The Power of Passive Income: How to Free Yourself From Your 9 to 5

From the desk of Michele C. Foster: Just wanted to share this article I found on passive income. While this article is by someone who set out to buy rental properties, you will note that he had to turn to other passive income businesses to fund the rest of his live. I have chosen Isagenix as my main stream of passive income. If you have any interest in learning about the income potential with Isagenix, and the freedom it provides, feel free to contact me at askmicheletoday@gmail.com

Do you realize how powerful passive income really is? Do you?

I bet you know generally what passive income is, but have you really weighed out how passive income could change your entire life — in ways you likely never thought possible?

What would you do with your time if you didn’t have to work a full-time job?

The Definition of Passive Income

According to Wikipedia (one of my favorite go-tos!), Passive Income is defined as:

Income received on a regular basis, with little effort required to maintain it.

What does this really mean? This means you don’t have to work (or put effort in) for your income. I know you probably could decipher this on your own, but I want to elaborate more on this because I doubt most of you have really taken the time to think about the reality of how big this really is.

How Can You Get Passive Income?

There are two main ways you can earn passive income:

  1. Invest
  2. Start a business

Easy enough, huh? Well, you can’t just invest in anything or start any kind of business and get passive income from it. Well, maybe you can, but you have to know how to do it right in order to make sure you are actually getting passive income and you aren’t working for the income.

Invest. If you make an investment, you have to make sure the income from it really is going to be passive. This would be in contrast to active income. What’s the difference, exactly? The question to ask yourself is: Do you have to work to get the income? The biggest example of active income investing and passive income investing in real estate is flipping versus rental properties, respectively. With flipping, you are required to do active work in order for the income to appear. With rental properties, in theory you don’t have to do any work for that income to come in (also assuming correct setup). The IRS agrees with these assumptions about both types of investing because they label the income from each as either active or passive, and each type of income has a completely different taxation.

There is room to make active income investing passive, however. For instance, flipping properties can be extremely lucrative. Why pass up that kind of income, if you have an interest and skill in flipping, if what you really want is passive income? In this case, there are two ways to make flipping, which is active income, passive:

  1. Invest whatever income you earn from flipping directly into passive income investments.
  2. Outsource as much of your flipping business as you can, until eventually all of the work required to earn the income is being covered by people other than yourself.

Once you do either of those with your active income investments, you have learned to master the art of passive income! The latter option, outsourcing, leads to the second option for getting passive income:

Start a business. This won’t happen initially in whatever business you start, but you eventually have to get to where the majority of your business is outsourced. Therefore, the income you receive from the business is money you didn’t specifically have to work for. That doesn’t mean, nor does it with outsourcing your flipping business, that you can’t be involved at all in order for the income to be passive, but you should be at a point with it that you’ve outsourced enough so that if you disappear for a month or two, or a year, business will remain just as profitable as it did when you were around.

Once You Have Passive Income, Then What?

Okay, now here is the fun part. And I want all of you involved in this part, as well, in the comments.

Not having to rely on a full-time job means you have enough passive income, whether through real estate investing or running an outsourced business (can be an outsourced real estate investing business, too!) to pay all of your bills by doing… not a lot!

I’m going to start a list of things you can do once you don’t have to rely on a full-time job. Once I’ve started it, I want you to jump in and add either things you do now because you have passive income that allows you freedom from a real job, OR add things you would do if you didn’t have to have a real job!

Ready? Here we go.

  • Sleep in! Omg, you can sleep in all you want — which may not appeal to everyone, but for those of us night owls — you hear me!
  • Unlimited travel. No more asking for vacation time, no schedules to work around, no limitation on how long you can be gone, and you don’t have to report to anyone where you are going and for how long. In fact, you can change your mind as much as you want on how long you will be gone, even after you are there!
  • Say yes to lunch dates. You have a friend who wants to do lunch, you can say yes! You don’t have to be anywhere else.
  • Say yes to out-of-towners. Someone wants to come visit you? You can say yes now! Even if it’s during the weekdays and not just the weekend! Woohoo.
  • Hobbies and activities. Now you have time to do whatever hobbies and activities you have always wanted to do but didn’t have the time to do or the energy leftover after your real job. This may even be as simple as going to the gym — now you don’t have to only hit the gym during the really crowded times when you can’t get a machine! You can go at noon, if you want. Or you can go at noon one day, 3pm another day, morning another day… it doesn’t matter! You pick.
  • Learn. Learn what? Learn anything! Go back to school for some random topic that you never went to school for before because you were worried about it not looking good enough on your resume. Or go to classes for something totally off the wall and learn a new skill! Learn a new language, learn to dance, learn history, psychology… learn anything!
  • Volunteer. Ever wanted to help out with a good cause but didn’t have time? Ever wanted to volunteer your time doing things locally, like coaching a kids’ sports team or teaching after-school classes or being a local dog walker? Now you can do any of those.
  • Commuting. Or lack thereof! No more worries about traffic, you can drive whenever you want!
  • Primary house. It can be absolutely anywhere you want it to be. You no longer have to live where is accessible to your job. This may be one of the most powerful things on this list!
  • Wardrobe. You can officially dress however you want. You can even be covered in tattoos and piercings if you want because you don’t have a boss to yell at you. You never have to match an expected look in terms of your wardrobe again!

This is only a start to the list of what freedoms you can have when you build passive income. There are so many out there. This list is just things that really click with me. You may have completely different freedoms (and tell us what they are in the comments)!

I know what you are thinking. It will take so long to have that much passive income, though! Yes, it is going to take a lot of hard work and it will take some time, but it’s not unrealistic either. Plus, you can start building it in pieces. For instance, I started my real estate career by investing in rental properties (which is passive), but then I ended up starting a business, which is my main income driver.

My rental properties give me great income, but I don’t have enough of them to fund my entire life (which will take a while since I live in LA where the cost of living is atrocious, and I have an expensive outdoor and travel bug embedded in me). My business, though, is 100% online so all I need to work is an internet connection. That ability alone gives me all of the above options in terms of taking advantage of a passive income life.

See how that works? A piece of passive income here, a piece of passive income there, and with mobility? I’m free! I even started back to school this past year just for the heck of it. Why? Because I can!

I will tell you, though, had I not quit my 9-5 job so fast to start my business, I could have kept buying properties and had I done that, I could have easily had most of my bills covered with just those! I chose the “starting a business” route instead, but you don’t have to do that. You can just keep buying passive income real estate investments. As long as you are buying good cash-flowing properties, you don’t have to buy as many or invest as much money as you think. Still think you’d have to buy too many for it to be feasible? No way.

This article is obviously not a how-to on the specifics of passive real estate investing, but an overview of how powerful passive income can really be is worth taking a look at. I don’t think most people really comprehend how crazy-powerful this really is. If everyone did, there’d be more of us out there!

Source: BiggerPockets.com ~ Author: Ali Boone

Replace These Two Limiting Words From Your Vocabulary

“Don’t stare at the sun too long.” “Eat your dinner before dessert.” “If you keep making that face, it’ll stick.”

We’ve all heard them — those cliché pieces of advice that parents give their kids. And for the most part, we follow their advice. I eat my dinner first. I don’t stare at the sun. And now it’s my wife who tells me to stop making funny faces in public (sorry, hun!).

But there is one piece of advice perhaps told more often than anything else:

You can do anything you want if you put your mind to it.

But that’s BS, right?

There are limitations. There are conditions. There are rules. There are impossibilities.

Or are there?

What if the simple answer to achieving massive success in your business was staring at you in the face all along. What if you really could do anything you put your mind to?

What if your mom was right?

The truth is, everything is possible, and if you want to achieve success in your business and in your life, you need to believe that.

Let me teach you a simple exercise. I want you to eliminate two simple words from your vocabulary and see how your business grows.

What are those words?

I can’t.

We all say it all the time: I can’t.

“It won’t work.” “It doesn’t happen like that.” “I can’t afford it.” “I can’t find it.” “I can’t build that.” “We can’t finance that!”

I’m tired of hearing it!

For one week, stop being a negative Nancy and try this:

Instead of saying “I can’t,” train your brain instead to turn this negative statement into a positive question.

Instead of “I can’t,” ask “How can I?”

It’s a subtle change, but a powerful one. If you can eliminate this one simple phrase from your life and replace it with this question, your whole life, both business and personal, can change.

I first encountered this mindset shift when reading Rich Dad Poor Dad by Robert Kiyosaki. In this book, Kiyosaki tells the story of his two “fathers,” one rich and one poor. His poor dad always said, “I can’t afford it.” His rich dad always asked, “How can I afford it?”

As Kiyosaki explains, changing your words from a statement to a question allows your brain to start working. Suddenly, you begin thinking and planning. You strategize. You learn. You grow.

And before you know it, the thing you said couldn’t be done is done.

Related: 2 Phrases You Must Eliminate From Your Vocabulary Immediately

Replacing two words helped me grow my business.
I recently bragged to a friend how much one of my small entrepreneurial projects had made in one month, but due to bad cell phone reception, he misunderstood me.

I told him $1,000 but he heard “$10,000.” After several minutes of us chatting, I finally realized he misunderstood me, so I corrected him. I think my exact words were, “Hah, $10,000 in one month? I can’t do that!”

“Why not?” he answered.

Like a ton of bricks, I suddenly came face to face with what I was doing. I was limiting myself. I was applying negativity to the situation, when I should have been asking a question. I was forcing my brain to stop working. I was giving in to failure.

That day I changed my mindset and began to ask, “How can I?”

My wife and I, who were on vacation at the time, sat down with a pencil and paper and brainstormed ways to actually achieve that $10,000 number. No matter how wild and crazy the idea was, we wrote it down.

Within 60 days, I had that project bringing in $10,000 per month.
You see, because I thought it was impossible, it was. My mind never even considered it. But as soon as I began asking the question “how?” I went to work on answering it.

What are you saying “I can’t” to?

It’s time for some honesty. Think back to the past week. When have you used the words “I can’t?” When have you shut your brain off? When have you let an attitude of failure, rather than an attitude of success, rule in your life? Transform these statements:

Instead of “I can’t raise money for my business,” try “How can I raise money for my business?”
Instead of “I can’t get 1,000,000 users on my app,” try “How can I get 1,000,000 users on my app?”
Instead of “I can’t buy a rental property,” try “How can I buy a rental property?”
Instead of “I can’t get Christopher Walken to sing karaoke at my birthday party,” try “How can I get Christopher Walken to sing karaoke at my birthday party?! (I’m still working on this one …)”
You get the picture.

Make it your goal this week to eliminate the words “I can’t” from your vocabulary. You don’t need ’em! Embrace the advice your mom gave you as a child and realize it isn’t cliche.

You can do anything you put your mind to.

Source: Entreprenuer.com ~ Author: Brandon Turner

Would You Join A Multi-Level Marketing Company For Retirement Income?

At some point in your life you’ve been pitched a multi-level marketing (MLM), direct selling, or network marketing business opportunity.  While the pitch varies from company to company, it basically promises a chance to ditch your 9-5 work schedule, be your own boss, and make lots of money while making new friends in the process.

It all sounds good on paper, yet there is a seemingly endless debate over whether these companies and programs are legitimate business opportunities or not, so I dug in and got the real scoop.  As a result, I believe that the entire industry is poised for explosive growth and can be one of the most significant solutions to America’s current retirement savings crisis.

Initially, that may sound like a bold statement, but it’s not if you understand retirement the way I do.  The reality is, making a successful transition into retirement has more to do with psychology than with money… and the same may hold true for multi-level and network marketing.

Don’t get me wrong, money has a role in retirement, but it’s not the primary one every one gives it.  Combine that concept with eye-opening statistics like AARP’s estimate that half of all baby boomers (76 million) are interested in starting a business and the makings of a massive trend are in place.

As far as the retirement saving crisis is concerned, more and more people are coming to terms with the fact that they probably aren’t going to be able to save enough money to just sit around and slowly deplete their nest egg from age 62 to 100.  With the average 50 year-old estimated to have less than $50,000 in retirement savings, there is an obvious need to find alternative ways to either save more or generate supplemental income starting now, and continuing throughout retirement.  Moving beyond just the dollars and cents, boomers are growing tired of feeling guilty or bad about their past savings habits and are interested in moving towards possible solutions.

Another growing reality that could benefit MLM and related businesses is the increasing number of baby boomers who are disenchanted with their current careers.  They’re worn-out from years of the corporate grind and don’t feel the connection between their job and the people it impacts outside their office walls or company grounds.  They’re shifting their focus from accumulating a giant nest egg to a desire to be part of something bigger and better… to have a positive effect on others… and working in retirement.  Facets of life that can be fulfilled with specific types of products and service available through some MLM or Direct selling opportunities.

MLM and direct selling programs also offer very low barriers into entrepreneurship, often providing training, support, and ample encouragement along the way.  As retirees begin to realize they need activities that keep them busy, relevant, in good health, and connected to others, the time, energy and cost to participate in these kinds of companies make them very appealing to large segments of the population caught up in these dynamics.

This is not a ringing endorsement for the entire industry.  Like any investment of time, money, and energy, people need to be aware of what they are getting into and do their homework.  That’s the primary reasons I began researching the topic by reaching out to regular everyday people involved in these types of businesses and who were willing to skip the hype and offer a transparent view of the programs and give their opinions as to whether this can be a realistic source of retirement income.

I initially spoke to a retired friend who said she joined a health and beauty direct selling company as a means of meeting new people. She had recently remarried and moved to a new location, so she combined the practice of meeting new people with making extra money.  After almost a decade in the business, she’s built a small niche business with family and friends despite switching to from one company to another competitor after three years.

She admits she doesn’t attend all of the company’s local meetings and goal-setting sessions because she’s not interested in becoming a top producer.  She just likes to use the business activity to keep busy (particularly in the winter) and use the extra money she earns to travel and spoil the grand kids.

Having studied the psychology and behavior of boomers, this example represents a major shift in my thinking about the industry.  I no longer perceive these types of opportunities as money-making pyramid schemes.  Instead, I now see it as a way to enhance many of the personal aspects of retirement that are rarely discussed let alone planned for, with the added benefit of supplementing other popular retirement income sources such as pension and social security.

Daria M. Brezinski Ph.D, a practicing psychologist and former marketing director for a multi-level marketing magazine, echoes these sentiments.  “Many people don’t realize that multi-level marketing companies are successful because they help people satisfy a number of important human needs, including feeling significant, having connections, learning something new, and making a difference.  I have heard people in network marketing say again and again, ‘I’m doing this because I’m meeting amazing people … making so many connections … and I feel so good about myself.’”

Dr. Brezinski’s point is well taken and easy to see practiced by popular network marketing companies.  Many MLM and NM companies tout a three-to-five year plan to attain freedom and wealth, yet many of the people running company meetings have been in the business for five or ten years and still haven’t left their full-time job or landed on easy street.  “As it turns out,” Dr. Brezinski notes, “when other human needs are being met, the members and consultants don’t focus solely on the financial aspects.”

Continuing my interviews, I challenged three others who are in the business to be straightforward, and prove to me that the process really works.  What I found was good, consistent business advice applicable to any new business.

Lorene Hochstetler, from Ohio, recommends keeping your current job while slowly making the transition into MLM.  She’s been able to replace her full-time income but explains, “It didn’t happen overnight, and I still work every day.  I am very disciplined with my business and wake up every day knowing what I have to do in order to succeed at this.  You have to treat it like a business and be willing to follow advice from others who have made it.”

Tracy Willard of California began her MLM career out of necessity. “Prior to getting involved in my business, I told my friends to never let me join one of those things… but when our family was hit by the mortgage crisis I had to do something different.” She started her business with the intention some retirees may also find themselves. “I started with the idea that I just needed to make my month easier. My company helped me figure out what I needed to do in order to make an extra $500 per month.”

She reiterated a common theme I heard throughout the interviews. “If you treat it like a hobby it won’t pay you like a business.” She also acknowledged that, in spite of her success, she doesn’t sit around eating bonbons every day waiting for residual checks to hit the mailbox. “That’s a common misconception,” she said. “I work hard at my business every day, although it doesn’t always feel like work. Similar to other entrepreneurs who profit from their passion, she says “It’s rewarding because I found a product that has made in difference in how I look and feel… and I love selling it and helping other people start a business.”

Staci Cahill runs her Washington MLM company in a way many people can appreciate.  She keeps her personal life separate from her business life by avoiding home parties, offering instead workshops that educate prospects on the products she offers.  “I didn’t want to be that person others hid from because they thought I was going to ask them to host a party.  I like to keep my business life and personal life separate.”

When I asked her if she was successful at her craft, she pointed out an MLM approach different from what many might expect.  “Yes, I am very successful given what I wanted to get out of it.  I’m a single mother who used to work 50 hours per week outside the home.  Now I’ve cut it to 20 hours, which is a major upgrade for me and my family.”

As a five-year veteran of MLM, she attributes her success to the fact that, “I switched companies a few years ago once I realized that pots and pans don’t change people lives.  The products I now offer has changed my life and that of others… and I find a lot of value in waking up and going to bed knowing that.”

The interviews and psychological connections lead me to conclude that MLM and NM companies, along with other small businesses opportunities, are important considerations for anyone entering retirement.  In fact, I believe the concept of starting a business for retirement income will become one of the most significant trends impacting retirement in the 21st century.  But it has to start with redefining entrepreneurship and framing it into a retirement lifestyle.  That means helping people find ways to turn a passion, hobby, or personal desire into extra money in their pocket… not to mention helping people see the importance of  planning for the non-financial aspects of retirement such as replacing a work identity, staying relevant and connected, as well as keeping mentally and physically fit.

Something multi-level marketing as well as network marketing companies are poised to capitalize on.  As a result, the industry could soon experience larger than life growth, spurred by baby boomers looking to adjust their retirement feelings and plans.

Source: forbes.com ~ By Robert Laura

Career Coach: The importance of hope

Source: washingtonpost.com

“What is true of the individual will be tomorrow true of the whole nation if individuals will but refuse to lose heart and hope.” —Mahatma Gandhi

The University of Maryland’s Robert H. Smith School of Business recently hosted the Leadership Education and Development program for diverse and highly talented high school seniors from around the country. In my session on leadership, I was truly impressed by the curiosity and willingness these young people (17-year-olds) had to really understand and learn what makes an effective leader. Their questions were refreshingly positive — seeking to understand so that they could make a stronger impact on others as they moved into leadership positions in their high schools, colleges and beyond. Most of them were moving into roles as presidents, treasurers, vice presidents and captains of their clubs, sports teams and volunteer organizations. They didn’t want to be ordinary; they wanted to make a difference.

They asked questions about how to deal with difficult co-workers or bosses, how to handle failures and mistakes, how to deal with obstacles and personality clashes, among others. What was refreshing was that they believed they could positively impact the outcomes. In other words, they were open to learning, and they had hope and optimism in the future, and in their own potential impact.

Two senior executives that I invited to the session — Donna Blackman, senior vice president of BET Networks, and Amadou Cissé, director of management consulting at SE Solutions — were equally impressed by the questions directed toward them about leadership. They could see that these high school students had bold visions for the future, where people would be valued for their diverse and unique contributions.

What really struck me is that sometimes younger people have such greater hope in the future than more experienced folks. I think sometimes, as older or more experienced employees, we lose some of our sense of optimism in the future. We might even forget the potential impact that we can have on the lives of others. Yet, this is so important — for our own happiness and for the satisfaction of those around us.

Some researchers suggest hopeful companies tend to be more creative and innovative, and make greater investments in employees than those that are not. As a result, employees in these positive and hopeful cultures are more engaged at work and more persistent in trying to reach goals. Employees who are hopeful are likely to be more motivated to initiate a task, and are better equipped to envision alternative paths to achieve those goals, resulting in higher performance.

Here are some of the ways you can help make your workplace feel more positive about the future:

Build employee engagement. Gallup researchers identified three items that make up their Hope Index, which can be used to describe employee engagement at work. These items included:

I know I will be an important part of this organization in the future.

At work, I set clear, meaningful goals and accomplish them.

I can figure out a way to solve almost any problem at my workplace.

Hope can be nurtured by helping employees to feel a part of the organization, by establishing goals that are meaningful to all members, and by providing the support and/or training such that employees see a way to solve problems.

Share a dream or vision for the future. Employees need to feel a sense of mission and direction for the future of the firm, and their own future role in the firm.

Show respect to all employees. Respect in the workplace needs to be promoted for all levels of workers. Healthy companies will foster hope among their employees by being concerned with their individuality and creativity.

Encourage a holistic view of employees. People are not just workers. They have lives, too. Leaders need to understand that employees need some balance in their work-family lives. They need to be able to handle their stress with exercise, hobbies, family and leisure time. This recharges them, allowing their hope and optimism to grow.

Make sure roles and responsibilities are clearly defined. Not knowing what they are required to do, how they are evaluated, when projects are due are all stressors and can be related to pessimism and hopelessness.

Recognize and reward employees. It is important for employees to know how they are doing, and to feel part of the celebrations when things are going well.

Provide social support. During times of stress, high hope people rely on their friends and family for help and reassurance. It follows then, that hopeful workers will need to rely on their peers and supervisors for guidance, assistance, and emotional support.

Hope is important for the workplaces of today and the future. We should try to learn from the Leadership Education and Development high school seniors and keep our sense of hope and optimism for the future.

“Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning.” — Albert Einstein

10 Habits for Success I Learned Working for Two Billionaires

Source: huffingtonpost.com ~ Author: Paul C. Brunson

I have spent decades “being educated” — in college, graduate school, numerous professional certifications, and now a Ph.D. program. All of that schooling and training helped shape the person I am today, but at no point in my life has there been a more profound education than my time working for Enver Yucel and Oprah Winfrey.

Enver and Oprah are two extraordinary people. And on top of that, they’re both billionaires. On the surface, they appear to be totally different people. They are in different industries, have different family structures, practice different religions, and speak different languages. However, once you get past their written biographies and dig deeper, you will notice they possess many of the same successful habits.

I had the opportunity to work with both Oprah and Enver for six years collectively and those were, hands down, the best professional experiences of my life. I worked my ass off for them and in doing so absorbed everything I could.

It’s my honor to share with you what I learned from them. Here is Part 1 of the 20 successful habits I learned working for two billionaires:

1) Invest in Yourself

This is a very simple concept, but something you would think someone who has “made it” would stop doing. Not at all for these two. I saw them both spend a significant amount of time dedicating their resources to self-development (whether it be a new language, exercise, social media classes, etc.). The moment you stop investing in yourself is the moment you have written off future dividends in life.

2) Be Curious… About Everything

What the average person sees as mundane or overly complicated is not viewed the same way with a billionaire mindset. I once had a 30 minute conversation with Enver about the height of the curbs in Washington DC versus Istanbul, Turkey. Billionaires are incredibly curious; what the rest of the world thinks is a problem and complains about — that’s what these people go and work on.

3) Surround Yourself With “Better” People

I hope this is why they kept me around. Seriously, I never knew my bosses to keep anyone less-than-stellar in their inner circle. There were many times I thought to myself, “Damn, they have dream-teams built around them.” Jim Rohn had it right, “You are the average of the 5 people you spend the most time with.”

4) Never Eat Alone

The last time I had dinner with Enver, as well as the last time I ate dinner with Oprah, there were easily 15 people at our tables, respectively. Coincidence? While most of us derive our key information from blogs or the newspaper, power players get their information from the source (other power players), directly. However, just because you can’t call up the Obamas and break bread with them doesn’t mean eating with others in your circle doesn’t carry value. In one of my favorite reads of the last few years called Never Eat Alone, author Keith Ferrazzi breaks down how you can identify “information brokers” to dine with you. I’ve seen first hand how enormous the benefits are of this strategy.

5) Take Responsibility for Your Losses

I was working for Oprah during the time she was taking heat from the media about poor network ratings. I was also working for Enver during the closing of one of his prized divisions. What I witnessed them both do in response was powerful. Opposed to covering the losses up with fancy PR tactics, both stepped to the stage and said in essence “I own it and I’m going to fix it” and dropped the mic. Guess what? They sure did fix things (It’s widely noted Oprah’s network is realizing ratings gold and Enver’s assets have probably doubled since the division closing).

6) Understand The Power Of “Leverage”

This is something that was quite a shock to me. From afar, a billionaire appears to be someone who is a master at everything. But, in truth, they’re specialists in one or a few areas and average or subpar at everything else. So, how do they get so much done? Leverage! They do what they do best and get others to do the rest. Here’s a great article on leverage. Keep in mind I see this done with wealthy people and their money all of the time — they use OPM (other people’s money) for most or all of their projects.

7) Take No Days Off (Completely)

I recall going on vacation with Enver several times, yachting up and down the southwestern coast of Turkey (also known as the blue voyage). Sounds ballerific, right? No doubt we had a great time, but mixed in with all that swimming and backgammon was discussion of business, discussion of strategy, planning and plotting. The best way I can describe this habit is thinking about your business or your idea like your literal baby. No matter your distance, you don’t stop thinking of him/her (and after just having a second son, I can attest to this).

8) Focus On Experiences vs. Material Possessions

When you have money, your toys are big. However, the vast majority of money I saw spent on their “leisure” was on actual experiences versus the typical car, jewelry, and clothes we’re familiar with seeing in music videos and gossip blogs. I recall one time at dinner with Oprah, I spotted a table of about 20 girls off to the side. I later found out Ms. Winfrey was treating some of her graduating girls from her school in South Africa to dinner in NYC. Experiences create memories, and memories are priceless.

9) Take Enormous Risks

This is another one of those successful habits every entrepreneur can attest to. A matter of fact, Entreprenuer.com created a great infographic outlining commonalities of the world’s billionaires and one of the most prominent was this characteristic: billionaires are not adverse to risk. What intrigues me even more about Enver and Oprah was that even at their high financial status and success level, they still possessed a willingness to risk their most precious asset (their name and legacy) on new and bolder projects. If you’re not taking risks, you’re not making moves!

10) Don’t Go At It Alone

Nothing great in life is achieved alone. Especially in business, success isn’t a solo act. This character trait is akin to “surrounding yourself with better people.” It takes teamwork to make the dream work.