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Fastlane tips?

Discussion in 'General Entrepreneur Discussion' started by randallg99, Aug 22, 2007.

How Often do you Write and Revisit Goals?

Poll closed Sep 1, 2007.
  1. I cannot live without a daily reminder of my goals and revisit & modify as much as possible

    37.5%
  2. I periodically or maybe monthly revisit and modify my goals.

    50.0%
  3. I put my goals in my sock drawer after I wrote them down once last year

    0 vote(s)
    0.0%
  4. What goals? Oh, when the Flyers score....

    12.5%
Multiple votes are allowed.
  1. randallg99
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    randallg99 Bronze Contributor

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    Found this article online (posted below) on a home page and it is interesting to see some of these habits described in general terms which somewhat apply casually to me... getting in trouble in high school, not opting for materialism, being generous and probably most importantly, staying focused. I cannot stress how crucial this element is to success. The goal writing/achieving is so much more important than this article emphasizes.

    Achieving goals and happiness are both extremely important elements, but I suppose many people confuse materialism with choosing desires. We have nice cars and live in a modest home, with very nice income producing assets, but we do not buy the extravagant $5000 pocketbooks or the extravagant $500 name brand jeans, but we will spend our money and time on traveling and events for the family which also includes dining out together. I think our lifestyle does not reflect our net worth by most Americans standards.

    it seems apparent that most Americans need to indulge into expensive food, home, travel experiences, clothing and cars well before there is any financial planning involved. A recent article in the newspaper confirmed this and claimed that Americans today believe that many of these luxuries are crucial elements of happiness vs. the Americans surveyed in the 1980s who believed only a couple of the extravagances or luxuries were important to happiness. These are the vast majority of folks who are lacking any focus or planning (and should pay heed to the article below)

    This other article (that I wish I could find now) also claimed the person driving a Toyota and wearing a Timex is generally just as happy and actually happier than the person driving a Jaguar wearing a Rolex. That article justified the person with the Toyota/Timex has goals that they most likely continue to achieve, either educationally, in relationship(s), or some other aspect that is important to life. I found this tidbit interesting and confirms my experience that a $40 metal Swatch did the trick for years while I leapt into 7 figure net worth (until my in-laws bought me a nice watch that I wear everyday) and I drove a jalopi 10 year old Nissan Maxima that got into a fender bender ($3000 worth of work was more than the value of the car, so I tossed it. Wife was thrilled)... my calculated risks involved in focusing on my goals rather than what will afford me the laps of luxuries rather than jumping into the game the other way around, as most Americans seem to unfortunately be doing.

    But, dont fret all of you- to keep the car spirit consistent with this board- the Porsche GT (or now with all of these pix of Lambos, I might do some fretting of my own) is still on my list of wants and while currently achievable, I have other goals to attain in my life financially and relationship-wise before I will allow myself to get one. I heard we have to wait a couple of years before getting one, anyway...

    Anyway, here is the article below that inspired my post - I just wish I could find the other article relating money with happiness.

    http://content.comcast.monster.com/articles/3482/16785/1/home.aspx?WT.mc_n=comcast006

    Five Habits of Millionaires
    by Barbara Reinhold
    Monster Contributing Writer

    [​IMG]
    Related Articles


    According to a study of college students at the Ernst & Young International Intern Leadership Conference in Orlando, Florida, 59 percent of these young leaders expect to be millionaires within their lifetime. What's more, 5 percent of them expect to hit the million-dollar mark while in their 20s.
    And the super-rich are a growing group. The top 0.1 percent of the population's average income was $3 million in 2002, up two and a half times the $1.2 million, adjusted for inflation, that group reported in 1980.
    Earned Money vs. Easy Money
    Easy money usually comes from inheritance or luck, such as winning the lottery. The track record of people who get their money through the lottery or other windfalls is usually very different from those who created their wealth themselves or who planned for an expected inheritance. Lottery winners are often a sorry lot; more than 90 percent use up their winnings within 10 years -- some go through their money in weeks or months.
    But there are some consistent patterns among those people who earn or plan to inherit their money, and these five strategies may be worth emulating.
    1. Avoid the Earn-to-Spend Mentality
    Michael LeBoeuf, author of The Millionaire in You, points out that to increase wealth, it's essential to emulate millionaires who view money as something to save and invest, rather than income to spend. Many wealthy people live quite simply, he points out, choosing less pretentious homes than they could theoretically afford and opting for financial independence over material showmanship.
    2. Focus
    LeBoeuf also counsels resisting the impulse to be scattered in your efforts and interests: "Winners focus; losers spray." And goals that are clearly written down are easier to keep in focus.
    3. Do Whatever Is Necessary to Meet Your Goal
    People who earn their millions are able not only to focus but persevere in the pursuit of their goals. One single mom entrepreneur, Melissa Clark-Reynolds, started her first business, a health and safety consultancy, when she had a young son. En route to her goal of being a millionaire by age 35, Clarke-Reynolds and her son ate lots of pizza, did homework late at night and often slept at the office. She is now a chief executive mentor for Empower New Zealand, a global business consulting firm headquartered in London.
    4. Take Calculated Risks
    You have to take strategic risks to earn and grow money. And a little rebelliousness seems to help too. One interesting study found a majority of male millionaire entrepreneurs had been in trouble with school authorities or the police during their adolescence.
    5. Be Generous
    And why doesn't it surprise us that millionaires are often very generous? Sometimes it's for the tax breaks, obviously, but often it's not. One Jewish Swiss millionaire, for instance, flew to Israel to give $5,000 in cash to a waiter at a Jerusalem café who foiled a Palestinian suicide bombing. Among the most generous of millionaires are those from North America, who are, according to a Merrill Lynch Cap-Gemini report, two to five times more likely to give to causes they value than their European counterparts.
    These five habits are a pretty good prescription for living happily even if you're not a millionaire.
    But LeBoeuf insists it's not so unusual to be a millionaire. As of 2004, there were 8.2 million households with a net worth of more than $1 million. And are the folks in those households happy? Yes, says professor Andrew Oswald of the University of Warwick in the UK. After studying more than 9,000 people over eight years, Oswald concluded that people who come into money are happier. The happiest among them, he says, seem to be "highly educated, well-paid women who have jobs."
    And how much money does the professor say it takes to be happy? "About $1 million, give or take a little."
     
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  2. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    <Saving Space Cuz I'd Like To Respond Tomorrow ... Too Tired To Comment Right Now>
     
  3. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I would say not entirely. What you describe above is slowlane, which isn't bad because many times, lead to the fastlane. The 5 habits lead to a fastlane.

    The difference is between 2 wealth classes...

    Upper Middle Class (UMC) Millionaires

    and

    Ultra-Millionaires

    UMC Millionaires are typically slowlane
    - Save
    - Live below their means
    - They live in any neighborhood
    - Drive Toyota Camry's
    - Have 401K's
    - They are "The Millionaires Next Door"

    Again, the slow lane gives us opportunities to the fastlane. I sat around in the slow lane for 10 years.

    Ultra Millionaires are typically fastlane
    - Start in slowlane
    - Build business assets by adding value)
    - Stewardship of capital
    - Sell business assets and experience a liquidity event
    - Redo again, buy/build - add value - sell.


    I know the folks in my neighborhood are all fastlane - they need to be to afford the houses they are in.
     
  4. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    Are you positive that they paid cash for their houses and they will not be losing them to a variable rate mortgage for a house they couldn't afford in the first place, with a 103% LTV loan? Obviously I have no clue what neighborhood you live in and I do know you can afford the house... I just don't believe that anymore in many other instances.

    One of the things I remember and try to keep in mind is that the wealthy do not have mortgages on their houses, they pay for them cash. There is no benefit on having a mortgage... no deductions available anyways. Is that a reality in the fastlane?
     
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  5. JesseO
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    JesseO Contributor

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    I'm sure that many have mortgages. Instead of paying 1.5 million, they could pay $375,000 and invest over a million in an investment that would earn more of a return than the interest charged on the mortgage.
     
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  6. RealOG
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    RealOG Bronze Contributor Speedway Pass

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    From what I have read, Ultra-Millionaires do pay cash for their houses. They look at it as a possession, and the idea of a mortgage is a slow lane mentality.

    Look at Larry Ellison, Steve Jobs, Bill Gates, Calvin Ayres, Warren Buffet, etc. See how many jumbo mortgages they have. I bet you 99% pay cash for their house.

    For them, paying a mortgage is the least of their worries.
     
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  7. FT1
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    FT1 New Contributor

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    Sometimes they do carry mortgages.

    I worked as a mortgage banker for 8 years, and we had multi millionaire clients who carried loans. One couple was worth over $5 million and they carried a $385K mortgage on a condo worth $1.1 million. A buddy of mine did a loan for a guy who owns a chain of auto parts stores. The guy was easily worth $100 million and he had a mortgage on his home. That guy referred him to one of his buddys who owned a huge IT consulting firm and other businesses and that guy had a mortgage as well. There are loan officers who specialize in doing loans for the rich. I can't say this is the norm, but some carry mortgages.
     
  8. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I don't think there is a hard and fast answer to this -- I believe many of the world's wealthy carry a mortgage simply because OPM (Other People's Money) is always better than your own. I took a 75% mortgage on my house - the money I would have paid cash for, can be used for other investments.

    I'd also bet Larry Ellison, Jobs, and these near-billionaires don't have mortgages. However, when you drop down to the lower levels of wealth, $5/mm, $10/mm, almost all of those people will have mortgages simply due to OPM is better then YOM.

    Adviv I miss spoke about the people in my neighborhood -- they easily could be highly paid professionals living pay-check to pay-check with a 105% LTV loan. I should never understimate the ability of people to live beyond them selfs.
     
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  9. Peter2
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    Peter2 Fastane Legend. RIP.

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    I do not have a mortgage, and one of the main reasons for that is to protect my assets. If you live in Florida, Iowa, Kansas, Minnesota, Oklahoma, South Dakota or Texas, your home may be the best way to protect your assets from lawsuites and creditors. These states have bankruptcy exemptions that protect your homestead from the claims of creditors, regardless of the value of your home.

    In states with unlimited homestead exemptions, your best form of asset protection is to use other assets to pay off your home loan. In most states, you need to be a resident for six months to a year before the homestead exemption is available, but after that you can buy a home of any size and thereby convert exposed assets into exempt assets.

    If you are faced with an imminent lawsuit, paying off your mortgage or buying a bigger house may be your only choice if you live in a state with a generous homestead exemption.
     
  10. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Ahhh isn't that called the "OJ Exemption?" :smxB:
     
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  11. Peter2
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    Peter2 Fastane Legend. RIP.

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    He is taking full advantage of it. :dead:
     
  12. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    great information!!!

    OK, what about family relationships in the fast lane?
    I know many people in the fast lane that, basically, have distant relationships with their relatives. I suppose that most family members will just ask for money and this puts stress in the relationship. In my cases, I've been somewhat successful and some family members talk to me a little bit different, with comments like "now that you have money". Any thoughts/comments?
     
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  13. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I don't talk to my sister anymore ... I hired her (thought I was being nice) and she turned around and stabbed me in the back. Her job description was worth $50K/year yet she wanted $250K/yr. Nothing would have made her happy except seeing me file bankruptcy.

    Money can do bad things to your family relationships especially if they're all bound by the typical middle class mentality -- go to school, get a job, save, and retire off your 401K.
     
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  14. Rawr
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    Rawr Gold Contributor Speedway Pass

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    We should probably do a thread on friends before and after wealth. I know it is an interesting and sometimes dark topic. It would be interesting to hear how you guys have experienced it personally.

    I tend to think that money and friends/family should not be mixed.. it makes things more complicated.
     
  15. Antonio.
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    Antonio. New Contributor Read Millionaire Fastlane

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    I have small circle full of friend's(from school mostly) that I talk to that's pretty much it. If you want to be succesful you have to surround yourself with success people or people taking the step to get there. Im working on building networks now and other friendships. I have someplace to be and a time limit to get there :)
     
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  16. randallg99
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    randallg99 Bronze Contributor

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    Since I started this thread only 3 weeks back, I have revisited my goals daily and I can tell you now with absolute conviction that my train of thought has subconciously determined my actions throughout the day.

    I write my goals every morning, all 10 of them, then I read them at night before bed.

    The goals have mainly remained the same, but a couple of them have been modified slightly. They all have time frames and measurable increments associated. For example: one goal concerns my weight and BMI... I have been determined to hit my pre-married/childless physique and weight of 173lbs. And since practicing my goal techniques, I have lost 7 lbs in well ahead of the time frame I expected to. I gave myself the first 30 days to lose the 7 lbs and an additional 30 days to lose 6 lbs, and the last 30 days to lose the final 5lbs ... this is a 3 month goal.... so as described in needless detail here, this goal is based upon fragmented time periods with specific measured levels. This same philosophy has been applied to other challenges/goals ie running, biking and swimming specific distances in certain times and is very applicable to goals in business, real estate and other financial goals.

    The goals have to be realistic - using above example, losing 15 lbs in 30 days is not a reality and is set for failure. Losing 7 lbs, while it came easy to me is actually a feat my wife laughed at when I initially told her about it ... she calls me "cookie monster..." So, the goal has to be realistic and 50/50 chance achievable

    My daily routines have been tweaked slightly without any major lifestyle changes.. Now that they are more or less programed into my mind, they have taken highest priority and any decision made is only made in according to the benefit of achieving the goal(s)...

    Ultimately, writing and reviewing the goals daily has absolutely, positively created a new shift in my paradigm and line of thinking forcing a new focus.
     
  17. nomadjanet
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    nomadjanet Contributor

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    You are so correct! We hired my sister when she had been fired from her job due to drug offense. No one would hire her, we gave her a simple office job and paid her well & gave her a free apartment in one of our properties. At first she was happy but when she found out how well we were doing, she changed and became demanding & cruel to us. She tried to sabatauge our business by fighting with clients and with city inspectors we finaly fired her and she filed for wrongful dismissal & we had to fight that in court. After 2 years she decided she does not want to fight & wants to be "friends" although I treat her with respect I cannot trust her again. Never Never Never hire relatives.
    :dupe:
     
  18. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Amen to that.

    I love my brother (and my mom and dad).

    But I'd flip burgers before I had any of them work for me.

    Everyone would hate it.

    And I would be the bad guy, in the end.

    -Russ H.
     
  19. FT1
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    When I was in college I ran a summertime cleaning business where I cleaned up rental houses around the Univ. of Michigan campus.

    One year I hired 3 family members as part of my work crew and they were absolutely the worst. One overheard one of my landlords mention cutting my check, and had the nerve to ask why I wasn't doing a split with them. (I was paying them 2x's the going rate for that type of work) The other two would talk, take excessive breaks and complain when I pushed them to pick up their pace.

    All 3 ended up quitting, leaving me in a huge hole in addition to telling family that I was cheap and wasn't paying them enough. That experience put a big strain on our relationship for quite some time.
     
  20. Bilgefisher
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    Bilgefisher Bronze Contributor Read Millionaire Fastlane

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    I have seen bad situations on both the owner and employee side of it. My uncle and cousins gave their heart and soul to his father's construction company. They worked well below the going wage for people with their qualifications. There were many other issues as well. In the end, all 3 ended up quiting the company. On the other side of the family my 2nd cousin is a drywall contractor and has around 80 employee's. He had upwards of 5 family members working for him at one time. When one of them was caught enjoying porn (I'll leave it at that) at the job, my 2nd cousin had to fire him. My 2nd cousin was seen as the bad guy and a small family feud started. Sad really.

    With all that said, I can't help but not want to help my own family in some way when I finally get where I'm going. I fully appreciate the fact that going into business with them is a bad idea, I'm just not sure how I can help them.
     
  21. nomadjanet
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    With all that said, I can't help but not want to help my own family in some way when I finally get where I'm going. I fully appreciate the fact that going into business with them is a bad idea, I'm just not sure how I can help them.[/quote]

    I feel the best way you can help them is by educating them to the possibilities within themselves. Buy them books/ audios, take them to seminars, introduce them to people who might influence them in a positive way. My theory now is that I never personally involve myself in another persons business and I never lend money to relative, they may think it's a loan but I have no expectation of being repair that way I am not let down. Right now we have a brother in law that does lawn service for us on some of our properties. I have tried to help him see how he can treat this "side Job" as a business and gain tax advantages but he thinks it's just to much trouble and keeps treating it as a little side job. So he has extra income but no extra write offs because no records are kept :bgh:. In the end you can't help someone who does not want to be helped. :smx4:
     
  22. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    It's too easy to fall into the victimized mentality carried by so many Americans. "He got a better break than me, that's why he's doing so well."

    It's easier to attribute someone's success to luck or other outside factors then to realize or acknowledge that their success came from hard work, doing things that others are afraid of, and having (and executing) a solid PLAN.

    I think Kimber's solution re family is the best I've heard.

    She realizes that they're not going to change. They are who they are.

    So she and hubby have made family support part of their long term plan.

    Not a free ride or buying them cars and mansions, mind you (correct me if I'm wrong here, Kimber).

    But enough income to assist w/daily living, if they get into a jam.

    That way, they're helping family in a crisis-- but they don't have to jeaopardize or lose their PLAN to do so.

    Hope I got that right, Kimber. :)

    -Russ H.
     
  23. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    I'n our initial stages of our plan, my wife and I talked a lot about how we are part of the OREO generation... our parents will get old with no money and at the same time our children will be growing up, demanding resources. We have talked about incorporating that into our plan but we haven't. Part of the reason is that every time I gave them money they used for something I don't agree with, and then when they needed money for something important they had to ask for more. That kind of threw us off the idea, but I do recognize we should add that as part of the plan.

    Sorry if this thread became more about family relationships, we kind of ignore the original intention. Going back on topic, I guess the fastlane tip here is to clearly define the difference between our businesses/investments and family. Try to remember the plan is not just about money but about life. How to live our life while we are here.
     
  24. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    andviv-

    That's what I like so much about Kimber's PLAN.

    She incorporates SPECIFIC provisions for helping her extended family.

    So *they* are not the ones setting the terms (e.g. "Hey bro, I need $10,000. Could you have it to me by tomorrow?").

    WE set the terms, and offer to help if they come to us.

    Our terms may not be what they want (e.g. $500 a month for the next 6 months).

    But we can give them-- NO STRINGS ATTACHED-- and then move one, without feeling guilty.

    They can do whatever they want with what we've given them (and they will).

    But this way, they don't wind up throwing a monkey wrench into what we're doing (and stalling-- or sabotaging-- our progress)

    -Russ H.
     
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  25. Russ H
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    Russ H Gold Contributor Read Millionaire Fastlane Speedway Pass

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    bump.

    -Russ H.
     

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