And that is financial intelligence. 6. PAY YOUR BROKERS WELL: The power of good advice. I often see people posting a sign in front of their house that says, "For Sale by Owner." Or I see on TV today many peo.louis vuitton outlet onlineple claiming to be "Discount Brokers." My rich dad taught me to take the opposite tack. He believed in paying professionals well, and I have adopted that policy also. Today, I have expensive attorneys, accountants, real estate brokers and stockbrokers. Why Because.
coach outlet if, and I do mean if, the people are professionals, their services should make you money. And the more money they make, the more money I make. We live in the Information Age. Information is priceless. A good broker should provi.coach outletde you with information as well as take the time to educate you. I have several brokers who are willing to do that for me. Some taught me when I had little or no money, and I am still with them today. What I pay a broker is tiny in comparison with what kind of money I can make .coach factory outletbecause of the information they provide. I love it when my real estate broker or stockbroker makes a lot of money. Because it usually means I made a lot of money. A good broker saves me time in addition to making me money-a.coach factory outlets when I bought the piece of vacant land for $9,000 and sold it immediately for over $25,000, so I could buy my Porsche quicker. A broker is your eyes and ears to the market. They're there every day so I do not have to be. I'd rather play golf. Also, people who sell thei. coach outlet online
r house on their own must not value their time much. Why would I want to save a few bucks when I could use that time to make more money or spend it with those I love What I find funny is that so many poor and middle cla.coach outlet onliness people insist on tipping restaurant help 15 to 20 percent even for bad service and complain about paying a broker 3 to 7 percent. They enjoy tipping people in the expense column and stiffing people in the asset column. That is not financially intelligent. All brokers a.
moncler outletre not created equal. Unfortunately, most brokers are only salespeople. I would say the real estate salespeople are the worst. They sell, but they themselves own little or no real estate. There is a tremendous difference betwee.moncler outletn a broker who sells houses and a broker who sells investments. And that is true for stock, bond, mutual fund and insurance brokers who call themselves financial planners. As in the fairy tale, you kiss a lot of frogs to find one prince. Just remember the old saying, "Never a.monclersk an encyclopedia salesperson if you need an encyclopedia." When I interview any paid professional, I first find out how much property or stocks they personally own and what percentage they pay in taxes. And that applies to my tax attor.monclerney as well as my accountant. I have an accountant who minds her own business. Her profession is accounting, but her business is real estate. I used to have an accountant that was a small business accountant, but he had no real estate. I switched because we did not love the same busi.moncler jackets outlet
ness. Find a broker who has your best interests at heart. Many brokers will .'; spend the time educating you, and they could be the best asset you find. Just be fair, and most of them will be fair to you. If all you ca.moncler jackets outletn think about is cutting their commissions, then why should they want to be around you It's just simple logic. As I said earlier, one of the management skills is the management of people. Many people only manage people they feel smarter than and they have power over, s.
Coach Factory Outletuch as subordinates in a work situation. Many middle managers remain middle managers, failing to get promoted because they know how to work with people below them, but not with people above them. The real skill is to m.Coach Factory Outletanage and pay well the people who are smarter than you in some technical area. That is why companies have a board of directors. You should have one, too. And that is financial intelligence. 7. BE AN "INDIAN GIVER": This is the power of getting something for nothing. Whe.Coach Factory Outlet Onlinen the first white settlers came to America, they were taken aback by a cultural practice some American Indians had. For example, if a settler was cold, the Indian would give the person a blanket. Mistaking it for a.Coach Factory Outlet Online gift, the settler was often offended when the Indian asked for it back. The Indians also got upset when they realized the settlers did not want to give it back. That is where the term "Indian giver" came from. A simple cultural misunderstanding. In the world of t.Coach Outlethe "asset column," being an Indian giver is vital to wealth. The sophisticated investor's first question is, "How fast do I get my money back" They also want to know what they get for free, also called a piece of the action. Tha.Coach Outlett is why the ROI, or return of and on investment, is so important. For example, I found a small condominium, a few blocks from where I live, that was in foreclosure. The bank wanted $60,000, and I submitted a bid for $50,000, which they took, simply because, along with my bid, was a cashier's check for $50,000. They realized I was serious. Most investors would say, aren't you tying up a lot of cash Would it not be better to get a loan on it The answer is, not in this case. My investment company uses this as a vacation rental in the winter months, when the "snowbirds" come to Arizona, and rent it for $2,500 a month for four months out of the year. For rental during the off-season, it rents for only $1,000 a month. I had my money back in about three years. Now I own this asset, which pumps money out for me, month in and month out. The same is done with stocks. Frequently, my broker will call me and recommend I move a sizable amount of money into the stock of a company that he feels is just about to make a move that will add value to the stock, like announcing a new product. I will move my money in for a week to a month while the stock moves up. Then, I pull my initial dollar amount out, and stop worrying about the fluctuations of the market, b
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