| Get our FREE Taylored Wealth Tips Newsletter |
|
|
Taylored Wealth Tips ~ February
What has the best payback in remodeling...kitchen, bath or mastersuite?
What 3 character traits must you have to inspire your team to
help create your million(s)?
What is the best kind of networking?
Find the answers in this issue.
| Personal Finance – Inspiring your team - listening the right way |
Last month we described the need for a team and a mentor. This month we continue with what it takes to move to the Millionaire Mindset. As a leader of your newly crafted and hand picked team, there are 3 primary characteristics you will want to embrace. Discernment, Discipline & Desire.
Discernment - There are three levels of listening and discerning what is meant by what is said.
- Level one is reactive listening. You are reactive when you listen to the voices in your head and all the stimuli and impressions blasting you daily.
- Level two is active listening. This occurs when you are involved in conversation with others, engaged completely in the moment, and connected.
- Level three is intuitive listening. It’s a calm listening that allows you to go beyond words to hear the message of what is really happening underneath the surface.
Leaders should be good at engaging in level three listening and discerning what is really meant.
They look at the numbers and use logic, but their final decisions will always be based on a wise combination of the three levels of information, not to exclude “gut feelings".
Discipline – As a leader you will want to move toward these activities each day to be more effectively focused and energized
- Planning - the ability to know which are the best steps to take at a particular time
- Timelines- set non-negotiable timelines to reach your goals. These are essential for staying on track.
- Analysis - the ability to determine whether an idea or an action will lead to profit potential.
- Motivation- a good leader will insert suggestions and do tasks that encourage others to get things done.
- Compartmentalization- good leaders are able to separate the consequences of one situation from another.
For instance, if you just had a frustrating meeting, those feelings should not follow you into a conference call 10 minutes later.
Mastering these elements requires the ability to see the big picture and keep your focus on the desired outcome.
Good leaders don’t ignore details, but they don’t get bogged down in them (that’s the job of their team members and staff!)
Desire - Success comes from the ability to focus on future desired results and design an approach that will ensure that future. This means you must stop just dealing with whatever comes your way at the moment and start using proactive guidance and taking action to put your planning into motion. You set the pace and the direction. Don’t wait for your environment to set it for you. A leader is always anticipating and at the front of a situation - not catching up to it - no surprises , just results!
| Homeowners & Real Estate Investors - What is the best payback in a remodel? |
As spring comes upon us, many of us are anxious to put new life in our “tired” home. But what will give the best payback? Will it improve the resale value? In reviewing an article from Janice Rosenberg of USAA, I was reminded of some inportant tips and statistics she brought out as well as some of my own to share with you.
First determine how long you will be in the house. If it’s more than 5 years, focus on projects that will make you happy. Less than five years, consider your budget and the payback more strongly.
The top 3 areas that we make improvements in include the kitchen, bathrooms and master suites.
Additional areas that are good choices include the decks & basements. If you have maintenance to perform like replacing the roof, these of course should be considered before the aesthetically pleasing but not so necessary new kitchen.
Typically kitchens cost the most but you enjoy as much as 80-85% of the cost as a gain in your sales price. If you are planning to sell your home, plan your remodel to appeal to the masses. Use light woods for the cabinets and not too contemporary (unless your neighborhood is a loft downtown).
The national average for a minor to midrange remodel is $17,928 and you can expect to add about 85.2% of that cost in sales price. The average remodel of a kitchen includes replacing cabinets, countertops, flooring and some appliances.
Bathroom remodels have a national average of about $12,918 and one can expect to add about 84.9% of that cost to the sales price. A major redo includes new flooring, pedestal sinks and a designer tub along with a shower with multiple shower heads. This can cost as much as $40,000. A simpler approach might include adding stylish new faucets, reglazing the tub & tiles and changing out the light fixtures for non fluorescent.
Be aware that just because you put in $40,000 does not mean you will recoup $34,000. If the area you live in does not have other homes with fancy tubs & showers, the buyers looking in that area may not appreciate the extra cost or value. Be sure to consider the age old adage location, location, location,…. If you have only 1 bath but live close to a school or have families living all around you that will attract other families, adding another bath makes great sense.
| Entrepreneurs – Get out and get involved (casual networking) |
Networking can come in many forms. Any time you are talking with others, you have a chance to network. Your job is to make sure those around you know what you do and that you are excellent at it. Never forget the value of networking with your barber, plumber and cousin. They may need your services or know someone who does. They need to know you are available to them. When networking, it helps to share your stories (without the clients name) that helps illustrate what you do and how you have helped others.
Casual networking I found is one of the more successful methods of getting to know others. There are the Women who wine, Men who Dine, the Third Thursday crew, and community efforts that can be very fun to support. Look for every opportunity to place yourself in front of potential referral partners and clients. If you sit behind your desk each day, hoping for the phone to ring with new clients, you will be disappointed. If you haven’t made out your calendar of networking plans … you should. Plan to be successful and you are well on the road.
Seek out those groups that would be likely to refer to you and find their professional organizations. Become involved as an affiliate in one or two of these groups. Also look for community organizations. This involvement gives you the opportunity to meet new people, participate in a good cause and enjoy yourself. The professional benefits will naturally follow. The more your sphere of influence grows (people that know you and what you do) the greater opportunity you have to do business with friends (referral-based business). Be committed to the slow process of getting to know others and each year re- evaluate the groups you attend to see if they really are getting the results you need or want. Move on to others when it isn’t working.
Most importantly be genuine about the passion you have for your business. What…You aren’t feeling passionate?? To change that state of mind just get on out there and you will find that meeting with others often helps lift your own spirit and remind you of what it is, about what you do, that you really do love.
| |
If you or
someone you know has an investment opportunity to present, contact
us at info@tmwealthcoach.com to
get your presentation scheduled. Be prepared with fliers and
financial information regarding return on investment and timing
of that return. Your information will also be posted on our
website for those that may not have been able to attend. For
those doing research on stock investments, feel free to contact
us to post your findings and relevant financial information.
|
|
