4 Ways to Think Like a Millionaire

millionaire mindsetWhat do you think of when you imagine being a millionaire?

Do you look forward to the idea of buying a big house and a fancy car?

Do you imagine that riches are something that you will only acquire through incredible good luck?

Do you think about swimming in a vault full of coins, like Scrooge McDuck? (DuckTales was one of my favorite cartoons growing up, by the way)

If any of those is the case, then you are not thinking like a millionaire.

Despite what many of us non-millionaires might think, self-made wealth is not so much about a lucky break or knowing the right people.

It’s about a mindset—one that anyone can develop.

Here are four ways you can start thinking like a millionaire, as you work to become one:

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Are You Improving Your Human Capital?

what is human capitalWhen you look at your financial picture, it’s easy to get caught up in the numbers.

However, it’s important that you not focus too much on your net worth.

While you want to improve your financial situation, realize that it’s not just dollars and cents.

You need to improve your human capital as well.

What is Human Capital?

Chances are that you are aware that the decisions you make with your financial capital matter a great deal. However, the money you have now, and hope to have later, is only a part of the equation. You also need to look to your current situation, and understand how your human capital fits into the larger picture.
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15 Small Town Business Ideas to Start In Your Own Stomping Ground

“There’s a lot more business out there in small town America than I ever dreamed of.”
-Sam Walton

15 Small Town Business IdeasIt never fails that I get a puzzled look when I tell people where I’m from.

I was born on the West Coast—Los Angeles, to be exact.

For about 3 years of my adult life (and 3 as a child) I was surrounded by the 405 freeway, beaches, smog, and, of course – In N Out Burger!

But I now reside in a small Midwestern town in Southern Illinois.

No freeways, just highways or “routes,” where “traffic” does not exist.

We have beaches; they’re just on lakes.  I promise, it’s not as exciting as the Pacific Ocean.

And worst of all… no In-N-Out burger.  :(

People are generally curious about this, and want to know how the heck I ended up here after growing up in the big city.

I can tell that most of them wonder why I would give up city life to surround myself by farmland and, in turn, limit my opportunities.

Their thinking is that you have to move someplace big to make it big.

That couldn’t be any further from the truth.

Small towns offer plenty of opportunities to entrepreneurs, particularly if they know the community well.

A recent study by Olav Sorenson of the Yale School of Management showed that small business ventures perform much better when they are founded in the hometown of the entrepreneur. In terms of dollars and cents, Sorenson discovered that “each year a founder lived in a the region reduced the failure rate [of the business] by nearly 2%, and each additional year of tenure translated into $1,362 more in profits in each year of operation.”
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How to Hit it Big with an “Option” For Your Career

The following is a guest post by Darwin. Darwin takes an evolutionary approach to money, investing and career opportunities. If we’ve learned anything over the past few years, it’s that we need to be constantly adapting to changes in technology, the workplace, investment opportunities. Read more at Darwin’s Money.

side projects that make moneyFor those of you that are even vaguely familiar with stock options, you’re probably aware of how you can essentially turn a small sum of money into a sizable payoff if things go the right way for you.

As an example, if you bought out of the money call options on Apple a few years ago, the return would have been over 1000%.

What if you could apply this concept to your career and earning power?

You can!

Here are a few real-life examples (including my own endeavors) where side projects can either fizzle out or succeed beyond expectations:
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The Power of Doing it BIG!

Attention, frustrated employees: Start making money on your own. I’ll show you how. The following is a guest post from Martin of Start Freelancing Now.

You need to learn to think big and to be confident in your work. I’ve been guilty of focusing on small tasks for far too long. I too often find myself working on things that either don’t matter or produce minor results. This is why I now focus my energy on bold and audacious goals. I believe in doing it big.

How can you go about performing audacious moves if you don’t know where to start? What if you happen to lack a certain level of confidence?

I found my own answer to this in a podcast.
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The Growth of Your Small Startup: What You Need to Succeed

startup business

Time to Grow

Starting a small business is a tough proposition – just look at the success rate: a meager 37% chance of survival if you employ fewer than 20 people.

The statistics aren’t too desirable if you look at them like that.

There is good news though – The difference between being in the failing 64% and the successful 37% is knowing what you’re in for and planning accordingly.

There are several steps you need to take to give your company the best possible chance of success beyond the four year mark – below are some tips you can use to foster the growth of your start-up.

Develop a Sound Business Plan

Planning is integral. Without a clear plan, good business decisions are nearly impossible. Before you take any action, sit down and create a written plan for your business that includes the company’s purpose, its marketing strategies and overarching management details. You should also make a list of your competitors, and include ideas for securing funding. If you already have supplies and equipment, create a ledger of these items for future reference.
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Your Personal Definition of Success – What Motivates You Each Day?

your personal definition of successI was at lunch the other day with a friend that I hadn’t spoken with in years.

During the lunchtime conversation, he made the comment, “Man, how did you get so successful?”

At first, I dismissed it, as often I get embarrassed by such complimentary remarks.

But when I started driving back to the office after the meeting, I got wondering – wow, am I really that successful? 

One of the biggest obstacles to overcome as an entrepreneur is constantly shortchanging yourself; always having doubts that you could have done a little more, made a little more, put a little more time in.

Essentially, we, entrepreneurs,  are never satisfied.

I’ve often had to take a step back and ask myself what my personal definition of success was, and I realize it’s not always about the money.
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The 13 Best New Small Business Ideas and Opportunities to Start Today

best new small business ideas to startHave you caught the entrepreneur bug and are wanting to start your own small business?

You’ve heard stories of people that have struck it rich by going out on their own and working for themselves.

The thoughts and dreams of running your own business can be intoxicating.

It’s funny that growing up, I never really thought about starting my own business; not as a child, not in high school, not even in college, and frankly, I didn’t think much about it after starting my career.

When I finally got the opportunity and saw what it really meant, starting my own small business has been one of the best ideas I’ve ever had.

If you’re looking to start your own small business, here are some of the best new small business ideas to kick around.
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Going Solo – The True Costs of Starting Your Own Financial Planning Firm

I’m on a roll, it’s time to go solo.
-Vanilla Ice

Alliance Wealth ManagementLast year, I embarked on one of the most exciting business transitions of my life – I formed my own registered investment advisory firm.

I get a lot of questions from advisors wanting to know about the process. How does it work? How much does it cost? Is it worth it?

Plus, I have friends and blogging friends that are also curious and would love a look behind the scenes of starting a financial planning business.

Since it’s almost been a year underneath my belt of starting my own firm, I thought I would share a little bit of how it all went down.

Plus, I’m trying to get a sense of how much I have spent in the past year in doing so……thank goodness for my CPA!

Before I begin, let’s first start with a bit of a back story so that you can understand exactly what had happened…..
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4 Simple Ways to Increase Productivity by Over 7000%

To-do: Buy more post-its

I have a confession.  I suffer from a slight case of ADHD.

In addition to that, I am scatterbrained to the umpteenth degree.

From the outside looking in, many people perceive me as a successful individual.

I run a financial planning practice; I run multiple websites; I have a huge family.

Oftentimes, people wonder how I pull it off – and to be quite frank, sometimes… I have no idea!

I am always looking for ways to increase productivity, and today I wanted to share four methods that have dramatically increased my productivity by 7000%.

How did I arrive at that number? I have no clue. It just sounded really cool for the article title. So, maybe it’s not 7000%, but I assure you, it is a lot!
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Why I Gave Up $36,000 a Year So I Could Write THIS….

IMG_8899It all started in July 2008, when my blog, Good Financial Cents, was born.

I’ve always had a passion for educating people on the basics of investing and financial planning and I took that excitement to a whole new level with the creation of the blog.

I was fortunate in the sense that I had recently gone independent and after some convincing, my new brokerage firm allowed me to start blogging.

What was unfortunate at the time, was that I was a Series 7 Registered Representative, which basically meant that I could receive commissions off the sale of  certain investment products, and even though my Series 7 only accounted for a fraction of my overall business, I still fell under full regulation of FINRA (Financial Industry Regulatory).

What does that mean?
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How Discipline Played an Important Role in My Evolution from an Employee to Entrepreneur

Mobile Office

Mobile Office

This post is not about the latest investment advice or a breakthrough trend in personal finance, rather a reflection of my evolution from a Corporate professional to a full time internet marketer and blogger living the mobile lifestyle.

While there are several factors that contributed to this successful transition, one of the more critical ingredients that made the transformation possible is discipline; discipline in living, learning, applying and giving.

It’s amazing how successful individuals, no matter in what field of practice, always share certain characteristics and discipline is one of them.

For example, without a strong and disciplined approach to living and saving, an average couple making the average annual income in the United States would never be able to retire on time or early and with financial abundance. Similarly, without a disciplined approach to learning, applying, monitoring and tweaking, an entrepreneur cannot be successful at his or her chosen field.
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