expert. He took prudent steps to preserve his fortune but that was not enough.  The last blow brings Trinidad to his knees by a man without gloves in a suit. The lack of basic personal finance education hurt Trinidad as much as it hurts everyone else. Trinidad would have most likely have avoided this type of situation if he was well trained in personals finances. Its like training for a championship bout and not knowing the opponent.  It is alleged that Trinidad noticed losses on his statement.  In the boxing world that is like telegraphing a cross punch. With personal finance training Trinidad may have seen the knee dropping blow coming his way.   When Trinidad

Amonzon Book cover

received his earning statement reports with some personal finance training he could have determined that all the eggs were in one basket and we all know in personal finances that is not a good thing.

Also with a good personal financial education a millionaire worth 68 plus may have not carried with an estimated nine million in debts. Why would Trinidad? Anyone trained or educated in the basics of personal finance knows that the debt is the most powerful opponent, who most likely provides the knock out blow when you are already down on your knees. But as they say in my neighborhood: “to late,” the money was invested and lost. The only controversy is whether Ramos was authorized by Trinidad to place the eggs in one basket.  Ramos, along with Popular Securities, will defend themselves as if they were in a championship bout and the truth will be known in court.

If you were in Trinidad’s shoes, would you have the know-how to foresee that ultimately it is your responsibility to watch over your money?

Finally, we are celebrating Financial Literacy month in April.  Wise up!   Get educated in personal finance and do not allow yourself to be victimized due to financial ignorance. Remember, we all have “The Potential Millionaire.”

19 Things Your Suburban Millionaire Neighbor Won’t Tell You

Although having a million bucks isn’t as impressive as it once was, it’s still nothing to sneeze at.

In fact, CNBC reports that in 2013 there were 13.2 million millionaires in the United States alone.

That’s a lot of people, people.  And the odds are one or two of them are living near you.

Heck, one of them might even be your neighbor. In fact, the odds are very good that it is your neighbor.

But, Len, you don’t know my neighbor. That guy doesn’t look anything like a millionaire.

Well, guess what?  Your suburban millionaire neighbor called (oh yeah, we go way back) and the two of us had a nice little chat.

Here’s a few things he shared with me — but apparently doesn’t want to tell you. (No offense, I’m sure.)

1. He always spends less than he earns. In fact his mantra is, over the long run, you’re better off if you strive to be anonymously rich rather than deceptively poor.

2. He knows that patience is a virtue. The odds are you won’t become a millionaire overnight.  If you’re like him, your wealth will be accumulated gradually by diligently saving your money over multiple decades.

3.  When you go to his modest three-bed two-bath house, you’re going to be drinking Folgers instead of Starbucks. And if you need a lift, well, you’re going to get a ride in his ten-year-old economy sedan. And if you think that makes him cheap, ask him if he cares. (He doesn’t.)

4. He pays off his credit cards in full every month. He’s smart enough to understand that if he can’t afford to pay cash for something, then he can’t afford it.

5. He realized early on that money does not buy happiness. If you’re looking for nirvana, you need to focus on attaining financial freedom.

6. He never forgets that financial freedom is a state of mind that comes from being debt free. Best of all, it can be attained regardless of your income level.

7. He knows that getting a second job not only increases the size of your bank account quicker but it also keeps you busy — and being busy makes it difficult to spend what you already have.

8. He understands that money is like a toddler; it is incapable of managing itself. After all, you can’t expect your money to grow and mature as it should without some form of credible money management.

9. He’s a big believer in paying yourself first. Paying yourself first is an essential tenet of personal finance and a great way to build your savings and instill financial discipline.100_4248

10. Although it’s possible to get rich if you spend your life making a living doing something you don’t enjoy, he wonders why you do. Life is too short.

11.  He knows that failing to plan is the same as planning to fail. He also knows that the few millionaires that reached that milestone without a plan got there only because of dumb luck. It’s not enough to simply declare that you want to be financially free.

12. When it came time to set his savings goals, he wasn’t afraid to think big. Financial success demands that you have a vision that is significantly larger than you can currently deliver upon.

13. Over time, he found out that hard work can often help make up for a lot of financial mistakes — and you will make financial mistakes.

14. He realizes that stuff happens, that’s why you’re a fool if you don’t insure yourself against risk. Remember that the potential for bankruptcy is always just around the corner and can be triggered from multiple sources: the death of the family’s key bread winner, divorce, or disability that leads to a loss of work.

15. He understands that time is an ally of the young. He was fortunate enough to begin saving in his twenties so he could take maximum advantage of the power of compounding interest on his nest egg.

16. He knows that you can’t spend what you don’t see. You should use automatic paycheck deductions to build up your retirement and other savings accounts.  As your salary increases you can painlessly increase the size of those deductions.

17. Even though he has a job that he loves, he doesn’t have to work anymore because everything he owns is paid for — and has been for years.

18. He’s not impressed that you drive an over-priced luxury car and live in a McMansion that’s two sizes too big for your family of four.

19. After six months of asking, he finally quit waiting for you to return his pruning shears. He broke down and bought himself a new pair last month.  There’s no hard feelings though; he can afford it.

Source: Dollarbits.com

Amonzon Book cover

How Brazil’s Richest Man Lost $34.5 Billion

Stay tune to this story it will take some time but Eike Batista will rise again.

Felix A. Montelara

Author: Potencial Millonario

—Reuters- OGX, the Brazilian oil company controlled by former billionaire Eike Batista, sought court protection from creditors on Wednesday in Latin America’s largest-ever corporate bankruptcy filing.

The bankruptcy protection request, which was confirmed by the court in Rio de Janeiro, came after OGX failed to reach an agreement with creditors to renegotiate part of its $5.1 billion debt load.

Jonathan Alcorn | Bloomberg | Getty Images
Eike Batista, chief executive officer of EBX Group Co. Ltd.

It also is another chapter in the unraveling of Batista’s once high-flying industrial empire, which he has been dismantling in recent months after disappointing output from offshore OGX wells set off a crisis of investor confidence.

If the court approves the request, OGX will have 60 days to come up with a corporate restructuring plan. The company’s creditors, which include the California-based bond fund Pacific Investment Management Co (Pimco), and U.S.-based investment fund BlackRock, will then have 30 days to endorse or reject the plan.

Officials at OGX and EBX, Batista’s holding company, did not immediately respond to telephone calls and emails seeking comment.

An OGX bankruptcy is unlikely to have a significant effect on Brazil‘s economy. The company is barely out of its start-up phase and produces almost no crude oil, and most if its debt is held by foreign bondholders. But the fate of sister company OSX Brasil depends almost entirely on OGX, whose market value has plummeted by nearly $45 billion since its stock peaked in October 2010.

Eike Batista under investigation by Brazilian regulators
Brazilian oil tycoon Eike Batista set a record for wealth loss, reports CNBC’s Robert Frank. Between 2012 and 2013, Batista lost over $33 billion in paper wealth.

Batista created OSX, which had to scale back efforts to construct the largest shipyard in the Southern Hemisphere, to build and lease oil production and service vessels to OGX.

A renowned dealmaker who once boasted he was on track to become the world’s richest man, 56-year-old Batista has seen his personal fortune reduced by over $30 billion in the last 18 months as investors punished the share price of his listed companies.

The downward spiral forced Batista to start breaking up his Grupo EBX conglomerate, which also included a port operator, mining and energy interests, and an entertainment company.

Batista’s rapid decline has become a symbol of Brazil’s own economic troubles. After a decade-long boom in which investors poured cash into Brazil and Batista’s enterprises, Latin America’s largest economy has been in a rut for nearly three years, frustrating predictions that the country was poised to join the ranks of developed nations.

OGX’s decision to seek protection from creditors came as no surprise. After missing a $44.5 million interest payment owed to bondholders on Oct. 1, OGX scrambled to restructure its debt before the end of a 30-day grace period or be declared in default on $3.6 billion in bonds.

The process was rocky from the outset, and OGX called off the talks with creditors on Tuesday, leaving a bankruptcy filing as the only viable option to buy more time in its quest to save the company.

 

Puerto Rico Invites Millionaires to Relocate

Coat of Arms of Puertor Rico
Coat of Arms of Puertor Rico (Photo credit: Wikipedia)
By Felix A. Montelara
Author: Potential Millionaire
Once thought of as a vacation paradise, the little island of Puerto Rico is now attempting to bring the rich and wealthy to live there- permanently.  Earlier this year, the Secretary of Economic Development and Commerce, Alberto Baco Bague, travelled to New York City to explain to rich stock brokers the benefits that Puerto Rico has to offer.
An article on npr.org written by Dan Bobkoff explains the efforts of the Puerto Rican government to entice millionaires: “Under laws enacted in 2012, when someone moves to the island, all of that person’s investment income, like capital gains, dividends and the like — is completely tax-free. Plus, service income — say, a hedge fund’s management fees, is taxed at just 4 percent. And, as it is for all Puerto Rico residents, there’s no federal income tax.”  Mr. Bobkoff continues that in order “to take advantage of the tax breaks, the rules say you must live in Puerto Rico at least 183 days a year and prove that you’re really part of the community. Your spouse must live with you, and your kids must go to local schools.”
The government of Puerto Rico is launching this effort in hopes of stimulating the difficult economic situation in this U.S. territory.  According to the article, feelings about the breaks given to these new elite are mixed, ranging from ignorance of the new laws to resentment.  While bringing the rich to the island is thought to bring more industry, jobs, and opportunities to locals, there is some political danger in treating this new class differently than the local citizenry.
I would love to have your thoughts about this issue.  Do you think this type of tactic is beneficial to Puerto Rico, or any other country or city?  How would you feel if you had to pay local taxes and the newly invited rich didn’t?  Would it be worth it to economy?  Call me or email me your thoughts!

From Welfare to Millionaire- The Ella Coney Story

This is a great and inspiring story from NPR.org

npr-books-logo-color Series:  “Great Expectations,” we meet Ella Coney.

She went from a single parent facing jail time for welfare fraud to a real estate millionaire.

Coney tells Farai Chideya how she overcame some tremendous obstacles in her life and talks about her new memoir, When You Fall Down – Get Up!

Enjoy the Audio

Click here for Audio