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FINANCIAL CHRONICLE™ » FUN CHRONICLE™ » Top 10 Wealth Building Tips

Top 10 Wealth Building Tips

Go down  Message [Page 1 of 1]

sriranga

sriranga
Co-Admin
Make Money And Become Rich

All of us, at one point or another, have dreamt of becoming wealthy, rich and successful in life. Many of us are still struggling to reach this goal, knowing or unknowing that there is a special pattern the real successful and wealthy people use as a form of life. I'm talking about people whom have built their fortunes independently on their own; and went from zero to hero. Rather than calling it lucks, there is a specific mindset and a way of life and handling matters that needs to be adopted to achieve these goals.

Prepare yourself as I walk you through the 10 most important points to achieve wealth. These points can also be used for any other dream you have and not only money.

1- Believe In Yourself

Becoming rich and wealthy starts with a very basic thing you need to have. No matter what your goal is, you must ALWAYS believe in yourself and believe that you will achieve that goal. It all starts with imagination. If you can't set your imagination to soar picturing you achieving your goal and what you would be doing when you reach your dreams, you will always set yourself for failure. Good imagination and picturing only comes when you have BELIEF that you will achieve your goal. This is a fact most people underestimate.

2- Focus

Focus on one thing at a time. Never jump around from a task/method/strategy to another without fully closure of one. Only move to another when you have completely finished with the first or you are on profit. This is learning to concentrate which is a very required quality, especially in these days.

3- Ignore & Eliminate Clutter

Set up your priorities and concentrate on them. Ignore any other distractions that aren't that important, or that may just waste your time giving you only very little rewards.

4- Get A Quality Life

Do not try to squeeze success, fame, wealth or fortune into a small life-style. Create a quality life first. You won't believe it, but if you do that, then the life-style of your dreams will follow.

5- Pinpoint Your Goals & Results

It is very important to have a focused goal in mind before doing anything. If what you want is "big money", then getting rich is not an enough goal, but you have to specify an exact amount by which you'd assume you've reached your goal when achieving it. This is very important too. Don't just say I want to be rich! You want $50 million? $100 million?....etc. Then make the amount clear in your mind. If however you are just after fame don't go "I want to be famous!", but rather know how exactly you want ending up to be like, and the cause of your fame....etc.

6- Only Option Rule

Take it dead serious. The no.1 reason why many people fail is because they don't take it seriously, and they know them HAVE OTHER OPTIONS. This is wrong. I suggest you destroy and burn any other options or routes that support you currently. Make it a death or life situation and watch how that alone will boost you forward.

7- Treating Money

Rich people know that there is a basic principle behind dealing with money that needed to be adopted, in order for them to prosper. If you want to become wealthy, you HAVE to invest. You will never achieve the kind of wealth millionaires and rich people do, by only depending on your 9 to 5 day job. This might at most get you a house and a car, but you won't become rich that way. In order for you to start earning big, you have to invest regularly. Set aside a part of your monthly salary for investment, and choose the right market that suits you. This needs some research as there are some hidden investment gems that few people know, but the point is that you need to invest on a regular basis.

8- Benefits of Assets

The main key to achieving great wealth is by minimizing income, while maximizing assets. Income gets spent and is taxed. Why do rich people like to buy all those cars, boats, houses...etc.? They invest in assets that are hard to spend... e.g. Stocks and bonds, buildings, collectibles like art... etc). This creates wealth that isn't taxed and not easily spends casually as with income.

9- Residual and Leverage Income

Make good use of residual and leverage incomes. Rich people wouldn't have reached there without benefiting from both types of incomes. Residual income is the income that keeps coming to you month after month, year after year, for doing something only ONCE. Like for example recording a music single and getting paid for it throughout your life. Leverage income is the income that comes from work of other people. Try to always outsource this income to make your life easier. Residual income and leverage income can be found in different forms depending on the nature of your business or work. But they are the fundamentals of achieving wealth.

10- Don't Get In Dept

Pay taxes on time. Get rid of any depts. Rich people don't let these hangover with them and burden their lives. They invest for millions, and if there is a legal way to avoid taxes, they take it! Use the law to your advantage, but trying to manipulate your income to avoid paying taxes will only tire you and create fear of getting caught, in addition to wasting your time and energy, while making you looks cheap.

Source: Mystery Auto Income

http://sharemarket-srilanka.blogspot.co.uk/
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NimeshaJK

Post Sun Sep 18, 2011 9:14 pm by NimeshaJK

yes... very true..

thanks for sharing.. Smile

RichDad

Post Sun Sep 18, 2011 9:46 pm by RichDad

Brilliant!! Keep up the good work.. + rep

viper123

Post Sun Sep 18, 2011 10:00 pm by viper123

You will never achieve the kind of wealth millionaires and rich people do, by only depending on your 9 to 5 day job
(some times I work 8 - 8 Crying or Very sad Crying or Very sad Crying or Very sad Crying or Very sad but no wealth lol! )

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