10 Strategies to Reach 1 Million Dollar Net Worth

Strategies to Reach 1 Million Dollar Net Worth

It seems that so many financial bloggers make it seem easy to actually achieve a financially free lifestyle.  Reaching goals and moving forward isn’t easy, it takes dedication and the ability to move forward when everyone else is telling you you’re crazy.

Step out and figure out the path to get into real estate investing or join a small business and give your self the opportunity to succeed.  It’s not really about penny pinching and living on zero cash.  Life your life in freedom, find your identity, and keep moving forward.

Take a look at some strategies for reaching your goal of saving 1 million dollars.  Notice that these strategies don’t reference small savings here and there – these are big ideas that can propel you into financial freedom.  Think big and don’t look back.

  1. Set big goals and read them often
  2. Focus on passive income through real estate or online businesses
  3. Enable your creativity to thrive and build something unique
  4. Save 20% of your income
  5. Purchase investment property and have a long-term hold strategy
  6. Invest in low-cost index funds
  7. Keep track of your progress using tools like Personal Capital
  8. Limit your exposure to consumer debt.  Purchase cars when you need them, not when you want them.
  9. Expand your network by learning from others that already have achieved similar goals
  10. Put a plan together on how you will change your current financial situation.  It only takes one step to start moving in a new direction.

Make the decision to change – its only a decision – we’re all rooting for you.

31 of the Best Networking Questions

31 of the Best Networking Questions

The best networking questions can be tough to create, but these are vital in getting what you need out of your next conversation.  Networking is one of the most important factors when trying to create unique and powerful connections in your community.  Reaching out to people and asking them to grab coffee takes guts, but its totally worth the effort.  Prepare some unique questions and you’ll always have something interesting to talk about, it doesn’t take much time to write down 5 to 10 questions that may be relevant to your contact.  Preparation will show that you know what you’re talking about – and you’ll get some great tips that you can leverage to make positive decisions in the future.

My networking experiences have generated serious opportunities for my career and in real estate.  Interesting people know interesting people and you’ll never know the potential until you ask.  I’ve created my own list many times of the best networking questions – it’s paid off 10x.

All it takes is a simple email to your contact, ask them if you can buy them coffee or lunch, pick a spot and spend 30-45 mins.  Give them a mini agenda of your networking questions before you arrive, this will give them some prep time to think about your questions.   You’ll get some great answers that should be more than a “shoot from the hip” answer.

Read through the questions below and take some notes for your next networking event.  Go for it and move to action.

Networking Question Ideas

  1. What is the single biggest success in your career that has come out of your startup?
  2. Why are you an entrepreneur?
  3. What are the top five things that you would tell a new entrepreneur?
  4. How did you get started with your first business?
  5. What do you think of the startup community in the area?
  6. What are the top 5 areas that you will focus on this year?
  7. What problem is your business or product solving?
  8. How do you structure your development roadmap?
  9. What would you do differently at the beginning of your startup, knowing what you know now?
  10. What are your top leadership qualities?
  11. How will you define success for your business this year?
  12. How will you define success for you this year?
  13. What is the most fascinating piece of the technology that your business has created?
  14. Did you create a business plan before launching your business?
  15. Is your business planning to release any “game changing” technology in 2013?
  16. How many employees do you have?
  17. How many employees will you be adding in 2013?
  18. What is your elevator pitch?
  19. How is you target customer and why are they buying your products?
  20. How does your business convert customer feedback into future product innovation?
  21. Do you like using the word “innovation”?
  22. What are your top three favorite characteristics of your employees?
  23. What makes your business successful on a daily basis?
  24. Where do you want you business to be in five years?
  25. How does your business give back to the community?
  26. If your business  could only do one thing this year, what would you do?
  27. What is your favorite startup failure?
  28. How has failure shaped where you are today?
  29. How have you managed through failure?
  30. Are you still working on your original business idea?
  31. How has your business morphed since you wrote the original business plan?

5 Ways to Get Things Done – The Difference Between Ideas and Action

5 Ways to Get Things Done.

I want so much more out of my daily life. So much opportunity to grow, build, and help people – it becomes overwhelming when trying to figure out where to start. Sometimes figuring out where to start is exciting and allows me to take part in new opportunities that I would have otherwise never have been able to experience.

My experience includes:

– Being one of the first employees at a successful Saas startup sold for $110M
– Managing a software product with 1000 enterprise customers
– Being part of one of the largest enterprise software companies in the world
– Starting a real estate investment company during the crazy days of 2009
– Launching a number of small online ventures (these are mostly to keep my mind creative and nimble)
– Building and selling a job board to popular industry blogger
– Purchasing and managing an existing online business that generates revenue from subscriptions and one-off sales.

Each of these experiences started with fear of the unknown and many thoughts that revolved around failure. Most of the “fear of failure” thoughts had to do with wondering what other people will think of me if I crash and burn a new venture. At times, I find my identity in what people think of me versus believing the truth about who I know I am. I continually remind myself that I live to serve other people and my ultimate goal isn’t to win everything. My ultimate goal is to make people around me successful and help them move forward.

I’ve also had some new ventures not work out as expected. I try not to call these failures, but learning experiences and “paying tuition” to the School of Hard Knocks. I’ve learned a lot about myself when going through the decision making process around laying a new idea or venture to rest. Its tough, but completely necessary when viewing everything through entrepreneurial lenses. It can be very fulfilling to “fail fast, fail often” – this is the only way to create a product or service that others are willing to pay for. The best way to stay motivated when thinking about potential failure is this: “fail until you don’t” – if you’re innovative, talk with potential clients, think about how to keep shipping product, you will eventually find something that sticks.

While not all of these were ideas failures, some never really had the opportunity to succeed…I become board with the idea or realized I didn’t have time to pursue it. Many times I start something and realize that I have a better idea – the first idea or opportunity fades away because I choose to move on. I’ve learned that moving to action too quickly can be tough because it can be easy for me to leave projects unfinished. I’ve come to the conclusion that this is common with entrepreneurs – its easy to keep moving forward and leave half baked ideas in the dust. Life’s too short to focus on something that doesn’t fit your passions or create excitement when you wake up in the morning. I’ve had to force myself to focus on quality ideas and work to complete them.

I have big goals for myself….and I usually accomplish them when I put my mind to it. A visionary at heart, I don’t care much for the details so I push myself for big accomplishments. These accomplishments don’t just happen – actions need to be taken, risks managed, and fear overcome. Dealing with fear of the unknown and pushing ahead to get things done defines the daily tasks of any entrepreneur. Its a constant mind game that needs to be

1. Trust
Trust is huge when dealing with fear of starting something new. Entrepreneurs need to trust people around them, trust themselves, and be confident in the direction they have chosen.

2. Identity
When building a company or joining a new team, your Identity is very impactful to everyone you will work with. Knowing who you are and what you believe will help you deal with fears of failure. Usually, fear of failure is just a lie that needs to be shut down. Move forward with what you’ve been called to do and be strong in your identity. Don’t let other people tell you who you are or where you should get your worth.

3. Passion
Passion about new ideas, brainstorming, love of new things, building companies, and growing teams is exciting for entrepreneurs. Keep momentum going by staying focused on your passions. Don’t let fear take you off track and over analyze situations. Go for it and start taking action – you’ll never regret starting something new – you never know until you take the first step.  Move forward and get something on paper, make it happen and you won’t have any regrets.

4. Network
Your network is major aspect of helping you move past fear and get to action. Stay close to people that will encourage you, guide you, and help you navigate the trials of life. Close friends and colleagues will get you through tough times that require hard decisions. Listen to mentors- they will see things from a different perspective and can provide guidance that is extremely valuable. Don’t live in a vacuum, let others into your life.

5. Focus
Overcoming fear and moving to action takes serious focus. Don’t let fear of failure cause your focus to slip – make goals each day and get them done. You’ll have a million excuses as to why something won’t work out – dig deep and take action. Its a unique ability to take an idea and turn it into a real company.

Overcome fear and don’t let it cause you to be stagnant – take the challenge and move to action. Your identity isn’t what other people think or say about you. Know who you are and help other people along the journey. I challenge you to step out of normalcy, think differently, impact people for good, and use your skills to create something that leaves a legacy you can be proud of.

Entrepreneurship is a great adventure – overcome fear and move to action.

Getting Started with Real Estate Investing

Getting started with real estate investing is something that anyone can do.  Learning some of the lingo can be really helpful before you start to talk with other investors or real estate agents.  Once you get comfortable talking about cash on cash return or appreciation, then you can dig deeper and research more complex topics.

Understanding the core principles of real estate investing will enhance your wisdom and decision making process when it comes time to find the right property.

Take a look at the list outlined below – some great terms to get you started on your real estate journey.

Appreciation

Appreciation is an increase in the value of an asset over time. The increase can occur for a number of reasons including increased demand or weakening supply, or as a result of changes in inflation or interest rates. This is the opposite of depreciation, which is a decrease over time.

Depreciation

At its core, depreciation is simple: You figure out how much the property is worth for tax purposes (the property’s basis), how long the IRS says you must depreciate it for (its ­recovery period), and then you deduct a certain percentage of its basis each year during its recovery period. Rental buildings are depreciated over 27.5 years. The recovery periods for ­personal property—office furniture and computers, for example—are much ­shorter, usually five or seven years. This means you’ll get your full depreciation deduction much more quickly. It is to a landlord’s advantage to be able to classify as much rental property as possible as personal property, rather than real property.

Tax Deductions

You need to keep accurate records for each asset you depreciate showing:

  • a description of the asset
  • when and how you purchased the property
  • the date it was placed in service
  • its original cost
  • the percentage of time you use it for business
  • the amount of depreciation you took for the asset in prior years, if any
  • the asset’s depreciable basis
  • the depreciation method used
  • the length of the depreciation period, and
  • the amount of depreciation you deducted for the year.

Cap Rate

The capitalization rate is the rate of return on a real estate investment property based on the income that the property is expected to generate. The capitalization rate is used to estimate the investor’s potential return on his or her investment.

Cash on Cash Return

Cash-on-cash return is a rate of return often used in real estate transactions that calculates the cash income earned on the cash invested in a property. For example, when an investor purchases a rental property, she might put down only 10% for a cash down payment. Cash-on-cash return measures the annual return the investor made on the property in relation to the down payment only.

Four Ways to Value an Investment Property

  • Sales Comparison Approach
  • Capital Asset Pricing Model
  • Income Approach
  • Cost Approach

10 Ways to Set Goals and Accomplishing Important Dreams

I’ve created a practice of setting big goals on a consistent monthly timeframe. These goal setting sessions are more of a brainstorm, go big and think about the impossible.

  • Focus
    • Stay the path and do what I know is right
    • Stay consistent
    • Do work that is based on the leading of the holt spirit
  • Adventure
    • Live life on the edge of the next adventure
    • Seek new business opportunities
    • Think about how I will look back on experiences, helpful or normal
    • Quit the normal and follow the Holy Spirit
  •  Opportunity
    • Put myself in the path of opportunity
    • Stay loyal and respect authority
    • Define opportunity by Jesus’ rules

Success and True Identity

These thoughts came out of a few weeks of buying into the temptations of the world. I found myself thinking about how I let my identity in Christ slip into seeking my identity from people and things. Asking myself some really hard questions and then letting the Holy Spirit speak allowed me to navigate my confusion.

Why do I work?
Where is my value?
Who cares about what I do everyday?
Why do I need to be successful?
Why do I need to win?
Why do I have an issue being less than others?
Why do I need to always need praise from superiors?
Why do I always need to be the best?
Why are goals, money, and success a motivator for me?
Why do I care so much about my net worth?

Since I graduated from college my business experience has been incredible – a complete answer to many prayers. Recently, I’ve found myself feeling empty and somewhat purposeless. I want so much more out of my daily life. I have big goals for myself….and I usually accomplish them when I put my mind to it. A visionary at heart, I don’t care much for the details so I push myself for big accomplishments.

At my core, worldly lies tempt me to be the guy that everyone wants to be like. Wealthy, successful, a leader, and wonderfully superb communicator. If I’m brutally honest with myself, my career goals are to accumulate money, titles, success, and approval….I think about those things more than I should. I talk a good talk and tell people that I want to help them, but I have an issue when I’m not “the best”. I rate my value based on the praise that I receive from people around me.

All of this can be consuming and create a fake worldview that forces me down a path that I never wanted to step foot on. Maybe I’m idealistic, but I always thought that I was the best, always had the newest, always won, always had the most. Sometimes this was true, and when it was, I got so much self worth out if it that its scary. I’d take all the credit in my mind and make myself feel important, wanted, and successful. (Even if it wasn’t true.)

My inner being crumbles when I’m not the leader, picked to lead a project, or praised for doing something that I thought was pretty incredible. My brain tells me that my value is in how I perform and what others think and say about me….my heart knows that this is a lie. I’m constantly in a battle. If I’m truly honest with myself, I think way more about why I’m not the leader than how I can help other people succeed.

Encouragement from people around me makes me feel like I can do anything. I view this encouragement as success. My day can go from great to terrible if I don’t receive the praise that I feel I’m due. I can buy into the lie that my identity is wrapped up in what people think about me…not what God says about me.

Being honest with myself is hard, yet at times, I know that the words I say don’t match the thoughts I think. My Identity can be so wrapped up in not letting others down, not being successful, feeling like I don’t have enough money, not getting the next promotion, not being picked for the next project, that I stop thinking about what is truly important. I buy into lies and allow myself to let everyone else to define my worth.

I let my inner identity get all wrapped up in my performance and net worth. My grading scale seems to only have one option and that is to be better than everyone else. I think about my current full-time job and compare how I’m doing with others around me. I allow myself to think…”You are so awesome, people love you for what you have accomplished”. My perceived value can often times be so wrapped up in things of this world that it makes me sick. I’ve completely missed the point when I’m not focused on what really matters.

In my head, I know that my identity is in Jesus and that I serve him alone. It’s there in my brain, but my heart often times completely rejects that thought. I tell people that my identity is in Jesus, but when I think about how I act on a daily basis, sometimes all I serve is money, success, and people. I never act like all this stuff is so important, but I’m always comparing, always trying measure up, and trying to match what the world thinks I should be.

I learned at an early age that I shouldn’t care what other people think or say about me – I should only care what God says about me. He says he loves me and will protect me and provide for me. I get so afraid of being a complete failure in the world’s eyes and this causes me to make decisions that keep me safe, secure, and normal. Worldly security is so damn bogus, I can say that my real identity and security sit with Jesus, but my thoughts and actions push me in the opposite direction.

My head and my heart are always going to be at war in this world that seems to make comfort, security, and success so appealing.

God is my Savior and that won’t ever change. Fear, lies, and things of this world will one day pass away. Right now, I’m on a journey where I don’t want to go through the motions. I need to allow my heart to defeat my mind. Allowing myself to have regrets is going to suck and I can’t let myself buy into the B.S. of this world.

I’ve been called to step out and break free of normalcy. No more fake reality. Jesus is all that matters and my everlasting identity and future is with Him. He will never let me down or turn his back on me. He is King and his Kingdom is all I should care about. I choose to turn away from the lies of the world. I’m His boy and He loves me.