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Casual Articles - Understand Your Assets and Liabilities
How do you acquire new clients?o Face-to-face networkingo Referral onlyo Cold callingWhatever method you use to gain a new client the #1 thing you can never forget is to show them, all of them, how much you care.Let me share my dating analogy with you...When you're on a first date, you're on your
It's simple, the first man turned his car into a liability as many of us do. The second man immediately turned it into an asset.
Next time you buy anything of any value just remember this example and establish whether you're really buying an asset or a liability. Try to be the second man wherever possible and you'll be one large step ahead of y
There’s no denying that the Internet is allowing more and more entrepreneurs to start their own businesses and effectively market their new products. However, there seems to be an increasingly common misconception when these businesses try to generate media attention and publicity for their products or businesses. Over the past several years, I
Let me give you an example. It's a fact that it's the poorest people in this world who work the hardest. Try working in a factory for 7 days a week at just a few cents an hour and you'll soon realise this.
Take a look at any rich person you know or know of. How hard do they really work? Probably not very hard. If they do work hard it's often because they enjoy it.
The fundamental difference between the rich and the poor is that the poor work hard for very little money but the rich have money work for them.
The rich have assets which earn them more money while the poor have liabilities which cost them money.
To be a successful entrepreneur you must learn to obtain assets and build systems which will earn money for you, not buy liabilities which will cost you money in the long term.
An example I often use is the following: two men buy an expensive car from the same garage at the same price.
The first man drives it around for a few years and after paying out thousands of dollars in fuel, insurance and tax he finally sells it on (as he can no longer afford to run it) at a loss of another 20 thousand dollars. I personally know people who do this continuously.
The second man hires out the car to people for special occasions such as weddings and parties. After having his customers pay for the fuel, insurance and tax for a few years he pockets the profits he's made and trades in the car for a bigger one. Any expenses he incurs are tax deductible. He then repeats the process with his bigger, smarter car and in a few years time is able to buy two cars, then three...
Ten years down the line the first man has made a substantial loss and is back riding his push bike to work. The second man now has a fleet of posh cars which he hires out for a living and has quit his day job as a result.
So, if these two men both started off buying the same car at the same price, what went wrong for the first man and what went right for the second man?
It's simple, the first man turned his car into a liability as many of us do. The second man immediately turned it into an asset.
Next time you buy anything of any value just remember this example and establish whether you're really buying an asset or a liability. Try to be the second man wherever possible and you'll be one large step ahead of y
Does it seem that with every passing year it's getting harder and harder to find good paying jobs? If you think so, you're not alone in your thoughts. In fact, this is a common complaint that many people have and it is even worse for those that do not have a college education.Jobs are not bountiful right now and even college graduates
The fundamental difference between the rich and the poor is that the poor work hard for very little money but the rich have money work for them.
The rich have assets which earn them more money while the poor have liabilities which cost them money.
To be a successful entrepreneur you must learn to obtain assets and build systems which will earn money for you, not buy liabilities which will cost you money in the long term.
An example I often use is the following: two men buy an expensive car from the same garage at the same price.
The first man drives it around for a few years and after paying out thousands of dollars in fuel, insurance and tax he finally sells it on (as he can no longer afford to run it) at a loss of another 20 thousand dollars. I personally know people who do this continuously.
The second man hires out the car to people for special occasions such as weddings and parties. After having his customers pay for the fuel, insurance and tax for a few years he pockets the profits he's made and trades in the car for a bigger one. Any expenses he incurs are tax deductible. He then repeats the process with his bigger, smarter car and in a few years time is able to buy two cars, then three...
Ten years down the line the first man has made a substantial loss and is back riding his push bike to work. The second man now has a fleet of posh cars which he hires out for a living and has quit his day job as a result.
So, if these two men both started off buying the same car at the same price, what went wrong for the first man and what went right for the second man?
It's simple, the first man turned his car into a liability as many of us do. The second man immediately turned it into an asset.
Next time you buy anything of any value just remember this example and establish whether you're really buying an asset or a liability. Try to be the second man wherever possible and you'll be one large step ahead of y
Ferrari have announced an alliance with SCEE which means that finally you can drive a Ferrari in Gran Turismo! More importantly it underlines how seriously the automotive manufacturers are about leveraging an ever growing audience. With 45 million copies of the game sold it’s a bit of a no brainer that a marque like Ferrari is now involved.<
The first man drives it around for a few years and after paying out thousands of dollars in fuel, insurance and tax he finally sells it on (as he can no longer afford to run it) at a loss of another 20 thousand dollars. I personally know people who do this continuously.
The second man hires out the car to people for special occasions such as weddings and parties. After having his customers pay for the fuel, insurance and tax for a few years he pockets the profits he's made and trades in the car for a bigger one. Any expenses he incurs are tax deductible. He then repeats the process with his bigger, smarter car and in a few years time is able to buy two cars, then three...
Ten years down the line the first man has made a substantial loss and is back riding his push bike to work. The second man now has a fleet of posh cars which he hires out for a living and has quit his day job as a result.
So, if these two men both started off buying the same car at the same price, what went wrong for the first man and what went right for the second man?
It's simple, the first man turned his car into a liability as many of us do. The second man immediately turned it into an asset.
Next time you buy anything of any value just remember this example and establish whether you're really buying an asset or a liability. Try to be the second man wherever possible and you'll be one large step ahead of y
In our previous installment on medical billing, we covered the basics of enteral nutrition and billing and how it got to be such big business. In this installment we're going to review the GE0 record, fields 1 through 8, which is the CMN that has to be sent to the carrier with each enteral bill that is submitted for payment via electronic means
Ten years down the line the first man has made a substantial loss and is back riding his push bike to work. The second man now has a fleet of posh cars which he hires out for a living and has quit his day job as a result.
So, if these two men both started off buying the same car at the same price, what went wrong for the first man and what went right for the second man?
It's simple, the first man turned his car into a liability as many of us do. The second man immediately turned it into an asset.
Next time you buy anything of any value just remember this example and establish whether you're really buying an asset or a liability. Try to be the second man wherever possible and you'll be one large step ahead of y
Millennials, echo boomers, digital millennials, kidemployees, are just a few names of the young adults that were born between 1980 and 2000. They are 80 million strong and there are predictions that they will grow to 100 million. They are the most influential generation and they have shown more spending power and stronger opinions at an earlier
It's simple, the first man turned his car into a liability as many of us do. The second man immediately turned it into an asset.
Next time you buy anything of any value just remember this example and establish whether you're really buying an asset or a liability. Try to be the second man wherever possible and you'll be one large step ahead of your friends and associates who haven't been fortunate enough to read this article.
For more entrepreneurial tips and advice please visit: http://www.entrepreneur-mindset.com
Best Regards,
Jason King BSc MBCS CITP
http://www.entrepreneur-mindset.com
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