As an entrepreneur and real estate investor for 25 years, Jim Toner has been from the lowest of lows to the highest of highs. “I have had more than my fair share of both good and bad experiences,” Toner recalls in a recent Ideamensch interview.
Eventually, by taking control of his life Toner was able to, “go from broke to a successful real estate investor, mentor, and success coach in only a few short years.” Now that Jim Toner is back on his feet and building his own wealth empire, he has decided to share his secrets with others hoping to take control of their financial life and build their own wealth.
The past several years were difficult for the average American because of the recession and housing market crash. This brought out a log of get-rich-quick scam artists taking advantage of others. “Hundreds of thousands, perhaps millions of people lost everything they had in their retirement accounts, real estate, or in other accrued assets.” It’s not that real estate itself is bad, it is the decisions people were making around real estate were poor and misguided. This is why Toner believes, “We are entering a time of potentially staggering wealth accumulation. In the next five years, opportunities will abound and you will have the opportunity to capitalize—IF you are prepared!”
Your Most Important Weapon…
ATTITUDE! While this may not seem like a secret, attitude is often thrown by the wayside when it comes to making business and life decisions. As Toner sees it, “Whatever side of the coin you were on was dependant upon how you SAW the economy. Did you see opportunity, or did you see obstacle? Did you see potential reward, or did you see potential risk?”
This is the reason attitude is so important: it doesn’t matter how much skill, connections, or knowledge you have if your attitude isn’t one of positivity and growth. For this reason, Toner recommends purchasing “The Art of Exceptional Living” by Jim Rohn.
Your attitude will be an important part of growing your wealth in real estate, where there are always opportunities for rapid wealth generation. Many people blame real estate for the financial crisis in 2008, but, Toner attempts to impart the knowledge that real estate itself did not cause the financial crash, it was people making bad decisions. According to Toner, “Greed and corruption took the greatest wealth builder in history and turned it into the poster child for all that is wrong with the world today.” And as it stands today, “There will never be a better time to buy investment real estate.” Investors are now capitalizing on a market where prices are low and there is tremendous value to be had.
It is no secret that surrounding yourself with talent and intelligence will help you grow. It is a concept that many great entrepreneurs such as Andrew Carnegie, Henry Ford, and Thomas Edison took to heart. Collectively they were able to build a team of talented individuals who did the work for them in order to, “utilize the full strength of the experience, training, and knowledge of others.” This idea is heavily examined in the book “Think and Grow Rich” by Napoleon Hill.
Work hard on Health in Body and Mind
As the son of a steel worker, Jim Toner was raised believing in order to be successful you must put significant effort in at work. It wasn’t until he read Jim Rohn that he realized he needed to make himself more valuable in the workplace, but in order to do so, he needed to work on himself physically, mentally, spiritually, and emotionally. “When you become more valuable, you will always see a dramatic increase in income”
Being in good physical condition is a prerequisite for making changes in your financial life. As Toner recalls, “I have seen many try to succeed amidst poor health throughout the years, myself included, and all have failed.” In this way, Jim Toner sees physical health as part of a good business plan, a necessary part to any successful financial life. Proper diet and exercise will lead to clear thinking, better decision making, and an overall better attitude in life.
Another piece of well-being is laughter. “Physiologically speaking, laughter activates beneficial chemicals in the body that place you in a happy state and returns your body to a state of balance.” Dr Norman Cousins describes how he used laughter to aid in his sleep as he was dealing with a life-threatening illness. Laughter has so many positive effects that it cannot be overlooked, including: lower blood pressure, stimulation of the digestive system, promotes good sleep, increases stamina, and much more.
In terms of mental health, Toner has found reading to be a primary ingredient of building wealth. On top of that, it can be fruitful to read about successful and wealthy people. “With books, your teachers are unlimited. The ability to learn from legendary figures is invaluable. “ By following the advice and guidance of teachers who have been there before, everyone can be a student and follow the blueprint outlined by the best.
Quit Your Job
This may not be something you can do right away, but Toner knows that as long as you work for someone else, “you will never have security.” Working for anyone but yourself means you give up control over your financial life, especially since the stable employment life of generations past is all but gone. It is easy to be delusional to the fact your job could be outsourced or automated, but Toner believes, “ This is a NEW economy and the rules have changed. Becoming an entrepreneur will be one of the most rewarding paths you will ever take.” One that will lead to freedom and financial upside you have never experienced before.
Even though quitting your job may seem like a risk, it is actually more risky to stay in a job in which you have no control. Quitting your job is an example of taking a risk, a skill set Toner sees as important for success. Toner claims your risk propensity is similar to a muscle, one you must exercise in order to be comfortable taking chances where you normally wouldn’t. In this way you can quickly build up your risk tolerance, because, “ in order to reach any real level of financial success, it needs to be fairly high.”
Brutal Honesty, but Never Quit
It is difficult for most people to be honest with themself. This is especially true when things aren’t going well financially. “If you are suffering financial troubles, admit it to yourself. Tell yourself ‘I’M BROKE!’ Don’t deceive yourself by thinking everything is okay when it is not.“ In this way, integrity is an important piece on the road to success. The truth has the ability to release you from your delusions and helps you to see clearly what steps you need to take to live the life you want.
However, no matter how tough it becomes, there is no reason why you should ever quit. None. Even when times are tough and it seems like there is no way forward, you must fight for the financial freedom you are looking to obtain. There are so many stories of people who failed over and over again, only to persist and actualize their dreams because of the hard work they put in. Toner doesn’t try and downplay the hardships. “No, it’s not easy, but is anything of any value ever easy to attain? Find your path and run with it!”
“Life is sales,” is a mantra which Toner takes to heart. Whenever you are in communication with another person you are selling whether you know it or not. The great thing is selling is a developed skill, not one you are born with, and it only takes a few days to learn the basics of sales, after which time you can begin to refine those skills to improve your selling ability. Preacher Joel Osteen is an example of a great salesperson. “What he is selling is very powerful. He is selling HOPE.”
The tools you need to be successful at sales are as follows:
- People need to like you
- People need to respect you
- You need people to have a reason to buy
There are several books on sales that will help you hone your skills, such as Winning through Intimidation, by Robert Ringer.
Act with Your Full Self
There is no time like the present, which is why you need to begin taking action today. Jim Toner believes too many people are waiting for the perfect time, which will never come, and causes most people to never act on the things that could change their life for the better. “The hard part is the start, but if you can get past that, you’re well on your way.
The difference between successful people and unsuccessful people is successful people are willing to act, while unsuccessful people simply want to analyze instead of acting.
However, it is one thing to act, it is another to show up with your full heart, body and mind. Toner explains, “A physical presence is not enough, my friends. You must put your heart and soul into whatever it is that you are doing if you are looking for success in any area of life. This especially applies to your finances.”
Stop Doing What Poor People Do
From a mindset standpoint, it is important to do what rich people do, which includes many of the other items Toner believes are important to creating wealth: reading books, surrounding yourself with successful people, and continuing to pursue your goals even during tough times.
One of these factors is creating good habits of time management. Toner recognizes the value of time. “Time is your most valuable commodity. It is the one thing you can never get back, yet so many people just throw it away.”
By nature, being an entrepreneur can be a constant state of chaos, which means you must be able to manage your time effectively. As Jim Rohn says, “Most people are trying to get through the day. The trick is to get FROM the day.”
It can be extremely valuable to plan your day ahead of time. Toner gives an example morning in his life, which includes:
- 6:00 am – Wake Up
- 10-15 min – Reading positive material to plant positive seeds first thing in the morning
- 45 min – Gym while listening to personal development material
- Begin workday
This morning schedule keeps Jim Toner focused on his day and allows him to get a lot done and prepare for his workday before it even begins.
Giving and Integrity
It may sound counterintuitive, but giving money away will create a sense of wealth within yourself that will attract even more wealth. “When you begin to give, you plant the seed of abundance into your subconscious mind.” Take 10% of your income and move it to a separate account where you can begin to start giving.
Giving highlights an understanding Toner has about living with integrity. Unlike many people only care about making money and don’t care how they make it or where it comes from, Jim Toner takes integrity very seriously, understanding that being honest to yourself is important in any venture. “You can gain all the money and success in the world, but without self-respect you have nothing.”
It is easy to get caught in a small lie or small misdoing and convince yourself it will never happen again. But this is what leads many to a life filled with misdeeds, wondering how they ever got there.
When you wrong someone internally you know it, and it will always come back to haunt you. Whether you call it karma, the Universal Law, or, as the Aborigines in Australia call it, “the Boomerang”, you should, “always strive to make decisions that you are proud of regardless of what others say or do.”
A perfect example of this was the proliferation of illegal music downloading in the early 2000s. Toner remembers how everyone around him was illegally downloading music, effectively stealing from artists. However, he never budged on his integrity, no matter how many people he saw doing it, because he knew the right thing to do was not to steal in this way.
Have Goals and Believe in Yourself
There is no point in striving for greatness if you don’t have goals for where you want to be going. As Toner stresses to his audiences at seminars, “If you don’t know where you want to go, you will never get there.”
Do you have clearly defined goals? Are they written out? Goal setting in this way is something everyone should partake in, no matter what those goals might be. These goals can be everything from how much money you want to make, to how you want to look, to where you want to be in five or ten years.
Don’t settle when creating these goals, dream BIG! And remember, write down your goals, because, “magic happens when you put pen to paper.” If this is an intimidating thing to you, begin by writing down small goals as if they have already happened. This will prime you to create your own reality in a way you never have before.
However, creating and writing down your goals is of no use if you are not going to believe in yourself. “You can learn all the success techniques, go to all the seminars, take the coaching program, and participate in everything else that’s available, but if you do not BELIEVE success is possible you will fail.”
This is why Toner believes the old adage, “I’ll see it when I believe it,” should really read, “I’ll BELIEVE it when I SEE it.” Meaning, you will be able to manifest your dreams when you wholeheartedly believe in them. Taking the time to read any of Jim Toner’s work such as “Creating Wealth 101” or “Send in the Wolves” already means you believe in yourself enough to want to put in the work. This is a great start to creating the financial life you have always wanted.
At the End of the Day, There are No Secrets
Yes, Jim Toner uses the word “secret” to get you interested in these techniques to improve your financial life and create wealth, but in reality, there are no secrets. If someone is trying to sell you on secrets, they are just pushing the fundamental things everyone needs to do to become successful. “Fundamentals that are understood and followed are what is needed for success This has been, and always will be, the only track to success.”
Toner’s final piece of advice might be his most skeptical. “The next time you see some “guru” present the “next big thing”, or some “new” discovery….RUN! There is nothing new! It’s all about the basics, my friends. I know that may not sound sexy, but who cares if it puts money in your pocket!”
Jim Toner has helped thousands of people create the financial life they have always wanted, not by gimmicks or tricks, but by tried and true fundamentals and dedication. In this way, Jim Toner understands real estate investing and wealth creation better than anyone in the current market, and he is constantly looking to share his knowledge and wisdom with as many people as he can.
Read the full book on 20 Insider Secrest for Building Wealth by Jim Toner: https://www.thejimtoner.com/jim-toner-20-insider-secrets. Be sure to also connect with Jim Toner on Facebook and Pinterest (@thejimtoner) for more insider secrets on creating wealth!