A wonderful little book by Steve Siebold called How Rich People Think, has some thought provoking and poignant points on the difference between “middle class” and “world class” thinking when it comes to finances. Here are some of them. Middle Class believes money is complicated - World class believes money is simple. Many people think that “money” is so complicated and difficult to comprehend that it literally scares them away and, other than some of the simple ideas, they stay away from the stuff that can really make them money. Middle class believes building wealth is a solitary … [Read more...]
A “Gentle” Reminder
We business owners know that we are highly grateful for our wonderful employees. We could not succeed to the degree that we do without a strong team! However, once in a while, the team also needs to be reminded that they could not succeed without the wonderful leadership and generosity of you, the employer. The gratefulness needs to be given both ways. As a “gentle reminder,” last month I prepared and delivered a handout to my 13 employees. It outlines 27 “things” that Tom and I do for them that is purely optional. May I remind you, paying your employee a wage for their work is the only thing … [Read more...]
Spiritual Life
I do not discuss spirituality much in my articles. It is often a controversial and private subject. However, I believe it is just as important as any other subject I write about it. Driving in the car, I like to listen to Joel Osteen. He has a great way of mixing God’s words with every day ‘human’ issues. I was driving one day recently and one of his messages was especially poignant, “It’s Not Too Late To Get Started.” He spoke about people who had accomplished so much later in life and how many others have the attitude that, “I’m too old to change my career. It’s too late for me to start … [Read more...]
Do I Pay Off Debt or Invest?
Should you pay off debt or invest your money? One of the most complex questions of all time in the financial world is, “Do I put all my extra cash and concentration on paying off my debt or do I just steadily pay it off and invest the cash I have?” In Cabo, I finally found my answer. Of course, we all know if you have high interest credit card debt or student loans, it make sense to get rid of all that debt as soon as possible. However, how about the house, car, and student loans that are in the 3-5% range? We will put the psychological question of being debt free aside for the moment … [Read more...]
Family and Business Travel
One of the greatest benefits of owning your own business is the rewards of traveling for business and CE courses. We have taken many great trips with the kids over the years. Are your kids employees? If not, they should be - not only for the benefits of travel but many other benefits. I have told my dental students that after they own their own business, they should never again take a trip without it being around or have some type of business involved. Even if it is just the ADA (in Hawaii next year) Session. The trip to Cabo…100% write off. That is why they have these meetings in exotic … [Read more...]