[Will at Home]

Good Will Report

Will Chen's Monthly Newsletter
Issue 32 | May and June 2009
1.425.301.9652 | will@willchen.ca
Print Version | Archive | Bookclub

Extreme Wealth!

[Millionaire Panel at Extreme Wealth]It's been a busy couple of months, and what I have been busy doing is organizing a vacation to Los Angeles! It was the first vacation that I have planned and paid for out of my PLAY account, so it was all that much more exciting.

Now, before the vacation took place, I also had to be in LA for another reason, which was to attend Peak Potential's Extreme Wealth seminar.

You may have heard of Peak Potential's Millionaire Mind Intensive (MMI) seminar, perhaps recently have seen someone who has attended, or even have attended yourself and noticed the difference that the course has made in your life. I believe a lot of my success originated from what I learned at the MMI. If you wish to learn more about the MMI or are looking for a refresher, take a look at the FREE tele-class and find out more!

Extreme Wealth is a continuation of the MMI, focusing primarily on the investing aspect of making money. The line up of speakers at the seminar was certainly impressive, including Keith Cunningham, who is well-known in the Rich Dad, Poor Dad community as the specialist in raising funds and an internationally renowned business coach; as well as Mike Lathigee, who is well known in the Greater Vancouver area for his company, Freedom Investment Club, which is based in Vancouver. Others also include stock traders such as Phil Town and Mirriam MacWilliam, who have appeared on various financial television programmes to share their experience and expertise.

Because there was a lot of information at the seminar, I will be sharing what I can over the next few months in Good Will Report, so please stay tuned!

Theme Park Hopping in Los Angeles!

[Peter Pan, Winnie the Pooh and Minnie Mouse, at Disneyland]So onwards to the vacation -- most of you Peak Potential graduates know what happens at the seminar: while the long hours of excitement, high energy is great fun, a nice, relaxing vacation is a great transition back into the real world again.

I was very fortunate to have found great air ticket prices to go from Seattle to Los Angeles, so Julie and I took some time out to go theme park hopping!

You have heard of bar hopping; theme park hopping is the equivalent -- we hit up a theme park every day for almost every day we were there! It was really great fun to visit the places including Universal Studios, Six Flags Magic Mountain, Disneyland, then onto San Diego to Seaworld and San Diego Zoo.

The highlight was definitely visiting Disneyland. The magic is still alive after all these years, and we noticed the great care they have put into keeping the park -- there was music everywhere, the park employees kept us in the magic, every building, every ride, even the people just fit perfectly in the bigger picture and every photo we took turned out just perfectly. I believe it is the attention to detail that really brings the magic to life. That made me think about my life -- in what areas can I pay more atention to details? How can I be impeccable with what I create? Do you see areas in your life where you can pay more attention to details?

Lease-to-Own Seminar

Would you like to invest in properties with lots of cash flow? Would you like to increase cash flow on your existing properties? On May 24, I attended a workshop on Lease-to-own real estate properties in White Rock, BC. You may have seen the term "lease-to-own" in the newspaper when browsing through the classifieds as I have. What it is, is exactly what it says -- the tenant leases the property, and after a period of time they have the option to purchase it; it is very similar to how people purchase lease-to-own cars, where they make monthly payments, and, at the end of 3 years, they have an option to buy the car at a lower price than the full retail price.

For the tenants, this can potentially be a great choice because they may be generating future equity in a house they do not yet own. They may also be able to obtain better financing terms because of the extra equity when they buy. For the investors, they can ask for a higher monthly lease payment amount than the usual rent, a portion of which goes towards the down payment if the tenants choose to purchase the property. The investors also get a sum of money as the option fee at the beginning of the lease term, usually a percentage of the total property value; this fee is not refundable and would also be applied to the down payment if the tenants choose to purchse.

I consider lease-to-own a great problem solver for both the investor and tenant; it helps the tenants build up the down payment as they are renting an living in the property, and it helps the investor generate more cash flow in the meantime. It is a great technique if the plan is to hold the property for a short period of time, between 1 and 3 years. It's also an extra tool for us as investors, isn't it?

Learning Doesn't Happen until...

[Keith Cunningham sharing his wisdoms]I'd like to end this issue of Good Will Report with a great quote I heard at the Extreme Wealth Seminar. Keith Cunningham was one of the speakers at the seminar; he is someone I admire and respect very much in the business world ever since I learned about him through Rich Dad, Poor Dad, and his experience really brings great wisdom into the money game.

He talks a lot about learning, because it is the learning that makes us who we are, and it allows us to reinvent ourselves over and over again no matter what happens. He speaks about the deal in which he lost everything, and it is what he had learned that allowed him to get back to where he was.

The key to learning is being willing to make mistakes. Yet Keith said something very profound after that statement. Learning doesn't happen until something changes. Einstein was famous for defining insanity as doing the same thing over and over again and expect different results. Until learning really happens, we just keep on doing the same thing and get the same results. So, as Keith would say, unless something changes, learning ain't happened. And for some of us, learning can take a loooong time.

July is fast approaching! Enjoy the summer, won't you? We shall met again next month in Good Will Report!

"Learning doesn't happen until something changes."


1055 readers since 2 April 2007.