Mike Michalowicz is a Rapid Business Growth & Profit expert, Speaker, Best Selling Author of 3 Books  

Video Interview

Audio

Bio

Introduction

MIKE MICHALOWICZ is a Rapid Business Growth & Profit expert, Speaker, Best Selling Author of 3 Books

Bio

By his 35th birthday, MIKE MICHALOWICZ (pronounced mi-‘kal-ō-wits) had founded and sold two multi-million dollar companies. Confident that he had the formula for success, he became an angel investor… and proceeded to lose his entire fortune.

Then he started all over again, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First” formula, a simple and extremely effective ways for businesses to ensure profitability from their very next deposit forward.

Mike is now running his third million dollar venture, Profit First Professionals (an organization that certifies accountants and bookkeepers in Profit First methods that drive profitability for their clients), is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”

Mike is also a guest lecturer for collegiate entrepreneurial programs such as Babson, Boston College, Columbia, Copenhagen Business School, Emerson, Harvard, Penn State, Pepperdine and Princeton. His books are in the core curriculum for entrepreneur students at Pepperdine, Carnegie Mellon, Stanford University, and universities across the country. His books have been translated into over 10 languages.

Websites & Social Media Links

https://www.mikemichalowicz.com

https://provendusgroup.com

https://profitfirstbook.com

https://pumpkinplan.com

https://www.toiletpaperentrepreneur.com/index.html

https://www.facebook.com/MikeMichalowiczFanPage

https://twitter.com/MikeMichalowicz

https://www.linkedin.com/in/mikemichalowicz

https://www.youtube.com/user/MikeMichalowicz

https://plus.google.com/+MikeMichalowiczPersonalPage/posts

https://itunes.apple.com/us/podcast/the-profit-first-podcast/id940156245?mt=2

https://www.amazon.com/Mike-Michalowicz/e/B002E4G0CC

Interview Questions

• What’s your background and how did you become an entrepreneur?
• What are the companies and ventures that you are currently involved in or focused on?
• What did you learn from the angel investing industry?
• In what you like to invest now?
• What’s intrapreneurs and how to become one?
• What are the main problems made by the small business owners that you often see?
• How to Profit First: Please take us step by step through your Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine?
• What’s the relation between the profit first formula and food or diet?
• The Pumpkin plan Vs. the Profit First System?
• Why is a business plan a waste of time?
• What do you mean by the Toilet Paper Entrepreneur?
• Good Clients vs. No Clients vs. Bad Clients?
• How to get more clients and turn them into raving clients?
• How can businesses increase their revenue by 600%?
• How to get started in business with little or no money?
• How To make what we are Offering The World’s Best?
• What is a “super strength?”
• What is a PFA account?
• What did you learn from your writing experience as columnist at Wall Street Journal
• How to find and exploit resources that no one else knows about?
• What are the major tools that you use for testing your performance online?
• How do you find and pitch sponsors for your content?
• Best PR Tips for Entrepreneurs?
• What did you learn from hosting TV shows and why did you stop doing that?
• Internet TV Show VS. TV Show which one to pick as host entrepreneur and what’s the future of TV?
• Why doesn’t TV sell books?
• Why did you print 20000 copies of your first self-published book and then what did you do to sell them?
• Self Publishing vs. Publishing? If you have both options for your book what you will choose?
• What’s blend publishing?
• If authors should market themselves and sell their books then why going for a publisher?
• How do you write efficiently
• What’s the system that you use to blog consistently?
• Best video editor that you recommend working with?
• Share with us some of the tools or software that make you more efficient?
• What’s your daily life and work routine looks like? 
• What are your other hobbies?
• Who are your top 3 mentors?
• Top 3 movies?
• The most important factors for success in 3 words
• What are the Top 3 apps that you use on your smartphone?
• What’s the best advice that you ever received?
• If you have the chance, what would you say to advise your younger self?
• What are your top 3 favorite books?
• What makes you really happy?
• Do you have any notes or suggestions to improve Be Efficient Tv?
• How can people contact you?

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The post E75: Mike Michalowicz On How to Transform a Cash Eating Monster into a Profit First Business appeared first on 1on1 Business & Marketing Mentoring.

         The founder of FinancialMentor.com, Financial Coach, an Expert in Money, Investing, Early Retirement and Wealth Building

What’s the 4% rule? Capital Gain Vs. Cash Flow, Stocks Vs. Bonds, The Definitions of HEDGE FUND, Mutual Funds and 401k Definitions?  

Video Interview

Audio

Bio

Todd R. Tresidder’s financial writing has been featured in the Wall Street Journal, Smart Money Magazine, Investor’s Business Daily, Yahoo Finance, Bankrate.com, and more. He is a former hedge fund manager who “retired” at age 35 to become a financial consumer advocate and money coach. In his spare time he’s an outdoor recreational enthusiast with varied interests from backpacking and adventure travel to endurance running and cycling. He writes 9 months out of the year from his home in Reno, Nevada while his kids are in school and plays the rest of the year.

Former investment hedge fund manager turned writer and financial educator who offers coaching, a blog, and ebooks on how to build wealth and invest smarter.

Goal is to help millions of people lead happier, more productive lives by freeing themselves from the financial tyranny caused by poor decisions and planning.

Specialties: Money coach, investment strategy, internet marketing, writing, financial coaching, wealth building strategy.

• A. in Economics from University of California at Davis
• Member of Economics Honors Society and Deans List
• A serial entrepreneur since childhood building many businesses and retiring at age 35 from his position as a Hedge Fund Investment Manager responsible for a 20+ million dollar portfolio.
• Todd’s portfolio management for the Hedge Fund produced 100% winning years except one which was less than a 5% loss.
• Raised net worth from less than zero at age 23 to self-made millionaire 12 years later by “walking the talk” using the same personal finance and investment strategies taught on this web site.
• An early pioneer and expert in statistical and mathematical risk management systems for investing.
• Financially independent from age 35 through investing – not marketing – unlike many other financial gurus who made their money through marketing courses and books.
• Still an active investor who earns consistent investment returns in both up and down markets.

The point of these factoids is to demonstrate that I teach personal finance and investing based on real experience. I walk the talk and have the results to prove it. I do not teach ivory tower theories or inaccurate conventional wisdom: instead, I show you what works, what doesn’t, and why – all based on actual, provable, experience.

With that said, there is a serious limitation to the financial and professional data cited above. It tells you about my financial and investment expertise, but it doesn’t tell you anything about me as a person. In other words, there are many self-proclaimed financial experts with impressive resumes so what is different about Todd?

The most obvious difference is I made my money investing in publicly traded markets just like you can do; whereas, many financial experts made their money through becoming best-selling authors and marketing financial advice to you. Unless you plan on writing a best-selling book and building a marketing empire you may find difficulty duplicating their success.

Another key difference is the focus of my message. My focus is on personal development and how the pursuit of financial freedom provides a transformational path to personal fulfillment. This stands in stark contrast to other money experts who use lavish lifestyles and fancy vacations to sell their message. My focus is on the experience of life, not the toys and goodies.

Many investment gurus drive flashy cars, wear expensive clothes, and live in mansions. I don’t. I dress on the casual side of average, drive ordinary cars, and live in a nice home in a nice but not extraordinary neighborhood. In short, I’m the classic “Millionaire Next Door” as described in the book with the same title by Stanley and Danko.

I also live very traditional values where I believe in treating people fairly and giving more value than I take in business relationships. The result is my former business associates remain good, personal friends to this day, and my business endeavors have not left a trail of bankruptcies, lawsuits and controversy like so many other financial experts. Financial results are important, but money won’t contribute to fulfillment if your life and relationships are a mess.

The reason I choose an ordinary but comfortable lifestyle is because I prefer to build net worth instead of overhead so I can enjoy freedom instead of flash. I didn’t pursue wealth so that I could buy everything I wanted: I pursued wealth so I could do whatever I desired, and be whatever I was capable of being. I value experience over stuff.

I’ve never wanted the mansions, private jets, flashy sports cars, and other encumbrances that the get-rich-quick gurus try to sell you on. I’m too environmentally conscious to consume at such a wasteful level. Besides, that is the mistaken pursuit of material wealth as a substitute for happiness. It doesn’t work.

I find joy in life experience, intellectual pursuits, and relationships. First on the list is family and friends closely followed by reading stimulating books, enjoying outdoor recreation like running, swimming, skiing, hiking, cycling, camping, backpacking, travel, and I love personal growth. I do exactly as I please: I don’t report to a boss and nobody owns my time except me (and maybe my wife). I take three months of vacation per year and usually wake up without an alarm.

None of this costs much money but it does take time, and that is why I pursued financial freedom in my own life and support others to do the same – so that you have the time to do what gives you more joy in life without worrying about money – so that you can live true wealth by finding fulfillment and happiness.

I teach the pursuit of financial freedom as a transformational path because that’s what it was for me. I grew in ways I never imagined, and I am happier for it. The money was nice, but the inner transformation was the bigger reward.

And that is why I formed Financial Mentor – to share that journey with you. To grow a community of like minded individuals who are passionate about building wealth and financial freedom because it improves the quality of life for themselves and their families.

I enjoy working with business owners and investors who share my passion for enjoying more of what is important in life. Financial Mentor gives me a forum where I can share the lessons of my business and investment experience. I don’t stand above you on a pedestal, but instead stand as a fellow traveler on the same life path with valuable experience to share.

Combining cutting edge investment and business development strategy together with the latest personal growth technology into a transformative journey to financial freedom is my unique gift to share with the world. It is a way I can help others while helping myself.

Website & Social media links

https://financialmentor.com/
www.linkedin.com/in/toddtresidder
www.facebook.com/financialmentor
https://twitter.com/Financialmentor
https://www.amazon.com/Todd-R.-Tresidder/e/B008JI5IP2/ref=ntt_athr_dp_pel_1

Interview Questions

• Why did you quit your job as investment hedge fund manager to become a financial advisor and writer?
• What’s your mission and how different is your philosophy as financial advisor from others?
• At 23 years you are in debit, 35 you are financially free, what does financially freedom really means and how did you do it?
• What are the main different types of investments?
• Which types of investments you usually recommend for people to invest in?
• Capital Gain Vs. Cash Flow, which one you like more and why?
• If a deal is including cash flow and capital gain then how much percentage we should put for each when we prioritize our investment decision?
• How big is the inflation effect on the money that we save in the bank?
• Don’t you think that the financial markets been designed to benefit the companies that goes public more than the people who invest in it as you don’t have control over the market regardless how much you learn about it?
• What’s the 4% rule?
• If saving is not for me or my income is small so I can’t save then what should I do to raise capital for my investments?
• What’s the difference between stocks and bonds?
• Define HEDGE FUND, how it works and how to invest in it?
• What are some of the most common investment strategies in the Hedge fund industry?
• Is mutual funds is a good idea?
• What’s 401k, who should invest in it?
• How to get out of debt?
• How to pay the debit of 10 credit cards, 1 by one completely or pay only the minimum for all of them on monthly basis?
• Explain the The Latte Factor and how to manage it?
• What to do to retire as early as possible and how much is needed to achieve that?
• What should we do before hiring a financial coach?
• What are The Investment Frauds that we must Avoid?
• Is there’s a risk percentage or formula for investing?
• How’s the economy now, what’s your prediction for the economy in the next 5 years?
• Why money is not the main source of happiness and how to create happiness in our life?
• How do you write efficiently? Please share with us your writing habits?
• Why you are focused more on Ebooks the kindle version more than paperback books?
• What are the main steps that you follow to market your books?
• Do you participate in masterminds, which ones and which other masterminds you recommend?
• Share with us some of the tools or software that make you more efficient?
• What’s your daily life and work routine looks like? 
• What are your other hobbies?
• Who are your top 3 mentors?
• The most important factors for success in 3 words?
• What’s the biggest failure moment in your life and what did you learn from it?
• What do you do to change your mood when you are depressed?
• If you have the chance, what would you say to advice your younger self?
• What are your top 3 favorite books?
• Top 3 financial books and financial writers?
• What makes you really happy?
• How people can contact you?

Transcript

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The post E67: Todd Tresidder How to Invest your Money and Plan Your Early Retirement appeared first on 1on1 Business & Marketing Mentoring.

(Former Hollywood Actor, Success Coach and expert in Self-Discovery, Personal & Business Development and Peak Performance and The Author of the #1 International Best Seller How would Love Respond?)

Why we want more zeros in our Life in terms of money? What’s the law of circulation and what’s its relationship with money? How to Train our Self to take more new Decisions to Transform our Life? What’s the formula to Consistent Success and Positive Results?

 Why Kurek did Quit his Acting Career in Hollywood? Why Kuruk Was Homeless 3 times in his life, How did you take the Australian Beach Volleyball team into Gold Medal in Sydney Olympics?

Video Interview

With English and Arabic Subtitle

Audio

Bio

Websites & Social Media Links

https://kurekashley.com
https://www.imdb.com/name/nm0039080/ https://www.facebook.com/kurek.ashley1
https://twitter.com/KurekAshley

https://www.facebook.com/kurekash
https://vimeo.com/tag:kurek+ashley

Books

[amazon template=add to cart&asin=B003HF3Y44]

Interview Questions

Transcript

Transcript

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The post E43: How Kurek Ashley Moved from Being Homeless to Acting Career in Hollywood then back to being Homeless Again twice before Overcoming his Fears and then Becoming A Successful Peak Performance Coach – Interview with Kurek Ashley appeared first on 1on1 Business & Marketing Mentoring.

(The Creator of the Titanium Success Method and The Founder & CEO of ReUseTek & All Green Electronics Recycling)

What’s the Difference Between Success and Fulfilment? The Method to Understand What You Want in Your Life And Why you Want it?

Is the work-life Balance is a Myth and how to create a Real Balance in our lives?, How to Eliminate the Junk and Noise from our Lives? Learn About The 10 Different Pies or Aspects for having a Balanced, Successful and Fulfilled Life (Intimacy, Family, Fun, Contribution, Emotional Wealth, Spiritual Wealth, Physical Wealth, Career or Mission , Finances, and Consistent Growth)

Video Interview

With English and Arabic Subtitle

Audio

Bio

Interview Questions

Transcript

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The post E62: Arman Sadeghi on How to Live a Happy, Balanced and Fulfilled Life appeared first on 1on1 Business & Marketing Mentoring.

When some people buy a car or a house, they think this thing is an asset. However, it’s usually a liability. If you buy a car and the car has a certain value, the value will go down the day you take it out from the dealership. There also are expenses related to the car that you are going to pay for over time, such as service, going through the car wash, insurance, and parking fees. A car basically is a liability because it’s taking money from your pocket.

The same thing with a house. So many people think when they buy a house that they’re going to make money or at least the house will keep its value, but the reality is that you are paying a mortgage, interest on the mortgage, maintenance for the house, insurance, and taxes in some countries. Sometimes the house’s value will decline because of the economy. A house is liability, unless you know what are doing as an investor. If you wish to invest in a house, you need to work out a formula to see if it will make money for you in order to consider it as an asset. Otherwise, if the money is negative, it’s a liability.
But if the money is in a positive trend, then yes, it is an asset. An asset always puts money in your pocket, such as when your income as rent from the house is higher than the expenses that you pay for the house. Then your cash flow is positive, and the house is an asset. Another example is in terms of capital gain: If you bought the house at a low rate and sold it later at a higher rate, you made money, so the house is an asset. So in the case of buying a house, it is essential that you study the capital gain and cash flow aspects. My advice is to focus more on the cash flow gain, because it’s continuous and instantaneous.
The same thing applies for your business. When you rent an office or building for your company, it always goes under the liability column, not the asset column, mainly because you are paying money for it, so it’s considered as an expense. However, if your company owns the building or office, then it’s an asset. Some companies put a property in both the asset and liability columns. In this case, they own the office building, so they consider it an asset. They also charge themselves rent to see how much they would be spending in the case that they didn’t own the office. They still add the charge of the rent as income, which helps them calculate their total operations cost.

So to differentiate between an asset and liability, consider whether your pocket or bank account cash is positive or negative.

We all have liabilities, but the point is we need to keep our assets or income rate higher than our liability and expenses. This allows us to use the extra cash to invest in more assets that will generate more income for us. A successful life as investor starts when you’re investing maybe 1–10 percent of your income and use the rest as expenses. Let’s assume that your income is small at the start: $1,000 per month. So you’re investing $100 and spending $900, but with time if you are doing well in your investments and your income jumps to $10,000, then you should not spend $9,000 and invest $1,000. Let’s say that obviously your lifestyle has become better and that costs more money. So at the point of $10,000, if you’re spending $3,000 and investing $7,000, then you’re spending 30 percent of your income and investing 70 percent. Then when you get to the point of $100,000, you should spend $10,000, which is 10 percent of the income, and invest $90,000 (90 percent).

I guess you got the point now; it’s simple, but for most people it’s not easy to implement. The name of the game is investing, but do you have the right skills to win more than you lose? The numbers will give you the answer to that, so make the numbers your friend.

What are the assets that you are currently trying to build, do you have any new ideas about assets development, Please share your thoughts below?

The post Asset vs. Liability appeared first on 1on1 Business & Marketing Mentoring.

Watch the Complete Interview on www.BeEfficient.Tv

Ravi Bhusari is the Co-Founder of Playpass and Managing Director & Co-Founder of DUPLAYS

Interview Questions / Find the complete interview on www.BeEfficient.Tv
Why mechanical engineering then MBA?
How did you move to Dubai and where did you live before it?
How the idea of Duplays started?
What are the types of services that you provide in Duplays?
Is it seasonal leagues or how it works?
Do you rent the facilities or it’s your own?
Do you help people rent sports facilities for their events or you don’t get involved in that?
What are the major challenges that you faced while implementing the idea?
Which channels do you use to market for your sport services?
Online or offline works better?
Which social media platform works best in terms of marketing with sport people?
How do you market for corporate and pitch them for your services?
How you monetize your business model?
What’s the model that you use to expand your company? Franchise, partnership or your own team runs the show for all the cities?
What are the major differences of the sport industry and people engagements across the cities that you are operating in?
With how many employees you started the company and how many you have now?
What are the most successful 5 sports?
What are the demographics of your subscribers?
Why you didn’t take Squash to the next level?
How did you raise capital for the company? How many rounds?
How much capital you rose so far and are looking to raise more capital?
If a company wants to organize a tournament or specific event how you can help, do you have special packages or its tailor made based on the event?
What’s the Playpass service? How it works and how much it costs?
Is the monetizing model by taking share of the paid events?
To which markets you are expanding and why?
What do you advice the new entrepreneurs who wants to start their own sports events company?
Tell us more about your other projects that you are currently working on or planning for the future?
When you make money in what you like to invest? Do you think capital gain or cash flow?
Take us through your typical working day?
What are your other hobbies?
If you are just starting today in your field, from where you will start and what are you going to focus on to be more successful?
3 things that you believe are the most important factors for any success?
What are the Top 3 apps that you use on your smart phone?
What are the habits that you are trying to develop to stay efficient?
What are the top 3 people that you are inspired by?
What are the things that make you happy?
How people can contact you?

Websites and Social Media Links 
http://duplays.com/
https://www.facebook.com/DuplaysDubai
http://playpass.com/
https://www.facebook.com/PlaypassGo
DUPLAYS connects you to others who share your passion for sport and to great sport activities where you live, from leagues to tournaments, events and classes. Our goal is to make communities healthier, more social and more connected through sport. Founded in 2007 by expats looking to play recreational sports in Dubai, DUPLAYS grew from 20 friends playing ultimate frisbee to over 40,000 members playing 20+ sports. We’re proud to help people of all backgrounds and job titles come together every day through the camaraderie of sport. – See more at: http://startupgrind.com/event/startup-grind-dubai-hosted-ravi-bhusari-duplays-com/#sthash.H5zHf7Kb.dpufDUPLAYS connects you to others who share your passion for sport and to great sport activities where you live, from leagues to tournaments, events and classes. Our goal is to make communities healthier, more social and more connected through sport. Founded in 2007 by expats looking to play recreational sports in Dubai, DUPLAYS grew from 20 friends playing ultimate frisbee to over 40,000 members playing 20+ sports. We’re proud to help people of all backgrounds and job titles come together every day through the camaraderie of sport. – See more at: http://startupgrind.com/event/startup-grind-dubai-hosted-ravi-bhusari-duplays-com/#sthash.H5zHf7Kb.dpufDUPLAYS connects you to others who share your passion for sport and to great sport activities where you live, from leagues to tournaments, events and classes. Our goal is to make communities healthier, more social and more connected through sport. Founded in 2007 by expats looking to play recreational sports in Dubai, DUPLAYS grew from 20 friends playing ultimate frisbee to over 40,000 members playing 20+ sports. We’re proud to help people of all backgrounds and job titles come together every day through the camaraderie of sport. – See more at: http://startupgrind.com/event/startup-grind-dubai-hosted-ravi-bhusari-duplays-com/#sthash.H5zHf7Kb.dpuf

The post Is Ravi Bhusari the Co-Founder of DUPLAYS is A Cashflow or Capital Gain Investor – Be Efficient Tv appeared first on 1on1 Business & Marketing Mentoring.

“Broke is temporary; poor is eternal.”  – Robert Kiyosaki

I’ve been broke many times. You know that time called “back to zero,” when you have nothing and sometimes you even owe thousands of dollars? Yes, I have been there many times, even after I made the transition to entrepreneurship. I call those times the “restart times” or, even better, “the restart time but be wiser this time.” It does not matter if you are back to zero after some failures; what really matters is what you have learned through that experience and that you know how to come back and stand on your feet.

One of the reasons I have been able to come back is that I learned how to invest. I continued to be broke for a couple of years, because whatever I was making I was reinvesting, testing new ideas or businesses. Of course, some failed and others worked, so I was always lacking in cash flow. Sometimes you need to be able to break into a certain level of cash flow to be able to finance your other projects, but when you are in an early stage of breakthrough, the restart times might repeat again and again until you find your own magic formula of success.

And sometimes what makes you broke is that you understand the power of investing and you start investing most of your money. As an early investor, sometimes you start with 10 percent to 20 percent of what you have. Sometimes when your knowledge of the investing subject exceeds your cash flow, it pushes you to try to invest more, regardless how little cash you have. I have been in this situation many times; despite my small cash flow, I still invest up to 70 percent to 80 percent of what I’m making. Of course, that process pushes you many more times into the restart time, but at the same time it stretches you more to succeed. Without stretching yourself, you will stay limited. Of course, when you have more at stake, such as a family to take care of, you need to be more careful with your stretching.

So being broke is not a necessarily bad thing. Even if you are not building businesses or systems, it’s normal that you sometimes fail and become broke. It’s not a shame that you are broke. This is how you are going to learn. When you start from zero and you have nothing to lose and everything to gain, you have more motivation to do something. The pressure shakes us from time to time, and sometimes this shake is good, because that is where most people take massive action toward what they want to achieve. Many entrepreneurs make the transition after they lose their jobs; so many entrepreneurs made the transition in the bad times of the financial crisis in 2007 and 2008. Since they couldn’t find a job, they took the entrepreneurial journey.

So coming back to zero a couple of times is not a bad thing. It’s part of the success and learning process. You better do it quickly and the younger the better, because when you are young, you are more flexible in stretching yourself and discovering new limits. When you’re young, you also can take more risks as you have less responsibilities. That’s why startups usually are led by people in their 20s; their drive is amazing and they are generally fearless at this age. So do it as early as possible in your life, so for the rest of your life you will enjoy the wisdom that you gained from these experiences.

This will be a priceless experience that you will never forget and you will always appreciate. But, of course, at the time of the crisis, you will feel pain, you will hate yourself, and you will have disbelief in yourself. But later on, when you look back and connect the dots, you will feel that this is what made you who you are: stronger, wiser, and more successful.

So being broke is a very, very normal thing. What is abnormal is being poor; this is when you have nothing but never bounce back from it. So this is what you should have in your mindset: Although the words mean the same for many people, you have to differentiate them and focus on the feeling of coming back, bouncing back. This is what is important; the real entrepreneurs can just bounce back.

After what I learned through the years, I made the transition. I’m not rich yet, but I’m financially free. I know I’m going to be very wealthy; it’s just a matter of time and more experiences, because I broke many areas of the money code, but it just requires more tuning to break it completely. Before you break the money code, you need to work on breaking many other codes, such as how to learn efficiently, how to have a vision, how to be persistent and fight to achieve your dreams, and many others. Each one of us learns to break different codes at many different levels, so breaking the wealth code requires breaking certain other codes. The most important aspect that you need to keep in mind when you break any code is time. For example, everyone is learning, but the question is how efficiently you are learning, whether you can achieve your goal within a certain period of time.

So the main point of this post is not to talk about being mega-rich, because I haven’t become mega-rich yet. If you want to learn something from someone, make sure to listen to the people who have achieved the thing you’re trying to accomplish. What I have accomplished is financial freedom, and this is what I’m trying to teach you about. So don’t listen to the people who want to impart wisdom about things that they have never done. I see so many authors or professors who talk about, let’s say, business, and they never had a business in their life. They never managed a company in their life.

If you want to learn how to manage a company, then you go learn it from somebody who has broken through in making a great company. If you want to learn how to be an investor, you go learn it from an angel investor or a venture capitalist.

This is the point that you need to understand: Being broke is a temporary thing. Being poor is something that’s going to continue and you need to do something to change that. It’s completely fine to be broke. And the point of being an entrepreneur, a real entrepreneur, is to know how to bounce back from your previous failures.

Before, when I was an employee and when I was at the beginning of my entrepreneurial journey, I was terrified, because I was confused on what to do. Again, I had to start from zero. But now I’m completely fine with coming back to zero, because I know that I will bounce back. I know how to bounce back from many disaster situations, and in case I still don’t know how to bounce back from some of them, I will figure out a way to do so. It’s important to learn and gain experience, because no one can take those two things from you, and those two things are what will help you figure your way out of a disaster. Maybe I will lose my money and make mistakes, but nobody will take this experience from me that has taught me how to bounce back. That’s why I’m no longer scared of going back to zero or becoming broke again.

Even if it’s painful, even if it will take time to bounce back, when you’re confident enough that you are able to bounce back, then you will become fearless in the business world. You will be able survive many disasters and come out of it stronger and wiser and more successful.

The post How Many Times Should You Be Broke In Your Life Before You Become a Successful Entrepreneur? appeared first on 1on1 Business & Marketing Mentoring.

Most people today are experiencing big financial problems because they simply do not know how to budget their expenses. They do not know how much they are spending. While most people know how much they are making, many do not know how much they are spending. Having a budget is an absolute must if you want to pay down your debts or take control of your expenses, grow financially, and invest more wisely.

I have always said that if you want to grow your money, you need to invest in multiple sources of income specially the sources that work for you without exchanging your time for money. You need to begin by investing 10% of your income and over time, you grow financially by eventually investing 90% of your income while only spending 10% of your income. This is because your money and income are increasing and you no longer need the majority of it for living.

The majority of middle class people today are living on between $1,000 and $10,000 per month. Regardless of how much money you make, it is important to budget your money. I use an app called Home Budget, which is a paid app, for budgeting my own money. This is actually the most used app on my iPhone because I use it to plug in whatever expenses I have. Whether it is buying cinema tickets, paying the check at a restaurant, or spending money on anything else, I just log it and enter the expense.

This app also allows you to create different accounts. For instance, you can use it to create accounts for your different credit cards, personal accounts, investment accounts, etc. When you spend money, you just enter the expense in the account where the money went out, sometimes you pay money on behalf of your business also you can input that in the app so you will not forget how much you have paid on behalf of your company, the app will show you how much balance in each account or credit card is left and so many other details that gives you a clear understanding of your personal and business financial situation so you can take the right decisions and control your business and life in a wiser way.

You can also set up categories for money you spend, such as rent, groceries, auto, insurance, medical, business, etc. Home Budget allows you to set up as many categories as you want and add some logos for each category so you can differentiate it from other categories.

It’s very easy to use and you just plug in whatever amount you spend into the proper category or input the income that you have received into any of your accounts. There is also a calculator that you can use to assist you, which can be helpful for exchange rates. When you pull up the app to enter an amount, it automatically goes to today’s date, you select the correct category and the account from which the money came. You also have the ability to add notes regarding what you are spending, which makes it easy to remember certain items plus you can see and compare different monthly reports to track your financial performance and cash flow.

Additionally, you can split expenses. For example, suppose you want to pay three months of rent in advance and you want to divide the expense over those three months for budgeting purposes, the app will split the expense for you. Also, the app has a section for bills that you can place on the calendar and pay from the correct accounts automatically. I can even enter due date for bills, such as my credit cards, so I know when those payments are due. There is also a section for income where you can enter income when it is received or you can make it automatic, which can be helpful if you have payments that come in automatically. It will also allow you to enter cash as income.

One of the great aspects of this app is that you can see how much income you have and how much you have spent. The target budget section of the app allows you to budget monthly for certain expenses and then you can confirm how much you have for expenses versus your income, so you know how much you have left to spend.

You can even have sections for different accounts so that you can shift money between accounts, such as a cash account and an investment account. If you need to do so, it will also allow you to extract expenses onto an Excel spreadsheet. Another great option is the ability to have a list of payees. This app will also allow you to review reports for different months and even surf for certain expenses. One of the ways in which I use this app is to track my accounts, especially for my business and know how much money I have to plan the coming bills.

As you can see, Home Budget offers a lot of different functions, which is why it is the most used app on my iPhone. It allows me to merge my entire financial system and understand how to schedule cash flow and how to stay on track with my budget. I highly recommend this app, particularly for anyone who wants to be more organized financially and make wise decisions.

Please share with us the tools and techniques that you use to budget your finances and cashflow.

The post Which App you Should Use to Budget Your Income, Expenses and Cashflow Efficiently? appeared first on 1on1 Business & Marketing Mentoring.