93% of all businesses in America fail in the first seven years. 

This may seem like a scary hurdle if you own a business but our guest today specializes in helping small businesses, those with less than 20 employees to thrive.  Tom Marquardt is known as “The Profit Repairman” and is here on the show to discuss his new book, My Little Black Book to Success.  Tom has made a special offer to our listeners.  If you email him within 48 hours of the airing of the show, he will send you an ecopy of the book for free.  To get the book TomM@TheProfitRepairman.com  and tell him that you are a listener of The Money Thing.   

Tom got most of his experience in the Hotel business.  He has taken this education and simplified the processes for any small business.  His book is full of valueable information.  I read it and dog eared it and marked the information I will continue to use. 

This is a great interview.  If you have questions about Tom’s strategies and how he might help your business. You can email him at TomM@TheProfitRepairman.com you can call him at 888-777-6647 or you can visit his website at www.TheProfitRepairman.com.

 

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I heard this story yesterday and I loved the message.

A wealthy man was making a guest appearance at an Ivy league university economics class. His talk was centered around how strategies and planning were the keys to gaining personal wealth. Then he challenged the students.

The challenge was to speak to 3 famous or hard to reach people in our society, celebrities, politicians or wealthy people. Just get three of them on the phone. That was it.

The reward for accomplishing it was an around the world trip, with the speaker in his private jet. The trip included all other expenses and the opportunity to meet more wealthy and famous people.

The guest speaker said he would be back in a week to make the award.

The next week, the man came back to the class ready to change the life experience of a determined student. He could not wait to hear the stories of how the students got through the red tape and blockades and who they talked to and what they talked about. He even brought the pilot of his jet to talk about where they would go.

When he asked the students who had completed the challenge, not a single hand went up. Not one student had completed the challenge. He was surprised so he asked the students how far they had gotten.

Here is what they said.

Most didn’t start because they thought someone else would do it.

Many were afraid that they would be rejected so they didn’t even start.

Only three students actually tried to meet the challenge and they gave up after a phone call or two.
Needless to say that nobody got to go on the trip of a lifetime and more importantly, nobody learned anything about stretching themselves. They did not get to make any contacts that could have changed their lives. They did not get to make any new friends. They just stayed in their little boxes.

People that have money don’t have it by accident. They do things that others are afraid to do. They ask questions. They seek out people and information that others don’t. Some of the nicest, most helpful people I have ever met are some of the wealthiest too.

People who have money approach the management and growth of their money like a business. They set a strategy, investigate the options and make their move. Once they make their move, that is not the end of it, they continue to monitor their progress and make changes along the way.

If you are on a diet or work-out schedule, you get on the scale on a regular basis and look in the mirror to monitor your progress. If you want to make more progress you ask for help or you seek out more information.

Have you ever gone up to a person you don’t know in the gym and ask them how they got such great arms. They will talk your ear off about what works and what doesn’t. Don’t be afraid. Take a genuine interest and you will get the help you are looking for.

Your money is not any different and it doesn’t have to be difficult

You might have heard me say that I know over 100 millionaires. All of them have made at least a portion of their wealth in real estate. Many of them can attribute a vast percentage of their money through their real estate investments.

In today’s environment, there are great opportunities for people who don’t own real estate to make that investment. Housing prices are down, Interest rates are down and there are plenty of motivated sellers out there who are willing to do whatever they have to in order to help you out. The government is even kicking in $8,000 to make it easier for you.

If all millionaires made at least some of their money in real estate, that means that to get into that club, you have to own real estate. If you don’t, you should look into it. Even if you don’t think you can do it. At least do the research to see what you would have to do to make it work. You might be surprised.

If you already own property, take another look at your strategy. Will it serve you in the coming years as the market changes? What do you think the market is going to do? If you don’t know, who does?

People are now starting to come around to the idea that the paralysis of this economy should not stop them from improving their financial situation. I know several working people who are using this time to set themselves up to be wealthy. They started by asking questions and doing some research.

Remember, you don’t know what you don’t know but there are people out there that do. If you are afraid to make that first phone call because you don’t know what the outcome will be or you are afraid that you will be rejected. Call me. If I don’t know the answer, I will find you someone who does. My number is 425-252-1121 or you can email me at Howard@themoneything.com.

I can’t promise you a trip around the world but I will promise to do what I can to help you on your way.

There has been so much press about the state of our economy lately.  Not much of what we hear is good.  We are fed constant stories about corruption and greed.  We hear how the government is going to crack down and fix the problems and jump start our economy.  And, we are told that we will get through this. 

What is not discussed is the increased level of distrust we feel with the systems we have used for decades.  We have lost faith in our governmens ability to stop people and companies from abusing the position of power they hold.

Today we bring in Mary Ficalora author of Choosing Honor, An American Woman’s Search for God, Family and Country in an age of Corruption.   Mary talks about some ways that each of us can take responsibility for ourselves.  As a family, community or whole country we can change the path that we are on for the better.

This is great discussion that I’m sure will make you think about what is possible.  For more information about Mary and her book CLICK HERE.

 

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Being a guy, I love adrenaline and adventure. Guys like to have stories to tell about how we conquered something or did something few others have done.

Even though I love adrenaline, I get a real kick out of being an observer. I watch people and their actions. I try to determine where people are headed and what is important to them.

I wonder what people are thinking. Where do they find joy? Do they think about what is possible in their lives or are they really ok with going with the flow? Are they really happy and what do they really want?

Here are some of my recent observations in no particular order…

1. Bangs are in for women again. I don’t know why I noticed that but I have.
2. People seem to be focused on just making it through the day.
3. Football season to starts in August.
4. In all things, you should have to opt in to participate rather than to have to
     opt out so you won’t be charged or penalized. Opt out is a cowards way of
     gaining your participation.
5. No matter who is in office, most people are not happy with the way they govern
    and the way they arrive at the decisions they make.
6. Brown is the new in color
7. The majority doesn’t rule anymore. The squeaky wheel gets the grease.
8. Great service is a thing of the past. We have accepted a do it yourself mentality
     for good service.
9. Slow drivers should stay out of the fast lane.
10. There are people and companies who will do or say anything to separate you
       from your money.

This last one brings me to an observation that has stared me in the face lately. Fairness is one of my most passionate issues. It has always bothered me when people take undue advantage of others when a little fairness would serve everyone much better.

I am in the mortgage business and interest rates are at a really low level. Housing values have also dropped and this creates the perfect storm of opportunity for people to buy real estate.

It also creates a target rich environment for scammers, people who do shoddy work and those who just want to separate you from your money.

I have talked with several people in the past few weeks that are flat out being lied to so that someone can separate them from their money. In the past we have been able to rely on the good name of a company and the trust in human nature to guarantee that what we are being told is accurate. NO MORE.

I see this in my business and it bothers me. No, it pisses me off, because I believe that you get farther in life trusting than you do by not trusting. People that are trying to make more of themselves and take care of their families have to be able to look to others with more expertise to help them.

So here is my message for the week. It applies to your money but it also speaks to the relationships we have.

Trust and verify

Trust the people in your life that have expertise. Seek out people who already know what you need to know. Network with those around you until you find the right person or organization to meet your needs. There are people around you that are much better at certain things than you are. Trust their advice and their counsel. Your life will be easier, and you won’t have to learn everything about everything.

And

Verify that they really do know and can perform the service you need them to perform. Verify that they will perform at a level above what you expect. When it comes to your money we don’t get many mistakes anymore. Pick people and companies that excel at what they do. Don’t settle for a casual aquaintence because you think it is easier. Verify by using your intuition. If your intuition says something is wrong. It probably is.

All in all, I still believe in the power of fairness. I still believe that good people will move mountains to help you with whatever you need. And, I still believe that slow drivers should get out of the fast lane.

This week we are dedicating our show to the Baby Boomers.  Those born between 1946 and 1964.   This is the group, that has the most money, the most debt and the most money problems.  Don’t freak out because your house values are down and your 401k has tanked, there are solutions.

Today we have Richard Roll, President of The Baby Boomers Retirement Club.  Richard has spent a lifetime studying and creating financial options and solutions for this, the largest and most educated generation in history. 

As a Baby Boomer I know that as a whole we have not handled our money as well as we should have.  As we approach retirement age, many of us are wondering how we will ever be able to manage retirement.  Listening to this show will certainly give you some great places to start.

In addition, Richard has a few helpful reports available to our listeners.  The first is 5 Things to do NOW Before Things Get Much Worse!  CLICK HERE  to download the report.

The second is the 10 Minute Retirement Quiz.  CLICK HERE  to take the quiz.

 

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I don’t know about you, but at 52, I know that I have lots of things left to do in my life. I know I have a lot left to do because when I was in my mid 40’s I heard about an exercise that I have been doing ever since.

Most of us have heard the term “bucket list”. That list of things you want to be, do or have before you kick the bucket. Well I have a bucket list and I hope you do too. Originally I thought I would put 100 things on the list and go from there.

Now the truth is that I don’t have anywhere close to 100 things on the list. Right now, my bucket list number is somewhere north of 40 things. Some on my list are just dreams. If they show up cool, if not, I am not sure that I care. Some are things I definitely want to do, places I want to see and experiences I want to have. Also on my list are things I want to learn and skills I want to develop.

In the past several years I have crossed a few things off of my list. I bought a Harley and went to the big Sturgis Motorcycle rally. I jumped out of an airplane with a parachute.

I have sung on stage with several professional groups. I took a boys trip to New York to see the Yankees and Red Sox play in Yankee Stadium and I wrote a book.

These are all things that I might not have done if I had not decided to put it out there that I wanted more in my life. I want experiences, I want stories, I want more knowledge and more skills.

My wife has her own list. Some of she wants to share with me and some she wants to do on her own. The same is true with my list.

One of my goals is to spend my life like I am on vacation, taking time to really experience the things that interest me. My wife wants to spend a week or two in a hut on the beach in Mexico. The two are similar so we are putting that together and we will do it.

At the beginning of this year I decided that I was going to take on a skill item on my bucket list. I narrowed it down to either learning to speak Spanish or developing my skills as a guitar player. I decided on the guitar. I had been playing for a while but I never got serious about it. I could play a few chords but I didn’t have the skills or knowledge of the instrument.

I have a lot going on so I wanted to make sure that went about this in a way that would give me the most improvement with the least amount of time.

You may have heard me talk about this before. The highest paid people in the world are athletes and entertainers. They are the highest paid because they get the best results.

They all have 3 things in common.

1. They practice to get better
2. They keep score
3. They all have coaches.

I thought I would implement their techniques to become a good guitar player. Here is what I am doing…

I practice on a regular basis. Each time I practice I work on a particular skill or song. I may not practice all that long each time but for me it keeps it new and interesting.

I created a notebook that has some of the songs I want to learn in it. It has the exercises I want to practice and it contains the technical information I need to learn too.

Then I found a coach. In this case a guitar teacher. He is about my age, likes the kind of music I like and he is already a really good guitar player. I like taking lessons from Ford because he can explain not only the instrument but he can show me how to play anything. He watches what I am doing and gives me tips as to how to do it better and easier.

This brings me to the point of my story. As I was practicing the other night, I realized that not only could I play the song I was working on but I have made great strides in my ability to improvise. To take the basics of what I had learned and adapt them to other songs and music styles.

This holds true with your money too. Whether you are a baby boomer worried about retirement, a retiree or a student wondering what your career is going to be.

You need to put money on your bucket list.

You may have a desire to be wealthy. You may want money to come to you doing what you love or without working at all. Your choice when it comes to money may be just to be able to live and retire comfortably, focusing on the things that bring you joy.

Whatever your money goals are, put them on your bucket list.
Then apply the three steps that those who get the best results follow.

1. Practice
2. Keep Score
3. Find a coach or mentor

If you follow these three simple steps with your money, you will make progress. If you do it long enough, your money will make being, doing or having whatever you choose to put on your bucket list a reality.