STEP 4 - TAKE ACTION
Originally posted: Tue Sep 16, 2003

[These entries were originally posted to my Yahoo Group - I'm transferring the original messages from my Yahoo Group to this BLOG.]


STEP 4 - TAKE ACTION

GET EDUCATED IN INVESTING:
Once again, I recommend you become proficient as a level 4 investor before trying to become a level 5 or 6 investor. Start small and continue your education.
Each week do at least two of the following:

1. Attend financial seminars and classes.

2. Look for real estate "for sale" signs in your area. Call on three or four per week and ask the sales person to tell you about the property. Ask questions like:
... is it an investment properly?
If it is:
... is it rented? What is the current rent? What is the vacancy rate? What are the average rents in that area? What are the maintenance costs? Is there deferred maintenance? Will the owner finance? What type of financing terms are available?

Practice calculating the monthly cash flow statement for each property and then go over it with the agent for the property to see what you forgot.
** Each property is a unique business system and should be viewed as an individual business system. **

3. Meet with several stockbrokers and listen to the companies they recommend for stock buys. Then research these companies at the library or over the internet. Call the companies and ask for their annual reports.

4. Subscribe to investment newsletters and study them.

5. Continue to read, listen to tapes and videos, watch financial TV programs, and play CASHFLOW.


GET EDUCATED IN BUSINESS:

1. Meet with several business brokers to see what existing businesses are for sale in your area. It is amazing the terminology you can learn by justing asking questions and listening.

2. Attend a newtork marketing seminar to learn about its business system. (I recommend researching at least three different network marketing companies)

3. Attend business opportunity convention or trade expos in your area to see what franchises or business systems are available.

4. Subscribe to business newspapers and magazines.


Eeek! That's alot to do with the limited amount of time that I have available to me.. I'm still on the actions I'm doing in regards to Step 3! The only action I was about to do (this month or next month) out of Step 4 is the "Get Educated In Business" option 4: Subscribe to business newspapers and magazines.

I am definately going to subscribe to BRW for 2 years along with Women's Money (when the next issue is released). At the moment, I'm also purchasing the back issues of 2 and 3 of Women's Money as they looked like they would have something interesting in them as well. BRW is definately on the top of my "to subscribe" list. I'm also going to invest in purchasing some of the books by Lance Spicer I mentioned in my extra diary entry.
First things first... I'm going to get a new accountant. I'm definately dissatisfied with PKF because I do not feel I'm getting my money's worth with them especially since I'm not a top money earner at Players. I can't guarantee myself $400 or even $300 or more shifts at the moment... it is very up and down. The only shift that I can guarantee myself $300 or more is Saturday. Regardless, I want a new accountant and will arrange an appointment with the PKF recommended guy. Once I'm happy with my new accountant (who won't charge such high rates)... I will go ahead and approach my new accountant about how I should go about changing my ABN description.
What I mean is.. I want to change "the purpose of my ABN". This is only because I want to be able to start claiming subscriptions to BRW (and the like) plus buying "wealth creation" type of books as tax deductions because they are self-education expenses related to my business. At the moment, due to my ABN's current description.. I can't.
Step 4 is going to have to wait a little while... I'm quite happy to be on Step 3 for now.