Archive for the ‘Midlife Millionaire Articles’ Category

If you are really serious about becoming wealthy, there are five primary ways that fortunes are made.

Become an Entrepreneur
The number one road to riches, at the head of the list and on the top of the hit parade throughout U.S. history, is entrepreneurship, starting and building a successful business. Entrepreneurship includes every kind of business, from farming and trucking to real estate and computers. Seventy-four percent of self made millionaires in the United States, going back 200 years, come from self-owned businesses. An individual starts with an idea for a product or service, turns it into a business, builds it up from the ground floor, and as a result becomes wealthy.

Work Your Way Up

Another way to become rich is as a highly paid executive of a successful company, or as an employee of a company that awards stock options that become valuable. Ten percent of self-made millionaires in the United States are men or women who have joined large corporations, or companies that became large, and worked for these companies for many years. They usually work hard; were promoted and paid well; earned stock options, bonuses, and profit sharing; and as a result of holding on to that money, become millionaires and multimillionaires.

Become a Professional

A major source of self-made millionaires consists of professional people, doctors, dentists, lawyers, architects, engineers, and others with advanced degrees who can charge high fees for their services. These people earn their degrees and dedicate themselves to becoming very good at what they do, rise to the top of their professions, earn high incomes, and then hold on to the money. Ten percent of self-made millionaires in the United States fall into this category.

Get into Sales

An important source of self-made millionaires is salespeople and sales consultants. Five percent of self-made millionaires in the United States are men and women who are experts and at the top of their fields in selling. They never started their own businesses. Few of them went to college or earned professional degrees. Instead, they became very good at selling a product of service, and were paid well for doing it. In addition, they managed their money well, invested it intelligently, and made it grow until they were millionaires or better.

All the Others

The final 1 percent of self-made millionaires includes all the people who have made their money in the stock market, with inventions, in show business, through the authorship of books and songs, as lottery winners, and all other sources. Unfortunately, because this group gets so much publicity, many think they are typical of the people who get rich. The fact is they are quite rare.

Action Exercise

Project forward 10 to 20 years and begin imagining you perfect life. What would it look like? What steps could you take immediately to begin making it a reality?

Brian Tracy is a Contributing Expert for the Smart Women’s Coaching Institute, he has consulted for more than 1,000 companies and addressed more than 4,000,000 people in 4,000 talks and seminars throughout the US, Canada and 40 other countries worldwide. He addresses more than 250,000 people each year as a Keynote speaker and seminar leader.

He has studied, researched, written and spoken for 30 years in the fields of economics, history, business, philosophy and psychology. His top selling books have been translated into dozens of languages. He has had successful careers in sales and marketing, investments, real estate development and syndication, importation, distribution and management consulting.

Brian has traveled and worked in over 80 countries on six continents, and speaks four languages. He is also the President of Brian Tracy University, a private on-line University for sales and entrepreneurship.Brian Tracy has consulted for more than 1,000 companies and addressed more than 4,000,000 people in 4,000 talks and seminars throughout the US, Canada and 40 other countries worldwide. He addresses more than 250,000 people each year as a Keynote speaker and seminar leader. You can visit his site here to learn more about Brian.

Five Secrets for Creating your Perfect Life
Personally and Financially

By Katana Abbott

No matter what our life circumstances may be, every one of us longs for something better, something more. We think, though, that we are different than those that already have what we desire. We think we have to work hard and long to achieve even the smallest amount of success. The truth is, we can have it without years of blood, sweat and tears, if we understand five basic principals or “secrets to creating our Perfect Life.  The secrets are:

Secret #1:  Clarity Visualize your Perfect Life:

The number one reason people fail to get what they want, is that they dont even have a clear vision of what they really want.  Often we just continue to live day by day without adequate focus.  Exercise:

Close your eyes and visualize you life three years from now¦you are getting ready to go somewhere and have a huge smile on your face¦Why are you smiling?  What are you doing? What are you wearing? Where are you living? How does it feel?  Who are you in a relationship with?

Write down what you were thinking and what your life looked like in this exercise; then write down what has to happen in the next three years for you to be feel that way every day?

Secret #2:  Identify whats not working in your life:

The things that are not working in your personal life are showing up in your financial life. The things that are not working in your financial life are showing up in your personal life. Consider whats happening for you:

• Financially are you in debt? Do you have cash reserves? Are you saving 10 percent? Personally are you growing? Do you wake up excited to start the day?
• Career are you passionate about your job or career?  Why?
• Health are you taking care of yourself?  Are you making time for yourself?  Are you living with Joy, Purpose, Passion and Purpose?
• Relationships do you have great relationships?

Lets take a look at a recent Smart Women Survey to over 200 women, “What is the single biggest Challenge holding you back from living your Perfect Life?

• 32%  Financial
• 22%  Dont Know Where to Start
• 12%  Confidence
• 10%  Time
• 7%  Relationships
• 3%  Health
• 14%  Other

What is holding you back from living your perfect life?  Identify things that you can control in your life and start with one thing.

Secret #3: Make a Decision to Change and Prepare for Resistance¦FEAR:

Resistance comes out in statements such as: “Im too busy, Ill do it later, This is boring, its not my thing, I meant to, but I forgot.. and other excuses.

Recognize that these are excuses, and you are in resistance craving the comfort of the familiar.  Your challenge is to accept temporary discomfort for the opportunity to change and grow. Your family and friends may not support you, but when you embrace your fear and walk through the door of uncertainty, youll come face-to-face with your personal power and have control over your own life.  Write down what you are going to do now¦What are you committed to?  Now watch for the magic and coincidences!

Secret #4: Create a Game Plan by Creating Written Goals:

Create a list of clearly defined goals. You may not think this important, but a Harvard Study showed that 30 years after graduation, the 3 percent of students who had written goals were more successful than the other 97 percent combined, and were also healthier and happier.

Make separate lists for personal goals, family/friends goals, financial and career goals. This is an important step in the holistic approach to financial freedom and being “in your power. Write your goals in the present tense, print them out, review them daily. We get what we focus on, so focus on what you want not what you dont want. Write out your goals now, and then rewrite them in present tense (as an affirmation).  

Secret #5: Find Support/Get Help/Hold yourself Accountable

Educate yourself. Read books on personal growth, financial planning, whatever areas you feel you need to explore. Register for classes and seminars. Hire a financial planner or a coach. Join or create a support group, such as those at WebMD or Smart Womens Coaching.

Questions:  How will you build your support community?  How will you handle negativity, fear and rejection?

Your Perfect Life will not come about overnight. It is a process, one that comes about from understanding the power of our thoughts and focused action. Put these five “secrets  into practice in your life, and you will achieve your Perfect Life!

Katana Abbott, CFP, CSA is a Midlife Millionaire Coach and Co-founder of Smart Womens Coaching.  After a 20-year career and building a successful financial planning business and managing over $100 million in assets placing her in the top 1% of money managers nationally, Katana retired financially independent to follow her dream of helping women experience true joy and abundance by following their passion in life. She is the host of Smart Women Talk Radio and is currently writing her new book, “Secrets from a Midlife Millionaire: How to Create a Millionaire Lifestyle While Following Your Passion. Katana is a contributing author in the books Thank God I, and Breaking Through.  Visit her new Free online Community: www.SmartWomensCafe.com to receive access to bestselling authors, 24/7 Library, member forum, their six virtual tea rooms AND to receive your Free Report on Goals by Smart Womens Coaching Contributing Expert, Brian Tracy (a $100 value)!

Five Sensible Steps for Taking Control of your Finances

By Katana Abbott

One day it hits you like a rock. Youre knee-deep in financial quicksand with no savior in sight. Maybe it comes as a declined credit card purchase, or a minimum payment higher than your bank balance. Maybe its just the realization that you really are mortal and will need funds to support you when your working days are over. The bad news is youve got to dig out of the hole before you can build for the future. The good news is that with commitment and time, you can gain control of your finances.

Start with these five sensible steps:

1. Pay yourself first

• Start a cash reserve fund with the intent of building it over time to at least three months worth of fixed expenses rent or mortgage payments, utilities, auto payments, credit cards, food, and gasoline. Start today, even if you can only save $10 a week in the beginning.
• If your employer offers a retirement plan, enroll immediately. Since women outlive men and often take time out of the workforce to care for both children and aging parents, it is important for women to save more than men.

1. 2. Respect Money and Control your Debt

• Pay your bills on time, and pay off your credit card every month, if you can. If you are in debt and able to make only minimum payments, stop spending and get help immediately.
• Buy a small journal and document every penny you spend for one week to identify your “spending leaks. Typically, leaks are things like late fees, movie rentals, overpriced coffee, fast food, and anything else you dont need for survival. These are the dollars you will use to begin paying off your debt and building a cash reserve.
• Saving $4/day at age 20 at 10% could potentially build to $1,000,000 by age 65.  Wait until youre 30 and you will need to save $11/day. At 40, youre up to $30/day and by age 50 its $95.  So get serious and start now!

1. 3. Assess your job or career path

• How is your income affecting your life and your finances?
• Are you passionate about your work, or is it “just a job? Would you still do it if you won the Lottery, or had a magic wand? If not, then why are you still doing it?
• Are you utilizing your unique talents and skills?
• Are you earning what you are worth?
• Stretch take charge of your career, and youll take charge of your income.

1. Create a game plan

• Write down your goals for the next 12 months.
• Make your goals clear, measurable, and time-specific so you can track your success.
• Tape the list to your mirror, on your refrigerator, or on your bedroom wall, where you can read them and focus on them every day.  We really do attract the things on which we focus, so keep your focus on what you want in your life!

1. 5. Find support and hold yourself accountable

• Surround yourself with positive, supportive people.
• Hire and meet regularly with a financial planner.
• Find a life coach or mentor.
• Read self improvement books and learn how to be smart about money.
• Get help on the internet with a virtual community or forum group.
• Take a tele-class or seminar focused on money, career or starting a business.

Money and financial growth consciousness doesnt come in flash. It may take months maybe even years to gain total control of your finances. But if you consistently follow these steps, that day will come. And when it does, celebrate!

ABOUT THE AUTHOR: Katana Abbott is currently writing, “Secrets from a Midlife Millionaire Create Your Perfect Life. After a 20-year career, she left her $100 million investment management and financial planning practice to follow her dream of helping women find their passion, be financially aware and prepared, have access to the right resources and meet some of the top business-building experts in the country. Visit www.smartwomenscoaching.com to sign up for her free 7-part audio mini course, “Your Perfect Life Focus and to access her other programs!

Five Secrets for Making Your Dreams a Reality

By Katana Abbott

No matter what our life circumstances may be, every one of us longs for something better, something more. We think, though, that we are different than those that already have what we desire. We think we have to work hard and long to achieve even the smallest amount of success. The truth is, we can have it without years of blood, sweat and tears, if we understand five basic principals or “secrets to Making Your Dreams a Reality.  The secrets are:

Identify whats not working in your life. The things that are not working in your personal life are showing up in your financial life. The things that are not working in your financial life are showing up in your personal life. Consider whats happening for you:

• Financially are you in debt? Do you have cash reserves? Are you saving 10 percent?Personally are you growing? Do you wake up excited to start the day?
• Career are you passionate about your job or career?  Why?
• Health are you taking care of yourself?
• Relationships do you have great relationships?

Visualize your Perfect Life

Close your eye and visualize your perfect life three years from now. What are you doing? What are you wearing? Where are you living?

How does it feel?  What has to happen in the next three years for you to be feel that way every day?

Make a Decision to Change and Prepare for Resistance¦FEAR

Resistance comes out in statements such as: “Im too busy, Ill do it later, This is boring, its not my thing, I meant to, but I forgot.. and other excuses.

Recognize that these are excuses, and you are in resistance craving the comfort of the familiar.  Your challenge is to accept temporary discomfort for the opportunity to change and grow. Your family and friends may not support you, but when you embrace your fear and walk through the door of uncertainty, youll come face-to-face with your personal power and have control over your own life.

Create a Game Plan

Create a list of clearly defined goals. You may not think this important, but a Harvard Study showed that 30 years after graduation, the 3 percent of students who had written goals were more successful than the other 97 percent combined, and were also healthier and happier.

Make separate lists for personal goals, family/friends goals, financial goals and career goals. This is an important step in the holistic approach to financial freedom and being “in your power. Write your goals in the present tense, print them out, review them daily. We get what we focus on, so focus on what you want not what you dont want.

Find Support/Get Help/Hold yourself Accountable

Educate yourself. Read books on personal growth, financial planning, whatever areas you feel you need to explore. Register for classes and seminars. Hire a financial planner or a coach. Join or create a support group, such as those at WebMD or Smart Womens Coaching.

Your Perfect Life will not come about overnight. It is a process, one that comes about from understanding the power of our thoughts and focused action. Put these five “secrets  into practice in your life, and you will achieve your Perfect Life!

ABOUT THE AUTHOR: Katana Abbott is currently writing, “Secrets from a Midlife Millionaire Create Your Perfect Life. After a 20-year career, she left her $100 million investment management and financial planning practice to follow her dream of helping women find their passion, be financially aware and prepared, have access to the right resources and meet some of the top business-building experts in the country. Visit www.smartwomenscoaching.com to sign up for her free 7-part audio mini course, “Your Perfect Life Focus and to access her other programs!