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The next trick was to have the discipline to...The next trick was to have the discipline to actually put into action what I had learnedThat is where most people stopFor three years, while working for Xerox, I spent my spare time learning to master the art of buying foreclosuresI've made several million dollars using that formula, but today, it's too slow and too many other people are doing it So after I mastered that formula, I went in search of other formulasFor many of the classes, I did not use the information I learned directly, 'i| but I always learned something new I have attended classes designed for only derivative traders, also a class for commodity option traders and a class for ChaologistsI was way out of my league, being in a room full of people with doctorates in nuclear physics and space scienceYet, I learned a lot that made my stock and real estate investing more meaningful and lucrativeMost junior colleges and community colleges have classes on financial planning and buying of traditional investmentsThey are great places to chanel messenger bags start So I always search for a faster formulaThat is why, on a fairly regular basis, I make more in a day than many people will make in their lifetimeIn today's fast-changing world, it's not so much what you know anymore that counts, because often what you know is old It is how fast you learnThat skill is priceless It's priceless in finding faster formulas-recipes, if you will, for making doughWorking hard for money is an old formula born in the day of cave menPAY YOURSELF FIRST: The power of self-disciplineIf you cannot get control of yourself, do not try to get richYou might first want to join the Marine Corps or some religious order so you can get control of yourselfIt makes no sense to invest, make money and blow itIt is the lack of self-discipline that causes most lottery winners to go broke soon after winning millions It is the lack of self-discipline that causes people who get a raise to immediately go out and buy a new car or take a cruise It is difficult to say which of the ten steps is the most louis vuitton multicolor speedy important But of all the steps, this step is probably the most difficult to master if it is not already a part of your makeupI would venture to say that it is the lack of personal self-discipline that is the No1 delineating factor between the rich, the poor and the middle class Simply put, people who have low self-esteem and low tolerance for financial pressure can never, and I mean never, be richAs I have said, a lesson learned from my rich dad was that "the world will push you around The world pushes people around not because other people are bullies, but because the individual lacks internal control and disciplinePeople who lack internal fortitude often become victims of those who have self-discipline In the entrepreneur classes I teach, I constantly remind people to not focus on their product, service or widget, but to focus on developing management skillsThe three most important management skills necessary to start your own business are: 1Management of cash flowManagement of personal time I would women's rolex watch say, the skills to manage these three apply to anything, not just entrepreneursThe three matter in the way you live your life as an individual, or as part of a family, a business, a charitable organization, a city or a nation Each of these skills is enhanced by the mastery of self disciplineI do not take the saying "pay yourself first" lightly The Richest Man in Babylon, by George Classen, is where the statement "pay yourself first" comes fromMillions of copies have been sold But while millions of people freely repeat that powerful statement, few follow the adviceAs I said, financial literacy allows one to read numbers, and numbers tell the story By looking at a person's income statement and balance sheet, I can readily see if people who spout the words "pay yourself first" actually practice what they preach A picture is worth a thousand words So let's again compare the financial statements of people who pay themselves first against someone who doesn't People who pay themselves first dior big bags ------------------------ Job--------------->|Income |---- ^ |------------------------- | | | Expense | | \ ------------------------ | \ --------------------------------------< ----\-----|------------------------ | Assets | Liabilities | | | | |_________|____________| Someone who pays everyone else first- Often there is nothing left ------------------------ Job--------------->|Income | |------------------------- | Expense | ----> Nothing left! ------------------------ ----------------------------------- | Assets | Liabilities | | | | |_________|____________| Study the diagrams and notice if you can pick up some distinctions Again, it has to do with understanding cash flow, which tells the storyMost people look at the numbers and miss the kelly hermes story6:15 AM - Thursday, March 4, 2010
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