Review- Secrets of a Self Made Millionaire

This is a pic of the book, pic and book can be found here

Secrets of a Self Made Millionaire Podcast

I bought this lecture for a few dollars via iTunes some time ago. I don't think I even listened to it before I forgot about it. I was sscrolling through my iPod at the gym, looking for something to listen too and found it!







And I'm glad I did. Although a little dated, according to iTunes it was published in 2006, the advice is still relevant for today.







Brian goes through several points on how he became a millionaire, including hard work, determination and skilling up. I really like the example of living on Someday Isle, as in some day I'll do this and someday I'll do that. I think we all live on some day isle at some point in our life, but turning those dreams into realities is what separates us from true success.







Another point he makes is skilling up. He doesn't quite label it as such, but essentially he tells his listeners that you should always be learning new things. He advocates courses and reading books and newspapers and comments that we can't afford not to. I love this point and wholeheartedly agree.







He talks about how you have to give more than 40 hours a week to your job/career. Put in what you expect to get out. It is simply not enough to go to work then switch off when you leave.











The lecture goes for 46min (perfect for a gym workout I might add) and Brian Tracy is a clear and informative speaker. Although I do reccomend this talk, I think it should be cheaper ...or free as it is short and sounds as if it was recorded from a lecture (but then he's millionaire and I'm only aspiring to be one hehe).

Tip Me

Tip #3

Like to read?

Buying books is expensive!

Use your library. In Australia your library is paid for by your local council, or if you library is a mixed used facility paid for by a combination of council funds and whatever is funding the partnership. For example my local library is located on the grounds of a high school and is funded by federal and state taxes (like all public schools) and by the local council.

So on three different levels, I pay for this library through my taxes and through my land rates. My point is, you are paying for the provision of facilities such as your local library. Why not use them!

My library has free wifi/computer access, vast collection of dvd's, cd's and audio books, free childrens activities and a great collection of magazines. And the variety of books is excellent too.

But sometimes you want a particular book to own, or you just don't want to wait for it to become available at the library.

Booko is a great site that will compare the price + postage of your book from online retailers. Want to buy more than one book? Booko will allow you to make a comparison chart of a selection of books, comparing overall which online retailer is the best value.

Discalimer. The websites and/all products I have mentioned are in no way shape or form paying me for this review. I will happily accept payment and I will consider doing payed features, however I will always be upfront with the conditions placed on any features.

M40

Wecome to my first Millionaire by 40 update!

I'm 32. It is my dream, my goal, my desire to have a million in cash/assets by the time I reach 40.

I'm paying off my home and have $180 000 to go. I owe $43 000 in car loan/HECS/debt. I want this all paid off. So by the time I'm 40 I would like to have raised in excess of $1.2 million. Can it be done, I'm not sure....but damn it, I'm going to give it a jolly good try ;) Including my husbands debts (which I sorta am, sorta not), I would need $1.3million.

My first action was to brainstorm ideas on how to get to reach my M40 goal and broadly speaking, my ideas fell into three intertwined categories. Reducing debt, making better use of the money I get and increasing my income sources.

I then made a budget using the template provided by enemy of debt. I like this template as it allows you to project your income and expenses over 4 weeks and you can see where you can jiggle and juggle your money more efficiently.

I'm in week 2 of a 4 week cycle and although I've had to make adjustments, and it is plainly clear our expenses/debts are more than our monthly income. I'm now looking at fixing this from two perspectives. The first is spending more frugally, to make the budget balance. The other is looking at short and mid term income sources. As far as frugal living go, I will be detailing my ideas and actions in coming posts, including the 'Tip Me' blog posts, so I won't go into details right now.

As for increasing income I have several things going here.

Firstly I applied for a job. This position is 1 day a week on the road, and several hours a day answering emails and calls. I haven't confirmed if I've got the job yet, but I'm hopeful. It pays by commission, but has good earning potential, as well as excellent networking opportunities. Should this position not pan out, I will look at doing something else part-time.

Next, I went back to my brainstorm and looked at ways of increasing my income. At this stage, I'm not breaking even and I need to get rid of some pressing debts. So I'm not looking at long term investment opportunities like shares or rentals (although I will be revisiting this idea).

My first idea is a garage sale. I've booked in a date and I'm starting to go around the house to collect clutter to sell. I will also be listing my wedding dress (which cost $1500 and has been sitting in my roof for almost 4 years now) on Gumtree.

I have also potted up over 300 seeds, sunflowers, tomatoes, mugwort and feverfew, and they are (hopefully) germinating away. My intention is to sell the plants via the markets and Gumtree. I'm hoping for a 50% success rate (in that 50% are successfully raised to a saleable quality) and that I make $1.50 profit from each plant. This would bring me $225.

More details in another post.

I think I've waffled on a bit for now, but summing up,

This week I:

*set a goal: M40

*brainstormed what I needed to do

*put a budget in action

*looked at ways to increase my income short term

Money Making Ideas-Cleaning

An occasional series looking at different ideas for micro and small business income. Feel free to add your thoughts in the comments

Today we look at: Cleaning

Standard Housecleaning

Specialist House Cleaning

Allergy Cleaning

Quarterly Home Inspection Cleaning

Vacated Premises Cleaning

Business and Commercial Cleaning

Potential Start Up Costs

Advertising

Word of mouth, newspapers, letterbox drop, Facebook (buy and sell pages), Gumtree, noticeboards.

Cleaning Products
Depending on products used could be basic supermarket brands, heavy duty commercial products or low allergy/natural products.

Cleaning Equipment
Vacuum, mop, sponges, squidgees, specialist cleaning equipment like Enjo for chemical free cleaning.

Police Clearance
A NPC will cost around $55 and can be obtained in Australia at Post Office outlets.

Insurance-Personal and Business
May be optional. Cost will vary.

Transport
Car/Van/Public?

Cleaning can be a relatively easy business to start up in that much of the equipment and experience is already available to you. If you have several regular homes/clients, it can be a good source of income. Cleaning can be physically hard and a high standard is required.

Have you tried this? Did it work for you? Feel free to add any extra advice in the comments!

This brainstorm is not to be taken as professional advice. If you wish to pursue any of the ideas expressed in the 'Money for the Jam Jar' blog, please be sure to obtain your own professional advice (if need be). Websites, prices, etc are corrected at the time of publication, however over time, prices, policies and sites change.

Tip Me

Tip #1

Open a high interest savings account. Start a direct debit from your ordinary account, any amount, whatever you think you can afford.

Don't get hung up on formulas or set amounts like 10% of your pay. Concentrate on getting into the habit of saving. $2 per week equates to $104. It all adds up.

And you may find one you have started, you might find areas to scrimp on that you can then add to your tally.

Welcome!

Welcome to Money For The Jam Jar.

Have you ever stashed away money, perhaps in an old jam jar, for a rainy day. Well I hope you did the stashing, but perhaps your jam jar should have been a virtual one in the form of a high interest savings account.

Anyhow I digress.

This blog is my chronicles, tips and things learnt along the way of stashing that money away in an old jam jar. You see I aspire to be financially free. Free of debt and the worry of owing money to people and institutions. Free to invest and grow and free in that I reach old age and I have enough wealth invested, that I don't have to depend on an old age pension.

I aspire to be a millionaire. I aspire to hold a cool million in assets/cash. And I'm hoping to do this by 40. I'm 32.

I have some things working for me. I live in Australia, a beautiful, prosperous nation. I am smart and more importantly I love to learn and grow. And I'm keen as mustard!

Anyhoo, welcome to my little blog. :)