Category Archives: Wealth Foundations

How I Plan to Give My Son, Eli, a Million Dollars

“If only … ”

If only. As far as I’m concerned, those two words represent the single most painful realization in all of personal finance and business.

It’s something that came to me when I first started to assemble this Wealth Foundations Series, and it’s something I wanted to touch on in great detail before we really got too far along.

At first, it will seem like a slight detour from the strictly entrepreneurial-sword-sharpening topics we’ve covered so far in the series, but I think succession planning, and instilling the right wealth foundations in our children is just as important, as fixing our own finances.

It starts with learning the value of deferred gratification, of making time work for you, not against you, and not being the guy stuck saying “If only.”

Because the worst thing about this lesson is that it’s so often only learned in hindsight, meaning that your single most valuable asset—time—has already been mostly depleted.

That’s the real cost of “If only,” the price in wasted years.

Well, today’s article is about how I’m attempting to prevent “if only”.

It’s about how you can start your own succession planning by following along, and how doing so can prevent key members in your business and family from having to endure some of life’s most painful lessons.

Basically, we’re talking about imparting the perfect amount of financial wisdom at the perfect time.

How you can start your succession planning by playing along, and prevent loved ones from having to endure those same painful lessons by imparting the right amount of financial wisdom at the right time …

In my case, I’ve chosen to start building my “Family Succession Plan” with our part time Blog Editor, my son Elijah—or Eli for short—and I’ve decided to do it by setting him on course to become a millionaire …

From Cluttered Chaos to Smooth Cash Flow in Just 7 Days

While Honing one of the most important Creative Marketing and Business skills You’ll ever Develop …

Today we’re going to be talking about how you can quickly and easily tap into the world’s biggest “Open-Air Bazaar” …

I’m talking about a marketplace that’s visited by over 81 million people each and every month.

A place where people come to buy cars from Arizona, trading cards from Finland, used records from Africa, sports memorabilia from the MCG, and literally everything else under the sun, at prices ranging up to hundreds of thousands of dollars.

Virtually anyone in the world can “rent” one of the bazaar’s stalls and sell whatever they like to whoever happens to stop by that day …

And every one of these sellers benefits from the massive aggregate foot traffic that the giant “bazaar” offers. They don’t need to brand themselves or attract customers; they just have to sport a fair price and a sharp pitch to close a deal and leave with cash in hand for the day.

Best of all, this simple and approachable format still satisfies three out of four key criteria for making a fortune in sales:

  • It’s got a pool of potential customers, the more the better …
  • It supplies products their customers want, the more the better …
  • It provides sellers with the ability to sell their product openly and freely, even building positive reputation as they go along …

The fourth and final criteria (finding an easy way to take their money) is—as always—still up to you.

But even still, this bazaar can be nearly all kinds of things to nearly all kinds of people. As long as a seller is motivated, it can provide a detailed and product-specific offer to a self-selecting audience of eager buyers.

Wealth Foundations Essay Series

The vast majority of readers and members of our little Preneur Community come here for the marketing podcast + business advice – which I love … but more and more, we have a growing group of readers who are just starting out with their businesses, online and offline, primarily because they need a little bit of extra cashflow. However, starting a business is not always the smartest or quickest way to get there, no matter what those sales letter are telling you! I believe for a lot of people, the goal of less debt, more cashflow, and little bit of

about-pete
Pete Williams is an entrepreneur, author, and marketer from Melbourne, Australia.

Before being honored “Australia’s Richard Branson” in media publications all over the continent, Pete was just 21 years old when he sold Australia’s version of Yankee Stadium, The Melbourne Cricket Ground For Under $500! Don’t believe it? You will! Check out the story in the FAQ section (it really is our most asked question).

Since then, he’s done some cool stuff like write the international smash hit ‘How to Turn Your Million-Dollar Idea Into a Reality’ (+ the upcoming ‘It’s Not About the Product‘) and he’s created a bunch of companies including Infiniti Telecommunications, On Hold Advertising, Simply Headsets and Preneur Group.

Lots of other people think he’s pretty good too! He’s been announced as the Global Runner-Up in the JCI Creative Young Entrepreneur Awards for 2009, the Southern Region Finalist in the Ernst & Young 2010 Entrepreneur of the Year, and a member of SmartCompany’s Top 30 Under 30.

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“Now that I've got the rights back from the publishers, if you enter your email address below, you can instantly download a free audiobook version of my first book, How to Turn Your Million-Dollar Idea Into a Reality.” - Pete
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