Wisdom of Rich Dad

How much money did you receive as a parting gift when you were fired from your last job? Once you’ve stopped laughing, take a moment to check out the top golden parachutes awarded to top executives who failed, but failed big. This graphic by our friends at Mint.com might just turn your laughter to tears.

From tweens to grandparents, using Facebook, Twitter and YouTube has become as common as picking up the telephone. But for small businesses, navigating the Web of social networks can be downright scary and frustrating. One slip up and your reputation can be ruined.

Follow these three tips from the experts, and make your social networking experience all the more successful.

Tip No. 1: Observe

Before jumping head first and creating a page on Facebook, or Tweeting about your business on Twitter, it pays to take some time to familiarize yourself with the different social networks out there. 

“If you step out in the wrong way you’ll get called out and it’s a lot harder to change tract,” said Justin Levy, general manager of New Marketing Labs, a Boston digital marketing company. First, you should “hover” in the social networks and take note of what everyone else is doing, he said.   

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Google is a great place for small businesses to reach both local and national customers, which is why many companies won’t think twice about paying a consulting firm to aid in their Google strategy.

But small businesses need not look any further than Google’s blog to find valuable tips geared toward small and medium size businesses. Here’s a look at what Google has been saying in recent blog posts.

Tools for Online Success

Google, along with the US Small Business Administration, recently announced a new Web site dubbed “Tools for Online Success” to teach small businesses how to grow their business online.

The Web site features videos and tutorials on topics like how to establish an online presence, how to use free marketing tools, how to analyze customers and how to keep up on the latest trends.

“Google Places” lets a small business claim its listing and provide specific information to draw in potential Web customers. 

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The founder of the Virgin Group shares his views on finding time as an entrepreneur for a full family life.

Aspiring entrepreneurs and business people who are struggling with the responsibilities of a demanding career and family often ask how to juggle both, or if I think you can.

Here are just three of the questions that have come up repeatedly over the years.

Can you be a successful entrepreneur and still devote time to your family?
You can and must make time for both family and business. It is important to build a strong family life: It helps to give you a better perspective and balance in business. Moreover, a key responsibility for each generation is to bring up the next generation — and you need to be present to do this.

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It’s painfully clear Americans are still hurting financially. Jobless claims are far too high if we’re actually in any kind of meaningful recovery. Penalty withdrawals from 401(k) plans have been increasing, not shrinking. Mortgage rates are hitting 40-year lows with regularity and we still can’t find a pulse in the housing industry.

If there was a magic wand that would sharply raise incomes or reduce expenses, we’d be out there waving like mad. But that doesn’t mean there aren’t ways to cut and stretch. If you can afford it, give yourself some transition time to get used to spending cuts. Some will come at too steep a price in terms of your quality of life. But others may be painless, and you’ll never look back.

1. Know where your money goes. This is my Number One Obvious Idea that many people don’t follow. How can you possibly know how to save money if you don’t know what you spend it on? There are a growing number of online budgeting sites to help you. Use one, or do this yourself. Whatever you’ve been spending each month, try cutting it by 5 percent. Then cut it by another 5 percent the following month. Keep it up if you can, and put the savings in the bank or pay down debts.

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As someone who was an inexperienced real estate investor only two years ago, I can completely relate to the challenge of moving from an aspiring real estate investor to an actual real estate investor.  It’s a daunting process for many.

You may be feeling overwhelmed by any number of obstacles…

• No money and/or bad credit
• Information and sales pitch overload (typically leading to analysis paralysis)
• Fears of losing money, doing something wrong, ticking off a spouse, or accidentally doing something illegal

I’m currently reading a book by author and multi-millionaire entrepreneur Dan Kennedy, titled No B.S. Time Management for Entrepreneurs and there’s one specific thing he said that inspired this post:

“When you focus your self-discipline on a single purpose, like sunlight through a magnifying glass on a single object, look out! The whole world will scramble to get out of your way, hold the doors open for you, and salute as you walk by.”

A key to your success in moving from “aspiring to actual” real estate investor is within that quote – self-discipline on a single purpose. In other words, laser focus.

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