Achieving Financial Independence

[Phil Nilsson]

Phil, How is the new COMS program coming?

COMS or ComsPartners?

[lclandscapes]

COMS or ComsPartners?

Not sure which one. In a different post you had mentioned about paying a monthly fee to have access to the progam(s) and would be offering free software. Hope this helps.

[Phil Nilsson]

Not sure which one. In a different post you had mentioned about paying a monthly fee to have access to the progam(s) and would be offering free software. Hope this helps.

I'm still working on it ... I'm looking at various costs and expense categories in addition to software, finding alternatives (lower costs) ... there's a lot of duplication of effort and expense (every company has to own this, every company has to own that) and I tend to think of software as ... "timeshare" ... or softwareshare ... I have about 50 P&L cost categories I'm messing around with looking for lower cost alternatives including ... management support systems in general ... and then there's H2B which is totally out of control. I think it's a shame that there is so much "distance" between those who want to work (mostly Hispanics) and the companies that are searching for them. Yet ... they are not "represented" in any way I can see. I'm looking to make it easier for employers to connect with employees at no cost or certainly far lower cost.

[clclawn]

clclawn, Ken Brown is right..... read Rich Dad, Poor Dad by Robert Kiyosaki his books will define this principle. Also, the book One Minute Millionaire will show you how to have multiple streams of income in order to reach a passive income life style.

These are great concepts that I am still working on but, I have many friends and family that have proven that they work. Great discussion!

Read a little closer next time, In One Minute Millionaire they talk about using other peoples money, or the money buit into a property to make more money, That is a ton differant then 10k in creadit card bills, anouther 700 a month in car payments, and your house equidy maxed out.

[KenBrown]

Read a little closer next time, In One Minute Millionaire they talk about using other peoples money, or the money buit into a property to make more money, That is a ton differant then 10k in creadit card bills, anouther 700 a month in car payments, and your house equidy maxed out.

Hey clclawn, no need for your verbal sparring. However, as you so clearly have pointed out for us, One Minute Millionaire, is about using other people's money. I have a question for you. What is one thing you always have after 'using other people's money'?

Don't cheat, the answer is at the bottom, but don't look before you answer...





The Answer: Debt

[Phil Nilsson]

Hey clclawn, no need for your verbal sparring. However, as you so clearly have pointed out for us, One Minute Millionaire, is about using other people's money. I have a question for you. What is one thing you always have after 'using other people's money'?Don't cheat, the answer is at the bottom, but don't look before you answer...The Answer: Debt

Debt is okay ... cash flow is the name of the game ...

[clclawn]

Ken, using other peoples money to conduct a biz transaction is differant then personal dept. Like I have said 3 times now, there is a differance in credit card debt and high car payments vs a biz investment.

[Phil Nilsson]

Ken, using other peoples money to conduct a biz transaction is differant then personal dept. Like I have said 3 times now, there is a differance in credit card debt and high car payments vs a biz investment.

Perhaps ... (perhaps) the BEST kind of debt is the kind you take on that produces wealth for you ... real estate ... equipment that helps you make money ... an education that prepares you to make money ... an important distinction is to spend on things that "appreciate in value" like real estate (not cars that are destined for the junk yard) excess dollars invested in appreciable assets where possible.

[jrservices]

Perhaps ... (perhaps) the BEST kind of debt is the kind you take on that produces wealth for you ... real estate ... equipment that helps you make money ... an education that prepares you to make money ... an important distinction is to spend on things that "appreciate in value" like real estate (not cars that are destined for the junk yard) excess dollars invested in appreciable assets where possible.

Makes sense. Basically, you are ' investing' in your future. Gotta spend money to make money.

[Phil Nilsson]

Does it all boil down to? ... every extra dollar you come in contact with ... you know what I mean ... example ... if it takes let's say $50,000 a year just to make ends meet (and stay alive) then the only thing you have going is maybe your mortgage payment and someday owning your home ... now take the same scenario but this time add let's say ... $10,000 ... $20,000 ... extra money you make (beyond your needs) and up and up and THOSE are the extra dollars that can make you rich if invested wisely but only up to a point ... because that's taking the long way (sure but long) ... other peoples money right now ... used to create wealth is the faster way ...

How much debt does Donald Trump have ... compared to the total value of all his buildings and holdings? If he had to save and invest at the rate of having excess money ( that extra $10,000 or $20,000 a year like mentioned above) where would Donald be? ... not far! The first million is the hardest to make ... Trumps "daddy" gave him millions to start with ... had he started with (zero dollars) today he might be mopping floors for a living ...

[clclawn]

Perhaps ... (perhaps) the BEST kind of debt is the kind you take on that produces wealth for you ... real estate ... equipment that helps you make money ... an education that prepares you to make money ... an important distinction is to spend on things that "appreciate in value" like real estate (not cars that are destined for the junk yard) excess dollars invested in appreciable assets where possible.

Phill, finnaly someone understands what I am trying to say. I am in the prosess of buying and investment property. By the time all is said and done There will be 20-30k in profit. I am not spending a penney on it. I am useing someones money, not mine. I don't look at this as debt.

[Phil Nilsson]

Phill, finnaly someone understands what I am trying to say. I am in the prosess of buying and investment property. By the time all is said and done There will be 20-30k in profit. I am not spending a penney on it. I am useing someones money, not mine. I don't look at this as debt.

Bullseye!

Don't worry about debt on real estate (if) you can cash flow the gigs ... who cares? ... the "Donald" doesn't care if he owes 150 million on a gig (if) it cash flows itself out AND .... AND... goes up in value as the mortgage goes DOWN ... and Uncle Sam let's you deduct interest? I'll take those deals any which way but lose! ... okay so what about if Trump's real estate GOES >>>>> down >>>>> and the bank takes it back? .... that's not Trump's your problem is it? Didn't he get a (positive cash flow) from when he owned it? ...

[Stephen M.]

Phil is definitely right. I have used debt for tax advantage and growing my business, but it wouldn't be possible without a good cash flow. Cash flow IS #1 priority and much more important than being concerned about being in debt.

My rule of thumb is not to go into more debt than I can handle from late fall thru the early spring months when business is 1/3 to half of normal.