Check this article out below:
http://financiallyfit.yahoo.com/finance/article-110926-6907-5-top-5-tips-to-build-wealth-and-success?ywaad=ad0035&nc
Top 5 Tips to Build Wealth and Success
Peter Gorenstein and Farnoosh Torabi
Tuesday, October 5, 2010
Warren Buffett is worth $45 billion. That wealth isn't only a factor of savvy investing and good business — the "Oracle of Omaha" is also known as a penny pincher. Buffett still lives in the same Omaha, Neb., home he bought in 1958 for $31,500.
Follow his frugal formula, and you too may wind up with a lot more money than you ever dreamed.
This week Financially Fit covers five tips to build wealth and success.
1. Live Below Your Means.
Being wealthy isn't just a product of your salary or investment prowess; it's learning how to save.
"We can make a lot of money, you can make a little bit of money, but the second you spend all the money is when people get into trouble. Saving is the key to preserving your wealth," says Ed Butowsky, managing partner of Chapwood Capital Investment Management, a firm that manages money for wealthy individuals.
As many Americans realized during the booming real estate market, just because you think you can afford something doesn't mean you should buy it. Keeping an eye on your bottom line will pay dividends over the long term.
2. Bounce Back From Defeat
With nearly 15 million workers unemployed right now in the U.S., it's easy to get discouraged. Don't! Most successful and wealthy people have overcome obstacles and failure along the way. Steve Jobs was ousted from Apple when he was 30. Today, he's a billionaire and a legend. Plus, after getting fired, he created another billion-dollar media company, Pixar.
"Bouncing back from defeat is something all great achievers have. They have this undying belief good things will happen and will continue to happen," says Butowsky.
Take Michael Jordan. "His airness" was cut from his high school basketball team. Motivated by the rejection, Jordan became a star the next season. The rest is history.
3. Self-Promote
Regardless of the profession, the rich and successful tend to have a strong sense of self-worth — key to skillfully navigating an upward career path. Mark Hurd, who was ousted as CEO of Hewlett-Packard in August, couldn't be kept down for long. Using his business skills and connections, in September, Hurd was named president of Oracle. (Hurd and Oracle founder Larry Ellison are known to be close friends.)
4. Have Street Smarts
Bernie Madoff lived the high life for decades, scamming unsuspecting clients, with a money-making formula that proved too good to be true. Only afterward did we learn that with a little due diligence, most clients could have easily uncovered the fraud.
But it's not only the swindlers and the con men you have to watch out for. Many times, friends and family take advantage of the rich. Whether it's a handout or an investment idea, Butowsky advises his high net worth clients that in most cases, it's wisest to just say "no." The best way to do that: have someone else do it for you.
"You need to really set up a wall between you and your family," he advises. "If you don't want to give them (family or friends) money ... saying no is probably a good idea."
5. Buy Cheap
The rich can afford to splurge, but that doesn't mean they do.
John Paulson, a billionaire hedge fund manager, bought his Hamptons "dream house at a bargain basement price," according to Greg Zuckerman, author of the Paulson-based book, "The Greatest Trade Ever." The story has it that Paulson eyed the home while it was in foreclosure. Finally, on a rain-soaked day, he purchased the home on the Southampton town hall steps. He was the only bidder.
On New York City's Upper East Side, Michael's— The Consignment Shop for Women— has been a bargain-hunting destination for more than 60 years. "We have a good percentage of women who can afford to shop on Madison Avenue but really like the idea of saving that money," says proprietor Tammy Gates.
From Chanel to Gucci and Louis Vuitton, the store specializes in high-end designer merchandise for a reasonable price. Speaking of her clientele, Gates says, "they're wealthy for a reason. They recognize that bargains keep people wealthy. Paying top dollar when you don't have to doesn't make sense."
Showing posts with label MONEYNMUSIC. Show all posts
Showing posts with label MONEYNMUSIC. Show all posts
Wednesday, October 6, 2010
Monday, April 19, 2010
Wednesday, December 9, 2009
Wordsmith MixTape Download, "Overdue & Underrated"
Wordsmith's official solo debut "Vintage Experience" is set to hit stores/online outlets March of 2010, so stay tuned to upcoming releases and videos from that project.
Monday, November 9, 2009
TECH N9NE TOUR DATES FEAT STEVIE STONE, SLAUGHTERHOUSE AND GLASSES MALONE
Nov 10 2009 8:00P Webster Theater Hartford, Connecticut
Nov 11 2009 8:00P Paladium Worcester, Massachusetts
Nov 12 2009 8:00P NOR VA Norfolk, Virginia
Nov 13 2009 8:00P Gramacy Theater New York, New York
Nov 14 2009 8:00P Gramacy Theater New York, New York
Nov 16 2009 8:00P State Theater St Petersburg, Florida
Nov 17 2009 8:00P Club Firestone Orlando, Florida
Nov 18 2009 8:00P Touch Nightclub Jackson, Mississippi
Nov 20 2009 8:00P Allen Event Center Allen, Texas
Nov 21 2009 8:00P Independence Events Independence, Missouri
Tuesday, November 3, 2009
Tuesday, September 22, 2009
The Value of your Support System & Savings
Money Mike & Cool V, enjoyed this week's Money & Music Segment because the majority of the session was blessed by the trials and tribulations of Two Hott!! New Artists, Wordsmith & Acafool. Talk about serious industry artist insight, these to pro's just hit a home run for all you up & comers that need to hear it first before you Jump In & Swim or sink. So with that said, let's let these two artists break it down for you so you'll be free-styling to the finish line, like Michael
Phelps golds in hand.
Click Below & Enjoy the Money & Music Show
MONEY & MUSIC SHOW - GET YOUR FINANCIAL TIPS RIGHT HERE! & open ears listen in closely and take serious notes.
Now if you don't believe us!!!
We Appreciate YA!!! ACAFOOL, keep on acting like you do, cuz sho no FOOL!!!
So Check out his new video right now, "Let's RIDE"
What a night, WORDSMITH along with Acafool came in and dropped some heavy so we gotta reciprocate and give you a little sumtin sumtin as he climbed up the charts and gave us some true hip hop, with some "True Old School to the New School", "it's for ya car" enjoy!!!
Now if you want more MUSIC from these
You'll have to Google them or visit their websites, download their music, enjoy their video's but most of all listen to their wise words of wisdom heard here first on this week's Money & Music Show.
http://www.acafoolinc.com/
http://www.wordsmithmusic.com/
The Value of Your Support System
This week's focus was to make sure we recognize the value of those you surround yourself with and the importance of your Support System. Wordsmith was able to touch upon knowing everyone's role and the strengths and weaknesses on your team. The importance of recognizing that you as a business owner, artist, or independent contractor are the "Brand" and that means that you are also the CEO, BOSS, President, or BMOC for that matter. So all decisions you make need to be evaluated from the standpoint will they influence and better yourself to getting ahead at what you do. That will mean making sure all those on the team represent and provide value to bettering the team.
All too often, we see one rises to the top very quickly being le
d in different directions, yet forgetting how they got there. When you as the Boss are now being told how to act, what to do, where to go, what's right and wrong for you, should you take a step back and ask yourself is that what I really want? This is where being in control and taking advantage of the various talents of our support system is so influential to success. A word that comes up but yet many times all too often forgotten is that of being "humble". We use to call it "keepin it real", never selling ourselves out to the almighty dollar or fame. Realize that as quickly as you go up, is as quickly as you can come down. So take it upon yourself and educate yourself on the business your in, don't rush to make decisions, ask questions???ask those with experience???and successes???ask the same from your team???
We all need support, and when they say there is no "i" in "we" what the are saying is, with every success story there was a support system to follow from family, mentors, teachers, industry experts, and most of all specialized talents on your team. It is impossible to be an expert on all things, we say the ones who know everything, don't know anything. Imagine having a team of all Michael Jordan's vs. the team of Wilt Chamberlain, Bill Russell, Magic Johnson, Larry Bird, Oscar Robertson (for those that don't know Oscar, pheww!!!....,Old to the New School,okay will say Lebron James/Kobe flip a coin). The point is which team will win? Imagine having the greatest players on your team, in their particular specialized roles. Even though you may do one thing great and you are a special talent, understand your role on the team and take advantage of the roles of your Support System have the strongest marketing team, accountants, attorneys, financial advisor...etc..etc...
"TRUST" is always the hardest thing to find in people. This is something that will take time to build through trials and tribulations. You are the boss & you control your destiny, so make sure with every decision made you evaluate those decisions from every angle you can. So learn your profession and study up, and most importantly evaluate your Support System each and every one of them, study their expertise & learn from them, but make sure you can feel it in
your gut, look in their eyes, look to past experiences, and see if your Support System really "Cares" about "You" and your success. Remember your success is their success and their successes can be your successes, so stay humble and keep it real with your team and those in your everyday passing.
Remember, Success Breeds Success, you are Guilty By Association. Like our boy Acafool says' "YEEEAHHH....Keep your Hatablockas ON!!" now it's time to Get ya Savings ON!!!
SAVIN
GS 101
(GET THIS BOOK & SAVE YOURSELF A LOT MISTAKES on Your JOURNEY)
Now You know "Money" Mike ya Financial Partna always on your side, only drops the heavy and in this week's discussion he wrapped up a few tips in little time, but instead said he'd pass along some tips via blog, right here!! that we all can benefit from. So this is what he sent us, in a 1,2,3,4
Emergency Reserves: Before you start investing in your business or your retirement plan, take care of the basics, make sure you establish 3-6 months of Salary in a Savings account with a local banking instituition, credit union, or with your advisors brokerage instituition with a Money Market Account or Fund. They recommend to make sure for that rainy day, furnace breakdown, car breakdown, unforeseen circumstances in life you have available before anything else LIQUID Cash Reserves of 15-20% of your Income or 3-6 Months. THAT GOES FOR ANYONE READING!!!
Saving Accounts can be:
1. Savings Account with a Local Bank, Commercial Bank, Credit Union, Savings and Loans Association, or Brokerage Company
2. Look for Accounts with NO PENALTIES for withdrawals anytime
3. Shop for Accounts with the Highest Interest rate & ask if there is a
Term or a necessary Time Frame the money has to sit there, BE
CAREFUL on FEES & Early Withdrawal Charges, ie... CDS
4. Ask are they Safe, who Insures or Guarantees your Money?
Remember FDIC insures up to 250k per account, so DON'T!!! have
more than one account with a bank of over 250k, be sure to set up
another account if for whatever reason you decide to have this much money in any one bank.
5. Will your money be accessible online, ATM, or only during bank
hours, you ALWAYS want make sure you know where & how you
can get your money at all times.
So now you got your p's & q's on what to look for with your Savings, if that isn't enough go to this SAVINGS BASICS site:
http://www.fm.fcs.msue.msu.edu/PDF/money200bs3.pdf
As always you know how we do be sure to tune next week & stay ahead of the competition & Remember Hustlers get ya M&M Shirt before them Haterz Do!!! Click & GET IT right here...top right corner, why wait?
Monday, July 27, 2009
COOL V INTERVIEWS - WBC CHAMPION ANDRE BERTO
CLICK ON LINK ABOVE
Money & Music Presents - Business Is "PERSONAL"
Hey Good People!
How many times have you heard the line "It's NOT personal it's just business!" only to find out you was getting the lube job for a potential screw shortly after! Well just like our affiliate "Hotep" author of award winning and best selling book "The Hustlers 10 Commandments" (Which we highly recommend reading if you haven't) Business is most definitely personal especially if your going into business with that particular individual. There must be a foundation of trust and common purpose for that business to truly thrive. Don't let anyone sell you or tell you otherwise.
First lets observe what doing business truly is:
Busi·ness - Pronounced (biz′nis)
noun
1. one's work, occupation, or profession
2. a special task, duty, or function
3. rightful concern or responsibility no one's business but his own
4. a matter, affair, activity, etc. the business of packing for a trip
5. the buying and selling of commodities and services; commerce; trade
6. a commercial or industrial establishment; store, factory, etc.
7. the trade or patronage of customers
Now upon review there are some exceptions to this rule but NONE that refer to a ongoing personal relationship. (Hence the term business relationship!) It's your duty to research, know and trust who you do business with. Still don't believe me? Then ask yourself this question. How many jobs you know hire without a criminal background check? The chances are NONE and that's why business is personal otherwise would that information make a difference otherwise?
When choosing your partner you should evaluate their goals, purpose and motivation because if they have the wrong intentions I can guarantee your setting yourself for failure if you partner up with this individual.
Remember the movie 300 when he he said "choose your words wisely for they may be your last" the same applies here one wrong move can prove disastrous so when doing business make sure you and that potential partner or client is eye to eye and the rest will fall in place.
Ya Boy Boyee
"Cool V"
The Industry Insomniac!
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