Archive for the ‘Financial Fundamentals’ Category

Unlearn-Unlearn-Unlearn

Has your thinking been challenged?

Patrick Bet-David presents a short film about the American Dream. From a young age, all of us are taught a defining picture of what makes a successful life. We are told by our parents, our teachers and the media that if we follow the rules, excel in school and get a job, we will find happiness and success. But why is it that many hard working individuals never really find that success? Why do so many people get left behind despite following the rules and doing what they’re told?

Sometimes we must UNLEARN some of the “truths” we’ve been taught in life in order to alter the status quo of our lives. This powerful film presents a new way of thinking based on the experiences of revolutionary thinker Patrick Bet-David, whose family fled to the United States during the Iranian Revolution.

Dare to challenge what you think you know? We welcome you to UNLEARN.

Thanks for watching the official movie for UNLEARN 2014.

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For Value, Entertainment and being a part of a Movement, tune in every week for Valuetainment Weekly with Patrick Bet-David.

*Saving Private Ryan movie clip and music are not owned by Patrick Bet-David, to see music and movie rights click on the image for the full description on YouTube.

Life Insurance

7 Life Insurance Myths That Should Die

NEW YORK (TheStreet)

Consumers view life insurance as a necessary evil. The joke among life insurance marketers is that under the term “necessary evil” in the dictionary is a photo of your life insurance policy.

Americans know they need life insurance — 85% of consumers say so — but the buying process can be confusing, and that causes hesitation in the market, flattening out life insurance policy purchases over the past three years

“Life insurance has never been as inexpensive or easy to buy — especially with the anticipated growth of online and nontraditional purchasing channels — yet, millions of consumers continue to put off the decision,” says Marvin H. Feldman, chief executive of the Life Foundation, which conducts an annual survey on consumers and life insurance. “Insurance professionals and our industry play a critical role in helping to educate the public on the wide range of options available and should continue to work together to help people get the life insurance coverage they know they need.

Still, even industry professionals know life insurance remains one of the most misunderstood areas of insurance.

“Who needs insurance, how much does it cost, and when should you get it?” asks Patrick Bet-David, chief executive of People Helping People, a Woodlands Hills, Calif., financial services company. “If you ask 10 different people on the street you’re likely to get 10 different answers — from ‘I’m too young’ to ‘It’s too expensive’ to ‘I’d rather invest the money.'”

Bet-David offers these responses to common myths on life insurance:

It’s not possible for a company to pay $500,000 in death benefits when I’m only paying $50 a month. If all policy holders kept their policies, life insurance companies would be in trouble, Bet-David says. “But they make their money because people tend to cancel their policies every seven to 10 years or so,” he says. “If you’re smart, you’ll keep the policy. They can afford to give $500,000 for $50 a month when they know that 98% of policyholders won’t keep their policy for the life of the policy.”

I’m young and don’t have a need for it. Most people eventually get married, Bet-David says. If you’re smart enough to buy it when you’re young and single with a low monthly cost, you’ll benefit in the long run. Also, you still have a need for final expenses, unpaid debts and medical bills.

Life insurance is more expensive today because of inflation. Life insurance cost is based mainly on your life expectancy. “If you live longer, your policy will be cheaper,” he says. “And today’s life expectancy is longer than ever, which means insurance is cheaper.”

Only breadwinners need coverage. Imagine what it costs to hire a homemaker raising kids, Bet-David says. Now multiply that times the amount of years your kids will be under your support financially — that’s how much insurance the homemaker needs.

Better to invest that money than buy coverage. You really can’t have too much life insurance. “The complaint is always, I wish I had more,” Bet-David says. “If you can’t afford a permanent policy the least you should do is protect yourself with a 30-year term” if age allows.

I won’t be dying anytime soon. I’ll get it later. “A very extensive study of roughly 113 billion people shows that 100% of people die,” Bet-David quips. “The only problem with that study is we don’t know when.”

My policy at the company I work at is plenty. It usually isn’t, since your life insurance value is normally two to three times your income. But even with that amount it’s very annoying when you get laid off from the company you’ve been with for 17 years, landing in your early 40s with no coverage and three dependents who count on your income. “Having your own policy outside of work protects you regardless of what your company decides to do,” he says.

As originally seen on http://www.thestreet.com/story/12441908/1/7-life-insurance-myths-that-should-die.html on 2/24/2014 by Brian O’Connell

Follow Patrick Bet David’s Weekly show on YouTube: Valuetainment Weekly

Valuetainment Weekly – Episode 17. In a recent interview with 2K Sports, Michael Jordan discussed the four other players he would have included to build his dream team. In this episode, Patrick discusses the importance of finding your team to be successful in life.
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Valuetainment Weekly Episode #16:
One of the most popular movies around the holidays and christmas season is Home Alone. In this episode we take a more in depth look at the some of the best scenes and what they can teach us about family.

Home Alone is a 20th Century Fox Movie released in 1990.http://amzn.to/1fJXnJW
The scenes shown are used under the creative commons license on YouTube.

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Tweet https://www.twitter.com/patrickbetdavid

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Purchase Patrick Bet-David’s best selling book, “25 Laws for Doing the Impossible” on Amazon: http://amzn.to/SyDWq4

For Value, Entertainment and being a part of a Movement, tune in every week for Pats Five and Valuetainment Weekly with Patrick Bet-David.

Valuetainment Weekly Episode #15:
In 1903, 80 million pounds of dynamite were used on a project that would minimize a typical 45 day journey around South America into 8 hours. That project is now a worldwide landmark known as the Panama Canal.
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Tweet https://www.twitter.com/patrickbetdavid

Patrick’s blog: http://patrickbetdavidblog.com/

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Purchase Patrick Bet-David’s best selling book, “25 Laws for Doing the Impossible” on Amazon: http://amzn.to/SyDWq4

For Value, Entertainment and being a part of a Movement, tune in every week for Pats Five and Valuetainment Weekly with Patrick Bet-David.

Valuetainment Weekly Episode 13: Have you ever noticed how we react or perform when the savings we have in the bank are really low? Find out the different effects that savings can have on people in this episode of Valuetainment Weekly with Patrick Bet -David.

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Tweet https://www.twitter.com/patrickbetdavid

Patrick’s blog: http://patrickbetdavidblog.com/

Instagram: http://www.instagram.com/doingtheimpo…

Purchase Patrick Bet-David’s best selling book, “25 Laws for Doing the Impossible” on Amazon: http://amzn.to/SyDWq4

For Value, Entertainment and being a part of a Movement, tune in every week for Pats Five and Valuetainment Weekly with Patrick Bet-David.

 

Patrick Bet David (2)By Patrick Bet-David,  CEO of the PHP Agency, and author of “Doing The Impossible: The 25 Laws for Doing The Impossible

First it was The Great Recession that spiked the unemployment rate. Most recently, it was a government shutdown that furloughed 800,000 jobs. If there’s one thing that is certain, it’s that there’s no such thing as job security.

The new economy has brought with it new technologies that have made it one of the greatest times in modern history to consider entrepreneurship. Unfortunately, having the itch to become your own boss isn’t enough to guarantee success. Many will talk a big game with plenty of business ideas, but how many will actually follow through? The biggest obstacle is fear of the unknown; fear of doing what seems like the impossible.

But without the dreamers who attempted the impossible, there’d be no Apple, no Amazon, no Facebook, and no Tom’s Shoes. If the impossible throughout history has become the new economy of today, then why should we dismiss our own dreams? Why couldn’t our dreams be the Next Big Thing? Is it fear of failure?

I love the phrase “you miss 100% of the shots that you don’t take” because it reiterates that refusing to try is the only real guarantee of failure. The first step to achieving what seems like the impossible is having the courage to attempt it.

Perhaps you find yourself out of work and are looking at taking the leap of faith into running your own shop. Or perhaps you’re already there, and maybe things aren’t going as planned. Or maybe you have a good start-up, but you want to bust it wide open and can’t seem to figure out how to make it happen. Here are five considerations that will help get you to whatever is that next step.

Know Your Why.

If your ‘why’ is strong enough, the ‘how’ doesn’t matter. Your why is what will fuel your entrepreneurial spirit because it’s what keeps you going when you feel tired, overwhelmed or disappointed. The most common answer I get when I ask people why they work is to pay their bills. What an empty reason to work! The great ones do what they do for their whys. They won’t and can’t give up because their why is that strong.

Decide to be the chosen one.

Those who dare to do the impossible desire to be the solution to a problem. They thrive on people relying on them. They enjoy delivering on their promises. They seek out responsibility.  There are 12 guys on a basketball roster, but the chosen one is the player who wants the ball when the team is down two points with only four seconds left to play in the championship game.  If he makes the shot he gets the glory, but if he misses, he gets the crowd’s disappointment and the feeling of letting his team down. Being the chosen one in any arena comes with a price, but if you decide to be the chosen one, your career will be more exhilarating than you can imagine.

Go all in with one industry.

Everyone is looking for the latest and greatest thing, but the great ones devote their passion to the one thing they love and stick to it. It means putting all your chips in the pot and becoming the best. Good examples are Michael Jordan with basketball or Donald Trump with real estate. Being great at anything takes time, commitment and consistency. The great ones first choose an industry, and then they commit 100% to it. They want to develop something that is around long after they are gone.

Push the envelope.

This means go beyond the limits of what you know you can do and find out what you are capable of. Growth comes from resistance. If you’re not experiencing any resistance in your life, you’re probably not growing personally and professionally. If you find yourself at a point where everything is routine or you are just going through the motions, it’s time to set yourself up to be challenged. Wherever you are, you can always get better. Don’t be content with the status quo!

Silence your critics.

The journey into entrepreneurship is filled with naysayers, those who doubt you and say you’ll never succeed. It will come from family, friends and colleagues, but turning the criticism into motivation is the key. Take their “it can’t be done” and turn it into “I’ll prove you wrong.” There is no better way to silence your critics than to make them eat their words. Always be grateful for your critics and use their doubt as fuel in your tank for doing the impossible.

As originally published 11/14/2013 on http://www.youngupstarts.com/2013/11/14/no-job-security-then-do-it-yourself/