If You Want To BE Rich, You Have To THINK Rich

It's Sunday afternoon. Many of us are preparing to go back to work tomorrow. If you are looking forward to it...if you are heading into the office tomorrow because you want to...

Congratulations! You are in control of your life, your money, your dream.

But if you are already dreading tomorrow, feeling depressed and irritable because you have no choice but to go to work tomorrow, then your need for money controls the rest of your life. And that is NO FUN!

But don't feel bad. You are in good(?) company. Most of the people in the world are controlled by the need to make a living. 

Unfortunately, that need is also what causes most people to remain tied to a job they hate for their entire working life. I mean, let's be real. It takes money to make money, right? And besides, after working all day and then taking care of family...who has time to do anything to make more money? We didn't go to college. We don't have fancy degrees. How are we supposed to earn enough to get rich?

Time to change that thinking! As long as you are content to trade time for money, you will never be rich. Even folks with advanced degrees often trade time for money. Sure they can charge more for that time. And they may make enough that you consider them rich. But I'm talking about being OBNOXIOUSLY rich! And if you don't think that's possible for you, you're wrong. But what's even more important...if you can change your thinking, you can create the type of income most really rich people do. Instead of trading time for money, they trade ideas for money. They solve problems. They help others. Trust me. The world will beat a path to your door, credit cards in hand, if you can solve their problems. 

I'm now hearing the chorus of despair. "But I don't know anything. How can I solve other people's problems?" 

You don't have to recreate the wheel. The world is full of product and services that solve people's problems. Do you know people who are struggling to lose weight? There are products for that. Do you know folks who are unhappy with how they look? There are a myriad of cosmetics and skin care products that will help. I don't care what someone is struggling with, there are probably products out there to address it.

How does that help you? Two of my main income streams are network marketing and affiliate marketing. When you are a network marketer, you make a small investment to join a company as a representative for their products. In exchange for that investment, these companies usually provide you with training, marketing tools, and a commission for every product you sell. You can also recruit other reps and get paid on a portion of their sales. Yes, it does take an investment. But if you join a legit company and a good team, the support and training you receive will make the investment worthwhile.

In affiliate marketing, you also promote others' products for a commission. There is generally no investment required to become an affiliate for a particular product. But there is also very little support. Companies may give you some marketing blurbs or banners ads and such. But usually there is no training. There aren't any teams to support you. You are strictly on your own. 

Can you get rich with network marketing and affiliate marketing. I'll be honest. Some do. Most don't. But what they can do that's priceless is this. They are often the first step to changing that time for money mindset. And as you learn marketing skills and how to network, as you meet people and build relationships, they are often the bridge to starting a business that is truly yours. If you had told me when I started over 40 years ago that one day I would be a best-selling author with multiple income streams, I would have said you were crazy. But here I am. All because of what I learned and who I met in the network marketing and affiliate marketing industries. 

The biggest determining factor isn't what vehicle you use...network marketing, affiliate marketing or something else. The thing that will make all the difference is your mindset. If you truly believe in your heart that the only way to make money is to trade your time for money, you are limited. There are only so many hours available to you in a day. But if you grasp the concept of trading IDEAS for money, you can work a couple of hours a day and make literally thousands of dollars, once you learn the skills. 

If you want to become wealthier, whatever that means for you, begin by working on changing your mindset. Sometimes that means you have to work on your self-image. If you read my post What My Parents Taught Me About Money, then you know I was raised to believe that people like me can't get rich. It took me many years to get past that limiting belief. 

If your self-image is good, but you feel you lack skills, then the answer to that is to learn! Join my email list and I'll teach you everything you need to know.

Time for you to take action. If you need some mindset work, then do it! Change what you read. Change what you listen to. Change who you run with. Surround yourself with people who do what you want to do. Read what they read. Read what they write. Listen to their podcasts. You may find yourself leaving your old circle behind. But sometimes you have to let go of the past to move into the future.

If you are ready to learn how to trade ideas for money, you already  know what to do. Hop on my list. I promise I'll be here for you. I love my list. I'll take good care of you.

5 Steps To Maximize Your Credit Score

After digging myself out of a mountain of credit card debt, I am a believer in locking those credit cards away. However, there are times when the thoughtful, correct use of credit cards is actually a good financial decision. (See my post Cashing In On Cash Back Credit Cards for example).

Even if you're not using your credit cards, your credit score can still impact your daily life. Employers may look at it when making a hiring determination. Insurance companies may check it. If you're trying to rent a home or apartment, your credit score will be taken into consideration. And of course, you can't buy a home or a car without decent credit. That's why it's so important to maximize your credit score...even if you are trying to limit your debt.

If you already have a stellar credit score, good for you! Keep it up. But if you're like so many people, especially right now, your credit score could use a little work. The good news...it's possible to improve your credit score. And it's not really even that difficult. 

First, it's important for you to learn how your credit score is calculated. I am not going to go into that here. You can Google it. And I am not going to give you a detailed plan to  improve your credit score. Everyone has a different situation.  However, the general steps I am going to share are what helped me rebuild my credit score. They should work for almost anyone. Once you have these completed, you can do more in-depth research on ideas that fit your unique situation. Here are my 5 steps to maximize your credit score:

1. Build your credit file. No credit is almost as harmful as bad credit. It's important that you actually have accounts IN YOUR NAME that report to all 3 major credit bureaus. 

There are several ways to do this, even with a low credit score. There are credit cards specifically offered to those with bad credit to help raise your score. The interest rates are high and there is usually a hefty annual fee. However, since your track record may indicate you won't pay your bill, you can hardly blame these companies for making money where they can. But if you use your new card responsibly, they can be an effective way to start rebuilding your credit.

There are also secured cards. You put money into an account. The amount in your account will be your credit limit. The plus side of this is you usually get a bit better terms than the 'credit builder" cards because the money is already in an account, ready to pay your bill if need be. The bad side is you can only spend up to the limit of what is in your account. But again, a secured card can be a great way to build or rebuild your credit.

A third option is to have someone add you as an authorized user on one of their credit cards. Just make sure they are paying their bill on time. And make sure you pay them your share just as you would any other bill.

2. Make your payments. The fastest way to trash your credit is to make late payments or to miss them altogether. Your payment history is one of the things credit bureaus consider when determining your score. The more on-time payments you have, the better you look. Make sure your never miss a payment by more than 29 days. If you are 30 days late, that can be reported to the credit bureaus as a late payment and hurt your score. Get in the habit of paying all your bills - even the ones that don't necessarily report to the credit bureaus - in full and on time.

3. Pay your past due accounts. If you have some accounts that are behind in their payments, now is the time to get them caught up. Otherwise, you will just continue to add late payments to your credit report. And eventually, these companies will try to get their money. Having accounts in collections will definitely put a ding in your credit score. If you are having trouble with your debt, consider talking to a credit counseling agency. They are often able to negotiate with companies to get you lower payments and interest rates. 

4. Pay down your balances. Even if you're not behind on your bills, you still want to pay these down. The credit bureaus look at something called your Credit Utilization Rate when determining your score. (Check out the great article on nerdwallet).  If you are using a large amount of your available credit and only making minimum payments, that can signal trouble to the bureaus. Paying down these balances can definitely help improve your scores.

5. Be careful how you apply for new accounts. Yes, you may need to open a new account for a variety of reasons. But often, an application for credit can cause a hard inquiry on your credit report. When the credit bureaus is calculating your credit score, a large number of hard inquiries all at once could indicate you are in financial trouble and seeking credit to help....credit that you may not be able to pay back. Don't apply for too many accounts at once and always ask if your application is going to result in a hard inquiry. Often it is possible for lenders to pre-qualify you for credit by doing a "soft: inquiry, which will not impact your credit score in any way.