Mar
11
Think About Your Money In A New Way To Get Out of Debt!
You don’t have to wake up at night in a cold sweat, no matter what your financial situation currently is. Even in tough times real change is possible.
You have probably heard this before. Everyone has heard that to get out of debt they need to earn more and spend less, and keep earning more and spending less as a permanent life style.
The first step in really breaking the cycle is to stop blaming yourself and admit that earning more and spending less is much trickier than some experts like to make it sound. If you doubt that it is tricky, ask yourself why is it that millions of people who are making middle class incomes cannot seem to get and stay out of debt? Sure, the recent challenges in our economy are not helping, but we all know the truth that the problem started before the economy got bad. In fact our collective struggle with debt is part of why the economy has struggled so much in the last year.
The problem is that the idea “earn more and spend less” is just not good advice. It is not that it is wrong, it is indisputably true. The problem is that “just spend less and earn more” advice both blames the victim and does not give much useful information about how to start earning more and spending less on a consistent basis.
Get Rich Quick schemes may help us feel hopeful for a short time, but tend to fail over time. And the “diet” mentality of just spending less and cutting back tends to lead to frustration and feelings of being deprived that can trigger over-spending in the future.
So what is the key? Why is it that some people are able to do break free from debt while others struggle, vowing year after year that this year things will be different without ever actually managing to make a meaningful change in their financial situation?
They key to financial freedom lies as much in how we think and feel about money as in how we spend it or earn it.
Getting out of debt and generating wealth permanently requires completely changing our way of thinking about money. The first change we need to make is to think about money in terms of energy and value instead of in terms of hard work and effort.
Hard Work Won’t Get You Out Of Debt
Many people, especially creative people and social mavericks have a strong association between money and hard work. The sad fact however is that they are always working hard and rarely getting ahead. This feeling of working hard for little reward can also lead to overspending and an attitude of mindless consumerism that has us always reaching to buy the latest toy, but never feeling satisfied for long when we get it.
The combination of exhaustion from overwork and the vague dissatisfaction with our lives that comes from chasing a lifestyle that does not truly feed our souls results in diminished personal energy and creativity. Low energy keeps the cycle of debt going. We have less spark and value to offer the world, and we have less creative vision to see opportunities when they are presented to us. In addition we begin to spend more than we really can afford and drain our precious recourses into “little treats” to try to replenish ourselves.
Thinking About Money In Terms of Energyand Value Reduces Debt
To break the cycle we need to understand and act on the fact that money truly follows energy not effort. Or, put another way it is the value we share or receive that sets the monetary price of our earning and spending. For example, one painting may be considered a masterpiece and could easily sell for millions while another painting can hardly sell for $10.00. This is not necessarily because one artist worked harder to paint the painting than the other, but because the people purchasing the paintings get more enjoyment, value and energy out of one than the other. Simply put one is more exciting to look at in the opinion of the people doing the purchasing.
In terms of spending, this principle is even more helpful when trying to get out of debt. When we need to cut back expenses, most people start with internal judgments about what they “should” be spending or not spending. This is a process that in and of itself tends to drain personal energy and make following through on any debt reduction plan more difficult. A better way is to ask yourself if you are really getting the right amount of energy and value out of your purchases.
Get More Value
Perhaps you stopped for a $5.00 coffee this morning and it really picked you up and made your day. If so, telling yourself to cut back your spending by not getting coffee in the mornings may work for a few days but in a few weeks your subconscious will kick in with resistance and you will be buying as much, if not more expensive coffee. Denying yourself honest value is not a good way to cut back spending. However, a close examination of your spending will turn up things that you spend money on that don’t actually bring you that much personal value.
Start your spending reduction with the things you purchase out of habit, obligation, laziness, or avoidance, that do not in fact give you as much or more energy back as you put into them with your purchase. Maybe it is the morning coffee, maybe it is an expensive gift for your brother in law every year, and maybe it is your car payment. It is not important is not what it is. It is important to really look at what is giving you the most value and focus your spending based on that.
While it might not seem like it at first, if you think about the concept of value and energy, you will start to see places in your own budget where you can make significant spending changes without feeling too deprived. (For more ideas on how to do this check out the book Your Money or Your Life by Joe Dominquez or visit www.authenticprosperityclub.com.)
Preserve Your Energy
When we start thinking of money as energy we realize that it cannot be either created or destroyed, but it can be harnessed, directed, misused, misdirected, or drained. When we use our energy wisely we attract more energy to ourselves. It allows us to start asking ourselves how we can harness and direct our own personal energy and get rid of our own personal energy drains. This allows us to provide more value to your employers or customers with less effort. What this means is we start attracting more opportunities for easily and ethically earning more money. It will also allow you to more quickly see if you are getting the true value out of your spending. So in fact we do start earning more and spending less, but we do so naturally and without self discipline or self deprivation.
Experiment with a More Profitable Way of Thinking
Try these ideas out, even if they seem like wishful thinking or metaphysical mumbo jumbo to you right now. You will find yourself making changes in your spending and savings, as well as asking for raises and/or finding better work arrangements without extra stress or effort. It will naturally and easily flow out of the fact that you are now looking at the world of money with fresh eyes. You will find that it is fun and easy, and most importantly for staying out of debt: more profitable.
Please feel free to write us with any questions, and stay tuned for our upcoming articles on Getting Rid of Your Personal Debt Magnets and The Four Questions To Ask Whenever You Spend Money where we will take the ideas introduced in this article as step farther.
Mari Geasair helps entrepreneurs and creative visionaries create with more joy and less stress! She has owned five successful businesses of her own and worked as a hands-on partner with hundreds of self-employed individuals. She specializes in helping people radically change their relationship to money. Visit her site at www.authenticprosperityclub.com/articles for a FREE audio and written Prosperity lesson.
Article Source: An Overlooked Secret to Getting Permanently Out Of Middle Class Debt
Mar
10
A limiting thought is a judgment that has outlived its worth - Tackling limiting beliefs in Islam
Posted In: Wealth Building
A limiting thought is a judgment that has outlived its worth
GROWING UP AS MUSLIMS WE are often educated to some level to turn away from desiring prosperity, or riches and to support destitution. Our mentors, siblings and relatives around us, the moulvi in the mosque, the road side vendor, the seller we come across, just about each person we come across will come to us with a belief of praying to be poverty-stricken, publicizing deprivation, or teaching that the Companions of the Prophet SAW were poor.
Nevertheless there is an immense dissimilarity in deprivation and being broke. The Companions of the Prophet SAW were often broke, but never poor. The Prophet SAW himself was extremely affluent to the level that he gave a valley full of sheep to a man, who later became Muslim and urged his tribe to do the same. Every one of the Caliphs was well-to-do to the scale that they would spend in the way of Allah out of that which they had, and compete with each other in it.
The Prophet (s) said in a sound hadith to Hakeem ibn Hizaam ibn Khuwaylid, “Hakeem, the upper hand is better than the lower hand.” We look at the Companions of the Prophet (s). What made them unique is that they were doing well. Many of them were triumphant in this life and thriving with Allah.
Maybe we think that the Prophet (s) expected distress when he said “Allahuma ahyini miskeenan, “O Allah resurrect me poor.” .” This du`a’ (supplication) is every so often used by people to say that the Prophet (s) discouraged his the Muslims from looking for an occupation. On the other hand as the Sh. Tahar Rayan educated us, what the Prophet (s) means here is “Resurrect me muftaqiran ilayk (dependent on You).” Resurrect me so that when I am resurrected the only dependence I have is on You. We have the term miskeen which is factually someone who does not possess any belongings and so on and so forth. But also we have the term miskeen for the one who relies on Allah, trusts in Allah alone, and this is the one the Prophet (s) meant.
Usman Radhi-Allah-unhu (RA) would spend in the way of Allah such that, during the time of the drought in Medina he bought a fleet, so to speak, which was weighed down with groceries and provisions and donated it in the way of Allah. Also when the army for the battle of Tabuk was being prepared, the Prophet Sallahu-Alaihay-Wasalam (SAW) said whoever donates in the way of Allah and helps to plan this army for Allah, will be given heaven. Usman RA raised his hand and said that he would give 100 camels. This repeated 10 times and each time Usman RA kept answering that he would adopt the cause. He gave an equivalent of a 1000 camels and afterwards the Prophet SAW said that no matter what Usman RA does after this day, it can not harm him.
There are two sides to this, the first and most obvious is spending in the way of Allah, and the second not so obvious is being rich to be able to use up in the way of Allah. For nearly everyone of us, spending in the way of Allah has become limited to negligible acts since we have been taught to ‘dislike’ being rich. Though, it is nearly impossible to spend in the way of Allah like the Colleagues of the Prophet SAW did, without being prosperous.
In today’s world a good number of us have bills to take care of and thus have certain needs of wealth and money. An increase in civilization has also increased the inter- dependencies in our society, thus a greater than before requirement of being wealthy to pay others and get paid in return.
However it is noble to think that destitution is better than being rich, still being poor due to lack of effort is worse. All persons have in them the capacity to be rich and prosperous. How they expend their riches afterwards is entirely dependent on them. They may use it to make a 700 times gain as Allah promises them, or they may purchase hell fire.
Have you signed up for the upcoming webinar about wealth mastery for muslims.
http://www.wealthymuslims.com
Article Source: A limiting thought is a judgment that has outlived its worth - Tackling limiting beliefs in Islam
Mar
10
If you’re trying to attract money with the law of attraction, you are probably using the typical methods like visualization, meditation, affirmations, scripting, and vision boards. All of these techniques can work well, but you don’t have to limit yourself to them either. There are endless creative ways to express your intention for more money, including the exercise I’m going to share with you now.
Start by thinking of a sum of money you would like to receive in the near future. For best results start with a modest sum - don’t jump immediately to umpteen millions. It’s important that your existing beliefs can accept this sum. If you aim too high you may inadvertently trigger resistance, which will prevent the exercise from working.
If you need money to pay a bill or cover an expense, start with that amount. Anywhere from $20 to a few hundred dollars should be okay for most people. If you have more experience manifesting money, you may be able to go as high as a few thousand dollars. Listen to your intuition - if the sum you choose makes you feel anxious or doubtful, it’s probably too high.
Once you have decided on the amount you need, take a slip of paper and write on it: “I intend to receive the sum of $_______ (fill in your dollar amount) to enable me to ____________ (write the reason you need the money). Please deliver the money, means, resources or opportunities that will allow this money into my life. Thank you!”
Now close your eyes and hold the slip of paper in your hands for a few minutes. Pretend that the slip of paper is actually cash or a check for the sum you have asked for. Allow feelings of happiness and gratitude to flow as you focus intently on feeling as if you have already received this money. Feel peaceful and satisfied, knowing that you can now cover your bill or expense for which you needed the money.
Stay with these feelings for at least a few minutes, even as long as 10 minutes if you like.
Then - open your purse or wallet and slip this piece of paper into it so it sticks out slightly. Choose a prominent place for your purse or wallet; perhaps on your kitchen table, fireplace mantel or bedroom bureau. Before you go to sleep, place your purse or wallet in this location, being sure to keep it OPEN, with the slip of paper visible.
Before you fall asleep, spend a few minutes thinking about this money and once again feeling happy that you already have it. It does not matter if you don’t quite believe that this exercise will work; all that matters is that you’re willing to give it a shot and trust that the universe CAN provide this money for you.
When you awaken the next morning, go to your purse or wallet and once again hold the slip of paper and feel as if you have already received this sum of money. Express deep gratitude and happiness to the universe, tuck the slip of paper all the way into your purse or wallet and continue with your day feeling lighthearted and confident - just as you would if you did indeed have the money you needed to cover your expenses.
Repeat this exercise every night and every morning. It may take a few days or even a little longer to work, but before long you should receive some money from unexpected sources. Don’t be surprised if smaller sums arrive first - sometimes you may still be a bit resistant to the bigger sums so they will take a little longer, but you may have no trouble manifesting smaller amounts more quickly.
Doing this exercise repeatedly can be a powerful addition to your manifesting routine because it helps you to strengthen your intention to receive more money and abundance, AND it helps you to strengthen your belief that the universe will provide everything you need. And the more strongly you believe that, the more it’s going to show up in your outer life.
Want more great tips on attracting money and abundance? Subscribe to our Manifest Money Motivators and let our inspiring messages help you transform your thoughts to allow more money into your life. Request your free subscription today and receive 101 Money Affirmations to help you attract money - FREE! http://www.attract-money-now.com
Article Source: Fun Exercise to Attract Money Fast
Mar
8
Making money from trading in Stocks and commodities is not that easy task as people think. It requires a lat of efforts to be sucessful commodity trader. If you have US dollars you can buy British pounds for a set rate and they trade the money back in the future at a different rate. This can make your gains immense. Much larger than gains made on the stock market. Just as the upside for Commodity trading is high, the downside is just as scary and can be immense also. There are Commodity trading brokers available on line that can provide strategies to limit your losses and maximise your gains.
If you are new to investing online, don’t put your entire life savings into an online account. Start with a smaller sum, which will be easier to handle and keep track of. Once you feel confident, you can then decide to add more money to your investing online account.
Once online, many investors tend to concentrate on stocks, specifically large-cap domestic stocks. While these stocks should make up part of your portfolio, they shouldn’t be ALL of it! Take into account your time horizon and risk tolerance to develop a well-balanced portfolio of stocks, bonds, and cash.
If you’re new to investing online and are looking to open a brokerage account, there are some important facts you should know before choosing a broker. Each one has strengths and weaknesses, but not everyone sees a broker in the same way. For example, if you’re comfortable finding your own research for investing online, then the deep discount brokers will work well for you.
Very low brokerage rate environment like India, it can be a problem to invest in fixed income bonds and debuntures. Most of these investments are around the base rate as set by the government. It would be difficult to get secure investments around the 3% mark. In New Zealand or Australia some fixed interest investments are worth 7.5% or 8%. An issue with making an investment abroad is that Commodity rates are so volatile that even though you make 5% on yield, that gain can be wiped out in Commodity rates.
Equally, Commodity rates can work in your favour and your investment will have an extremely high yield. To eliminate this uncertainty you can make a foreign investment today using a spot trade and also set up a forward trade at the time of investment maturity. This way you eliminate Commodity risk in your investment and can capitalise on foreign products. Setting up a forward trade costs money but in many instances the cost of the trade is minimal in comparison to the gains that can be made.
Free MCX Commodity Tips
The Author is an Professional Indian Stock Market Tips and Analyst and running his own stock market consultancy - BullRider. He provides trading tips, calls, during the market hours. Nifty , Stock Futures Trading Calls are provided thru SMS for MCX Commodity Tips and NSE Tips
Article Source: Make your Money work better, Invest in commodities
Mar
3
It’s Over
Posted In: Wealth Building
You should be aware that we’ve been warned by some very credible individuals that due to our economic crisis it now declared that we are doomed to destruction. One of those individuals, Charlie Munger, who was Warren Buffet’s longtime business partner, just came out and declared that “IT’S OVER”. Our house of cards, the U.S. economy, that has been built upon a shaky economy is now ready to collapse and fall all around us. Wow - talk about depressing.
I guess we can just go on with our lives and go down with the ship like a bunch of rats on a sinking ship or may we can take a more assertive approach and just crawl into a corner somewhere with walls on both sides of you, get in the fetal position and sit back and wait for it to happen all around you. There is nothing you can do about it! Right?
Well, if we continue down the same path without making any changes in our lives in 2010, then we will be going down with the proverbial ship. But, if you want 2010 and the future to be different than the past and different than what the masses are experiencing at this time, take charge and do something different.
I refuse to be at the mercy of governments, economies or even natural disasters. I chose to do something to take control of my own destiny. I am not going to sit around and worry about whether or not it’s the right thing. I am going into action and figure that something will come of it. So should you. So what if the house of cards is collapsing around us. There’s too much history of people who have not only survived in similar economic and global crises but they have actually flourished. What do those of you who are in real estate tell your clients? I’ll bet you are telling them, and rightly so, that there is a fire sale going on out there and now is the time when you take advantage of the market conditions. It’s true isn’t it?
Are you telling me that virtually everyone is going to suffer as a result of this economy? I do not think so. It’s just a matter of taking control of your life and getting aggressive as a self-employed, entrepreneur who has nobody telling them what they are worth or what extras you have to do at work to get that promised promotion.
Look around you. Get creative. Get aggressive and get positive about what you can do to take control of your life. For example, have you heard it said lately that this economy is great for making people re-evaluate their lives as far as money, investments, or their job security? This is literally the best time for entrepreneurs to make serious money. You and I should be looking for the windows of opportunity that are out there instead of a corner to crawl into. Besides, the view is much better from the window.
Jordan Crouter
Cell: 949-310-6998
www.jordancrouter.com
jordancrouter@gmail.com
Article Source: It’s Over
Mar
3
To attract money into your life with the Law of Attraction, you need to overcome any negative programming you may have received relating to money. This negative programming can be long-standing beliefs like: “I have to work really hard to get money; money doesn’t grow on trees; there is never enough money to go around,” and so on.
These beliefs and more are woven together to create your “story” about money - and this story is absolutely true, simply because you believe it. But it doesn’t have to be true. That’s what many people don’t realize. Everyone has the ability to completely rewrite their financial “truth” into something much better.
Here’s a good way to start rewriting yours:
Attract Money by Believing that Money Comes Easily to You
Do you hold a perception that money can’t come to you easily? Perhaps you feel like you have to work very, very hard to have enough money. Or maybe you believe that your salary can never increase because you are not educated enough; or maybe you even believe that you are unlucky and will never receive opportunities to increase your income.
These beliefs will absolutely hold you back if you allow them to. Instead of resigning yourself to such a reality, you can change your thinking and begin attracting more money from many different sources, and you do this by consistently affirming that it’s possible.
From this moment on, all day every day, begin affirming that money comes to you easily. You might use a statement like this one: “Starting now, I intend that money comes to me easily from many surprising and unexpected sources.”
When you first begin saying the statement, it’s not going to feel right to you. It will feel like a lie. And in essence it is, simply because you have created a conflicting reality. However, the more you say it, and the more determined you feel about it, the more you’re going to start shifting that reality.
It may take only days, or it could take weeks, but before long you’re going to notice that more money starts flowing to you. Most likely it will be smaller amounts at first, a few extra dollars, an unexpected rebate or refund check in your mailbox, or even an unexpected sale on an item that you needed to purchase anyway.
When these things begin happening, rejoice! Get excited about them, feel great about them and keep affirming that these small positive changes are just the beginning. As you keep focusing on them, and as you keep intending to receive more and more money from fun and unexpected sources, the more you will be opening yourself to receive.
Attracting money becomes easy and fun when you consistently keep your thoughts focused on the energy of money. Sign up for our free Manifest Money Motivators and begin transforming your thoughts today. http://www.attract-money-now.com
Article Source: Attract More Money by Reprogramming Your Truth
Mar
1
If you are looking to open a new bank account, it is a good idea to learn about the different types of bank accounts available, to ensure that you get the right account for your exact needs.
There are several types of bank accounts available, each one being tailored to slightly different requirements and also varying from bank to bank. Each type of account offers different advantages and for many it might be beneficial to hold a combination of accounts.
Basic Bank Account
This type of account usually offers the customer the facility to have regular payments paid in free of charge, and to set up direct debits or standings orders. The customer’s bank should issue the account holder with a card to withdraw money, which may or may not be free of charge, depending upon where the money is withdrawn.
A basic account normally lacks the facility of a chequebook and an overdraft, the benefit of the latter being that the customer need not worry about accumulating debt. On the downside, the interest rate received by the customer may be lower than that for a current account.
Current Account
Like the basic account, current accounts are tailored towards everyday use such as paying in money, withdrawing money, as well as setting up standing orders and direct debits. Customers will receive a debit card with capability such as visa or maestro, enabling the customer to withdraw money where they find the relevant sign. The debit card for this account also permits customers to make payments via the chip and pin process.
A current account will typically also return low levels of interest on the money in your account, but unlike the basic account, may provide the facility of an overdraft which needs to be arranged with your bank. Customers are also usually entitled to a chequebook as a method of payment.
Savings Account
Savings accounts will offer a higher rate of interest to the customer and therefore provide a means of saving money and to see a return in the form of interest. This often means that you cannot move your money too often. In fact, some savings accounts require that you give notice before withdrawing money. Customers should also be ware that interest gains will be taxed, and are normally deducted before being received by the account holder. Non-taxpayers in the UK can claim back the tax on the interest gained, but for UK taxpayers, an ISA may be a better option for saving money.
Student Account
The main feature of a student account is that they normally offer an overdraft facility for students. The overdraft limit will vary between banks, but will commonly be a free facility. Banks also offer different incentives for students to open an account, which may include complimentary insurance, electronic devices, railcards and more.
For more information about RBS current accounts and savings accounts, visit your local RBS branch or go online.
Article Source: Different Types Of Bank Accounts Explained
Feb
25
Build Wealth Quickly - 3 Simple Asset Allocation, Wealth-Building Strategies
Posted In: Wealth Building
Who doesn’t dream of marching into their boss’ office one day and resigning without caring about the financial repercussions? Well, you can only do so if you have acquired sufficient assets (wealth) through which you can generate a future income to replace your current earned income. By the way, as a rule of thumb I don’t recommend you hand in your resignation unless you have at least 1 and ideally 2 years living expenses put away in liquid assets.
Simply put, to become wealthy over time you basically need to make, save and invest money wisely. The smarter you are at doing this the faster you become wealthy. Assuming you’ve read my other articles on How to Get Rich (the making of and management of money) then you are ready to look at the 3 most common wealth building strategies of the super wealthy.
1. Investing in Paper Assets (Stocks, Bonds, Funds, Currency)
Investing in “paper assets” is a great way to start building wealth. It teaches you the principals of money management, capital, rates of returns, risk etc. You can invest in stocks, bonds, mutual funds, commodities, and foreign exchange (”forex”). Each of these options presents various levels of risk and reward and requires thorough research before you start. You don’t necessarily have to read the Wall Street Journal daily or subscribe to Fortune magazine in order to be a good stock investor. But you should at least get trained by an expert or have access to wholly independent financial advice from an experienced investor.
To help you get started, a basic overview of the paper assets investment landscape goes like this: There are 2 types of investments; ownership investments in which you own part of the asset (a stock is a good example) and loan investments in which you lend money to someone and they pay you interest (a bond is a good example). In many cases, you are looking for growth investments and those are ownership-type investments. (Bonds rarely provide a way to make you wealthy. Rather, they are a way to protect your wealth once you have it). Warren Buffett is a great example of someone who created massive wealth through investing in paper assets.
2. Investing in Real Estate
Real estate is another great way to build wealth. With real estate, you typically buy a property and then make money through selling it eventually for a much higher value than its purchase price and/or becoming a landlord and letting the property. One of the advantages of real estate investing is using the principle of leverage (i.e. a mortgage) to buy an asset that you otherwise couldn’t’t afford. Leverage isn’t commonly available in paper assets investing (although you can buy on margin but this can be risky if you don’t know what you’re doing!).
Real estate investing can be focused on either residential, commercial or land. Wealth building through real estate involves buying and selling a property – sometimes referred to as “flipping” or “trading” and often involves “rehabbing” a property (i.e. fixing it up)– to give the fastest and best rate of return.. However, landlording is a more standard approach that requires more time to build wealth, generating a small income in the meantime from the rental income after subtracting all expenses. Want to know how to build wealth quickly with real estate? Consider buying a distressed property using leverage, fixing it up, and selling it again quickly. However, watch for market fluctuations in supply and demand and availability of capital in order to use this strategy effectively. Donald Trump is a great example of someone who created massive wealth through real estate investing.
3. Starting, or Owning a Business
Starting, or owning a business is another common wealth-building strategy. Starting a business doesn’t always make you really wealthy right away. It takes time and energy to build the income of a business and its capital value, but it can make you wealthy over time if managed effectively. Therefore, if you have previous experience of running a business it can sometime makes more sense to buy an existing business and simply run it better. Want to know how to build wealth starting or owning a business? Find something that you love to do and that solves the needs of a target market. Then sell that product or service through relentless marketing and sales. Create efficient systems to sell more, more often. And work towards growing the value of your business by making it less dependent on you so that you can eventually sell it to a new owner. Bill Gates is a great example of someone who created serious wealth by starting a business.
Whatever way you chose to start building wealth, always remember those words from the mouth of antihero Gordon Gecko in the movie Wall Street…“Money never sleeps pal”. Different asset class values will shift in time (daily/monthly/annually) and according to market cycles. It’s also a good idea to scrutinize your assets and then take steps to rebalance your portfolio periodically. You also need to match risk to what stage you are in life. So, want to know how to build wealth quickly? It’s simple: Take your hard-earned money, save as much as you can as you go and then choose a strategy (from above) and consistently, month by month, year by year, apply yourself to these wealth building strategies.
Remember, building wealth doesn’t happen overnight. But with education, time, diligence, research and hard work, you can go from wondering how to build wealth to actually becoming wealthy and enjoying your millions! Sign up now for Millionaire Mindset Secrets for FREE, you’ll get instant access to insider secrets on How to Build Wealth! - http://www.millionairemindsetsecrets.com/build-wealth.php
Article Source: Build Wealth Quickly - 3 Simple Asset Allocation, Wealth-Building Strategies
Feb
25
Ever wondered what wealthy people do that’s so different? How is it that some people are so successful and others aren’t? Well, what separates truly successful people from the remainder of the population is their way of thinking and acting. No one is really unsuccessful; they just haven’t learnt how to become successful yet.
So, how do you go about cultivating that millionaire mindset? Here are a few simple ideas for you to consider and put into practice straight away
1. Unless Your Parents are Rich…Don’t Do What They Did.
Seriously, why would you take advice from someone on a subject they have no knowledge of? Only take advice from 1. Someone you admire and; 2. Someone who is an expert in the area they are advising you on. You’re parents, friends etc, probably mean well in the advice they give you but they can’t advise you on how to become rich if they are not. As you begin to adopt the beliefs and habits of successful people you will realize that a lot of what you learned growing up unfortunately wasn’t very useful in helping you create wealth.
2. Get Rich Slowly… Faster
You need to master the art of managing money in the same way you would approach the mastering a musical instrument, a sport etc. Start early on the road to money mastery and become an apprentice, learning only from the best. By learning the tools, strategies and skills needed for managing money you will become richer, faster. Mastery requires discipline and patience, essential skills in true wealth creation. Leave your emotions on the sideline and practice discipline. The more disciplined you are the faster you will become wealthy and the wealthier you will become.
3. Fake it Until You Make It
If you’re not already a millionaire, start behaving like you’re already one! Why is this important? It stands to reason that if you act and think like a millionaire you will become one. I’m not advocating spending money you don’t have or lying to yourself but I am suggesting you adopt the behaviours and mindset of the wealthy in order to become wealthy yourself.
4. Get in Line, Stay in Line
Getting rich is a bit like this. You toil away for years and suddenly you are wealthy. Don’t flit back and forth from one thing to another. Find you’re niche and get to the back of the line and stay there until you get to the top of the line. Most people don’t do this but skip out of line and then have to go to the back of the line again. Most people aren’t rich.
5. Ain’t No Business Like Showbusiness
When you walk into a room full of people do you crawl along the wall or do you make for the centre of the room and grab attention. Attention always turns into money. Isn’t that what celebrities do? Add a bit of showbusiness to everything you do and the money will follow.
Strategies like these can really make you a lot of money and put you on the road to real wealth creation. If you’re interested in learning more about the secrets of wealth creation then go to http://www.millionairemindsetsecrets.com right now and sign up for our FREE insider success tips.
Article Source: Millionaire Mindset 5 Simple Ways to Develop a Millionaire Mindset
Feb
25
Have you ever wondered how you go about building wealth? Well, it’s actually not that complicated at all. All it takes is a few simple steps and you too can start to build wealth quickly. The book “The Richest Man in Babylon” by George S. Clason, written in the 192Os, is an excellent source of sound wealth building tips. If you follow the steps in Chapter 3, “7 Cures for a Lean Purse”, you’ll have learnt the first important steps in any wealth building strategy. Here is a modern interpretation of these fundamental ‘wealth building’ principles.
Step 1: Start Saving Now
Spend only 9 out of each 10 dollars earned. By saving one-tenth, your bank balance will start to increase, your debts will reduce and you will build a capital base for worthwhile investments in the future. Make sure you automatically save 10% of your earnings each month. You can do this by standing order with your bank. This is like paying yourself first before you even pay all your expenses. I’ve heard it said many times that “getting rich is not about making money, it’s about keeping money”. This is a crucial first step on your journey to building wealth.
Step 2: Control Your Expenditures
Budget your expenses. No matter how much money you earn each month, make sure you have enough money to pay for your necessities - food, shelter, clothing etc. Even already rich people have a problem obeying this principle and can sometimes end up broke as a result. So, only gratify your non-essential desires if you can do so without spending more than nine-tenths of your earnings. Wealth building requires discipline and self-control. You must continue to save one-tenth of what you bring in no matter what. This is the key to building some capital which you can then use to invest.
Step 3: Make Your Saved Money Multiply
As you start to build up your savings, invest that money so that it makes more money for you. Put each dollar to work. Don’t leave your savings sitting dormant in a bank account (unless it’s a very high interest rate savings account!). Worse still, don’t leave it under your mattress depreciating in value! To build wealth it is not enough just to save money. You must put your saved money to work. Seek out investments opportunities that give you a higher return on your money than at least the rate of inflation. Now money is beginning to work for you rather than you working for money.
Step 4: Guard Your Money from Loss
Guard your money from potential loss by investing only in things where the principal is safe and where you can get at least a fair return. Seek the advice of those experienced in the profitable handling of money and be wary of following friends and relatives into so-called investment opportunities. Educate yourself and research your investments thoroughly before parting with your hard-earned money. The first rule of making money is never to lose it!
Step 5: Own Your Own Home
You should own your own home rather than renting and handing over money to a landlord. This makes sense so long as the repayments to the bank more or less match the rental you would have given the landlord. In addition, owning your own home is good for your sense of pride and potentially raising a family. So owning your own home can enrich your life on many levels.
Step 6: Ensure a Future Income
One day your current earned income will stop! Therefore, you must create wealth for your future. You should, when you are young and have the ability to earn, make preparation for a suitable income when you are older and possibly retired so that you can provide for your own needs whilst growing older and that of your family upon your passing. Contributing to a pension (or 401(k) plan) and investing in property are great long-term wealth creation strategies.
Step 7: Increase Your Ability to Earn
You can increase your ability to earn by taking more interest in your work, having more concentration upon a task and more persistence in your effort. Paying debts down fast and taking care of family and friends is also essential and will increase your ability to earn money. Essentially, the wiser we become, the more we may earn. Becoming wiser and more skilful engenders a keen sense of self-respect which will ultimately cultivate greater wealth.
Implementing simple wealth building tips like these can really show you how to build wealth fast and put you on the road to real wealth creation. Discover how to use wealth building strategies in real estate, the stock market, business, the Internet etc. Sign up right now for Millionaire Mindset Secrets for FREE, you’ll get instant access to insider secrets about “Building Wealth! – http://www.millionairemindsetsecrets.com/build-wealth.php
Article Source: Wealth Building - 7 Secrets From the Richest Man in Babylon
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