Sunday, September 26, 2010

202. Make money tips from Loral Langemeir

"I will never do business," the young lady studying veterinary medicine in Murdoch University told me when I said it would be good for her to know one of my business contact who markets products in Indonesia. She must think that she would be an employee veterinarian forever.

An employee has a fixed income but I know she does not have a fixed potential and will do well in business (as a self-employed vet). She probably thinks that veterinary practice is not a business but a calling. She is still young and so it is possible that she thinks of being only an employee as it needs one year of working for others before a vet in Singapore is allowed to start his or her own surgery.

I happen to read a wealth creation article and asked another vet student whether he has had read it since the Fitness First magazine, Sep/Oct 2010 issue, Australia was his copy. "No," he said.

Well, here are the tips of becoming your own cash machine from the
author of America's best selling books such as "The Millionaire Maker", appearance on "Dr Phil" shows as the resident 'money expert'. Loral Langemeir does not believe that you need money to make money. Her concept "The 2lst Century Lemonade Stand"
encourages one to change one's attitude. One's mindset can sabotage one's success as you have the wrong conversation with your mind. If you say, "I'll will never have a lot of money," you should ask yourself "How can I have a lot of money?" according to the writer of this article.

Be open to opportunities to make more money. The focus should be on creating more cash rather than how to pay down debt. This is easier said than done. The 5 tips are:

1. Turn what you know into money, e.g. your talents, skills, hobbies, interests, knowledge and experience. (In Perth, I would say it is the tuition business for Asian at A$30/hour for undergraduates if they need money). Much time spent on online gaming and messaging is just that - fun and no cash income. Even the facebook skills is a means of making money as I noted that one undergraduate's contact in her facebook account is about a professional bride photography connection. She linked to it.

2. Learn from other people's mistakes and expand on their success. This means doing your reearch.

3. Keep it simple.

4. Focus on what makes you unique and therefore sets you apart from others.

5. Develop a short 30-second pitch for your brand to gain a contact or a customer when the opportunity comes.

It will be difficult for the young lady and the young man I spoke to recently, to know how to execute (which is Point No. 5). If they can execute, they have money in the pockets.

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