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Table of Contents
Introduction
Getting the Most out of
1 Meet Your Presenters 2 Mindset for Success Dr. Stephanie Burns 3 Money Mastery Diane Kennedy, CPA 4 Powers of Persuasion Dorian Gallo 5 Career Champion Les Hewitt and Chris Lewis 6 Own a Business and a Life Jeff Burrows 7 Money While You Sleep Dr. DoIf de Boos Appendix
Master Plan Checklist
If you choose this path, do not move to a new module before you have spent at least two weeks working on the one before it.
At the end of three months, you will have a new level of competence and confidence in all the subject areas. For each topic, you will have completed one or two introductory action steps. Now is the time to go for depth. Select the module that is most essential to your ambitions and spend 90 days with that module. You can give yourself some freedom here. You may wish to combine related modules, such as Money Mastery and Money While You Sleep.
learning happens.
Likewise, the first time you do an action step may seem intriguing or exciting. The second time could be less appealing because the novelty has gone and you already know what difficulties you may face. However,
the second and third times are essential these are when you set a pattern for life.
Why Write
Another essential principle of this program is: Document your progress. The Workbook is structured like a journal. Every time you take an action step, you will record what you learned from it plus some specific observations related to that topic. There are two reasons for this, First, you are your own coach for the program, so you have to hold yourself accountable for completing the actions. Writing your report is the most powerful way to
Now you have a fork in the road. The two next modules are Career Champion with Les Hewitt and Chris Lewis and Own a Business and a Life with Jeff Burrows. The first is about generating wealth by achieving outstanding success in the corporate world. The second is about creating financial freedom through owning a business, If you are a corporate employee, study Career Champion first, and concentrate your attention here. If you are an entrepreneur, go straight to Own a Business and a Life. In both cases, however, you should study the other module in addition, For entrepreneurs, there is a great deal to be gained from a deeper understanding of the corporate world. And for corporate employees, adopting the mindset of the entrepreneur is one of the keys to success. Finally, study Money While You Sleep with Dr. Doff de Roos and learn how to generate unlimited passive income through real estate investment. Because of the promise of wealth that real estate brings, you may be inclined to "cut to the chase" and go here first. Resist the temptation! You will be far more successful as a real estate investor if you first know: How to keep acting on your goals, no matter what happens in your life How to understand, manage and protect your money How to persuade other people so you can achieve your results How to make a resounding success of your career and/or your business So keep to the sequence!
Credits
The Wealth Builder's Blueprint
Designed and produced by Concept and creative direction Educational consultant Graphic design Photography Production management Editing and coordination BrandWithin Inc, Phoenix, Arizona James Burgin and Jon Ward Dr. Stephanie Burns Mingoo Kang Mark Burgin Diane Zoller Marnie Eastburn, Pauline Abel, Claire Nassano
Audio Programs
Creative direction and interviews Sound engineer and editor Producer Jon Ward Craig Quist James Burgin
Special thanks
Andrea Ward, Ken Burgin, Peter Johnston, Suzi Dafnis, Derick Brunette
James Burgin
Producer of The Wealth Builder's Blueprint
James Burgin acquired his mastery of branding, product design and marketing as a successful retailer and marketer in Australia and the Far East. In 2001 he relocated to the United States where he launched BrandWithin, a branding and marketing consulting company. He quickly built a core clientele of high quality educators such as Robert Kiyosaki of Rich Dad fame and Adam Ginsburg, a leading eBay marketer and educator. With degrees in both industrial design and natural medicine, James today is continuing a personal mission to "make things easier for people" in every dimension of their lives.
Dr. Stephanie Burns Diane Kennedy, CPA Dorian Gallo Les Hewitt and Chris Lewis Jeff Burrows Dr. DoIf de Roos Jon Ward (interviewer)
Your free Special Report from Dr. Burns is What You Never Learned About Learning. Download it now at WealthBuildersReports.com
Your free Special Report from Diane Kennedy is Now to Choose a Great Accountant Download it now at WealthBuildersReports.com
Dorian Gallo
Powers of Persuasion
For almost twenty years Dorian Gallo has held sales and marketing executive positions at several billion-dollar companies, including Dean Foods, Blyth Industries and The NutraSweet Company. Dorian has used her approach of persuasion to create and grow businesses in the USA, Asia Pacific and Brazil and to bring major brands such as Diet Pepsi and Marie's Dressings to new markets. She has consistently exceeded her financial targets, which has earned her the right to increasing levels of responsibility within the corporate world. Throughout her career, Dorian has served as a coach and mentor to individuals, start-up enterprises and non-profit boards.
Your free Special Report from Dorian Gallo is Now to Ask for Money Download it now at WealthBuildersReports.com
your Business, Personal and Financial Targets with Absolute Certainty. His co-authors, Jack Canfield
and Mark Victor Hansen, are creators of the worldrenowned Chicken Soup for the Soul series. As a business leader himself, Les understands the tremendous pressures of corporate life and what it takes to stay focused on results. His passion is coaching and he has founded an international coaching and training organization, also called the Power of Focus. Chris Lewis works with Les Hewitt to bring his methodology to corporate managers and employees throughout the world. He carved out a successful career in the corporate environment, rising at a young age to senior management in the highly demanding energy industry. As a former professional football player, Chris has a keen sense for competition, team building and playing to win.
The Power of Focus: How to Hit your Business, Personal and Financial Targets with Absolute Certainty.
Download it now at WealthBuildersReports,corn
Jeff Burrows
Own a Business - and a Life
Always an entrepreneur himself, Jeff Burrows has had successful careers in business radio and television, and in the investment banking world. After meeting Michael Gerber, the famed author of The E-Myth, he started on a new path as a teacher and coach to business owners. Today, Jeff is an advocate for others achieving their own dreams and serves as an E-Myth Master Coach to small business owners. He shows his clients how to find lasting success with his Timeless Secrets of E-Myth Leadership Program. He also leads a group of certified E-Myth consultants. Jeff's coaching career has spanned over twenty years, counseling individual leaders of small to mid-sized companies. He coaches business owners on how to get "more life" as well as more money from their enterprises, and how to capture that most coveted of entrepreneurial prizes: freedom.
Your free Special Report from Jeff Burrows is Strategic Diagnostic for Business Owners Toolkit. Download it now at WealthBuildersReports.com
Your free Special Report from DoIf de Roos is What Makes a Good Deal Good Download it now at WealthBuildersReports.com
Jon Ward
Interviewer and Writer
Jon Ward's first years in business were spent writing advertising copy for Pentagram, England's most prestigious graphic design company, and for Reuters, the global provider of news and financial information services. Soon after moving to the United States, he became co-owner of a highly profitable boutique marketing and advertising agency. Today Jon's primary focus is developing interactive tools for entrepreneurs and corporate marketers, including the Action Marketing System with co-creator James Burgin. Your free Special Report from Jon Ward and James Burgin:
humans, biologically, when we are under distress, our brain will do whatever it takes to help that is, to get us out of distress. And in learning, the single fastest way your brain can save you from being distressed is to stop you from doing whatever you are doing. That is the biology of procrastination.
have done your jog, or even how good it feels ten minutes after you start runningyou are far more likely to take action. eUird,.krgegy is just start. Get in motion. Commit to doing just a few minutes of the action, with the promise to yourself that you can stop after that if you want to. The reason this works is that human beings are absolutely terrible at changing direction. If you have committed to spend time reading, tell yourself: "I am going to start. I am going to do it for just 10 minutes." Once you begin to read, you will actually tend to keep going, as opposed to closing the book and going off to do something else. This works for all kinds of things people procrastinate on.
So if you want to remember what you read, you have to do something about that. You have to apply study strategies that make the information memorable. The fact is, there are many things in life you cannot figure out by sitting on the couch, or by talking about them or by thinking. You have to figure them out through action through the process of action. It is sometimes better to start something, not even knowing if you will like it, because from the mere fact that you do not like it your brain will begin gathering information to make better decisions in the future. Also be aware when it comes to learning, one of the biggest causes of failure is the fear of failure. Adult learners have specific ways to defend themselves against the experience of failure and humiliation. One way is simply not to do the work, because when they fail, they can say to themselves, "Well of course I failed, I never did the work." This is emotionally less risky than saying, "I did the work and 1 failed."
there can I stay just long enough for the fear to change a little? Cra0d4Itstanding up to give a presentation or planning to bid on a piece ;of.: estate- there is no physical danger, but your brain does not know that. So when the fear response comes, the same strategy applies. How close can I get to doing it? If I can not place a bid on a property, can I go and sit in a room where that is happening? Can I watch other people do it? How close can I get before the feeling of fear takes over? And then, can I stay there long enough for my brain to sort out that there really isn't any danger there? Over a very short time, if you use this strategy you will get closer and closer before the onset of fear, and you can stay longer and longer to neutralize the effect. Before you know it, your brain has sorted out what is and is not genuinely dangerous to the point where you can start to take some constructive action.
The strategy for mastering the second time around is the same as for any other action avoidance. Do not think. Just do it or just make a start. I have worked with a good number of Olympic athletes and what you learn is when they are ready to perform, they are usually not thinking positive thoughts about winning a gold medal. More likely, they are thinking "How in the world did I get myself into this situation again?" And their strategy for performance is typically not to think and just start. I have a dear friend a famous 400 meter hurdler who taught me about running that kind of distance. She said, "Listen, when I am standing on the start line my commitment is to run the first 100 meters the best 100 of that 400 I possibly can. Then I will decide later if I want to finish the other 300 meters." Now there is wisdom in that strategy, just as there is wisdom in saying, "I will get in my car and drive for ten minutes toward that mortgage broker. And if after ten minutes I do not want to go, I will turn around and drive home." Because the odds of turning around and driving home, like the odds of stopping after a hundred meters of a four hundred meter race, are practically none.
of activity that represent greater or lesser degrees of comfort. firSt 91:Pdays with this program is really about setting up your -mndset, your behavior patterns, and your willingness to be a long-term student and then using those strategies to take some steps, that over time, lead to viable wealth creation.
days, focus on those few concepts, Talk about them in casual conversations when,y.Qp are having lunch with colleagues. Later, tackle the second lice the CD.
Money astery
Diane Kennedy
The Cost of Ignorance Key Terms Assets & Liabilities Net Worth Income Analysis Financial Statements Goal Setting Wealth Creation Basics Your Financial Team Overcoming Your Likely Roadblocks
Over the next 90 days, you can look forward to mastering the essential language of finance, and the underlying principles for creating and protecting your wealth. You'll begin assembling a team of advisors and applying the strategies to build your prosperity. As you know, it takes time to amass wealth this program will put you on a course for success.
My Outcome
1 am studying Money Mastery because
I want to be master of money, money work hard for me
Ato: Action
- -7;
,ost
of Ignorance
Purpose Tip
Get clear why you are investing time and energy into your financial education. Be totally honest with yourself. This may be uncomfortable, so think of the long-term benefits you will gain in money and peace of mind. Don't try to recall everything that has happened in the past just pick out the most important examples.
Opportunities missed
Poor investments
Debt problems
Ignorance
I_ Date completed
Date started
Purpose Tip
Learn the essential terms that are needed to understand and discuss your financial situation. Read the meanings, then cover the "meaning" column with a sheet of paper and check that you have them well remembered. A good follow-up is to read a financial magazine or newspaper and look out for the terms.
Term Asset Liability Good debt Bad debt Net Worth Appreciation Depreciation Cash flow Velocity Earned income
Meaning Something you own that puts money in your pocket Something you own that takes money out of your pocket Use of other people's money to buy assets Use of other people's money to buy anything else Total assets minus total liabilities Gain in value of an asset over time Loss of value of an asset over time: can be a source of tax benefits Movement of money in and out Speed of cash flows Income earned by work you do (highest tax rate)
Portfolio income Income from paper assets such as stocks, bonds, etc. Passive income Leverage Income from other assets such as real estate, royalties, and businesses you own but do not work in Use of other people's money, time or assets to generate wealth
A cti o n,
es
Purpose Tip
/4/
liabilities
Make an honest assessment of current assets and liabilities. Be disciplined about what you call an asset. Many people use the term carelessly to include luxury possessions and toys. If it isn't putting money in your pocket, it's not an asset. Even if it is creating income, it may also generate expenses. Note these too.
Asset
Monthly Income
Liability
Monthly Cost
setsaiLiabilities
I Date completed I
Purpose Tip
Calculate your current net worth. In the previous Action Step we measured assets and liabilities in terms of how much cash they regularly produce or take away. Here we look at the total value of your assets and the total amount of your liabilities.
Asset
Monthly Income
Liability
Monthly Cost
Total Liabilities
Date completed
Check one
u My net worth is greater than I thought 111 My net worth is less than I thought
Purpose Tip
Identify where your income is coming from. What matters here is the ratio of earned, portfolio and passive income.Your long-term goal will be to derive most (or all) of your income from portfolio and passive sources,
Monthly Income
Total
$ Monthly Income
Total
$ Monthly Income
Passive Income
Income from other assets such as real estate, royalties, and businesses I own but do not work in
Source
Total
Self Repot
ActiorL
, e;
nalysis
Date completed I I
Date started
1 I
Where I would like to see percentages of income sources Earned Portfolio Passive Steps I plan to take to achieve this change
Money Mastery I
Diane Kennedy
3 -12
Actiop
- dat)Staternents
Purpose Tip
Learn how to read and use a financial statement. You can create your own financial statement, using one of the many popular software packages available. If possible, we advise you to hire a bookkeeper for this task so that you can discuss the meanings of terms and ask questions about the numbers. The financial statement is a tool you will be using regularly preferably once a month. It is the reality check that ensures you are keeping on your path to wealth.
Balance Sheet
Income Statement
Totals your income from all sources and your expenses from all sources Shows the difference between them (net income)
Shows how your money is moving in and out from month to month.
Note: Cash flow statements are often omitted, but this is a mistake. Make sure they are included in your financial statements as they are a powerful indication of your financial health.
t'Statements
Date completed 1_
Date started
How I have decided to get my financial statements u Do it myself manually u Do it myself using software u Hire a bookkeeper What I learned about my financial situation from my balance sheet
Actkin,i
etting
Now you've looked at where you are today, create your financial goals for the future. Make your goals precise, measurable and attainable. Make sure you specify the reasons for reaching your goals: how your life will change and why you wish to achieve this. Your reasons are your motive force.
Purpose Tip
Now Bad debt Earned income Portfolio income Passive income . Total assets Total liabilities Net worth Why I wish to achieve these goals
Date started
I_ I
2 3
ActionSte
.4/'
Business owner: I will increase my earned income with New clients or customers New products or services Resource CD Own a Business and a Life
CI
port
&flop Ste
My new business will be: Service based on a skill I possess Product I have created Product I can acquire and sell E Bay-based Web-site based Network marketing Franchise Other Resource CD Own a Business and a Life
Action:
Challenge
Possible solution
I will invest in real estate Single family home Apartments Commercial Land Other Resource CD
Money Mastery I
Diane Kennedy 3 - 21
Actiork,_
o xd?eport-
Date started
Date completed
I_
Team
Purpose Tip
Select the team of experts who will support your journey to wealth. First beware of free advice from well-meaning friends the most costly advice of all. Second, make sure the professionals you attract understand and support your outlook and goals. Thirdly, talk to their customers before hiring them. Use the note column to record your research. Give yourself up to 90 days to thoroughly research, evaluate and select your team.
Discipline Insurance broker Accountant Corporation specialist Lawyer Financial planner Estate planner
Name
Phone #
Note
Incial Team
Date completed I I
Date started
Accountant
Corporation specialist
Lawyer
Financial planner
Estate planner
ActioaStep
Anticipate the hurdles you are likely to face and make plans to get past them. Here you will look candidly at yourself and notice your strengths and weaknesses. Use your strengths for all they are worth. Find ways to work around your weaknesses, making full use of your team.
r Strength or Weakness? Vision, big picture thinking Attention to detail Record keeping Creative income producer Spending discipline Able to take risk Able to control risk Financially educated If a weakness: if a strength: ways to leverage ways to compensate
Date started
Some actions are one-off or infrequent events. Others must be repeated regularly. Were you'll find the steps that need repeated attention.
Action
Note Goals must be frequently revisited to have any impact. Keep recalling the reasons why you are pursuing your goal. Visualize the end result in detail. A couple of minutes a day can be enough.
Frequency
Goal review
Weekly
Financial statements
Check your financial health by getting your bookkeeper (or your software) to show your balance sheet, income statement and cash flow statements. The more money you make, the more knowledge you need. So read, read, read. Attend seminars. Listen to CDs. And keep checking in at TrumpUniversity.com
Monthly
Education
ers of Persuasion
Dorian Gallo
Choose Your Project Identify Your Strengths Establish Your Outcome Understand the Prospect The Unique Selling Proposition The Locus of Power Prepare & Rehearse Your Presentation Support Materials Getting Through the Door Make the Appointment The Presentation & the Close Follow-Up
Re '45,ch0
NN
I_ I
ecy
se Your Project
Date started
Date completed
I_
My chosen project is
ari SP.r
iYour Strengths t
Date completed I
Action .5
Date started
I_ I
Date completed
1 I
Action .5
Purpose
Understand the needs, problems and goals of the person you seek to persuade.
Note: for simplicity, we will use the sales term "prospect" for this person.
Tip
To be successful in persuading, you have to detach yourself from what you want, and get connected to what your prospect wants. For example, if your objective is to persuade someone to part with their money, you must identify something that is more compelling to them than the money you are asking for. The first thing to establish is what questions to ask. The second is figuring out how to get them answered. In the best case, you can ask the individual concerned directly. In other situations, you must talk to people they know, or find your answers through the Internet or other research.
Questions To Ask
Each question should be tied to the topic that is at the center of your persuasive endeavor. What does my prospect wish for, dream of or desire? What does my prospect actually need? What does my prospect dislike or distrust? What has frustrated my prospect in the past? What special problems does my prospect face? What does my prospect know or not know?
Action .5 ep,
Date started _ I
How what I have to offer specifically meets the needs or desires of the target
Action
Locus of Power
Purpose Tip
Find who is truly the decision maker, and who influences the decision maker. It is usually clear who your primary target is the jewelry buyer for a major chain store, the loan manager of a bank, your boss, your prospective client... In almost every case, however, this one person will be surrounded by others who have some influence and even control over the decision. The "locus of power" is the central point where real decisions are made. Identifying this point, and the network of influences that surround it, is a vital step in the persuasion game. In a corporate situation, the influences are often higher up in the organization but not always. You can win over the CFO only to discover that she feels obliged to defer to her marketing director. In other situations, people are influenced by friends, spouses, colleagues, even their children. Decisions are rarely as uniquely individual as they appear. Once you have identified the key influencers, you need to research what their needs, desires and challenges are just as you did your prospect's.
01-- P 1:.
Action
-4V1 1
oN,
Purpose Tip
Script your presentation and rehearse it with friends and colleagues. By the time you meet your prospect, you should know exactly what you are going to say, Better than that, you should have anticipated as many objections to your offer as possible, and planned your response. You should be so well rehearsed that you cannot be thrown off balance by any manner of challenge to your presentation.
Rehearsal Points
1 Questions. Plan how you will create a receptive state of mind by asking open-ended questions, such as "What are your current plans in this area?" or "Have there been any new developments since we last spoke?" or "What are the challenges you are facing right now?" 2 The pitch. Script your story then shorten it. See how concise and precise you can make it. Rehearse until it flows naturally off your tongue. 3 Objections. Identify all the possible objections, then choose friends or colleagues who will challenge you vigorously. Rehearse with them interrupting you with objections. Remember a presentation is not an argument. Respond to objections with questions, not rebuttals. For example, if the objection is price, ask "What more would you expect for this price?" or "What price would make sense to you?"
Date completed
Objections I anticipated
Action .5
Oport Materials
7
11
Purpose Tip
Create support materials to generate interest and prepare your prospect to be persuaded. By the time you meet your prospect, you want him or her to be intrigued, curious and positive about your offer. The way to achieve that is to create materials that are designed to stimulate maximum interest. These might include anything from a colorful postcard to a full-blown PowerPoint presentation. These materials can be sent ahead of you, or taken with you, or both. They can prepare the ground for your persuasive conversation, and give you more authority at the time. A good example is given in the audio CD, Money While You Sleep. When seeking a loan for real estate investment, DoIf de Roos suggests you go beyond filling in the bank's forms and create a "Proposal for Finance" complete with an attractive picture of the investment property.
At the event
Presentation book Flip chart PowerPoint presentation Product samples
)1, O
,port Materials
I Date completed
Ti:177
Action
0).
Possible Allies
Secretary Receptionist Personal assistant Respected vendors Significant customers Consultant Superior executives Colleagues Friends Spouse
4.19
Challenges 1 have faced in getting through the door (with this project, or in previous situations)
Action Si
`:,.411111)
Purpose Tip
Make the appointment in a way that helps you prepare effectively. The call when you make your appointment is more than a formality. It is an important step in building your relationship with the prospect. This is an opportunity to find out how to effectively prepare for the presentation. You actually enroll the prospect in helping you be successful. During the call, the prospect may try to short-cut the presentation by getting the pitch from you over the phone. If at all possible, deflect such questions by saying: "I'm looking forward to explaining that in detail at our meeting. Note that you must be ready to revise your script and materials after the appointment call. When you have already invested a lot of time and effort in your preparation, you may be tempted to skip this step. Don't! Be sure to update everything.
and ask what he or she will wish to know. Ask what specific materials or information will be helpful.
3 Review, revise and refine your presentation script and
e the Appointment
Date completed
Date started
Action Sep{
35111'
11
have misunderstood.
4 Get up-to-date on the competitive situation. Ask what alternative solutions the prospect is reviewing. 5 To get a decision you don't need special closing techniques or skills. Focus on the practical process of completion. Ask questions such as "What else needs to happen in order for us to come to an agreement?"
How well did I check the mood and the current situation?
Action .5 6,13
0.pw- U p N\11%
Purpose Tip
Follow-up with the prospect and build your relationship for the long term. In the world of sales, most failures and missed opportunities can be explained by lack of follow-up. The same principle applies to all persuasive situations. Just because you didn't achieve an immediate result does not mean the story is over. Whatever the result of your presentation, you now have a closer relationship with the prospect. Build on that relationship, and new opportunities may arise months or even years later. By the end of the presentation, you will probably have arrived at one of three outcomes in your presentation: a "yes," a "no" or a "maybe." Each requires its own type of follow-up.
Follow-Up Guidelines
If "Yes"
Thank the prospect for the opportunity. Follow up to ensure actual completion on the agreement. Stay on top of the process.
If "No"
Thank the prospect for his or her time. Ask if there is a time in the future (say six months away) when you might reconnect.
If "Maybe"
Develop the conversation about the prospect's goals and challenges. Ask questions to discover what will meet his or her needs.
:Tow-U p
Date completed I I
Ongoing 1 (1579
Some actions are one-time or infrequent events. Others must be repeated regularly. Here you will find the steps that need repeated attention.
Action
Note
Frequency
New Projects
entire cycle of steps. One time through is not enough. Different persuasion challenges will exercise different skills. Look out for opportunities, or invent them! Practice creating a pitch and shrinking it to 30 seconds -the length of a TV ad. Any imagined project will do: selling your car, applying for a job, getting a date... Repeating what you heard is a listening skill that you can practice at any time. It has immense power to improve communications and strengthen persuasion. Every time you make a serious attempt at persuasion, see yourself at the beginning of a journey with this person whatever the outcome. Maintain a discipline of regular, friendly and valuable follow-up communications.
As often as possible
Weekly
Daily
Follow-up
Plan Your Career Focus on Strengths Mentorship Essential Skills Leadership Feedback Public Speaking Make Connections Making the Boss a Star Create Added Value for the Company Bea Volunteer Establish Core Values Your Goals and the Company's
My Outcome
I am studying Career Champion because
Action Step
areer
Purpose Tip
Define your objectives, not just in your current job but for your entire career. If possible, spend an entire weekend away devoted to thinking about your future. Set aside the current issues and irritations of your job they'll still be there when you get back to the office. Focus on what is most important to you, professionally, financially and personally. Dare to think outside the box, and think big. Once you've established your main goals, lay out the key steps to reaching them. Set specific targets for the next five years. Use the questions below to start the process. 'I Which activities give you the most joy, interest and sense of fulfillment? 2 Which professional achievements to date are you most proud of? 3 What motivates you to work, apart from money? 4 What do you most like about your present job, and what most frustrates you? 5 Thinking about promotion, what higher level of appointment would meet these criteria? Exciting Challenging Attainable 6 Name three companies where you believe you would enjoy working. 7 What is the contribution you most wish to make to the corporate world?
".
Date started I
Greer
Date completed ___ I I
Where I plan to be professionally One year from now Three years from now Five years from now
My income goals for each of these milestones One year from now Three years from now Five years from now
Strengths
Purpose Tip
Discover how much of your time is spent using your core strengths. Success in the corporate world depends on how far you can apply your gifts and energy to the greater good of the company you work for. Therefore it is essential to know what your strengths are and how you are utilizing them in your job. Here's how to recognize a strength and when you are using it. You are most energized You are most productive You are most fulfilled
1 2 3
rengths
Date completed I_
Date started
if the answer is "no", take time to identi fy at least three other companies where the answer might be "yes" or consider a complete change of career.
Action Step 3
Purpose Tip
Find a mentor and become one. However high you rise you can always benefit from a great coach, as every great sports star will testify. At the same time, it's never too early to start sharing what you know with someone less experienced. So for a leader, mentorship is a two-way business. Your own mentor might be a senior executive in your company, or someone outside a retired executive, a leader in your industry, or a professional coach. The important thing is to find someone who is willing to challenge you as well as support you. Strike the same balance when you play the role of mentor. Use the table below to help your search. You may be surprised to find potential mentors where you hadn't considered looking.
Potential mentors
e
Date started I Date completed 1_
Action Step 4.
Purpose Tip
Identify at least one skill you can acquire or strengthen that will advance your career. It's great to learn new skills, but sometimes you can get more leverage by strengthening a skill you already have. You can ask yourself: "What skills would enable me to do my current job more effectively?" More powerfully, you can revisit your five-year career goal and ask: "What skills will enable me to do my future job more effectively?"
Skills Checklist List skills of possible value to your career in the right-hand column
Management skills
Technology skills
Communication skills
Financial skills
Marketing skills
Other skills
dits
Date completed 1 I
Action Step 5`
Lea
Purpose Tip
Feedback
Invite an objective and honest assessment of your leadership abilities. Don't expect to find this exercise easy. If you see yourself avoiding it, listen again to Dr. Burns on the Mindset for Success CD. The most important part of the exercise is this when you receive your feedback, make no effort to defend yourself against criticism. When it is your turn to offer feedback, provide a model for giving positive feedback. Instead of saying "This is what you did wrong," say "Here's something you could do better." If you are not currently leading a formal team, ask a small group of colleagues for feedback about two essential leadership qualities your ability to communicate and your teambuilding skills.
feedback
Date completed _ I_
Action Step
Purpose Tip
Gain confidence and competence in public speaking. If you've already tackled this skill in Action Step 3, all power to you. If not, now is the time. You need to master public speaking for many reasons. Making formal speeches is probably the least important. When you stand up in front of any type of audience you test your confidence with people, your ability to articulate a message, and your capacity to "feel" the unspoken response that others give you. All these skills are immensely useful in corporate life, whether you are leading a project team, presenting to clients, handling public relations or, one day, chairing the board.
Career Champion I
avrtS,z!'
Aking
Date completed I
Date started
1_
Action Step 7
Purpose Tip
Build a network of allies in your organization. Your career advancement depends on other people. Winning their support requires you to make yourself known, in a positive way. This isn't just about selfpromotion. It's about taking a genuine interest in other people's goals and challenges, and being of help wherever you can. Remember to build support among people lower down in the organization as well as higher up. Also, look outside to community and professional organizations. During the next 90 days, commit to finding at least three individuals in each of these zones: higher up in the company, lower in the company, and outside the company. Make yourself known to the individual(s) and make yourself useful. In the same period, join at least one professional organization and one community or charitable organization. Be an active member, not just a name on the books.
Career Champion I
n#ctions
Date completed
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Purpose Tip
Look for ways to increase the success of your immediate superior. One of the most powerful ways to achieve success in the corporate world is to build the success of others. In most cases, they will recognize and appreciate your effort and carry you up with them as they rise. The trick here is to set your ego aside for a while, and let the accolades and rewards go to your boss. You will become indispensable, and your name will increasingly be linked with success. When the individual you have supported achieves a significant promotion, and has the power to make appointments, who will he or she turn to first?
What is his or her primary career ambition? What would get my boss the most recognition and reward? Where is he or she vulnerable to failure or criticism? What extra support can I give directly to my boss? How can I encourage others on the team to support my boss?
e'
Date started I_ I_ Date completed I I
Action Step
Urea
Purpose Tip
Identify ways to increase the success of the company you work for. The point of this action step is to go the extra mile and contribute more to the company than you are currently being paid for. In effect, you assume (at least in your thinking) a higher level of responsibility for the company than you currently have. In this way, you prepare for the reality of acquiring a more responsible position and make it more likely. The corporation you work for is in business to make profit, and the two primary ways to increase profit are to raise revenues and decrease expenditures. Your task, within the constraints of your current position, is to review how you can support either of these outcomes. Your contribution at this stage might seem small or indirect but if you keep a constant focus on these objectives, no matter what your formal job, you will see progress in your career.
Increase Revenues
Increase leads and prospects Increase prices Increase number of sales Increase sales per customer Launch new products and services
Decrease costs
Lower production costs Lower marketing costs Lower distribution costs Lower administrative costs Reduce other expenses
Date started
1,_
Purpose Tip
Spend time and energy doing volunteer work. It's a paradox: one of the ways to get rich is to work for no money. By volunteering, you mark yourself as a person who contributes more than he or she takes. That happens to be one of the principal qualities of a true leader, so it helps position you for advancement. Giving of your time also establishes that you have values and interests that go beyond money, another leadership trait. Volunteering brings you into contact with a new circle of people, in a different context, and the connections can serve you well. In addition, you can take on responsibilities and tasks that stretch your abilities, whether in a specific skill or in management. So you can use volunteering as a training tool.
Charity-related
Participate in a company-sponsored charity Help a national or local non-profit Lecture or coach at a local school or college Note: If an attractive volunteer opportunity, like a company-sponsored charity, doesn't exist why not instigate it?
Action Step
Eska`
Purpose Tip
ore Values
Put your core values in writing. We all have basic values, but for many of us they are unspoken assumptions. The purpose of this action step is to make you conscious of what your values are. While unspoken values serve us well in most situations, there are times especially in corporate life when what we stand for is suddenly put to the test. This is when it helps to have complete mastery of our values. Record those values that are most important to you. Values that merely sound good will collapse when tough decisions must be made. Remember, this record of your values is for your eyes only. Use the key words and phrases to prompt you in identifying your values. Add your own key words in the blanks.
Write down on a 3 x 5 card four or five core values you absolutely refuse to compromise. Have the card laminated and carry it wherever you go.
ore Values
Date completed I
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ya
7 Z.
Purpose Tip
Discover where your goals and values match those of the company and where they don't. You can learn a great deal by taking time to compare your goals and values with those of the company that employs you. It is highly unlikely you will find a complete match, but there should be a significant overlap. If there is, identifying the common ground can strengthen your commitment to your job. As you begin to look on your employment more as a partnership, you will adopt the outlook of a senior executive and prepare yourself for becoming one. If you discover that your goals and values and those of the company are incompatible, it's time for you to make some tough choices. Remember, your career is larger than one particular job. Your career is your destiny.
The Company
Me
Goals
Values
Date started
Date completed
What I learned from comparing the company's goals and values with my own
The most striking similarities between the company's goals and mine
The most striking similarities between the company's values and mine
The most striking difference between the company's goals and mine
The most striking difference between the company's values and mine
How I feel about remaining with this company after doing this action step
5 - 26
Ongoing Actions,
Some actions are one-time or infrequent events. Others must be repeated regularly. Here you'll find steps that need repeated attention.
Action
Note
Keep your career goals in focus write them on a card, laminate it and carry it with you. Review the goals and see them completed Like your goals, your values need to be continually impressed in your mind. Use your laminated card. You have endless meetings with other people. Schedule one with yourself, to think about your current job and your long-term career plan If you are a team leader, hold a regular meeting to update the team on the big picture and on progress toward team goals Action Step 2 is so important it should be repeated regularly. Also, sometimes conduct a Focus on Strengths exercise with your team to match the best people with the right jobs
Frequency
Goals
Daily
Values
Daily
Reflective Thinking
Weekly
Monthly
Focus on Strengths
Monthly
usiness nd a Life
Jeff Burrows
Create the Vision Steps to Reality The Three Personalities Create Systems Organizational Structure The Position Agreement The Art of Accountability Employee Development Meetings Guerrilla Market Research Treat Your Job as a Business Create a Stop Doing List Prosperity Consciousness
My Outcome
I am studying Own a Business and a Life because
Purpose Tip
Establish your vision for the business you own or plan to create. Donald Trump says "think big" and he also advocates strict realism. A powerful business vision is both large and precise. Use the questions below to formulate a one-page vision statement. Give the answers in note form here, then expand the notes into a paragraph. Spend time on the first draft leave it and come back to refine it. Then share it with everyone involved in your business.
What is unique about your product or service and/or the way you will deliver it?
Date started
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I_
Purpose Tip
Identify the steps you need to take to turn your vision into reality. Here you will identity some of the areas you need to study and act on beyond the scope of this program.
Find ways to test the viability of your product or service. Do enough people really want it? Will they pay enough to make it profitable? Create a team of professionals, starting with the financial team introduced in the module Money Mastery. Find advisors and mentors who know your market offer them future financial participation if need be. Use a well-reviewed software package for creating a business plan, read how to do it, or get a mentor to help. If you are planning to raise investment capital, get professional legal advice on what must be included in your plan. Explore ways to use leverage other people's money being sure your approach is ethical and legal. Look beyond venture capitalists to government sources, potential vendors or customers, and friends or family.
Own a Business and a Life I Jeff Burrows 6 - 5
s to7Reality
I I_ Date completed
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ree Personalities
Purpose Tip
Understand the three "personalities" of the entrepreneur and know how to work with them. As business owners, we each have three personalities: the entrepreneur, the manager and the technician. The balance between them is different for each individual. Use this exercise to learn about yourself, and how to make the best use of your own characteristics.
Rank these statements in order, according to how true they are for you, ranking the truest at 1 and the least true at 3. Rank
r.
I'm a big-picture person: I see the vision and get ' impatient with details
If A is your highest, your dominant personality is Technician If B is your highest, your dominant personality is Manager If C is your highest, your dominant personality is Entrepreneur To lead a company, you must make the Entrepreneur first. If you aren't naturally an entrepreneur, you can learn to become one. Take these steps 1 Listen several times to the CD Own a Business and a Life 2 Read extensively and study entrepreneurship. Attend seminars and events where you can get to know other business owners become part of the entrepreneurial culture. 3 As soon as possible, delegate the technician and manager functions in your business to other people.
tee Personalities
I Date completed I
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Purpose Tip
Understand that each job someone does should be based on a written system. This principle is so fundamental you should master it before you hire anyone. If you are currently employed, use your own job to learn from. Whatever you currently do, record the system for that job: a manual on how best to do every key function. Then, if you have anyone working for you now, help that individual write the system manual for their job. Use the template below to get yourself started.
Job title
Function 1
Function 2
Function 3
Function 4
Function 5
'reateSystems
I I Date completed I I
Date started
What I learned from writing the system manual for my own job
What I learned from showing my employee(s) I subordinate(s) how to write a systems manual
Action (S
r anizational Structure
Purpose Tip
Create an organizational structure. The organizational structure shows how all the different systems fit together to create the whole company. Each function has its own place in the structure it can not be based on people. When you're starting a business, many jobs are done by a few people or just one. It is still essential to write down the structure so that later you can move out and let others take over the different functions. A typical organizational structure for a start up is shown here. Adapt and add to it for your business.
Function Leader
Title CEO
Mission
Who
Provide the vision, Me the capital and the spirit Manufacture our product Understand demand for our product Sell as many of our products as possible
Production
My brother
Marketing
Me
Sales
Director of Sales
Me
Finance
Ensure the financial health of Me our company Attract staff and care for their well-being
Human resources
Director of HR
My spouse
aifilational Structure
Date started I Date completed
What I would gain from hiring others to fulfill some of these functions
osition Agreement
Purpose Tip
Learn how to create a position agreement by writing your first one. The position agreement is not a conventional job description. There are two key differences. 1 The position agreement is about the results of doing the job, not the systems required. 2 The position agreement is a signed commitment to the entrepreneurial, managerial and technical work required to achieve the results. First write a position agreement for your own current job and sign it! Then write a position agreement for each key function from your organizational structure in Step 5 above. Remember, there must be a position agreement for every function. Sample position agreement result statements Position Agreement For: Position Title: Result Statement: VP Administration 1 am accountable for producing the following results:
To retain long-term, ideal clients for the company through the creation and implementation of money, fulfillment, delivery and information technology systems that fulfill the company's financial and strategic objectives, marketing promise, and agreement to clients. Reporting Positions: These positions report directly to me and are accountable for producing the indicated result, with my guidance and support, as their manager. Manager, Finance Manager, Client Fulfillment Manager, Information Technology Manager, Customer Service
Jeff Burrows 6 -13
sition Agreement
Date completed
What I learned about my own job from writing the position agreement
Discoveries I made about my business by writing position agreements for each key function
of Accountability
Purpose Tip
Review how employees are currently held accountable. This action step is a reality check. It gives you an insight into how you are currently holding accountable the people you pay to support your vision. If you are not yet operating your own business, use the same exercise to find out how you are held accountable by those you work for, and by yourself.
Accountability checklist
u Does each employee have a position agreement he or she can be held accountable for?
u How is the employee evaluation process linked to the employee's own career and personal aspirations?
-of Accountability
I I Date completed I_ I
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How the employee could personally benefit from an improved accountability process
Action (-Ste
ployee-Development Meetings
Purpose Tip
Learn how to plan and manage an employee development meeting. This is how you hold employees accountable for the position agreements they have signed. The keys to success here are 1 Focus on results not activities 2 Build the employee's sense of contribution to the company mission 3 Help develop the employee's career as well as their usefulness to you If you don't yet have employees or subordinates, conduct an employee development meeting with yourself. Adapt this draft agenda for your particular circumstances.
1 Recent successes in creating results 2 How those successes were achieved 3 Opportunities to improve results 4 Key learning since last EDM 5 Personal and career development points 6 Specific goals to achieve before next EDM
Own a Business and a Life l Jeff Burrows 6 -17
mployee-Development Meetings
I I Date completed I I
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How I will improve the way I conduct my next employee development meeting
ActionStep
Market data required: checklist Covered now Age Gender Economic status Geographic distribution Relevant desires Relevant needs Relevant dislikes and anxieties Relevant frustrations (e.g. with competitors) Level of relevant knowledge Market data acquisition methods: checklist Covered now Regular customer satisfaction surveys Record keeping of customer data by customer service personnel Data acquisition built into transaction systems, such as tills Low-cost online surveys of potential customers Prospects who don't buy: follow-up process to interview non-buyers
Own a Business and a Life i Jeff Burrows 6 -19
To do
N/A
To do
N/A
a- Market Research
I Date completed I
Date started
My title as leader:
Date started
How this Action Step relates to information in the Career Champion audio CD
How I will apply this experience if and when I have my own business
Date started
I_ I_
Question: How far is my thinking and behavior led by the entrepreneur, and how far is it still driven by the manager and the technician?
Question: To what extent am I functioning as if I own a job, and to what extent am I functioning as if I own a business?
Acti on (;,
rosperity Consciousness
Purpose
Prepare yourself to achieve wealth through business ownership. You may believe that everyone, including you, is ready to be wealthy right now In reality many business owners are locked into a mindset of hard work and small returns. And that's exactly what they experience. This pattern often results from early childhood impressions of parents and other adults. If you are planning to own a business, not a job, you need to listen to your heart, educate your mind and have intention for a level of affluence and freedom you are not accustomed to before it manifests. Here is an exercise to help you begin.
Tip
Picture yourself enjoying rising levels of wealth and abundance. Notice at what point you feel uncomfortable or "that's not like me" Write down all the negative ideas you have about being extremely rich and free not to work. About each one, ask: "do I know this is true for sure?" Imagine you are asked by someone you respect and admire: "What is your purpose on this planet?" Answer in a few short and simple words. Try to identify the highest purpose that feels true to you Ask yourself haw completely you are fulfilling your highest purpose today Imagine again that you have all the money and time you desire. Now ask yourself in what ways you can better fulfill your purpose? Be as specific as possible Get in the habit of picturing the things you'd enjoy f do i ng if you were financially free. Be as detailed and specific as possible
Own a Business and a Life f Leff Burrows 6 - 25
Name your purpose Check your current life against your purpose See what difference money and time can make Stretch your fun muscles
osperity Consciousness
I_ I Date completed I
Date started
Some actions are one-time or infrequent events. Others must be repeated regularly. Here you'll find the steps that need constant attention.
Action
Note
Your vision is only powerful if you keep it in your sights. Reread it, think about it, and visualize what it means
Frequency
Weekly
Gather your team and tell them how the company is doing, relative to the vision. Be honest, and optimistic This is the all important accountability check. Each employee should have a regular EDM, which always references the Position Agreement
At least monthly
Life creeps up on us and priorities get lost. Then the Stop Doing List urgent takes over from the important. Time for another Stop Doing List! A celebration can be everything from a full-scale party to three deep breaths. Take a moment to register every one of your wins, big and small
Weekly
Celebrate
Daily
Why Real Estate Choose a Real Estate Strategy Set the Stage for Investing Choose Your Property Focus Select a Real Estate Agent Finding Properties Inspecting Properties Key Terms Preliminary Deal Evaluation Submit an Offer Create a Proposal for Finance Prepare for Property Management
My Outcome
I am studying Money While You Sleep because
Action Step
Rea1 Estate
Purpose Tip
Make your own assessment of real estate as a wealthcreation vehicle, Investing in real estate for the first time requires more than learning new information. You'll have to do things, like making offers, that some people find challenging. Understanding the wealth-building power of real estate will help motivate you as you undertake this adventure. One way to uncover the value of real estate is to research how the rich get rich, and what they do with their money. Ask wealthy people you know, or use the Internet to find what a huge role real estate investment plays in the lives of affluent individuals. Another useful task is to compare real estate with other popular forms of investment. Place check marks in the chart below to reflect the positive aspects of the different forms of investing. Real Estate Stacks & Bonds Collectibles
Banks will readily lend you money to invest You can easily acquire 10 times (or more) the value of your cash investment You can beat the market average by doing some research You can increase the value of your investment by improving it You don't have to sell to get cash out The government gives you tax breaks for investing
Money While You Sleep I Dr. Dolf de Roos 7 - 3
Rea l Estate
Date completed _ 1_
Date started _ 1_ I_
What I learned from studying the value of real estate as an investment tool
What I learned from speaking with and/or reading about wealthy people (including Donald Trump)
What most interested or surprised me when I compared real estate with other investment vehicles
If your level is less than 10, re-check this after a few weeks of studying this program. See if the level has changed!
Action Step 2
Purpose Tip
Decide which kind of real estate investment you wish to commit to. If you look in any bookstore, or browse the Internet, you will see numerous kinds of real estate strategies discussed. To be successful, you are advised to commit to one strategy at least to begin with. In this program, we focus on one strategy which is specifically designed to create growing streams of passive income. Other strategies include "flipping" (buy, fix up and sell), "wraps" (vendor financing at a profit) and investment in raw land. To learn more about them, visit a library or bookstore, or browse the Internet. Make a clear decision about your chosen strategy before you begin.
Advantages
Minimize capital gains tax by holding long term Enjoy tax advantages from owning real estate Generate multiple, and increasing, streams of income Obtain tax-free cash bonuses from refinancing
Date started
1=1
u To use a different strategy, in which case I will seek out competent educators on that approach
Purpose Tip
Think and act like a real estate investor before you actually buy a property. To be successful in real estate, you need to build competence and confidence. Competence comes in time, from study and practice. Confidence is something you can start developing now, by educating your sub-conscious mind to adopt the role of the successful investor. Two suggestions are offered here. One is to create a business card for your new endeavor. The other is to join a local real estate investor's association. A real estate investor's association is a great place to find comradeship, mentorship and valuable information for example, regarding real estate agents or finance sources. One word of warning: each investor tends to be passionate about his or her approach so you will hear many arguments for changing your strategic focus. Stand your ground. Stick to one strategy until you have bought at least three properties. The business card tells people you deal with that you are serious and professional, and that you are in this for real. Sample business card layout Michael Money
Real Estate Investor
Specializing in single family homes
for investing
Date started
Date completed
What I have learned from joining a local real estate investor's group
Action Step 4
Purpose Tip
Decide which kind of property you plan to invest in. Once you have chosen the strategy to buy, hold and rent, there are still decisions to make about which kind of property to focus on. Here are just some of the choices. We use here American terms as well as other international terms. Be familiar with these terms and their equivalents in your chosen investment country, if outside the USA.
Residential
Single family homes (detached houses) Duplex or fourplex (semi-detached in various multiples) Apartment complexes (flats)
Advantages of residential
Ideal for the beginner: You know what to look out for and how to identify common problems
Commercial
Retail (stand-alone stores, strip malls, etc.) Office buildings Industrial buildings Specialty commercial property
Advantages of commercial
Tenants tend to pay more of the expenses, such as property taxes, insurance and maintenance As business owners, tenants have longer term leases and are more motivated to care for the property than residential tenants
Money While You Sleep I Dr. Doff de Roos 7 - 9
Date started
Date completed
Action Step 5
Purpose Tip
Select a real estate agent who understands and supports your investment goals. Your real estate agent can prove the most essential member of your investment business team. A skilled and supportive agent will always be on the look out for exactly the kind of deals you seek, and will be quick to alert you when an opportunity appears. Especially in a fast-moving market, this can make the difference between getting and missing a deal. Personal rapport is important in selecting your real estate agent. Equally important, your agent must understand your investment strategy. This needs to be someone who works with investors, and/or is a real estate investor themselves.
va( "m
Date started
I_
Action Step 6
"_
i ndingf Properties
Purpose Tip
Become familiar with the essential task of finding large numbers of potential deals. The most important principle here is that you need to look at many deals in order to achieve one truly profitable purchase. Here we apply what is called the 100/10/3/1 rule. By following this rule consistently over time, you cannot fail to come across significant opportunities for profitable investment. There are two levels to seeking properties: one is to get information on paper or online. The other is to physically visit the property. The first is more important, because this is where you identify the elements of the deal the numbers. Visiting properties is addressed in the next action step.
in&Properties
Date completed
Date started
Given the 100/10/311 rule, I am committed to finding in the next 90 days What I have learned so far from searching for properties
properties
For the properties that interest me, the best sources are
Action Step 7
ns ecting Properties
Purpose Tip
Physically inspect properties that interest you. Unlike buying a home for your residence, a purchase for investment is purely a business decision. You are looking to buy the highest value at the lowest price. Your intention is to rent the property out, so you need to know the rental market for the area you are buying in. As for the property itself, you must understand the difference between good problems and bad problems. Good problems are superficial faults that may put off other buyers or reduce the price, but can easily be fixed. Bad problems include repairs that are beyond your means to handle, a declining neighborhood, and a poor rental market.
Date started
1_
Date completed
I.
On my first visits, I successfully set aside my personal preferences, and focused on the objective opportunities u Yes u No Property inspection (check one) u I am a trained construction expert u I will be hiring a professional inspector
Action Step 8 ,:
-Key, Terms
^
Purpose Tip
Learn some of the most important terms needed to evaluate a deal. This "dictionary of terms" gives you an introduction to the language of real estate investment. It is to your advantage to understand these terms as well or even better than the people you will negotiate with. To gain mastery of the terms, expand your reading beyond this program and talk to fellow investors at your real estate investors club.
Appreciation As is Cap rate Cash flow Cash on cash return Contingency Counter-offer Depreciation Effective gross income Gross income Gross rent multiplier Mortgage Net operating income Operating expenses Vacancy rate
Increase over time in a value of property Sold without guarantees as to condition Net operating income divided by sales price as a % Net operating income minus mortgage payments Total cash flow divided by total cash invested A condition that must be met before a contract is binding A rejection of an offer that is combined with a new, alternative offer Decrease over time in a value of property Gross income minus vacancy Rents, laundry facilities and other income Sales price divided by grass annual income A lien against a property given by a borrower to a lender as a security for a loan Gross income from property minus all operating expenses (except mortgage payments) General expenses such as taxes, insurance, utilities, management fees, maintenance, repairs Percentage of units vacant over a 12 month period
Money While You Sleep I Dr. Doff de Roos 7 - 17
P4'11
Date started
Date completed
In the Mindset for Success audio, Dr. Burns says information is truly learned when you can use it without thinking about it. Use this principle when talking to your investor friends.
Appreciation As is Cap rate Cash flow Cash on cash return Contingency Counter-offer Depreciation Effective gross income Gross income Gross rent multiplier Mortgage Net operating income Operating expenses Vacancy rate
Action step 9
Deal Evaluation
(a) $
Deal Evaluation
I
Date started
Number of properties I have reviewed so far using the Preliminary Deal Evaluator
What I learned about real estate investment from doing several preliminary evaluations
Purpose Tip
Take the critical step of submitting an offer on an investment property This step is the climax of your 90- day introduction to real estate investment. Some people will find it an easy and exciting step. Others may find it quite anxiety-provoking. Remember, if you never submit an offer, you will never become a real estate investor. This may be a good time to listen again to the Mindset for Success audio CD with Dr. Bums. Prepare by obtaining a standard offer form and read it carefully. Ask your real estate agent to explain anything you don't understand. Most likely, your real estate agent will write the actual offer for you to sign. You can insert any contingencies you wish. We recommend you include a contingency clause in your offer that allows you to withdraw your offer in any real estate deal, should you choose. Some possible insertions are listed below. Remember you can create a psychological impact by stapling a check for an amount of earnest money to your offer. See note below.
Possible Contingencies
Clauses you can use in your offer
This contract is subject to finance suitable to the purchaser This contract is subject to the approval of the buyer's attorney This contract is subject to the approval of the purchaser's spouse This contract is subject to the purchaser's approval of an inspection report This contract is subject to the purchaser's approval of an environmental report
Note: These suggestions are for educational purposes only. Consult your real estate and/or legal professionals before conducting any actual transaction. Money While You Sleep I Dr. Doff de Roos 7 - 22
an Offer
Date completed 1 I
Action Step
xz
Purpose
Create a document that presents your investment opportunity to financial sources in an attractive and professional manner. You can begin building relationships with financial sources from the outset. Introduce yourself as a real estate investor and ask what services they can offer. Once you have a deal in your hands, a Proposal for Finance will separate you from other applicants who merely fill out the bank's own forms. For each property you are bidding on, create a short Proposal for Finance that summarizes the features and strengths of the deal. The exact contents of your proposal will depend on the specifics of the property. Make 10 copies of your Proposal, staple your business card to it and take it to 10 different banks. To peak their interest, you can tell each of them you are talking to other financial sources.
Tip
, Ae,
Date started
What I learned from talking to potential finance sources ahead of presenting my first deal
Financial institutions and professionals that seem most likely sources of finance
How financial professionals responded to my Proposal for Finance and what I learned from this
Action Step 12
Purpose Tip
Prepare to own an income-producing property. Our advice is that you manage your own properties to begin with. Doing it yourself is a good way to understand the real-life issues of property management, and will give you much more authority and insight when hiring property managers in the future. However, it is never too early to talk to property managers. These conversations will help you select the best managers when the time comes, and will also add to your education about property management and investing. When you have several properties, it is wise to use more than one property management firm and let that be known. This will motivate your managers to serve you well as you acquire new properties.
Date started
Date completed
Ongoing Actions-A
Becominga real estate investor takes considerable commitment, including a commitment of your time and the ongoing repetition of actions to create a successful outcome. Some actions are one-time or infrequent events. Others must be repeated regularly. Here you'll find the steps that require your attention.
Action
Note
This program is an introduction to real estate investment. It cannot teach you everything you need to know. Read books, talk to other real estate investors and regularly check the Trump University web site. Remember the 100/10/3/1 rule. Study newspapers, real estate web sites and reports from your real estate agent and investor associations to hit the "100" part of the formula as often as possible. As well as armchair research, you need to get out there and look at properties and neighborhoods.
Frequency
Education
Continuous
Find properties
Drive neighborhoods
Weekly
Keep talking to real estate agents, financial sources and Interview team property managers. You will players learn something new every time.
My Master Plan
Use this section to plan your pathway to success through The Wealth Builder's Blueprint. First, re-read the section, How To Use This Workbook. Then listen again to the audio CD Mindset for Success. Done that? Then it's time to plan. There are two stages first your 90-day tour of the entire program. Then 90 days on each of the content modules. Use the pages that follow to set yourself due dates for completion. Don't try to complete all this planning in one go. Begin with the 90-day tour, and when that is finished, plan just one of the content modules. If you fall behind, again revisit Mindset for Success and listen to Dr. Burns on the topic 'when life exerts itself." And remember Donald Trump's advice: "Never give up."
Tip 1
Probably the worst way to use this program is to listen to all the audio CDs in succession. Work thoroughly with one audio CD for at [east two weeks before proceeding to the next. You can listen to them all together at the review stage. After the 90-day tour you will return to individual modules to engage them with more depth. When you do, you will find yourself repeating the first one or two action steps that you did during the tour. This is good. In fact, listen carefully to Dr. Burns and you will hear her advising you to repeat all the action steps several times. Repetition is the route to riches!
Tip 2
Money Mastery
90 Day Program
Due Date Listen to audio CD Listen again, taking notes Review Mindset for Success Complete Action Step 1 Complete Action Step 2 Complete Action Step 3 Complete Action Step 4 Complete Action Step 5 Complete Action Step 6 Complete Action Step 7 Complete Action Step 8 Complete Action Step 9 Complete Action Step 10 The Cost of Ignorance Key Terms Assets & Liabilities Net Worth Income Analysis Financial Statements Goal Setting Wealth Creation Basics 1 Earned Income Wealth Creation Basics 2 Business Ownership Wealth Creation Basics 3 Real Estate Investment Your Financial Team Overcome Your Likely Roadblocks
Understand the Prospect The Unique Selling Proposition The Locus of Power Prepare & Rehearse Your Presentation Support Materials
Career Champion
90 Day Program
Due Date Listen to audio CD Listen again, taking notes Review Mindset for Success Complete Action Step 1 Complete Action Step 2 Complete Action Step 3 Complete Action Step 4 Complete Action Step 5 Complete Action Step 6 Complete Action Step 7 Complete Action Step 8 Complete Action Step 9 Complete Action Step 10 Complete Action Step 11 Complete Action Step 12 Plan Your Career Focus on Strengths Mentorship Essential Skills Leadership Feedback Public Speaking Make Connections Make the Boss a Star Create Added Value for the Company Be a Volunteer Establish Core Values Your Goals & the Company's
Prosperity Consciousness
Why Real Estate Choose a Real Estate Strategy Set the Stage for Investing Choose Your Property Focus Select a Real Estate Agent
Finding Properties
Inspecting Properties
Key Terms
Submit an Offer