30 April 2011
Part of my journey to yell0brickrd involves my desire to improve my credit rating so I can negotiate better terms on money I will be borrowing for property and business deals in the future.
We are all familiar with the idea that a bad credit rating affects your ability to secure credit for large purchases. Even if you are able to find your way around that, there is little room for negotiation on the massive interest rates that they will charge as a result of the risk level that they deem you carry.
24 April 2011
|Learn To Work Harder On Yourself Than You Do On Your Job|
One trick for success is learning how to work for free. In fact in most cases I ended up spending money for no immediate reward. Working for free requires a mental change and a conscious sacrifice, and most of the people I had associated myself with couldn’t get why I would spend so much time after the 9-5 working on things which wouldn’t immediately provide an income.
Recently I reviewed ‘Unfair advantage’. The chapter on the law of compensation provided a lot of motivation for me to keep making an effort every day. Every small effort acts like a crucial deposit, which always eventually pays off.
22 April 2011
WOW, what a book! ‘Losing My Virginity’ by Richard Branson is brilliant and takes you through all the emotions that make a good book good. Far from a boring collection of stories about his wealth and his business profits etc, this book is written in true story form and is just such a page-turner in the way that it keeps you hooked. He starts from his childhood, detailing some of the things his parents made him do as well as the lessons they taught him about how to approach life.
18 April 2011
Ok guys, so I haven’t posted any videos on yell0brickrd for a while because I couldn’t really find anything that moved me enough to be able to share with you. Then I remembered something I first saw on TED about 8 months ago and felt compelled to post it.
It’s a long watch, but it is an extremely inspirational talk from founder of Pixar and Apple, Steve Jobs. Seriously, just watch it. You’ll be glad you did! Enjoy
16 April 2011
Who else LOVES Pixar?! Both from a film-making and business point of view, they are amazing. They have become hugely successful by capturing the minds of children and adults all over the globe. I think it’s fair to say they are more than a little creative. Who else would love a track record that reads like this:-
Posted by Alex Young at 17:32
12 April 2011
Silver has been all the rage for many years now. Gold is great as a hedge, but silver has been a shining beacon because it’s still undervalued. In his post ‘Why Should I Buy Silver Now', Hameed highlights these points in depth and encourages us to get involved to benefit from the bull run that is likely to last for a while yet, and I agree. If that isn't enough to convince you, you could even seek out an experts opinion
So obviously nothing can really go wrong and we should all dive in right?
Gold and Silver are fantastic, but not understanding some of the reasons why its doing well will quickly turn your profits into losses!
So, when should you NOT buy silver?
9 April 2011
The other day I got thinking about my current financial station. It’s not where I need to be but its certainly better than where I was. I began to wonder to myself, what are the 6 KEY skills for success that I need to give me wings. Here is what I came up with.
Used in the right way, I find this idea incredibly powerful. They say never give up, some say be persistent or remain optimistic. I love those, but I love the idea of being stubborn in the face of adversity much better. It’s a strong mental choice in the mind that says it doesn’t matter what challenges come up on the journey to wealth, I’m standing right here because my beliefs are deeply entrenched like an old fashioned parent!
7 April 2011
This is a post about John Warrillow’s book ‘Built To Sell’. As part of my journey to build my business in order to provide a service, whilst getting closer to yell0brickrd [30k a month], I realised that I need to make sure that I create something that I can put on auto-pilot and that can thrive without me being there after the hard work is put in.
Many people aspire to do this but never quite get there. Even I thought it may be premature, I realised that I have been working on an exit strategy before I’ve begun. This is something that investors are very interested in when considering lending money to your business.
With that being said, in addition to networking with like minded people, I decided to find out an experts opinion on the subject. John Warrillow is a successful entrepreneur who has built and sold companies.
Posted by Alex Young at 21:50
6 April 2011
This is part 4 of the financial statement series. The full series is Part 1, Part 2, Part 3, Part 4, Part 5
Now we’ve reached the Retained Earnings Statement. In Part 3 of this series, I spoke about the balance sheet and the formula which was ‘assets = liabilities + shareholders equity’. Let’s take a look at how the retained earnings statement works and break it down in greater detail.
The statement of retained earnings can also be referred to as ‘statement of shareholders equity’ or ‘equity statement’. It records the amount of money [equity] that the owners have in the business at the beginning and end of the period being looked at. It also includes the earning or losses during that period.
A very simple example would look this way:-
2 April 2011
This is the full review of Unfair advantage. When I began reading this book I felt that is was slightly slow on the jump off, with many ideas repeated from his previous works and so I didn’t believe that I was going to get much out of it as a result. Ideas such as your home [residence] not being an asset are ideals that Kiyosaki fans are all familiar with as
well as the idea of saving money in a traditional bank being old and obsolete etc. As the book continues however, it becomes a lot more meaty in terms of giving information about various types of investments and how they work e.g. [stocks and how to reduce risk by increasing control]
What is new about the style of the book is the fact that Robert calls upon the experience of his advisors and uses their expertise and own words to answer certain questions which involve various areas of finance such as taxes and stocks, for example. These questions appear to be the answers to those that he has been asked most frequently. After he has provided a short answer, he provides greater detail to elaborate.