Weekly Review

This week was rough on finances. I have been concentrating on exercise. I have been doing the reading, I pulled my credit, and have done things I need to do to get on the road. But, I haven't been focusing on it as much as I have been, which I need to change. I need to incorporate things to run smoothly. For example, while I'm walking I can listen to a business CD or read a book.

I played Cash Flow 101 but need to find Cash Flow 202.

I have been organizing my room and office and I realized I have been planning too many conventations in rapid succession. So I have decided to do the Stock Class in May, and the Millionaire Seminaire in June and that is it for a 6 months period.

Update

I listened to a couple of business CDs. I ordered a new book at the library and started listening to Choose to Be Rich. I finished reading Secrets of the Millionaire Mind, but I need to finish the Action Plans. I almost finished typing up all the Action Plans and then I will finish the Action Plans and will re-read the book probably starting April 1st. I would love to finish Why We Want You to Be Rich? before than.

I told my friend, Kawai that I wanted to be Rich and about my commitment. It helped solidify it, and last night's dinner was a great moral, motivation booster.

Unfortunately my Peachtree is not working on Vista so I ordered a 30 day trail and I will most likely buy a new copy. I'm a little bit sad about it, but that is okay.

Delayed Gratification

So I guess it is a great idea to NOT to go to the Rich Dad Master Trader Seminar in LA because in May it will be in San Francisco!!!!!

I decided not to go because it would take away from my investing capital and it paid off. Now I just have to wait two months and save anywhere from $800 to over a thousand dollars! I am sooooo glad!

I waited, started action with a letter and the fates (or whatever) opened to door. This was a great week!

March 7, Sunday

So this week so made up for last week's weaknesses and failures.

Last week: I did not listen to the amount of time I planned to listen to the CDs. I did the reading, and played Cashflow 101. My room is not yet organized, and I haven't even started my office.

But this week: I almost finished reading Secrets of the Millionaire Mind. I listened to the audio, so I've kept up with my monthly goal of listening to Secrets of the Millionaire Mind. I also listened to Who Moved My Cheese?, The Millionaire Next Door, How We Got of Bad Debt, and I started listening to Women and Money.

I created a workbook for Secrets of the Millionaire Mind. I added all the things T. Harv Eker asked me to do. I found out roughly how much in debt I am, and I paid off on of my credit cards, and saved $375 ($150 for my pay check, and $225 from a payment I received from a friend that I lent money too).

I went to the Mall on Saturday and sent my designated funds. So far so good, but the only draw back I see is I didn't play Cashflow 101 or 202 this week. Even with that set back I am still extremely glad about my progress this week. I felt that I opened my mind for more money and I received it. I honored that gift by not blowing it away and putting it in my investing account.

My room is still not good, but since I am sorting and trying to declutter my life I guess slowness is good. I haven't really started on my office, I did buy much needed supplies, such as my labels (for my labeler). And, I plan on working on it today March 7 so that next Saturday on my Weekly Reviews I can say I completed it!

Book Review of The Millionaire Next Door

The Millionaire Next Door by Thomas J. Stanley and William D. Danko was an interesting but dry. Even though it was not an engaging book, I found the main theme was a basic business rule, or at least an accounting rule. When there is a net profit (in the black) the company or person is doing well. When there is a net loss (in the red) the company or person is doing poorly. To gain wealth a person needs to be fiscally responsible and be in the black.

If I want to be a millionaire then that person will have to be able to invest, live within the person’s means, and be able to save. It took a while for me to get used to one word they used “frugal”. At first I thought they were only going to use the idea to be a millionaire one needed to save. But once I realized that what they really meant was that a person needed to have a net profit in life to strive, I really got the message.

It was well worth the dryness for me. The authors treated the subject matter with a clinical research approach; it was an academic lecture, with case studies and 20 years of research. They did add a few examples from their own experiences. I can only think of one real example. This style and format makes sense as the authors are two teachers and have spent time doing marketing research on millionaires for companies.

There were no amusing antidotes and at times I had to stop listening to the audio book because I was falling asleep! I wonder, how much more if I read the book? Even with all that, the message was clear and the authors proved the point with many examples and from 20 years of research of millionaires.

I thought of people I love who (if they could get past the dryness) would learn some valid points for this book. So I’d have to give the book a B+ although I probably would not listen to it again; nor try and read the book. The most valuable lessons the book reiterated were reinvest in myself, learn from my mistakes, and know my own portfolio. This was not new for me but with the different format it clarified some ideas in my mind. If I had to choose the most important message in the book, it would be the one that was the most frequently reiterated: have a net profit in your own personal finance.