Monday Morning Power Pill 3/21/10

By
Commercial Real Estate Agent with Lemor Realty Corp/ Genesis Consulting 10401204753
Monday Morning Power Pill
[Money] affects everything, yet for some reason,
The world of academics thinks [it's pursuit] is below their social standing.
                                                                               --Robert Kiyosaki

This week I went to a conference where great leaders presented their version of success and life--General Collin Powell; Former Mayor of New York, Rudy Guiliani; Zig Ziglar and others. Through all the uplifting stories, principles and motivation, one message still stands out: In these times, if you do not have seven different income streams, you are very vulnerable. CAUTION! Do not misinterpret this to mean having a couple jobs and running five side businesses.

         Imagine having a job and two home businesses. Then imagine two rental properties producing passive cash flow, plus a retirement account and an active investment account. That's seven. Yes, it does sound overwhelming so let's start simpler. How many sources of income do you have? If you have one, you are walking a tightrope without a balance beam. One-great-job-at-a time-until-retirement-and-pension was yesterday's success formula...today, it's a formula for disaster. And the more important and secure you feel in that single job, the more potential danger you face. Not one of the successful people I heard this week has just one source of income or just two. Do you strive for financial success?
 

ACTION: Take this Power Pill All Week Long

If you are working at 3 - 5 businesses at a time, stop...too much. Invest in something that returns a flow of income; buy a piece of property; let a couple home businesses vie for dominance. Wait until you lose your job and that will be too late to sow seeds that feed your family. And if you have one source of income, we need to talk...

Alvin@AlvinDay.com

Comments (2)

Cherry Wings Realty
Cherry Wings Realty - Traverse City, MI
Your Traverse City Michigan Realtor

Monica:

It is hard to believe that in our business, Realtors would not have real estate investments.  Investment properties are a great thing to have in your retirement portfolio.

Mar 22, 2010 12:52 AM
Monica K. Pindle
Lemor Realty Corp/ Genesis Consulting - New York, NY

You're absolutly right. But there are so many who are not in the number.

I believe it takes education & most certainly Money! Unfortunately our industry licensing process doesn't include any information regarding the obtaining of likeness to those properties we market.

I hope to continue my contribution to the passing on of knowledge.

 

Mar 22, 2010 06:58 AM