Getting rich isn't all about hard work. In fact hard work has got little to do with getting rich. It's not that I don't advocate hard work, I do. I love working hard but I especially like to see myself and others working smart. I know that getting rich and achieving success is not exclusively the domain of blood, sweat and tears. I've seen friends, work colleagues and family work themselves to the bone for little or no reward.
Most of the people I talked to have college degrees, but they didn't know the basics of wealth creation. Sure, you could fail and that's what stops most people succeeding, but if you have the right method and the right attitude, you can win in building wealth. Once you have set the goals for your wealth building, the next step of financial planning is to lay down a feasible and precise plan.
In general terms, getting access to Other People's Money (OPM) is a form of leverage that enables you to go beyond the limits of your own resources and instead apply resourcefulness to everything you do. In business terms, leverage is the key that differentiates self-employed person who owns a job from the business owner who own a business. In financial/investment terms it means getting access to cash that's not yours in order to buy assets that you control and that produce income.
The key ingredient that separates winners from losers is discipline and playing the odds at the right time, if you adopt the mindset to succeed, have confidence and are prepared to take calculated risks you can win in what is probably the most lucrative of all ways to build wealth fast. To build wealth you need to balance the risk reward and aim for the highest reward, with low downside risk.
Land in the right location tends to appreciate at a strong upward rate, with very low downside risk and tends to have far better risk reward for example than mutual funds. Its not just the upside potential it's the fact that it tends to lack downside risk. When you invest you want to compound your money and make your money do the work of making more money and this means not aiming for the biggest growth but the best growth you can with low downside risk.
Consider this, if you make 100% on 5,000 you have $10,000 but do the same again and you have $20,000 and this exponential growth can build huge money in time. Building wealth means finding out what you can do, and what you can do to make money with the skills that you have. Financial growth involves the ownership of multiple money producing assets that flow to you, not money draining assets that flow from you. One of the least utilized techniques for building wealth is to set aside money in separate accounts. Another important aspect of building wealth is to know what to do when the money does start to come in. If you are unsure of where to start and feel like you just aren't cut out for wealth building, there are programs that will instruct you further.
Most of the people I talked to have college degrees, but they didn't know the basics of wealth creation. Sure, you could fail and that's what stops most people succeeding, but if you have the right method and the right attitude, you can win in building wealth. Once you have set the goals for your wealth building, the next step of financial planning is to lay down a feasible and precise plan.
In general terms, getting access to Other People's Money (OPM) is a form of leverage that enables you to go beyond the limits of your own resources and instead apply resourcefulness to everything you do. In business terms, leverage is the key that differentiates self-employed person who owns a job from the business owner who own a business. In financial/investment terms it means getting access to cash that's not yours in order to buy assets that you control and that produce income.
The key ingredient that separates winners from losers is discipline and playing the odds at the right time, if you adopt the mindset to succeed, have confidence and are prepared to take calculated risks you can win in what is probably the most lucrative of all ways to build wealth fast. To build wealth you need to balance the risk reward and aim for the highest reward, with low downside risk.
Land in the right location tends to appreciate at a strong upward rate, with very low downside risk and tends to have far better risk reward for example than mutual funds. Its not just the upside potential it's the fact that it tends to lack downside risk. When you invest you want to compound your money and make your money do the work of making more money and this means not aiming for the biggest growth but the best growth you can with low downside risk.
Consider this, if you make 100% on 5,000 you have $10,000 but do the same again and you have $20,000 and this exponential growth can build huge money in time. Building wealth means finding out what you can do, and what you can do to make money with the skills that you have. Financial growth involves the ownership of multiple money producing assets that flow to you, not money draining assets that flow from you. One of the least utilized techniques for building wealth is to set aside money in separate accounts. Another important aspect of building wealth is to know what to do when the money does start to come in. If you are unsure of where to start and feel like you just aren't cut out for wealth building, there are programs that will instruct you further.
About the Author:
Frank Miller has a Debt Consolidation Blog & Finance, these are some of the articles: Understanding High Yield Mortgage Fund You have full permission to reprint this article provided this box is kept unchanged.
No comments:
Post a Comment