Seek Inspiration From Successful People

Your station in life is not set in stone. Your circumstances do not dictate who you are or what you could become. In order to overcome life’s many challenges you need to continually seek advice and inspiration from people who have overcome great obstacles. Here are some of their inspiring words: 1. "The consequences of today are determined by the actions of the past. To change your future, alter your decisions today." ~ Anonymous 2. "There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle." Albert Einstein 3. "And in the end, it's not the years in your life that count. It's the life in your years." Abraham Lincoln 4. "When one door closes, another opens; but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us." Alexander Graham Bell 5. "Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma which is living with the results of other people's thinking. Don't let the noise of others' opinions drown out your own inner voice. And most importantly, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary." - Steve Jobs Network with people that are accomplishing their goals. Don’t be afraid to solicit feedback from them and learn their secrets to success. Read biographies and books of and by successful people to keep your inspiration at a high level. Here are some books that have significantly impacted my career for the better: Norman Vincent Peale's "The Power of Positive Thinking" Go to Audible.com and download a free copy of Earl Nightingale's "The Strangest Secret"

Successful Goals to Boost Your Income!

I just finished reading a fascinating study done over a 20 year period by Yale University. The purpose was to show the impact of having, setting, and writing goals. Participants were tracked for a full 20 years and the results were astonishing! 84% of the group set no goals, 13% set goals but didn't write them down and a lowly 3% set goals AND wrote them down. What do you think the difference was in their income? The 13% made twice as much as those that didn't have any goals! But get this, the 3% who set clearly defined goals AND took the time to write them down, made 10x more money than the rest of the 97% combined! It is amazing that something so simple could make such a profound impact. This confirms the effectiveness of the visualization and goal-setting concepts Napoleon Hill wrote about in his classic, “Think and Grow Rich.” I wrote down some goals when I read that Yale study...one of my most passionate goals is to help others be successful by always doing what is in their best interest! Looking forward to connecting with you soon!

Uncle Sam Wants You to Own a Home!

Tax season should be over for most of us with the exception for those filing extensions and we could finally breathe a sigh of relief. Very few people, however, take full advantage of all the tax deductions they’re entitled to. For example, were you aware that homeowners and real estate investors get preferential treatment on their tax returns? This fact is one of the biggest enablers of wealth-building: the government actually subsidizes your cost of owning a home! If owning a home is beneficial to your financial net worth, then why not own more than one? The tax advantages, potential for appreciation, and passive income are all key ingredients for compounding your wealth faster. Here then are some of the tax benefits of homeownership and real estate investing: 1. Subsidized cost to finance a purchase. If you can itemize your deductions on a form schedule A on your tax return then the government is assisting you with the cost of living in your home. This one advantage mortgage borrowers get may make it more affordable than renting in most situations. Not only is the mortgage interest potentially tax deductible, but the property tax may be too. 2. Profits on sale are tax-free. Any profits on the sale of your home may also be tax free. This allows you to build up equity in the appreciation of your home and pocket the gains of up to $500,000 for a married couple. 3. Renting out your home is like a retirement account. Instead of selling your home you could keep it and rent it out to tenants who are not able to buy a home yet. The depreciation tax deductions, mortgage interest, taxes, and maintenance will usually more than offset the income earned from the rental and give you additional tax deductions to lower your overall tax liability. An added tax benefit called the 1035 exchange is the ability to “roll over” your capital gains to another like-kind property and defer your taxes indefinitely. So why not start taking steps this year to establish your real estate fortune and even have the government shoulder some of the bill? Consult with a tax professional on how to properly integrate these techniques into your financial situation and see if they apply to you.

Tax Breaks from Homeownership

• Don't-Miss Home Tax Breaks

  From the mortgage interest deduction to energy tax credits, here are the tax tips you need to get a jump on your returns. Read

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Copyright 2014 NATIONAL ASSOCIATION OF REALTORS®

Use Leverage to Reach your Goals Faster

My last article talked about using Purpose, Passion, and Persistence to facilitate your success in life. Read more about that on my blog http://americandreamisalive.blogspot.com/. Continuing that theme, this article provides a powerful tool to assist in accomplishing those goals. This tool is the power of leverage; used properly, can allow a person to achieve more than he is capable of. Leverage used improperly, however, can also create setbacks so conduct your due diligence and learn from experts and mentors who are skilled in the use of leverage. The various kinds of leverage include: Technology: you can leverage technology to better market your business (think YouTube, Facebook, LinkedIn, and Twitter), provide homework assistance (Tutor.com), improve your credit score (Credit Karma), or even help with your budget (Mint.com). Social networks: properly leveraged social networks can topple corrupt governments. Facebook played a significant part in mobilizing the Arab Spring and toppling the Egyptian regime. Our local social network in the Filipino community in Arizona has raised thousands of dollars for Typhoon Haiyan disaster relief. Other people’s money: also known as OPM can magnify what little resources or funds a person has and increase the growth potential of his investments. Buying investment real estate with borrowed money is a classic example of this; one can achieve growth, income, and tax deductions with the proper financing and strategy. Using leverage on losing investments, however, can increase your losses. Equity Investments: Another excellent use of OPM is investing in the equity markets; which has generated the highest compounded return among all asset classes since its inception. Albert Einstein was quoted as saying that compound interest is one of the wonders of the world. Through compound interest, proper tax planning, disciplined investing, and risk-taking, one could have money working for them rather than working for their money. A small amount of money could be multiplied ten-fold by professional investment managers; all it takes is some delayed gratification and discipline to invest a portion of your income. OPM for protection: OPM in the form of insurance can also be used to pool few resources together to protect against loss of life, valuables, income, and safeguard against other risks. Other people: this form of leverage can be utilized by starting your own business and hiring employees. A well managed business allows you to earn income while you sleep. This form of leverage allows you to create more time by delegating to others who can do a more efficient job of certain tasks. Leverage your job: utilize your employer’s benefits to compound your wealth (401k matching), benefit the community (matching donations), subsidize healthcare (flexible spending accounts), and/or increase your knowledge (tuition assistance). Legislation: the U.S. Government has a plethora of laws to encourage investment in certain areas of the economy. These tax subsidies incentivize you to start a business, own a home, invest in real estate, save for retirement, and improve your education. Take advantage of these benefits to accelerate your financial success. Knowledge of experts: Instead of paying thousands of dollars and countless hours of time to earn the expertise, why not spend pennies on the dollar to hire a specialist? Leverage the experience and knowledge of CPAs, REALTORS®, lawyers, and contractors to get the job done much more efficiently. This is also less expensive than undergoing years of study and thousands of dollars in student loan debt to acquire their skills and time-tested expertise. Experience and wisdom of others: leverage the knowledge and expertise of and derive inspiration from other mentors through reading books and/or listening to audio books and podcasts. This follows the principle of learning from other people’s mistakes and gleaning from what made them successful. Some of my favorite, life-changing podcasts include TED talks, Dean Patino’s “Top 5 Percent Income” podcast, Matt Theriault’s “Do Over” podcast, Stephen Covey’s “7 Habits of Highly Successful People”, and Og Mandino’s book, “The Greatest Salesman in the World”. These are but a few forms of leverage that I have utilized to achieve my personal success. Please provide some feedback on what forms of leverage have you used to create your success.

Focus On Your Goals And You Will Be Successful

Setting goals and monitoring them is the key to your success.  This is especially important as a New Year rolls around; an opportune time to adopt those “new year resolutions”.  This is no different than the pilot who fails to plan the flight; they may not reach their destination.  In similar fashion, those who fail to plan their lives are planning to fail.

My husband used this goal-setting/monitoring strategy and allowed him to get promoted at his job three times and receive multiple performance awards in the last two years.  He says the keys to his success boils down to the three P’s- PURPOSE, PASSION, and PERSISTENCE.  First, he found PURPOSE; a goal to strive for such as attaining multiple promotions in a short period of time.  Maybe it involves earning a certain level of income or accumulating a specific amount of savings.  Whatever your goals or purpose may be, write it down and internalize it by looking at it every day.  Second, he became PASSIONATE about what he did not just for his company, but in serving others such as his clientele and co-workers.  In doing so, he derived enjoyment from his work and that also lead to PERSISTENCE; being able to toil through difficulties he faced along the way. 

This powerful technique to becoming successful is no secret at all as recounted by Earl Nightingale in “The Strangest Secret”, Napoleon Hill’s “Think and Grow Rich”, and by Rhonda Byrne in “The Secret”.  The greatest Book of all, the Bible also says it in Mark 7:8, “For everyone who asks receives; the one who seeks finds; and to the one who knocks, the door will be opened.”

You will face many challenges along the way, but do not be discouraged.  Remember and repeat the verse from Philippians 4:13, “I can do all things through Christ who strengthens me”.  Rely on a power greater than yourself. Seek a mentor, partner, or advisor to guide you in the achievement of your goals and you will certainly have the foundation for a successful new year. 

Attitude of Gratitude

     It is amazing what you can learn from people who make less than $2 a day.  I’ve learned that perseverance in the face of enormous adversity is necessary for survival and recovery through difficult times.  That is what I learned from my brother and his wife/my sister-in-law and their family who thankfully survived the ravages of Typhoon Haiyan in the Philippines.  Their house was undergoing construction and almost finished until it was decimated by the storm.  With the grace of God, her children (my niece and nephew) are safe, have shelter, and are not hungry.  Her courage and indomitable spirit in the face of adversity has strengthened my resolve to overcome my own personal challenges here at home. 

     It is important to reflect on these recent disasters during the holidays and remind ourselves how blessed we are living in the richest land in the world; the United States of America.  I get a chuckle from many Americans when I say that because they have given up on the American Dream and are struggling with under/unemployment, high levels of debt, and lack of savings, but these are relatively insignificant compared to the trials and tribulations of our Filipino brothers and sisters.  The things we take for granted such as clean running water, heat, food, a roof over our heads, clothes, and electricity are abundant so we don’t even think about it.  After living in that poorer part of the world for half my lifetime, I can attest that life here in the USA is still rich with opportunities and that the American Dream is still within reach if you so choose to aim for it.  It is this attitude of gratitude that has allowed me to see those opportunities presented to me, leverage them to become successful, and provide assistance to those who have a greater financial need.     

     I thank the many community organizations who have donated their time and money to support victims of the Typhoon.  After weeks and months pass, this calamity will fade from memory; major news networks have all but stopped coverage of ongoing relief efforts.  It is critical that we maintain the momentum of financial support as aid workers transition from emergency relief to disaster recovery and economic development.  This holiday season, let us include the people of Bohol and Tacloban in our prayers and gifting.  Support organizations like Habitat for Humanity, Catholic Relief Services, Save the Children, the 3000 Club, our local Fil-Am support groups, and many others as a way of sharing our blessings and delivering the grace of God to those who are less fortunate.