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Money Quest: Lessons From the Millionaire Mind Intensive

Mar 5th, 2010
by admin.
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I attended T. Harv Eker’s Millionaire Mind Intensive. My girlfriend raved about how amazing this program was and at first I was really excited. This was a three day event and I got first in line. I was disappointed that she wasn’t going to meet me there for the opening session. Still, I kept my chin up and walked into the auditorium.
As soon as the rah rah sessions started I knew I had made a big mistake. I nervously looked around for the door and wondered when an appropriate time would be for me to leave the scene. I like money making and I like marketing but I am not a big fan of rah rah. You know what I am talking about. I mean fist pounding, blood and sweat, soul shaking rah rah sessions.
Tell me what to do to make money and I can learn from it. I take good notes and have good follow through. But don’t ask me to be a cheerleader for prosperity. It makes me feel uneasy.
But as I sat through this tirade it slowly transformed into a soul changing, mind bending, rejuvenating event. It was ground breaking. I can say this because for the first time I realized what money was. Money, or the lack of it, centered around one critical thing for me. All money was at the end of the day was one simple thing.
Service.
This hit me over the head like a ton of bricks. I figured out that all money really was service. If you lacked money or were living in a state of lack then it meant that you were not serving as many people as you should. If you had a steady flow of customers that took your service then money would flow freely to you. Now I realize that many of you out there are pretty smart. I’m just getting this for the first time.
This was absolutely ground breaking to me because I grew up in a steady stream of institutions. I went from Catholic grade school to high school, college and Universities and then got clobbered in the ruthless and humiliating hallways of Corporate America. I was prepped and stuffed for the chopping block under the guise of freewill and freedom of choice.
It never occurred to me to have a free form thought all my own.
Heck, I didn’t even know what money was until I tried living on it. After I got out of the doldrums of society and took the gutsy road of real entrepreneurism I realized how completely naked I was. I really didn’t know what money was or how it functioned. I had people in higher realms of authority to dictate its value to me all of my life.
I place this blame on my college professors who repeatedly brainwashed me to the point of stupidity and uselessness. I had it ingrained upon my thick skull that $40 grand a year was all one really needed in this life or any other life for that matter. Forty grand was enough to keep you fat and happy. I am not making this up. In fact, this was a real number that was being touted around in a number of learning institutions that I attended.
But that’s not the scary part. The scary part to me was that nobody I attended class with at the time ever challenged this paltry amount. That simple fact still disturbs me to this day. It baffles me how so many kids in my age bracket listened to this terrible advice and followed these professors from week to week like blind sheep.
WELCOME TO THE 2000′S – EVERYONE IS A MILLIONAIRE THESE DAYS
I refuse to take guilt for not becoming a millionaire sooner. This recent wave of “millionaire thinking” did not exist when I was involved with institutions. In the 90′s they were still telling kids in college to pursue jobs. The focus was to get a job. That was the function of the University. And to stay more in line and to ensure that you would never have an authentic thought form of your own the University endorsed the mindless Greek fraternity and sorority system.
Thanks guys but no thanks. I avoided that whole scene thank God.
The truth is I never had to pay a dime for any of my friends in college.
Universities were not in the habit or the business of cranking out non-conformist thinking. The job of the University was to create mindless, soulless corporate drones who take mundane jobs and become cogs on the wheel. They were to go out into the world en masse and procreate and create more confused, conforming, in the box thinking individuals to populate “the system”.
So like the mind numbing Nazi soldiers I repeat the infamous words, “I just did what they told me.”
I drank the Universtiy kool aid and got crappy results. This was later reinforced through other forms of institutions including religion and social groups. And would you believe that in just a few years time of leaving the safety of University living that I was beyond miserable, broke and unhappy?
Oh, say it ain’t so.
I am actually embarrassed to say that I partook in formal education in the 90′s. I am embarrassed that I participated in a lot of my institutionalized activities. I would like to erase the time that I spent in those nerve shattering, confusing and ridiculing environments but you only live once. Time does not reverse.
So to take sole blame for my total state of lack makes total sense. But for life to turn out any other way would be nothing short of miraculous. I admit to contributing to my misery but I will tell you that nobody back then ever talked about creating millions of dollars. That did not happen until after 2001. And to be even more accurate nobody really talked about it much until the horrific events of 911.
Now everyone is up my ass about it.
BREAKING FREE FROM THE PRISONS AROUND US
The mental trappings of the self are perhaps the most damaging and soul crushing prisons of them all. You can destroy your mind, body and spirit over your own limiting beliefs about success and failure. These can be reinforced with religious convictions, cultural beliefs, corporate identity, social identity and political idealisms. I can proudly say that I have thrown out a lot of these frameworks of limited ideologies. I can also admit that I do not miss them in the least and feel a good 20 pounds lighter in my chest because of it.
As for the ones I had to leave behind – I am quite confident that they do not miss me.
I am luckier than most people when it comes to breaking free from mental prisons and institutionalized living. I never grasped my cultural roots because I was taken away from them years ago by moving from school to school. Being Native American is more or less meaningless to me as I grew up in a homogenous institutionalized society.
I later ended up leaving my church after 911 after receiving some racial slurs from fellow parishioners. It appears that I was mistaken for being of Middle Eastern descent of which I am not. But I got to thank them for opening my eyes to the type of closed minded and simple short sighted viewpoints of my social peers. I left that whole scene immediately and never looked back.
As for corporate America, I had actually left that years ago. Just like the church I found that I did not miss that much either. I did not feel tied into any type of group and for the first time I really felt like I was truly alone in the world.
I liked that.
I liked that a lot. Because for the first time in my life absolutely nobody was watching me. Best of all nobody was eyeballing what I was up to. I could do whatever I wanted to and I could come and go whenever I pleased. It was exhilarating.
T. Harv Eker talks a bit about breaking out of certain mindsets that inhibit wealth. It is amazing to see this in action and to be able to recognize it. I was pretty sure I could break out of the typical negative thought patterns and do amazing things.
But one thing that really needed to get out of my way was how I viewed money. My professors wanted me to believe that trading time for money was A-OKAY. This is great in theory until you actually try doing it for long periods of time. You sacrifice more than your time. You also fling away your physical life, your sanity and pack yourself in a tiny box and live with limits.
My big take away moment centered around the money issue. I realized that I could have as much money and freedom that I wanted. I just had to find a way to create more service for people that I dealt with. That was so liberating to hear. When I reached that moment I was elated.
We have a saying in Michigan which I find rather disturbing. It goes like this…. “We refuse to partake in Michigan’s sagging economy”. Well, la-dee-dah. I’ll tell you what – you had better start participating in this sagging economy because that is where the money is.
All the money you need is not going to drop out of the sky and fall straight into your hands.
You should wake up each and every morning and praise God above for sending you a recession. All a recession really is at the end of the day is a warning sign. It is a constant reminder that we lack serious leadership. It means that companies and business leaders are living with tired norms and need direction. It also serves as a large road sign that people are looking for new ideas and are open to suggestion.
As long as the old ways aren’t working there is room for improvement. Fortunes are made under these kinds of conditions. So in this type of market you must provide things that aren’t there. The market is receptive to something new and exciting. That means that the time can be right for you and your new crop of goods and services.
That could be some very good news for you. Taking your ideas from concept to money in the bank can become a reality. So I am asking you to take the leap of faith and to start thinking of money as levels of service. If you are providing this for people then you can definitely make a difference in your own personal finances.
Money is service and service is everything.

Ted Cantu runs i-Cantu Media LTD which is a Web 2.0 Video studio located in Farmington Hills, Michigan. You can find him at, http://www.1seomichigan.com http://www.1seomichigan.com Download his FREE, “Marketing Kit For Troubling Times.

Important Lessons to Teach Your Children About Money

Feb 19th, 2010
by admin.
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Having money is crucial to obtaining the things we need in life, and of course, having extra for the wants is nice too. However, money problems can occur when parents don’t teach money management skills at a young age, usually when the child starts getting an allowance or has a job, such as babysitting or mowing lawns. When credit card offers start arriving in the mail, they are an easy fix when there’s no more money left. Teaching your children about money, as well as credit cards, can be easy, and even a fun experience, but most importantly, a very valuable lesson. Here are a number of ways to teach children about money, so they don’t end up having problems in the future. Introduce them to money

When they are young enough to count, take an active role in teaching them about currency, such as pennies, nickels, dime and quarters, as well as dollar bills. Have them do simple math including adding and subtracting. When they get older, you can introduce new concepts and issues.Teach by example

Teaching your children about money becomes a much easier task when you have learned the lessons you are teaching. Children are smart and they know when a parent is a good example. Your kids won’t listen to a word you say if your money management skills aren’t up to par, so learn all you can about budgeting, saving, investing, reducing expenses and cutting out debt. When you’re armed with knowledge, you’re better able to teach your children. Give them an allowance

Yes, that means give them some money. Even if it’s a few dollars a week, let them take control of their own money and make their own decisions about what they want to do with it. A good example of how much to give them would be a dollar for their age. So, if you have a ten-year-old, give them ten dollars, for either a week or a month, depending on your own budget. If they’re never given any money, they will never learn how to manage it. This way, they can then see first-hand what it’s like to have money. Hopefully, if you have taught them, first by example, and then with the knowledge you have gained, they will think twice on how to spend it, or even if they want to. They may decide to put some away for a rainy day or they may blow it the first chance they get. Whatever choice they make in managing it, will help them be good money managers in adulthood. Teach them one principal at a time

If you bombard them with everything all at once, they will only be confused. We can’t expect them to be awesome money managers overnight. It takes time. Once a month, teach them one principal about money. For example, this month, you can teach them about budgeting their money. The next month could be about having a savings account, and so forth. If you teach line-by-line, precept-by precept, they will absorb more of the lesson. No one wants to be preached to. Give them opportunities to earn money

Whether they go beyond completing their chore charts or do a specific job you need help with, give them extra opportunities to earn money. The more experience they have with money, the better skilled they will become. If they choose to blow it all up front, it will teach them about patience and saving for what they really want. This sets up a great foundation for investing money for the future or putting money away for emergencies. Teach them about credit

Humans are impatient creatures. We want things and we want them now, even if we don’t have the money. Credit cards have become the staple for many families, often leading to out-of-control debt, but when credit is used wisely, it can be very valuable, such as for credit ratings. When you use credit and you pay it off on time, companies are more willing to offer you more credit to buy things such as a home or a car. Having a good credit score rating can open doors for small business or college loans. Teach children that credit is not a gift; it’s a loan. Tell them that credit has to be paid back, often with high interest rates, and that only when they have a plan to pay it back should they get a credit card. Teach them about savings accounts

When children save their money for a rainy day or for special things, they feel a certain stewardship over that particular item or service, because they had to save money and patiently wait until they had it. That would be hard for any adult to achieve, let alone a child, but it can be done. Having a savings account is helpful; after all, if the money is “locked” away, it becomes less of a temptation to spend it! Not only that, but depending on their age, bank institutions have special accounts that give back small interest payments, which can be an incentive for a hesitant child to begin saving. When you give allowances, give it to them in denominations that encourage savings. So, if you give a child $5, give out five $1 bills and encourage that at least $1 go to savings. When they have saved the money, pat them on the back for a job well done. Children love praise and just telling them you are proud of their decision gives them more confidence that lasts into adulthood. Teach them about budgeting their money

Even if they only get a few dollars a week, children can list things they want to do with their money and whether they have the money to get those things. For example, say your child wants to put some money into savings, or buy a toy or a new pair of jeans. Sit down with them and help them a few times to budget, or project how much that particular item will be, and then determine if they have the money, or how much money they need to save in order to get it. Once they know about budgeting their money, it will become easier to manage their money in the future. Have family discussions about money

Check with them about their money management. Talk with them about any concerns you have and encourage them to talk to you. Having a set time to talk about money issues will also help keep everyone on task. Find out how they’re doing and if they are struggling with saving money. For younger children, you could talk about the difference between cash, checks and credit cards. If you have teenagers, talk with them about the effects of the economy, of inflation verses deflation, how to economize at home and alternatives than spending money, such as borrowing an item, making it yourself, or a one-time rental. Sometimes just opening the door for communication will help with any potential problems or issues that may come up, especially if the child begins a new job or looses one. Talk to your kids about upcoming holiday plans or vacations that require a lot of money. Tell them your plan for saving the money and chances are they will want to save their own money as well. Stay out of debt

Easier said than done. Debt is a four-letter word for many families and can cause un-needed stress, but if we have our own savings account, occasional spending fund and emergency fund, we are more able to be financially secure, so that when the dishwasher goes out, we have the money to replace it. Having these extra funds will help children learn about the importance of making good financial decisions and insurance against unexpected expenses. Remember, children learn from example and we, as parents, need to try to be good examples of money management. Don’t bail out your kids

If your children get into financial trouble, the worst thing you can do is bail them out. If they were saving their money for something they needed and they ended up spending it on something different, don’t get it for them. It may be a costly lesson, but if children have consequences resulting from their actions, they will learn, and the next time, they may choose differently. When they are older, teenagers usually need money for car payments, fuel and maintenance. Again, they need to budget their money so they have enough money to pay for those things. If they run out before they are paid again, they may have to walk or ride their bike, or a bus to work. Most likely, they will be more careful with their money next time.

Money is a fun thing to have, as we are all aware, and teaching children at a young age about money will go a long ways to ensuring that their financial future is the best it can be. For more information, contact your local bank institution for brochures to give to your children. They will have account options that will fit best with their age and other tips in spending and saving wisely.

David Jones is the founder and CEO of PAYjr and Chore Charts.com, one of the leading resources for financial education for parents, kids and teens. David has appeared on the Today Show, ABC World News, The Early Show and has been featured in Inc. Magazine, the Wallstreet Journal, and Parenting Magazine.


David is also author of ChoresAndAllowances.com, a blog dedicated to kids and money. David holds an MBA from the Cox School of Business at Southern Methodist University and is the proud father of two young boys.