You think only the rich can build wealth? Try it yourself. Here are a total of six (6) wealth building secrets of the rich free for your experimentation starting tomorrow morning. Try it. It works.
1. Focus on assets. Rich people tend to purchase assets and put off purchasing things that are for pleasure until their assets pay for them (so they don’t have to do it out of their income). Assets are those investments that produce other versions of themselves.
2. Set goals. Get aggressive with your goal setting. Set goals for personal savings. Set goals for retirement savings. Set goals for saving money with coupons. Set goals for building value into your life.
3. Live below your means. If you are not consistently setting aside a portion of your income for savings and investing, you will not be able to see your money “work for you.” If you want to grow wealthy, recognize that wealth is re-invested – NOT spent. Grow money by keeping as much of your money as possible “busy” investing and growing toward your goals for that money. Many middle class and poor families think the rich just spend, spend, spend. In truth, they focus their wealth on “working” to grow more money and live below their means. You can do the same thing and gain “wealth traction.” You’ll hear some wealthy people snicker at this one, but the truth is: they build wealth because they live below their means and apply all income possible toward the production of more assets (see #1).
4. Don’t focus on get-rich-quick. Minimize spending. Focus on maximizing your assets (assets grow other assets). While “income” is taxed, taxed, taxed, investing in hard to spend assets grows wealth (and is taxed less than income).
5. Negotiate on everything. You think rich people don’t negotiate? Well, they do. And you should, too. Don’t be too embarrassed to become wealthy.
6. Know where your money is going. Money is slippery. Worse, it becomes worth less over time. Smart and rich people know where there money is, how much interest it is earning and they review how to get the most out of it every six (6) months. They do the same with “providers” (insurance, services) to make sure they are “containing expenses.”
The truth is: If you want to get Walmart rich, focus on these and the other wealth secrets of the rich and you will build wealth one step at a time.
If you want more secrets of the rich, get a copy of “How To Survive Any Financial Crisis” for only $4.95 at http://www.middleclassmoney.com. Imagine yourself getting the wealth secrets of the rich for about the cost of a cup of coffee at Starbucks – and then click your way to putting the secrets in your hand.
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Time + automatic savings + living below your means + investing more of your income in assets = wealth-building. Try it. It will work for you.
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