Issue #2441
- WEALTHY: The rule you need to follow before you invest in real estate (Julie Broad)
- HEALTHY: A diabetes-prevention tool that helps stave off another disease (Kelley Herring)
- WISE: Michael Masterson on starting your own business
ALSO IN THIS ISSUE:
- 9 start-up secrets for your budding entrepreneur (David Cross)
- A marketing lesson from a children’s book (Howie Jacobson)
- It’s Fun to Know… about alcoholic animals
- Add "alacrity" to your vocabulary
The Easy Way to Internet Profits for Lazy Entrepreneurs
If you can push a button, you can make money online. Yes, there’s more to it than that, but not too much. Just 3 simple steps. This new online business opportunity is for truly lazy entrepreneurs who still want to make a very nice online income.
I’m still shaking my head at how shockingly simple and easy this is. And this business has been purposely kept “low-key” to keep others from discovering and using it. Not anymore, because one of the Internet’s elite has just spilled the beans…
Click here to get all the inside details…
The Biggest House-Buying Tip Ever
By Julie Broad
In Stephen Covey’s best-selling book The 7 Habits of Highly Effective People, he recommends that you "begin with the end in mind." And the same goes for real estate investments. It doesn’t matter if you plan to live in the property, rent it out, or renovate and flip it… before you buy, envision yourself selling it.
Brainstorm all the potential concerns your future buyer could have – starting with anything that made you question your own decision to buy. Is the property on a noisy street? Does the basement flood once in a while? What condition is the roof in? Is the layout of the house good for the average family? Is it in an up-and-coming neighborhood? Are other properties in the area comparable in value?
If there is anything about the place that makes you hesitate – anything that can’t be fixed easily and cost effectively – you can be sure your future buyers will have the same problems with it. So forget it and move on to the next deal.
I lost money in a hot market on a condo purchase in Toronto because I didn’t follow that rule. The unit I bought was on the second floor – and because it was right above the entrance, it was the only one in the building that did not have a deck. Identical units on higher floors were going for the same price. But I used my unit’s "faults" to negotiate a better purchase price, so I thought I had gotten a good deal. Five years later, when I went to cash out, units exactly like mine but with small decks on higher floors were selling for over $20,000 more than I got for mine.
You are making an investment only if there is a reasonable probability that you will be able to make money when you sell. Buy every property with that in mind.
[Ed. Note: Buy with the end in mind - and you'll make the best possible real estate deals. Get more profit-producing real estate secrets from some of the world's leading specialists right here.
And be sure to check out the website of Internet Money Club member and real estate investor Julie Broad. In eight years, Julie and her husband have built a multimillion-dollar real estate portfolio in their spare time with minimal cash resources. They publish a free monthly newsletter to help other rookie real estate investors achieve their investment goals. Check it out here.]
"Starting your own business is the only way I know to generate serious cash flow in a relatively short period of time."
Michael Masterson
Entrepreneurial Lessons From The Blue Whale
By David Cross
The first day, our new restaurant was jam-packed. People queued up to sample the food, and we immediately made a profit. We had an incredible chef, and the waiters were efficient and always full of alacrity. The restaurant thrived that whole summer, and our reputation spread across town.
That is, until the summer holidays ended and we had to go back to school.
It was 1975 and, at the age of 10, The Blue Whale Cafe was my first attempt at running my own business. My sister and I cadged food from our mum, and paid for our other (minimal) expenses from our piggy banks.
The menu was simple. Mum happily made cheese sandwiches (regular or toasted) and cups of tea for our customers (neighbors who stopped by on the way to do their daily shopping). Our tables were fabricated from apple and orange crates commandeered from local stores, and our chairs were sequestered from our dining room. Since most of the food and labor was free, it’s not surprising that we were a financial success.
I believe that even if a child doesn’t grow up to become a full-fledged "entrepreneur," the skills they develop by practicing entrepreneurship at an early age are invaluable in life. Running a business teaches self-sufficiency, creativity, persistence, and collaboration. It builds confidence and teaches you how to work through failures until you reach success.
So when my three sons – ages 10 to 13 – recently decided to start their own business, I encouraged them from the beginning… and was happy to help them along the way.
Here’s how it happened…
Though my boys visit me and my wife frequently here in the U.S., they live in Europe. With the U.S. dollar being so weak lately, their trips to the States have been incredibly cheap. And the things they’re passionate about – including musical instruments, Yugio cards, and skateboard gear – are three to four times cheaper here.
Needless to say, their friends in Europe started asking my sons to bring back some of these goodies for them. My sons were happy to do it – but I have to confess to planting the seed of profit in their minds. "Rather than just bringing back a few things for your friends," I said, "why not see if you can help finance your own ‘habits’ by buying stuff in the U.S. and selling it abroad?"
They agreed with my logic, and wanted to start with skateboarding gear.
We did a little research and found that a skateboard that sells for $80 in stores in Europe can be as little as $30 in the U.S. Even adding import duty to that would bring their actual cost to no more than $38. We decided that they’d sell their wares for $60.
We discussed the importance of making a profit in business. And we laid out a plan for handling their income. They agreed that they would save most of the money they made… perhaps invest a little in producing a brochure that they could hand out at school.
We also talked about what would happen if their venture really started to grow. For one thing, it would make it possible for them to go directly to skateboard manufacturers and negotiate better prices for their merchandise. But, at some point, it would also mean that they would have to pay taxes on their profits.
"Taxes?!" was their unanimous cry. And though there was no immediate need to worry about it, we decided it would a good idea for them to get into the mindset of running a real business and at least understand how taxes affect profitability.
My sons spread the word at school about great gear at great prices, and drew up a list of who wanted what. They took a deposit with each order that would cover their costs even if the purchaser didn’t go through with the deal.
What they now have is a low-risk venture with relatively good profit potential. They started small – with no capital outlay – selling something they know a lot about. They also have a somewhat captive marketing audience at school and in their friends. If the business grows, their challenge will be to bring more and more items into the country – and, if the demand exceeds the number of trips they can make, to see if they can still make a profit if they have to pay shipping costs.
Fostering Entrepreneurship in Children
Whether it’s a "restaurant" fabricated from fruit crates, a perfume made from flower petals and water (one of my sister’s early ventures), a lemonade stand, or my sons’ skateboard importing business, I’ve learned a few things over the years about the benefits of fostering an entrepreneurial "can-do" spirit in children.
1. Share Your Enthusiasm to Make a Business Out of Things Your Children Already Love. It’s easier to go with the flow than to push water uphill. I could have spent months trying to persuade my kids to start their own restaurant… but that just wasn’t their passion. They were interested in skateboarding. So a business based on that was a great foundation upon which to grow a new business idea.
2. Plant Seeds and Let Them Grow. Kids are smart and can work a lot out for themselves. But they may need you to suggest a few "What if?" questions that allow them to see wider possibilities than the one they saw initially.
3. Help Your Children Prepare for Potential Challenges. I asked my boys questions that would prepare them for dealing with order cancellations, import duties, and taxes.
4. Ask Questions – but Let Them Work Out the Answers. This is the kids’ project. You want them to feel a sense of achievement as a result of their entrepreneurial venture – not that you did the whole thing for them. You can help out where necessary. But remember, children are incredibly resourceful. They can figure out things for themselves… with a little nudge here and there from you. Let them know that you are always available to help them, but stand back and give them a chance to do as much as possible themselves. Yes, they will make mistakes – but, though disappointing, mistakes are some of the best teachers.
5. Involve Both Parents. This is important whether you are together or separated. Your spouse (or ex) can offer ideas, insights, and experience that your children can benefit from.
6. Recognize the Difference Between Ideas and Actions. This is a big concept for anyone – adults and children alike. You can come up with "great" ideas for projects or businesses. But until you put them into action, nothing happens. By getting a few projects going yourself, you can give your children the courage to try their own.
7. Persistence Pays. The twin of action is persistence – staying the course. And encouraging your children to dip their toes into entrepreneurship teaches them how to handle "failure" and not give up. In any undertaking, there will be unexpected setbacks. And entrepreneurship is the perfect way for your kids to learn how to cope with those setbacks and think their way through creative solutions.
8. Clear the Path. Your kids are never too young to learn about the Ready, Fire, Aim approach to achieve success in any endeavor. Too much planning and over-thinking is the enemy of action. Teach your children to get a project started – and then build upon what they discover.
9. Don’t Make Money Goal #1. Not every project has to make a profit in order to have value. So don’t discourage your kids if they aren’t interested in making a buck. If, for example, your daughter wants to put on a free piano recital in your backyard and have attendees donate money to orphans in Africa, that is a wonderful goal. The point is to help your children become strong and happy, not to impose your own vision upon them. Because if your kids enjoy what they’re doing, they’ll be much more likely to achieve success.
The greatest gift my parents ever gave me was this single piece of career advice: "We don’t care what you do as long as you’re happy." This has inspired some interesting choices along the way. But I can honestly look back and say that although some of the choices I’ve made have been plain hard work, I’ve never had a dull, boring, or unhappy job in my life. And my sister and brother say the same thing.
For me, the main benefit in the time I’ve spent teaching my kids about entrepreneurship has been the fun we’ve had learning new things together. That, and discovering more about what my kids are passionate about. At the same time, I know I’ve been helping them learn some major life skills.
[Ed. Note: If David's young sons can start a business, you can too. And don't worry if your parents aren't available to help you get it off the ground. ETR's team of experts are here for you. They've put together a comprehensive program that can take you from a simple idea, passion, or hobby to a fully functioning online business in just a few days. Get the details here.
And for more wealth-building lessons you can share with your kids, pick up a copy of Michael Masterson's best-seller Automatic Wealth for Grads… and Anyone Else Just Starting Out.]
The Three Magic Words to Building Wealth Online
What are the three most important words for rapidly building enormous wealth online?
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You see, the problem with most Internet advice out there is it’s designed for people with big (multi-million dollar) advertising budgets, lots of administrative, legal, and accounting support and an existing marketing base.
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Let me show you how you could get a similar Internet income stream running for almost nothing.
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ETR Associate Publisher
Strega Nona, the Missing Kisses, and Your Competitor’s Back End
The other day, my wife and son were reading Tomie de Paola’s wonderful children’s book Strega Nona. In the story, Big Anthony comes to work for Strega Nona and overhears her incantation over her magic pasta pot. The result: He learns the spell to get the pot started making pasta… and memorizes the words to turn the pot off. But because he is hiding while doing this, he misses the visual accompaniment to the "stop-the-pasta" spell: blowing three kisses.
In a plot reminiscent of The Sorcerer’s Apprentice, he utters the magic words and the pasta-making begins. But the pot produces pasta relentlessly, threatening the whole town, until (spoiler alert!) Strega Nona returns and solves the problem by invoking the correct words and gestures.
What does this have to do with you? Well, online marketing is a lot like a magic pasta pot.
Big Anthony Marketer sees a competitor’s ad running for several weeks, and makes the assumption that the ad is making money. He visits the competitor’s landing page, and checks out their front-end offer. A $39 widget. A $19 e-book. A $3,500 seminar. Whatever.
Big Anthony M. assumes that, based on what he sees, he understands their business model. So he copies it. But somehow the numbers don’t turn out right. He spends $100 on clicks for every $25 he makes in sales. He’s going broke fast.
Big Anthony M.’s mistake, of course, was assuming that what he could perceive by viewing the competitor’s front-end ad and landing page was all there was to that marketing effort. But the three kisses Strega Nona blew were invisible, and so is the value-exchange that takes place between merchant and customer following an initial sale.
Your competitor may be working with a negative return on investment (ROI) on the front end. But he could be making it up with a high-priced upsell… or a series of e-mails promoting affiliate programs… or a robust continuity program.
If you’re serious about emulating your successful competitors, then you must become their customer. Pay for the privilege of watching the whole spell, so you don’t end up drowning in spaghetti.
[Ed. Note: You can learn how to master Google AdWords - the right way - with AdWords for Dummies by AdWords guru and best-selling author Howie Jacobson himself.
And get a real behind-the-scenes look at how the ETR/Agora model of Internet marketing works here.]
Keep Insulin in Check to Prevent Colon Cancer
If you’re concerned about colon cancer, you’ve got another good reason to keep your blood sugar in check.
A recent study published in Cancer Epidemiology, Biomarkers & Prevention found a significant relationship between c-peptide, an indicator of insulin secretion, and the risk of colorectal adenoma, the main precursor to colorectal cancer.
The good news is that you can help reduce c-peptide in your system. Just make sure you choose low-glycemic-index foods like wild fish, organic meats, season-fresh veggies, and antioxidant-rich beans that are full of cancer-fighting nutrients and naturally keep blood sugar levels stable.
[Ed. Note: Keeping your insulin in check won't just help prevent colon cancer. It can stave off diabetes, weight gain, and a host of other health problems. Stay healthy and live longer simply by making a few changes to your diet and exercise routine. Learn how to start feeling better today right here.
And now you can make healthful dessert choices. Nutrition expert Kelley Herring has developed a sinfully delicious chocolate cake that you can make at home... and it's really good for you. Learn more here.]
It’s Fun to Know: About Alcoholic Animals
Tree shrews in Malaysia can’t get enough of their favorite drink – fermented nectar. They guzzle the shrew equivalent of nine glasses of wine a day! The source of their alcoholic feast is the flower buds of the bertam palm tree. Inside the buds, yeast ferments pollen to a frothy brew that can be up to 3.8 percent alcohol. This is the highest alcohol content in a naturally occurring source.
Amazingly, the shrews suffer from none of the typical consequences of imbibing – like loss of coordination and motor skills. Scientists are studying how the tiny mammals, which look like a mix between a squirrel and mouse, can take so much alcohol without any ill effects.
(Source: Proceedings of the National Academy of Sciences)
== Highly Recommended ==
Is This All There Is to Life?
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All the risk is on our shoulders to deliver this. All you need to do is accept this generous offer and follow the step-by-step details for enjoying a brand new life. Here’s the link that can change it all for you…
Word to the Wise: Alacrity
"Alacrity" (uh-LAK-rih-tee) – from the Latin for "lively" – is cheerful readiness, promptness, or willingness.
Example (as used by David Cross today): "We had an incredible chef, and the waiters were efficient and always full of alacrity."
[Ed. Note: Become a more persuasive writer and speaker ... build your self-confidence and intellect ... increase your attractiveness to others ... just by spending 10 VERY enjoyable minutes a day with ETR's new Words to the Wise CD Library.]
Copyright ETR, LLC, 2008
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sinfully?
overworked 15 years ago.
very enlightening and Spirited