KWilliams1112
New Contributor
I know after reading TMF almost everyone begins to plot out their next business idea. You talk about all the steps to get there after you've read through a thousand forum posts, all the while pointing fingers at individuals who aren't fastlane. Truth is, it's not that easy. Now...before I continue on I know I might get flamed a bit for a lack of posts or people asking what action have I taken, so I'll just accept that criticism for now until I make a progress thread.
However, I think fundamentals are important and I know it's probably stressed enough but my recent experience really reinforced that for me. And with all the ghost reading I do here I feel I should share something! SO with that being said so far, I believe some key fundamentals to becoming successful, achieving the fastlane and growing and maintaining your wealth stems from these things: learning copywriting, learning accounting and mental focus. Now for sure there is a lot more than just these three, but I feel they are important for now.
Copywriting - I'm sure all of you by now who have read anything on here can understand the importance of writing copy and being a salesman...self explanatory.
Accounting - This is a very important skill, while many people would say hire someone smarter than you that doesn't mean you shouldn't have any idea of what is going on at all! If you read Rich Dad, Poor Dad you understand the mantra know a little bit of everything. If you can't answer these questions you should expand your knowledge of accounting a bit.
1. Which one of the following items is not found on a Balance Sheet?
A. Cash B. Gross Profit
C. Assets D. Liabilities
2. Which accounting system most accurately reflects profitability?
A. Cash Accounting B. Flow of Funds Accounting
C. Accrual Accounting
3. An account receivable is:
A. an Asset B. Owner’s Equity
C. a Liability
4. Which of the following is most important to the daily operations of a business?
A. Assets B. Retained Earnings
C. Cash
5. When people speak about the bottom line, they are referring to:
A. Net Profit B. Gross Margin
C. Gross Profit
6. A prepaid expense is:
A. an Asset B. Owner’s Equity
C. a Liability
7. Is LIFO/FIFO a method of:
A. Inventory Evaluation B. Profit Ratio
C. Financing
8. Which would you find on an Income Statement?
A. Expense B. Fixed Asset
C. Liability
9. Which of the following expenses does not affect your cash position in running
a business:
A. Lease Expense B. Advertising Expense
C. Depreciation Expense
10. Which of the following is a basic accounting equation:
A. Net Worth = Assets + Profits
B. Gross Profit - Sales = Gross Profit Margin
C. Assets = Liabilities + Owner’s Equity
Mental Focus - Having a true understanding and constant reminder of why your following this path is important. There are days when your gonna make phone calls and no one wants to speak to you (happened to me just yesterday) and there are gonna be days when your going to want to stray off the path. Mental focus is an important thing to follow through on.
As I learn more, I'll post them here and add to this. I think a lot of people just beginning could really use this. Broaden what you know, study the fundamentals.
However, I think fundamentals are important and I know it's probably stressed enough but my recent experience really reinforced that for me. And with all the ghost reading I do here I feel I should share something! SO with that being said so far, I believe some key fundamentals to becoming successful, achieving the fastlane and growing and maintaining your wealth stems from these things: learning copywriting, learning accounting and mental focus. Now for sure there is a lot more than just these three, but I feel they are important for now.
Copywriting - I'm sure all of you by now who have read anything on here can understand the importance of writing copy and being a salesman...self explanatory.
Accounting - This is a very important skill, while many people would say hire someone smarter than you that doesn't mean you shouldn't have any idea of what is going on at all! If you read Rich Dad, Poor Dad you understand the mantra know a little bit of everything. If you can't answer these questions you should expand your knowledge of accounting a bit.
1. Which one of the following items is not found on a Balance Sheet?
A. Cash B. Gross Profit
C. Assets D. Liabilities
2. Which accounting system most accurately reflects profitability?
A. Cash Accounting B. Flow of Funds Accounting
C. Accrual Accounting
3. An account receivable is:
A. an Asset B. Owner’s Equity
C. a Liability
4. Which of the following is most important to the daily operations of a business?
A. Assets B. Retained Earnings
C. Cash
5. When people speak about the bottom line, they are referring to:
A. Net Profit B. Gross Margin
C. Gross Profit
6. A prepaid expense is:
A. an Asset B. Owner’s Equity
C. a Liability
7. Is LIFO/FIFO a method of:
A. Inventory Evaluation B. Profit Ratio
C. Financing
8. Which would you find on an Income Statement?
A. Expense B. Fixed Asset
C. Liability
9. Which of the following expenses does not affect your cash position in running
a business:
A. Lease Expense B. Advertising Expense
C. Depreciation Expense
10. Which of the following is a basic accounting equation:
A. Net Worth = Assets + Profits
B. Gross Profit - Sales = Gross Profit Margin
C. Assets = Liabilities + Owner’s Equity
Mental Focus - Having a true understanding and constant reminder of why your following this path is important. There are days when your gonna make phone calls and no one wants to speak to you (happened to me just yesterday) and there are gonna be days when your going to want to stray off the path. Mental focus is an important thing to follow through on.
As I learn more, I'll post them here and add to this. I think a lot of people just beginning could really use this. Broaden what you know, study the fundamentals.
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