1) Improve the world. Invent a product or service that makes everyone in the world's life better. I wrote a book about MasterMind groups. If you are going to get people in your MasterMind group, you have to improve a few people's lives. Show them how to make more money. Show your protege friend the ropes to the field you are in. Then figure out how to get paid for serving more people.
Positively impact a billion people and you should be a billionaire.
2) Add more and MORE value than your competitors. Look at the iphone and the droid. Their customers have a value packed deal. If word gets out that a good special report you wrote will solve X problem, you could sell a lot of your products with the traffic you get.
Impact a billion people better, faster and cheaper than your competitors.
3) Give your government an edge through technology. You can improve a function of the government with the right product or service. There is a little more to it than defense, intelligence, and law enforcement. Computer programs may be needed to cut costs and streamline, etc.
4) Make deals. Joint ventures could pan out. Who has what you need? Do you have what they need? Make a deal. Consider a joint venture.
5) Do more deals. How many things going does Trump have? What I have been thinking is: entertain more and more people through various projects. Maximize the use of your time like Trump does. You don't know ahead of time what will really work on a massive scale. Have as many deals as you and your team can manage.
If you dont have the resources to pay a 10 person company, talk to your MasterMind group.
6) Brainstorm outside the box. Don't go to bed when your creative juices are flowing. Write down and brainstorm your best out of the box ideas. Improve things that already exist.
7) Investigate the buzz. Or have someone investigate the buzz for you. Search the world for the best wealth building opportunities.
Friday, December 23, 2011
Will there be a Run Up of Silver in 2012?
There are some indications coming from various economic sources that may be pointing to solar flare activity in the realm of all things silver. If you're someone that has been buying silver bullion or if you're someone that's considering dipping your toe into the market this could be very good news. Let's take a look the top 3 reasons that will ignite its upward burst.
1) As I write today, with the price of spot gold at $1605/oz and spot silver sitting at $29/oz, the current silver to gold ratio is 55:1. Mathematically speaking, it would take 55 ounces of silver to purchase 1 ounce of gold. Historically, the gap between the two has been about 15:1 and so if go simply remains at it current price and the silver gap decides to revert back to its norm silver will jut upward to $107/oz. A nice jump for doing nothing except letting nature take its course.
2) Dollar printing. The price of gold and the value of the dollar have always travelled in two opposite directions. The more dollars in circulation the higher the price of gold. And, this isn't due to a rise in the value of gold. It's due directly to the value of the dollar. More dollars in circulation means a drop in the value of said dollars resulting in the rise in the price of commodities. Oil has the same response as gold to the increase of the money supply. Just ten years ago the price of gold was just under $300/oz. Has its value risen? No, but, the supply of money has and it has risen rapidly.
The full impact of the recent flood of money printed has yet to hit our shores, but, is making its way around the world and can be seen in all of its ugliness in countries such as Greece and England, as well as the countries of the Middle East. The impact here will be just as profound.
3) Inflation twisted numbers. Our "always looking out for your best" government officials have a knack for "fudging" certain statistics. Inflation is one of those. John Williams at Shadowstats.com tracks the true inflation rates and in a recent interview with King World News (Dec. 20, 2011) gives us this quote:
The earlier all-time high of $850.00 of January 21, 1980 would be $2,472 per troy ounce, based on November 2011 CPI-U-adjusted dollars, $8,702 per troy ounce based on SGS-Alternate-CPI-adjusted dollars.
In like manner, the all-time high price for silver in January 1980 of $49.45 per troy ounce, although approached earlier this year, still has not been hit since 1980, including in terms of inflation-adjusted dollars. Based on November 2011 CPI-U inflation, the 1980 silver price peak would be $144 per troy ounce and would be $506 per troy ounce in terms of SGS-Alternate-CPI-adjusted dollars."
John Williams also believes we're headed for massive hyperinflation and that the price of gold will likewise rise exponentially. Talk of gold hitting $7000+/oz and silver reaching $500+/oz is becoming more and more common in economic writings.
Bonus reason: The crushing demand for silver. Most people don't realize the true industrial value of silver. The metal can be found in batteries, bearings, electronics, soldering and automotive parts. Silver is essential for the production of plastic and can be found in jewelry, tableware and insulation. It has its uses in solar energy, water purification systems, glass and x-ray equipment. According to the The Silver Institute, the demand for silver has risen from 877 million ounces in 2001 to 1056 million ounces in 2010. Add in Chinas' voracious, unquenchable appetite for the metal and a global awakening, yet to come, of the need to protect oneself from currency devaluation via the purchase of gold and silver and the result will be explosive.
Much more information can be found on my website: CheapestGoldandSilver.com
Ray Dudley has become one of those "extreme couponers" over the last few years and has recently applied his couponing tactics to the arena of purchasing silver bullion with great success. Believing the word "retail" to have nasty implications he seeks all things "cheap(er)".
More of my sights can be found on my blog: http://www.cheapgoldandsilver.com
Article Source: http://EzineArticles.com/?expert=Ray_Dudley
Article Source: http://EzineArticles.com/6769335
1) As I write today, with the price of spot gold at $1605/oz and spot silver sitting at $29/oz, the current silver to gold ratio is 55:1. Mathematically speaking, it would take 55 ounces of silver to purchase 1 ounce of gold. Historically, the gap between the two has been about 15:1 and so if go simply remains at it current price and the silver gap decides to revert back to its norm silver will jut upward to $107/oz. A nice jump for doing nothing except letting nature take its course.
2) Dollar printing. The price of gold and the value of the dollar have always travelled in two opposite directions. The more dollars in circulation the higher the price of gold. And, this isn't due to a rise in the value of gold. It's due directly to the value of the dollar. More dollars in circulation means a drop in the value of said dollars resulting in the rise in the price of commodities. Oil has the same response as gold to the increase of the money supply. Just ten years ago the price of gold was just under $300/oz. Has its value risen? No, but, the supply of money has and it has risen rapidly.
The full impact of the recent flood of money printed has yet to hit our shores, but, is making its way around the world and can be seen in all of its ugliness in countries such as Greece and England, as well as the countries of the Middle East. The impact here will be just as profound.
3) Inflation twisted numbers. Our "always looking out for your best" government officials have a knack for "fudging" certain statistics. Inflation is one of those. John Williams at Shadowstats.com tracks the true inflation rates and in a recent interview with King World News (Dec. 20, 2011) gives us this quote:
The earlier all-time high of $850.00 of January 21, 1980 would be $2,472 per troy ounce, based on November 2011 CPI-U-adjusted dollars, $8,702 per troy ounce based on SGS-Alternate-CPI-adjusted dollars.
In like manner, the all-time high price for silver in January 1980 of $49.45 per troy ounce, although approached earlier this year, still has not been hit since 1980, including in terms of inflation-adjusted dollars. Based on November 2011 CPI-U inflation, the 1980 silver price peak would be $144 per troy ounce and would be $506 per troy ounce in terms of SGS-Alternate-CPI-adjusted dollars."
John Williams also believes we're headed for massive hyperinflation and that the price of gold will likewise rise exponentially. Talk of gold hitting $7000+/oz and silver reaching $500+/oz is becoming more and more common in economic writings.
Bonus reason: The crushing demand for silver. Most people don't realize the true industrial value of silver. The metal can be found in batteries, bearings, electronics, soldering and automotive parts. Silver is essential for the production of plastic and can be found in jewelry, tableware and insulation. It has its uses in solar energy, water purification systems, glass and x-ray equipment. According to the The Silver Institute, the demand for silver has risen from 877 million ounces in 2001 to 1056 million ounces in 2010. Add in Chinas' voracious, unquenchable appetite for the metal and a global awakening, yet to come, of the need to protect oneself from currency devaluation via the purchase of gold and silver and the result will be explosive.
Much more information can be found on my website: CheapestGoldandSilver.com
Ray Dudley has become one of those "extreme couponers" over the last few years and has recently applied his couponing tactics to the arena of purchasing silver bullion with great success. Believing the word "retail" to have nasty implications he seeks all things "cheap(er)".
More of my sights can be found on my blog: http://www.cheapgoldandsilver.com
Article Source: http://EzineArticles.com/?expert=Ray_Dudley
Article Source: http://EzineArticles.com/6769335
Friday, December 16, 2011
Financial Independence on a Budget
At mastermind university dot com it is written to:
- Save 1/2 of all pay increases.
- Save unexpected income.
If you don't think you are making enough money now, start small anyway.
How do you manage when you need a sick day? How do people survive after they quit a concentration camp?
You can find a way to save.
The welfare hootchie mama's don't agree. But pay them no mind.
- Save 1/2 of all pay increases.
- Save unexpected income.
If you don't think you are making enough money now, start small anyway.
How do you manage when you need a sick day? How do people survive after they quit a concentration camp?
You can find a way to save.
The welfare hootchie mama's don't agree. But pay them no mind.
Wednesday, November 30, 2011
You Can Fight Poverty and Learned Helplessness...
... its somewhat easy.
Send your kids and young adults who act like they are:
- helpless
- overwhelmed
- conspired against
- hungry
- like an out of touch bureaucrat without the paycheck
- concerned about having a decent retirement
- using the delay game against themselves...
and send them to: http://www.mastermind-university.com/
I do not endorse glittering "new" things. New usually just means socialist or indicates a borderline fraud. The word "new" is misused frequently.
Follow through by quizzing your student, kid, inmate, patient, or employee about what he or she learned.
The above site takes the best ideas for financial independence I have learned in my life and they are on the Internet for free.
Send your kids and young adults who act like they are:
- helpless
- overwhelmed
- conspired against
- hungry
- like an out of touch bureaucrat without the paycheck
- concerned about having a decent retirement
- using the delay game against themselves...
and send them to: http://www.mastermind-university.com/
I do not endorse glittering "new" things. New usually just means socialist or indicates a borderline fraud. The word "new" is misused frequently.
Follow through by quizzing your student, kid, inmate, patient, or employee about what he or she learned.
The above site takes the best ideas for financial independence I have learned in my life and they are on the Internet for free.
Monday, November 21, 2011
Berkshire Hathaway a Buy
Posted by Dr. Steve Sjuggerud, True Wealth Archives, Featured Article -->on November 14, 2011 10:53 am
Warren Buffett “arguably the greatest investor in history“ put a fresh $23.9 billion dollars to work in new investments in the third quarter of 2011.
Itsthe most in at least 15 years, according to Bloomberg.
As usual, Buffett is taking advantage of all the turmoil in the markets these days. The cheaper stocks get, the better I like to buy them, Buffett said in September.
Buffett put nearly $24 billion of cash to work through his company“ Berkshire Hathaway."
Shares of Berkshire Hathaway are a buy in my True Wealth newsletter. Berkshire is trading near its book value which is a (very rough) gauge of liquidation value.
Whenever you can put your money with the greatest investor in history at close to liquidation value, you should.
According to the latest annual report from Berkshire Hathaway, Buffett has grown the company's book value by 490,409% from when he took over through the end of 2010. (Yes, that's 490,409% growth รข€“ that's not a misprint!)
With that kind of extraordinary track record, you'd think investors would be willing to pay a premium for his skills. Usually they are. Take a look at the chart below.
You can see that the stock traded for about two times book value in the late 1990s. And it traded around 1.5 times book value for most of the 2000s, until the financial crises.
Over the last 20 years, shares of Berkshire Hathaway haven't gotten as cheap as they are today (trading near book value) very often.
* In 1992, they almost got as cheap as they are today and the shares nearly doubled in a year.
* In 2000, they fell to near book value and the stock rose 50% in a year.
* In March 2009, the shares bottomed near book value. They soared about 70% over the next year.
Dan Ferris, a longtime friend who writes the investment letter Extreme Value, recently estimated a fair value for shares of Berkshire Hathaway for his subscribers. Dan's fair value for Berkshire is about 56% higher than its share price today (and Dan's math seemed conservative to me).
Two weeks ago, Dan told his Extreme Value subscribers, "If you asked me for one that's a perfect place for new subscribers to begin taking advantage of our ideas, I'd have to choose Berkshire Hathaway.
Last month, Buffett put a fresh $24 billion to work in investments. He was simply following his own advice to be fearful when others are greedy, and greedy when others are fearful.
Others are fearful. It's time for you to be greedy and consider buying shares of Berkshire Hathaway today. They come in shares and B shares they're different prices, but they'll perform the same.
Today they're not trading at much of a premium at all over book value. This situation rarely happens. When it does, take advantage of it! History shows you should be well rewarded.
Good investing,
Steve Sjuggerud
www.topstockanalysts.com
Warren Buffett “arguably the greatest investor in history“ put a fresh $23.9 billion dollars to work in new investments in the third quarter of 2011.
Itsthe most in at least 15 years, according to Bloomberg.
As usual, Buffett is taking advantage of all the turmoil in the markets these days. The cheaper stocks get, the better I like to buy them, Buffett said in September.
Buffett put nearly $24 billion of cash to work through his company“ Berkshire Hathaway."
Shares of Berkshire Hathaway are a buy in my True Wealth newsletter. Berkshire is trading near its book value which is a (very rough) gauge of liquidation value.
Whenever you can put your money with the greatest investor in history at close to liquidation value, you should.
According to the latest annual report from Berkshire Hathaway, Buffett has grown the company's book value by 490,409% from when he took over through the end of 2010. (Yes, that's 490,409% growth รข€“ that's not a misprint!)
With that kind of extraordinary track record, you'd think investors would be willing to pay a premium for his skills. Usually they are. Take a look at the chart below.
You can see that the stock traded for about two times book value in the late 1990s. And it traded around 1.5 times book value for most of the 2000s, until the financial crises.
Over the last 20 years, shares of Berkshire Hathaway haven't gotten as cheap as they are today (trading near book value) very often.
* In 1992, they almost got as cheap as they are today and the shares nearly doubled in a year.
* In 2000, they fell to near book value and the stock rose 50% in a year.
* In March 2009, the shares bottomed near book value. They soared about 70% over the next year.
Dan Ferris, a longtime friend who writes the investment letter Extreme Value, recently estimated a fair value for shares of Berkshire Hathaway for his subscribers. Dan's fair value for Berkshire is about 56% higher than its share price today (and Dan's math seemed conservative to me).
Two weeks ago, Dan told his Extreme Value subscribers, "If you asked me for one that's a perfect place for new subscribers to begin taking advantage of our ideas, I'd have to choose Berkshire Hathaway.
Last month, Buffett put a fresh $24 billion to work in investments. He was simply following his own advice to be fearful when others are greedy, and greedy when others are fearful.
Others are fearful. It's time for you to be greedy and consider buying shares of Berkshire Hathaway today. They come in shares and B shares they're different prices, but they'll perform the same.
Today they're not trading at much of a premium at all over book value. This situation rarely happens. When it does, take advantage of it! History shows you should be well rewarded.
Good investing,
Steve Sjuggerud
www.topstockanalysts.com
Wednesday, November 9, 2011
Community of Investors and Achievers
Get your proactive, motivated self and your NZT48!
I have got some people together who are investing for early retirement, follow Robert T. Kiyosaki and a few other fine gurus.
If you want to retire early or become a billionaire, you need to get around the right people.
Come check it out this community of achievers. Read the description carefully.
This group is moderated by the author of The Black Book of the Master Mind.
http://finance.groups.yahoo.com/group/IndependentWealth/
In IndependentWealth, you can:
- Share what works and what doesn't with other uncommon people.
- Get excellent articles, motivational quotes, memes, book suggestions, and stock picks.
- Unite with others who pursue FI-RE regardless of other people's messages and insinuations.
- Get honest opinion on the financial markets and stock picks.
I have got some people together who are investing for early retirement, follow Robert T. Kiyosaki and a few other fine gurus.
If you want to retire early or become a billionaire, you need to get around the right people.
Come check it out this community of achievers. Read the description carefully.
This group is moderated by the author of The Black Book of the Master Mind.
http://finance.groups.yahoo.com/group/IndependentWealth/
In IndependentWealth, you can:
- Share what works and what doesn't with other uncommon people.
- Get excellent articles, motivational quotes, memes, book suggestions, and stock picks.
- Unite with others who pursue FI-RE regardless of other people's messages and insinuations.
- Get honest opinion on the financial markets and stock picks.
Saturday, September 17, 2011
How to Be a Billionaire -- Book Review
How to Be a Billionaire - Proven Strategies from the Titans of Wealth- Written by Martin S. Fridson
This book looks at the titans of wealth. It was published in 2000 so you won't see some of the new money from Google and Facebook in here but the principles are the same. Whenever you can leverage thoughts from such an elite group of people, it is worth it to take the time to study it.
Quick useless trivia stats to put in perspective how much a million, billion and trillion really are - If you were to count that amount of money and assume that you count $1 dollar every second then here is how it works out:
1. It would take you 12 days to count $1,000,000 dollars.
2. It would take you 32 years to count $1,000,000,000 dollars.
3. It would take you over 32,000 years to count $1,000,000,000,000 dollars.
Let's not even discuss the U.S. debt. I guess we should make all the politicians sit in the room and count until they hit it. It may be a more productive use of their time since they get so much done now!
Why is this important to me? This book may not be important to you for good reasons. It takes huge sacrifice to become a billionaire. These titans of wealth are the elite of money making humanity. This takes work. If you think of the best professional athletes then you will understand the dedication it really takes. Muhammad Ali started boxing at 10 years old and practiced his whole life. Boxing was his life's passion and it took that type of dedication to be the best. He did not just step in the ring one day and become the best. It took him years of self-sacrifice, dedication and sweat equity to get it done. The same is true for all the Billionaires profiled in this book. On the other hand, there is great knowledge to be used if your goals are big but maybe not that big. Let's say you want a more balanced life then you can still use these principles to make a ton of money and garner security and the good things that money can buy without pouring all of your time in the endeavor. The principles you will see in this book take OPM, OPE and OPT to the extremes. I have talked about these concepts in other summaries. It is interesting how you see the same principles pop up in profiling success.
This book is packed with 9 principles used by different people to become billionaires. You may or may not agree but the data is conclusive on their success. I will touch on all of them but dig into the top 3 in more detail
1. Take Monumental Risks- "Fortune assists the brave" - H.L Hunt and John Kluge bankrolled their fortunes at the poker table. These men learned more about deals and money gambling then they did in traditional university. John borrowed $5000 from the bank and only used $1000 of it and then sold the business for $500,000. When he told the bank, the comment was "that is some leverage" - He asked - What is leverage? Years later he was sorry he asked. He amassed his fortune in Radio and LBO's (Leveraged Buyouts)
2. Do business in a new way - Sam Walton and Ross Perot both saw weaknesses in the market that they exploited. They built a culture of execution and market dominance. Wal-Mart may be the first company in history to generate $1 Trillion in revenue. This will summarize everything - According to Ross Perot - "The first EDSER to see a snake kills it. At GM, first thing you do is organize a committee on snakes. Then you bring in a consultant who knows a lot about snakes......Then you talk about if for one year." This is why Perot left GM after selling EDS to them.
3. Dominate your market - John D. Rockefeller and Bill Gates. Both were highly successful and dominated everything they touched. Both men created enemies and people ALWAYS questioned their tactics. With that aside you can't deny what they accomplished. They played to win. The story of Microsoft is one of shear dominance in the market. Gates exploited a whole and created an entire industry out of thin air. People questioned that Monopoly power that Microsoft had and they would be correct in pointing it out. This should be a goal of any entrepreneur - CONTROL YOUR MARKET. If you cannot be in the top 3 in your market then you need to get out of it. Gates lead Microsoft with razor sharp focus and expected the best. He leveraged his strength to branch into other profitable software markets. He read the encyclopedia cover to cover by age 11. You cannot deny his intellect.
4. Consolidate a market - This strategy does create billions of dollars but you need to be careful because most market rollups end in disaster. Read Billion Dollar Lessons. When you do it right like Wayne Huizenga of Waste Management then you create Billion dollar companies and market capitalizations. The key here is if you have two average companies and meld them together then you have one big average. This is not the way to do it. You have to execute and drive a culture of innovation to succeed with this method.
5. Buy Low - Warren Buffett, Carl Icahn, Lawrence Tisch and J. Paul Getty all used this strategy to amass fortune. Warren Buffet always wants to buy $1 and pay 50 cents. This is one secret to his magical fortune. When you dig in you will see he uses the right instruments to do this. He uses Insurance companies to buy whole or controlling interests in companies. This is brilliant because he can use the "Float" or OPM, the tax advantages of the entity and sound financial leverage. How can the little guy use these principles? I recommend checking out my summaries of Robert Kiyosaki's books. He talks about the same concepts but more in tune for the little guys.
6. Thrive on Deals - This is simply love of the game. You see this all the time when you study these billionaire magnets. The key is execution and the ones that are successful do not do deals for the deals sake. This is for all the other idiots that you can read about in the book summary Billion Dollar Lessons.
7. Out manage the competition - First and foremost, hire the right people. Be diligent at doing this. Microsoft used to take out ads that said - "We recruit the best and brightest only." They would give them difficult problems in the interview and tell them "Solve it". They ripped them to pieces before they hired them. This set the tone for the people that did get hired and they made no mistake about the culture. Sam Walton and Richard Branson also use positive reinforcement and entrusting people with a lot responsibility to out manage the competition.
These last two I will not spend any time on because for the other 95% of us we cannot do this and it clouds the game regardless.
How to be a billionaire is a simple road map to how the titans of business use certain strategies to amass fortunes. There is nothing better than investing a couple of hours and sucking out the knowledge of 300 man years of billionaire knowledge. This is, in my humble opinion, the best way to use leverage. That is OPE - leverage other people's expertise and use it for your own gain and to better society.
I hope you have found this short video summary useful. The key to any new idea is to work it into your daily routine until it becomes habit. Habits form in as little as 21 days.
One thing you can take away from this book is to buy low. This is probably the easiest thing to do. Invest the same way you buy groceries and good things will happen. One really good deal can have big effects.
I was really lucky in my business; we merged with a company that was going to be dissolved by a much bigger entity. We picked up the company for pennies and added to our team 3 professionals that will enhance us 10 fold. Be patient and keep your eyes open. "Luck favors the prepared mind."
Joe Mosed invites you to subscribe to http://www.successprogress.com to receive free video book summaries. Our vision at Success Progress is to provide relevant & meaningful content to our user community. To view the video summary of this article please visit http://www.successprogress.com/videos/billionaire
(c) Copyright - Joe Mosed / Success Progress All Rights Reserved Worldwide.
Article Source: http://EzineArticles.com/?expert=Joe_Mosed Article Source: http://EzineArticles.com/6413788
This book looks at the titans of wealth. It was published in 2000 so you won't see some of the new money from Google and Facebook in here but the principles are the same. Whenever you can leverage thoughts from such an elite group of people, it is worth it to take the time to study it.
Quick useless trivia stats to put in perspective how much a million, billion and trillion really are - If you were to count that amount of money and assume that you count $1 dollar every second then here is how it works out:
1. It would take you 12 days to count $1,000,000 dollars.
2. It would take you 32 years to count $1,000,000,000 dollars.
3. It would take you over 32,000 years to count $1,000,000,000,000 dollars.
Let's not even discuss the U.S. debt. I guess we should make all the politicians sit in the room and count until they hit it. It may be a more productive use of their time since they get so much done now!
Why is this important to me? This book may not be important to you for good reasons. It takes huge sacrifice to become a billionaire. These titans of wealth are the elite of money making humanity. This takes work. If you think of the best professional athletes then you will understand the dedication it really takes. Muhammad Ali started boxing at 10 years old and practiced his whole life. Boxing was his life's passion and it took that type of dedication to be the best. He did not just step in the ring one day and become the best. It took him years of self-sacrifice, dedication and sweat equity to get it done. The same is true for all the Billionaires profiled in this book. On the other hand, there is great knowledge to be used if your goals are big but maybe not that big. Let's say you want a more balanced life then you can still use these principles to make a ton of money and garner security and the good things that money can buy without pouring all of your time in the endeavor. The principles you will see in this book take OPM, OPE and OPT to the extremes. I have talked about these concepts in other summaries. It is interesting how you see the same principles pop up in profiling success.
This book is packed with 9 principles used by different people to become billionaires. You may or may not agree but the data is conclusive on their success. I will touch on all of them but dig into the top 3 in more detail
1. Take Monumental Risks- "Fortune assists the brave" - H.L Hunt and John Kluge bankrolled their fortunes at the poker table. These men learned more about deals and money gambling then they did in traditional university. John borrowed $5000 from the bank and only used $1000 of it and then sold the business for $500,000. When he told the bank, the comment was "that is some leverage" - He asked - What is leverage? Years later he was sorry he asked. He amassed his fortune in Radio and LBO's (Leveraged Buyouts)
2. Do business in a new way - Sam Walton and Ross Perot both saw weaknesses in the market that they exploited. They built a culture of execution and market dominance. Wal-Mart may be the first company in history to generate $1 Trillion in revenue. This will summarize everything - According to Ross Perot - "The first EDSER to see a snake kills it. At GM, first thing you do is organize a committee on snakes. Then you bring in a consultant who knows a lot about snakes......Then you talk about if for one year." This is why Perot left GM after selling EDS to them.
3. Dominate your market - John D. Rockefeller and Bill Gates. Both were highly successful and dominated everything they touched. Both men created enemies and people ALWAYS questioned their tactics. With that aside you can't deny what they accomplished. They played to win. The story of Microsoft is one of shear dominance in the market. Gates exploited a whole and created an entire industry out of thin air. People questioned that Monopoly power that Microsoft had and they would be correct in pointing it out. This should be a goal of any entrepreneur - CONTROL YOUR MARKET. If you cannot be in the top 3 in your market then you need to get out of it. Gates lead Microsoft with razor sharp focus and expected the best. He leveraged his strength to branch into other profitable software markets. He read the encyclopedia cover to cover by age 11. You cannot deny his intellect.
4. Consolidate a market - This strategy does create billions of dollars but you need to be careful because most market rollups end in disaster. Read Billion Dollar Lessons. When you do it right like Wayne Huizenga of Waste Management then you create Billion dollar companies and market capitalizations. The key here is if you have two average companies and meld them together then you have one big average. This is not the way to do it. You have to execute and drive a culture of innovation to succeed with this method.
5. Buy Low - Warren Buffett, Carl Icahn, Lawrence Tisch and J. Paul Getty all used this strategy to amass fortune. Warren Buffet always wants to buy $1 and pay 50 cents. This is one secret to his magical fortune. When you dig in you will see he uses the right instruments to do this. He uses Insurance companies to buy whole or controlling interests in companies. This is brilliant because he can use the "Float" or OPM, the tax advantages of the entity and sound financial leverage. How can the little guy use these principles? I recommend checking out my summaries of Robert Kiyosaki's books. He talks about the same concepts but more in tune for the little guys.
6. Thrive on Deals - This is simply love of the game. You see this all the time when you study these billionaire magnets. The key is execution and the ones that are successful do not do deals for the deals sake. This is for all the other idiots that you can read about in the book summary Billion Dollar Lessons.
7. Out manage the competition - First and foremost, hire the right people. Be diligent at doing this. Microsoft used to take out ads that said - "We recruit the best and brightest only." They would give them difficult problems in the interview and tell them "Solve it". They ripped them to pieces before they hired them. This set the tone for the people that did get hired and they made no mistake about the culture. Sam Walton and Richard Branson also use positive reinforcement and entrusting people with a lot responsibility to out manage the competition.
These last two I will not spend any time on because for the other 95% of us we cannot do this and it clouds the game regardless.
How to be a billionaire is a simple road map to how the titans of business use certain strategies to amass fortunes. There is nothing better than investing a couple of hours and sucking out the knowledge of 300 man years of billionaire knowledge. This is, in my humble opinion, the best way to use leverage. That is OPE - leverage other people's expertise and use it for your own gain and to better society.
I hope you have found this short video summary useful. The key to any new idea is to work it into your daily routine until it becomes habit. Habits form in as little as 21 days.
One thing you can take away from this book is to buy low. This is probably the easiest thing to do. Invest the same way you buy groceries and good things will happen. One really good deal can have big effects.
I was really lucky in my business; we merged with a company that was going to be dissolved by a much bigger entity. We picked up the company for pennies and added to our team 3 professionals that will enhance us 10 fold. Be patient and keep your eyes open. "Luck favors the prepared mind."
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