Are your Addicted to Poverty (pt2)

In my last post, I talked about being addicted to poverty. In my mind that means a few things. I means that in the worlds most entrepreneurial economy, we haven’t learned how to actively participate in the economy except as consumers. It means that today we still don’t understand how to start, run, grow and profit from even the smallest business. It means that we haven’t  spent one minute increasing our financial education and understanding financial statements. It means we own so very little it is damned near inconsequential.

Well in my mind that has to change. When I look at the demographics of the people that registered for this forum well over 70% are women. That makes sense to me, women are mostly responsible for families and in many cases the entire family.

So Ive decided to help fix the problem. I’ve decided to educate right here and for free. So this is the first in the Fix Poverty Addiction Series.

In the series, we will talk about how to change the addiction to poverty. We will talk about how to fix the most important things first (like the words you use) and we will talk specifically about to to create a little starter business. We will debunk the idea that notion that starting a business is hard, we will crush the idea that having a job is enough. So, here’s the deal, twice a week I’ll make a post about starting a small business. We will start form the beginning and that is chanign the poverty words you and other use, we will start with the NO POVERTY MANIFESTO on the next post. The manifesto will outline how to change the words and will provide specific steps to take everyday to break the poverty words. So look forward to the Manifesto on Wednesday September 26. After you read and start to implement the manifesto, tell us haow it works and then we’ll move forward to create a financial stool with multiple legs.

Dedicated to your success.

P.S. I’ve been bothered recently by the lack of focus on black men killing other black men so look for our new blog as-a-brother-thinks.com coming soon. We will explore success, hardships, self responsibility but most importantly we will celebrate the success of normal brothers that have overcome every type of adversity.

Are you Addicted to Poverty

This is a major issue for me. Many of us are addicted to poverty and more importantly seem to waddle in it. Ask yourself, how many times you have described yourself as poor, how many times have you blamed someone else for you financial situation, how many times have you avoided getting a financial education and learning about investing. If you are addicted to poverty, here are some steps for change.

1. Stop describing yourself negatively. You know everyone has money issues (even rich people), everyone has family problems, everyone is fat, thin, beautiful, corny. you get the point. Everyone has issues but you don’t have to talk to yourself negatively. So start by not describing yourself by your situation and stop talking about yourself in a negative fashion. Even when I don’t have money I don’t call myself poor.
2. Get a financial education. This is a pet peeve. A financial education isn’t hard to get an you can even get it by playing a game. (Thats what I am many of my friends do) so study investing, study entrepreneurialism, start a small business (even multi-level), do something NOW.
3. Find a coach. Another peeve. Everyone needs a coach. Every major athlete has a coach, why because everyone needs to have a professional look at what they are doing and make suggestions. Find a coach somewhere. IF you invest in real estate, find a coach, in you want to start a business find a coach, if you want a good golf game, finad a coach. having a coach is the key to poverty addiction and more importantly fixing the problem

Dedicated to your success

What type of business assets should you create that produce cash

I read a lot about small business and it never ceases to amaze me how people think differently. Here is a good one. “Every 1 in 10 businesses fail”. What does this statement mean to you. To many people that statistic would say, 9 businesses fail so they should not start one. To rich people that same statement means I should start 10 businesses.

What a difference in thinking. Here is another. What type of business should I create? To many people that means restaurant business, widget business, cleaning business. But to rich people that same questions spawns a different answer.

The same question, completely different meaning. To a rich person, that question produces this answer, product business, service business, intellectual product business. You see, same question different answer. And the answer for very rich people means “Start them all”.

Lets look at a business like RichDad.com owned by Robert Kiyosaki. Richdad has divisions in each asset class. If you go to their website, you can see they sell products in the form of games, tapes, how- to etc. These are all products created one time and sold many times and the products serve many people. They own a coaching business, this is a service business that teaches people how to do what they just read in the book. Now the coaching business is lucrative but here’s an interesting thought, almost NO coaching is done by Robert Kiyosaki himself.

They also have an intellectual product business and this business is very lucrative. Their intellectual property business is all of the copyrights and trademarks they own, that can be licensed and leveraged to produce cash over and over again.

So when I talk about creating business, I’m NOT suggesting that you create A business. I suggesting you create a bunch of them in each class so you can leverage them and they produce cash over and over again.

Thats the purpose of the Black Genius Network Newsletter.

Finally the First Issue of The Black Genius Newsletter

Well we finished late but done. Hope you find this first issue worth the wait it was our desire to make this newsletter useful and practical and we think we have done that. But the ultimate confirmation is yours so enjoy this issue and if it meets your expectations SUBSCRIBE NOW

Happy Labor Day - Celebrating the Work Ethic, Creating a Wealth Ethic

Today is Labor day, the last day of summer and a celebration of the return to the work ethic. According to Wikipedia, Labor day started in 1882 by the Central Labor Union to create a day off for the working man.

I use this to demonstrate that the concept of the work ethic and the ingrained idea of work for money as an idea that has been around since the beginning of time. But maybe, in the new millennium and the information age (actually we are past the information age) it’s time to rethink the idea of the work ethic and Labor Day is a good day to start.

Labor Day should be a holiday and this Labor Day should be the day you decide to develop a wealth ethic along with celebrating your work ethic.

So the question is what is a wealth ethic? How do you define wealthy

First lets talk about wealth. For me wealth is the ability to pay my bills (and have fun) without having to do physical labor. That means that my income producing assets pay for my lifestyle.

Thats how I define wealthy. The ability to have assets pay for your lifestyle. So whats a wealth ethic. Well a wealth ethic is really substituting the idea that my labor is tied to money with the idea that my cash flowing assets provide money regardless of my labor. A wealth ethic and a wealth ethic thinker is always thinking about how she (he) can produce a cash flowing asset instead of working for money.

So, use labor day as the day to develop your own wealth ethic, subscribe to the Black Genius Newsletter to learn more about how to create a wealth ethic and create cash flowing assets.

Dedicated to your success

Why we ALL need to develop cash producing assets..(Boomers)

Another of my favorite topics because I am a boomer. I am 55 years old and I know that soon, very soon people my age are going to start to try and drain this economy. Boomers are going to withdraw money from 401k and pension plans in record amounts, they are going to sell or re-position stocks in record amounts, they are going to suck up massive amounts of health care dollars and basically the economy is going to need to restructure itself. The government will be forced to change entitlements like Social Security and Medicare because of this huge group of people demanding services.
The other shoe is expectancy, Boomers are expected to live longer so their retirement funds will probably not last their entire life. So, Boomers will wait longer to retire, of they retire at all. This is just a small piece of the impact  Boomers will have around the world.

So ,what does this have to do with building assets that produce cash. Well, lets think this thru. As more entitlements go bye bye and  health care cost skyrocket, the responsibility to pay for these services will fall more and more on the people that consume these resources.

So, you will need to plan to pay for health care and retirement and the question is “Where will the money come from?”

A reasonable solution is to create assets that produce cash now and in the future. Create assets that are not controlled by government forces thaat you can rely on to grow and flow (cash).

These are a few asset classes you need to consider and thats the subject of the next post. But start to plan now for your future Boomers.