BY Andrew Ng
Does increasing your income mean that you are also increasing your wealth? Not Really! The truth is increasing your income is only part of your wealth accumulation process. Why are people earning $3,000 a month broke? In addition, there are those who earn $30,000 a month, but they are still broke.
It is a simple fact that some of them do not manage their money well; their expenses will subconsciously rise above their level of income and wipe out their savings progressively. They know that the attribute of saving money is in all of them, but many a times they are attracted by the things they want to own that will gratify them instantly. By spending on an expensive new car, 42 inches high definition Plasma television set, feature rich portable MP3 and video player, branded watch or designer clothes will surely gratify them. However, the sad truth is their satisfaction will not last for long and will start planning for their next purchase when a new model or design is release. In fact, they are gradually diminishing their wealth instead of accumulating it.
Managing and growing our wealth is such a critical skill and mindset to have that it is often ignore by most people because it is regarded as unexciting and they do not have the patience to see their money multiply every year in a long-term investment.
Let me give you an example. If you are earning $3,000 every month and able to consistently save 10% of that income, which is $300, every month and put it into an investment that will give you an annual interest of 10%, your compounded return in 20 years will be $226,809. That is the power of saving, investing and most importantly building up your wealth. So let us start saving money early, even if it is a small amount, and reduce your expenses now. Given time and patience, you will certainly see the massive wealth benefit along your way.
http://www.bestsecretsofwealth.com
I am a graduate from the Wealth Academy Program. Since then I have contributed constructive advice to many people on how to achieve financial stability.
http://www.bestsecretsofwealth.com
Saturday, December 30, 2006
Friday, December 29, 2006
8 Top Excuses that People Use to Justify Their Lack of Wealth
By Gary Simpson
Hey! I've heard all the ridiculous self-sabotaging excuses that poor people come up with to justify their failure in creating wealth for themselves.
Here are the eight most common EXCUSES and a comment from me about each.
"I'm too old to start a wealth creation process" - well do you want to be old and poor or old and wealthy? Is THAT such a good excuse now?
"I'm too young" - you are NEVER too young to learn how to be wealthy. Some children will be born today who will be wealthier than you in just ten years time. So, is THAT a good excuse?
"Rich people are mean and miserable." Duh! Don't you think that a lot of poor people are mean and miserable too? And there is a heck of a lot more poor people in this world. So, is THAT a good excuse?
"I would never be able to spend a lot of money." Great - give it away to your favorite charity. How would you feel being able to do that? Have I taken away THAT excuse?
"You can't teach an old dog new tricks." It's not the age of the dog. It's what is in the "old dog's" head and heart. THAT is not even an excuse!
"None of my friends or family are rich." Great! Break the shackles of mediocrity then teach all those who also want to break their shackles to do the same. THAT isn't an excuse either. It's about the dumbest thing that anyone can say. Become wealthy and you can be their saviour and hero!
"God, didn't intend for me to be rich." Well, He didn't intend for you to be dirt poor either. Create some wealth and honor Him by making big donations to your church. THAT excuse carries no weight at all.
"What would I do with ALL that money?" Heh...heh... a new home, a better car, nice vacations to anywhere that you choose or a cruise to some exotic location, give your mom a car for her birthday. I could go on and so could YOU! THAT isn't an excuse. It's a REASON!
Maybe you just want to relieve that constant ongoing financial pressure. Maybe you don't need that continual financial stress in your life any longer. Maybe it's just time to do something new and turn your life around to make things better. Maybe you just want to stand up and shout: "Show-me-the-money!"
If you have had enough of financial stresses and strains then DO SOMETHING ABOUT IT! Don't complain, don't justify your failure, don't wait for some miracle - get active. Nothing comes to those who are idle.
Gary Simpson has written nine books on various subjects including "How to Save $1000's and Increase Your Net Wealth." If you are looking for a better financial future then go to Turn Debt Into Wealth.
Hey! I've heard all the ridiculous self-sabotaging excuses that poor people come up with to justify their failure in creating wealth for themselves.
Here are the eight most common EXCUSES and a comment from me about each.
"I'm too old to start a wealth creation process" - well do you want to be old and poor or old and wealthy? Is THAT such a good excuse now?
"I'm too young" - you are NEVER too young to learn how to be wealthy. Some children will be born today who will be wealthier than you in just ten years time. So, is THAT a good excuse?
"Rich people are mean and miserable." Duh! Don't you think that a lot of poor people are mean and miserable too? And there is a heck of a lot more poor people in this world. So, is THAT a good excuse?
"I would never be able to spend a lot of money." Great - give it away to your favorite charity. How would you feel being able to do that? Have I taken away THAT excuse?
"You can't teach an old dog new tricks." It's not the age of the dog. It's what is in the "old dog's" head and heart. THAT is not even an excuse!
"None of my friends or family are rich." Great! Break the shackles of mediocrity then teach all those who also want to break their shackles to do the same. THAT isn't an excuse either. It's about the dumbest thing that anyone can say. Become wealthy and you can be their saviour and hero!
"God, didn't intend for me to be rich." Well, He didn't intend for you to be dirt poor either. Create some wealth and honor Him by making big donations to your church. THAT excuse carries no weight at all.
"What would I do with ALL that money?" Heh...heh... a new home, a better car, nice vacations to anywhere that you choose or a cruise to some exotic location, give your mom a car for her birthday. I could go on and so could YOU! THAT isn't an excuse. It's a REASON!
Maybe you just want to relieve that constant ongoing financial pressure. Maybe you don't need that continual financial stress in your life any longer. Maybe it's just time to do something new and turn your life around to make things better. Maybe you just want to stand up and shout: "Show-me-the-money!"
If you have had enough of financial stresses and strains then DO SOMETHING ABOUT IT! Don't complain, don't justify your failure, don't wait for some miracle - get active. Nothing comes to those who are idle.
Gary Simpson has written nine books on various subjects including "How to Save $1000's and Increase Your Net Wealth." If you are looking for a better financial future then go to Turn Debt Into Wealth.
Monday, December 25, 2006
The Wealth Practicum - Wealth Creation for the Common Man
By Matt Hempel
Let's start with the first concept -- "BE, DO, HAVE". This is the basic principle upon which all else it built. It's basic blocking and tackling. It's learning the alphabet in order to read and write. It's fundamental to YOU achieving the end result you desire - whether it's a burgeoning bank account, or a whole and complete relationship. Be, Do, Have - use it and get results.
BE, DO, HAVE.....
Understand that most people in the world follow a different principle called Have-Do-Be. These are the people that always say, if I only had more money I could invest, if only I had more time I could start a business. If I only had bla, bla, bla, I could then be wealthy.
Now most of you have heard the national statistic that 97% of the people by age 65 are either dead or dead broke.
The reason is, these people think that making more money and having more time has to do with working harder or getting lucky and has nothing to do with the way they come to making a decision.
Most people when you talk to them and ask them what they want out of life say things like, I want to spend more time enjoying life and be able to travel the world, yet statistically only 21% of the entire population even have a passport, however 54 Billion dollars was spent on lottery tickets in 2005 alone.
Which group of people do you think are more likely to travel the world?
Exactly.
Now let me share some statistics of the people who are waking up literately in the thousands each day to a new way of thinking.
Currently there are over 8 million people who have a net worth of a million dollars.
600,000 people entered the world’s millionaire group last year alone
And there are currently 430,000 US households that have a net worth of 10 million and up.
What are these people all of a sudden learning? They are learning about the principle Be-Do-Have.
Let me share it with you.
The Be-Do-Have principle says that in order for you to have something you must first take on that role of already having it. So if your goal is to be a Millionaire then every choice you are given on a daily basis you simple ask yourself the question: If I already was a millionaire what would I choose….
Be-Do-Have is simply, Be the person first, do what that person would do then you will have what that person has.
To make it stronger, what I do is pick someone who is already making the kind of money I want to be making.
For example Donald Trump or Howard Hughes.
So if given a decision which I feel will take me closer to my goals but seams to be bigger then I can handle at the time, I simply ask the question “what would Donald Trump do?” and I immediately get the answer.
So what ever decision you are faced with that you feel you don’t have the money or the time to take advantage of a situation simply ask yourself the question if I was already a millionaire what would I do?
Let's start with the first concept -- "BE, DO, HAVE". This is the basic principle upon which all else it built. It's basic blocking and tackling. It's learning the alphabet in order to read and write. It's fundamental to YOU achieving the end result you desire - whether it's a burgeoning bank account, or a whole and complete relationship. Be, Do, Have - use it and get results.
BE, DO, HAVE.....
Understand that most people in the world follow a different principle called Have-Do-Be. These are the people that always say, if I only had more money I could invest, if only I had more time I could start a business. If I only had bla, bla, bla, I could then be wealthy.
Now most of you have heard the national statistic that 97% of the people by age 65 are either dead or dead broke.
The reason is, these people think that making more money and having more time has to do with working harder or getting lucky and has nothing to do with the way they come to making a decision.
Most people when you talk to them and ask them what they want out of life say things like, I want to spend more time enjoying life and be able to travel the world, yet statistically only 21% of the entire population even have a passport, however 54 Billion dollars was spent on lottery tickets in 2005 alone.
Which group of people do you think are more likely to travel the world?
Exactly.
Now let me share some statistics of the people who are waking up literately in the thousands each day to a new way of thinking.
Currently there are over 8 million people who have a net worth of a million dollars.
600,000 people entered the world’s millionaire group last year alone
And there are currently 430,000 US households that have a net worth of 10 million and up.
What are these people all of a sudden learning? They are learning about the principle Be-Do-Have.
Let me share it with you.
The Be-Do-Have principle says that in order for you to have something you must first take on that role of already having it. So if your goal is to be a Millionaire then every choice you are given on a daily basis you simple ask yourself the question: If I already was a millionaire what would I choose….
Be-Do-Have is simply, Be the person first, do what that person would do then you will have what that person has.
To make it stronger, what I do is pick someone who is already making the kind of money I want to be making.
For example Donald Trump or Howard Hughes.
So if given a decision which I feel will take me closer to my goals but seams to be bigger then I can handle at the time, I simply ask the question “what would Donald Trump do?” and I immediately get the answer.
So what ever decision you are faced with that you feel you don’t have the money or the time to take advantage of a situation simply ask yourself the question if I was already a millionaire what would I do?
Sunday, December 24, 2006
Making Money Versus Wealth Creation
By Charles Goodwin
Not knowing or understanding the difference between the terms “making or earning money” and “creating wealth” is one of the primary reasons why many people fail financially in life.
‘Ah, but aren’t they one and the same?’ Stephen asked over coffee. ‘After all, once I’ve received the $1,000 for a job that I have performed, my wealth has gone up by $1,000.00 has it not?’
‘That depends. What do you intend to do with the $1,000.00?’ I replied.
‘I haven’t considered that yet. My credit card payment is due. I have bills to pay, food to buy – I might take in a movie or two. You know, the usual – as you know - life must go on.’
‘So what actual material gain from that $1,000.00 will you expect to have in say two weeks from now?’
‘Probably zero – but of course by then, I’ll get more money in to replace it.’
‘Probably zero. Mmm. Then surely you can see that there exists a difference between “making or earning money” and “creating wealth”. You have made a $1,000.00 but by your own admittance your wealth total will not go up by even one dollar.’
Stephen shrugged. ‘What is a guy supposed to do then. I work six days a week. I earn heaps. But the pile dwindles as soon as I earn it.’
‘Change your mind set.’
‘Change my mind set?’
‘Yes – exactly Sir. Become a part time wealth creator. Tell me Stephen, what are you good at. What do you love doing?’
‘Old classic racing bikes. I’ve become an amateur expert on all the old brands; frames, saddles, handle bars, gears… I absolutely live for them with a passion – but it’s only a hobby. I could never make a living out of them.’
‘No you won’t make a living out of classic racing bikes but I can show you how you can become a millionaire from them.’
‘If you could do that Charles, I’d love you for the rest of my life!’
‘Right, let’s start by understanding the first fundamental of wealth creation. Imagine I have in my possession an early but famous Italian racing bike. I have no idea of brands and values so give me a ball park figure on what this bike might be worth?’
‘I have a particular brand in mind – let’s say $2,000.00,’ prompted Steven.
‘Are you confident you can get $2000.00 for it?’ I asked.
‘Oh yes, any day of the week.’
‘Ok, if this bike is the only asset I have – what is my wealth total?’
‘Obviously $2,000.00,’ replied Stephen.
‘Correct – but what if I had originally paid $4,000.00? Is my current wealth total $2,000.00 or $4,000.00?’
‘If it’s only worth $2,000.00 your wealth total must be $2,000.00.’
‘Exactly Stephen. Now tomorrow you see at an auction the exact same bike and you win it for $500.00. Is your wealth total $500.00 or $2,000.00?’
The penny dropped. Stephen grinned. ‘$2,000.00 of course – and I’ve just increased my wealth by $1,500.00!’
‘Exactly Sir. You have created wealth equaling $1,500.00 the moment you won the auction. Now what I want you to do – is do an inventory of the bikes and frames and parts that you own and assign to them a price that you can readily sell them at. That total becomes the total for your new part time Wealth Creation Program. Begin selling these items via the bike clubs, Ebay etc and as you sell them, start looking for bargains. You and I both know they are out there in abundance. You know what to look for. The average punter like me would not know a bargain in a racing bike if I tripped over it.’
‘Charles it would be so easy. I could make a fortune.’
‘No. Don’t use the term ‘make a fortune’. Remember you are now a wealth creator. You will be increasing your wealth total astronomically. I want you to promise me that every cent you make on the sales you re-invest back into your wealth program.’
‘Oh I can assure you I will. I love buying bikes.’
Stephen isn’t his real name. But this is a true story. As luck would have it, his very first auction purchase was a racing bike that he purchased for just $100.00. To everyone at the auction that day it was just a funny looking old bike. He sold the same bike within only 10 days for $1,700.00. He purchased several more bikes with the $1,700.00 and dramatically increased his wealth total to over $5,500.00. He was off and the sky was now his limit.
I wonder if he will love me for the rest of his life?
What ever the commodity, the principles remain the same. Start with what you know, then branch out. Today a push bike – tomorrow maybe even an aircraft carrier! Now that would be a challenge.
Not knowing or understanding the difference between the terms “making or earning money” and “creating wealth” is one of the primary reasons why many people fail financially in life.
‘Ah, but aren’t they one and the same?’ Stephen asked over coffee. ‘After all, once I’ve received the $1,000 for a job that I have performed, my wealth has gone up by $1,000.00 has it not?’
‘That depends. What do you intend to do with the $1,000.00?’ I replied.
‘I haven’t considered that yet. My credit card payment is due. I have bills to pay, food to buy – I might take in a movie or two. You know, the usual – as you know - life must go on.’
‘So what actual material gain from that $1,000.00 will you expect to have in say two weeks from now?’
‘Probably zero – but of course by then, I’ll get more money in to replace it.’
‘Probably zero. Mmm. Then surely you can see that there exists a difference between “making or earning money” and “creating wealth”. You have made a $1,000.00 but by your own admittance your wealth total will not go up by even one dollar.’
Stephen shrugged. ‘What is a guy supposed to do then. I work six days a week. I earn heaps. But the pile dwindles as soon as I earn it.’
‘Change your mind set.’
‘Change my mind set?’
‘Yes – exactly Sir. Become a part time wealth creator. Tell me Stephen, what are you good at. What do you love doing?’
‘Old classic racing bikes. I’ve become an amateur expert on all the old brands; frames, saddles, handle bars, gears… I absolutely live for them with a passion – but it’s only a hobby. I could never make a living out of them.’
‘No you won’t make a living out of classic racing bikes but I can show you how you can become a millionaire from them.’
‘If you could do that Charles, I’d love you for the rest of my life!’
‘Right, let’s start by understanding the first fundamental of wealth creation. Imagine I have in my possession an early but famous Italian racing bike. I have no idea of brands and values so give me a ball park figure on what this bike might be worth?’
‘I have a particular brand in mind – let’s say $2,000.00,’ prompted Steven.
‘Are you confident you can get $2000.00 for it?’ I asked.
‘Oh yes, any day of the week.’
‘Ok, if this bike is the only asset I have – what is my wealth total?’
‘Obviously $2,000.00,’ replied Stephen.
‘Correct – but what if I had originally paid $4,000.00? Is my current wealth total $2,000.00 or $4,000.00?’
‘If it’s only worth $2,000.00 your wealth total must be $2,000.00.’
‘Exactly Stephen. Now tomorrow you see at an auction the exact same bike and you win it for $500.00. Is your wealth total $500.00 or $2,000.00?’
The penny dropped. Stephen grinned. ‘$2,000.00 of course – and I’ve just increased my wealth by $1,500.00!’
‘Exactly Sir. You have created wealth equaling $1,500.00 the moment you won the auction. Now what I want you to do – is do an inventory of the bikes and frames and parts that you own and assign to them a price that you can readily sell them at. That total becomes the total for your new part time Wealth Creation Program. Begin selling these items via the bike clubs, Ebay etc and as you sell them, start looking for bargains. You and I both know they are out there in abundance. You know what to look for. The average punter like me would not know a bargain in a racing bike if I tripped over it.’
‘Charles it would be so easy. I could make a fortune.’
‘No. Don’t use the term ‘make a fortune’. Remember you are now a wealth creator. You will be increasing your wealth total astronomically. I want you to promise me that every cent you make on the sales you re-invest back into your wealth program.’
‘Oh I can assure you I will. I love buying bikes.’
Stephen isn’t his real name. But this is a true story. As luck would have it, his very first auction purchase was a racing bike that he purchased for just $100.00. To everyone at the auction that day it was just a funny looking old bike. He sold the same bike within only 10 days for $1,700.00. He purchased several more bikes with the $1,700.00 and dramatically increased his wealth total to over $5,500.00. He was off and the sky was now his limit.
I wonder if he will love me for the rest of his life?
What ever the commodity, the principles remain the same. Start with what you know, then branch out. Today a push bike – tomorrow maybe even an aircraft carrier! Now that would be a challenge.
Thursday, December 21, 2006
Concept of Wealth
By Onutochukwu Uche
Wealth has been viewed from different perspectives and has been given different meanings and interpretations. A politician may see it as a means to power and control. Hence, he could engage himself in all forms of manipulations and pervasions to acquire it. The highly moral and religious man might see wealth to be full of dirty and evil activities that separate him from the object of his worship. On the other hand, a businessman may see wealth as the end result of a profitable business transaction.
Whatever it is that wealth means to you, the fact remains that wealth is desirable. Everyone desires to become wealthy but very few know what to do to achieve this inborn desire. Ironically, most of those who know how to become rich and wealthy, have not been able to find fulfillment in it. They have thought that if they could have so much money, buy the most expensive cars, build the most beautiful houses, they would be fulfilled in life. But unfortunately, they have been disappointed after acquiring all these. This brings us to the conclusion that having so much money alone, does not bring fulfillment in life.
Wealth is a state of well-being in every area of your life that brings about fulfillment. If you acquire so much money, and it does not bring you to a state of well-being in every area of your life, then you are far from being wealthy.
Everyone is designed to fulfil a purpose. It is in fulfilling that purpose that you can find fulfillment and happiness If your so much money does not fulfil a valuable purpose, it would become meaningless and will not give you fulfillment. Take time to discover whatever it is that gives you happiness and fulfillment, and pursue it. It is in achieving it, that you can really become wealthy.
Wealth is not an end. It is the means that leads to an end-the fulfillment of a purpose. The earlier you realised this, the better. This is why those who have acquired so much money without fulfilling any reasonable purpose became more miserable than they were. Wealth is not all about money, cars, houses, etc. It is a vision you you see, and equip yourself to achieve it, and become happy when you achieve it. It is a problem you solve, and become rewarded for solving it.
You are equiped to solve a problem. There is a deposit of abilities within you. You need to refine this deposit into a desirable product- a skill. People are going to need this product, and they are going to look for you. And when you give them the product, they are going to willingly reward you. This reward is going to enhance your state of well-being.
Henry Ford had a vision to solve transportation problem, and he set out to manufacture a car. He was so captivated by this vision that nothing could stop him. He fulfilled his purpose and at the end was adequately rewarded for it. Your dream may not be to solve the transportation problem like Henry Ford. But whatever it is, pursue it with all your heart. It might even be to help someone else achieve his dream. The major thing is that you are solving a problem some where, and you are being adequately rewarded for it, and your reward enhances your state of well-being.
Wealth has been viewed from different perspectives and has been given different meanings and interpretations. A politician may see it as a means to power and control. Hence, he could engage himself in all forms of manipulations and pervasions to acquire it. The highly moral and religious man might see wealth to be full of dirty and evil activities that separate him from the object of his worship. On the other hand, a businessman may see wealth as the end result of a profitable business transaction.
Whatever it is that wealth means to you, the fact remains that wealth is desirable. Everyone desires to become wealthy but very few know what to do to achieve this inborn desire. Ironically, most of those who know how to become rich and wealthy, have not been able to find fulfillment in it. They have thought that if they could have so much money, buy the most expensive cars, build the most beautiful houses, they would be fulfilled in life. But unfortunately, they have been disappointed after acquiring all these. This brings us to the conclusion that having so much money alone, does not bring fulfillment in life.
Wealth is a state of well-being in every area of your life that brings about fulfillment. If you acquire so much money, and it does not bring you to a state of well-being in every area of your life, then you are far from being wealthy.
Everyone is designed to fulfil a purpose. It is in fulfilling that purpose that you can find fulfillment and happiness If your so much money does not fulfil a valuable purpose, it would become meaningless and will not give you fulfillment. Take time to discover whatever it is that gives you happiness and fulfillment, and pursue it. It is in achieving it, that you can really become wealthy.
Wealth is not an end. It is the means that leads to an end-the fulfillment of a purpose. The earlier you realised this, the better. This is why those who have acquired so much money without fulfilling any reasonable purpose became more miserable than they were. Wealth is not all about money, cars, houses, etc. It is a vision you you see, and equip yourself to achieve it, and become happy when you achieve it. It is a problem you solve, and become rewarded for solving it.
You are equiped to solve a problem. There is a deposit of abilities within you. You need to refine this deposit into a desirable product- a skill. People are going to need this product, and they are going to look for you. And when you give them the product, they are going to willingly reward you. This reward is going to enhance your state of well-being.
Henry Ford had a vision to solve transportation problem, and he set out to manufacture a car. He was so captivated by this vision that nothing could stop him. He fulfilled his purpose and at the end was adequately rewarded for it. Your dream may not be to solve the transportation problem like Henry Ford. But whatever it is, pursue it with all your heart. It might even be to help someone else achieve his dream. The major thing is that you are solving a problem some where, and you are being adequately rewarded for it, and your reward enhances your state of well-being.
Thursday, December 14, 2006
22 Tips To Become Wealthy Fast!
By Barb Garza
1. Trade your high interest credit cards for low interest credit cards.
Let's say that you have a $5,000 balance on your 17.6% interest credit card. You'll pay $880 in interest in the next 12 months. By transferring that balance to a 6.4% credit card, your interest would be only $320 for the next 12 months. That's a $560 savings! It's like finding over $500 in an old shoebox in your closet. Pretty exciting!
2. What's better than reducing interest on your credit cards?
Getting rid of your credit cards and replacing them with debit cards. If you're low on willpower, this is a great way to discipline your spending. A debit card instantly takes money from your bank account, so there is no large bill at the end of the month. Just make sure your debit card doesn't carry excessive transactions fees or other costs.
3. Hold a garage sale.
You can net hundreds of dollars by selling unwanted or unused items. Plus, your house and garage will become neat and organized. If you're not using your old stuff, you'll enjoy using the cash from selling it much more.
4. Set a goal to be debt-free.
Paint a giant thermometer poster and put it on your wall. Put your total debt at the top of your thermometer and adjust the height of your debt as you pay it off. The poster is very visual and will remind you to consistently stay with your plan.
5. Use coupons and keep track of the savings.
Then reward yourself by spending the savings on a luxury you like. Life is boring without a little bit of fun. This will prevent your little luxuries from adding on to your debts. Use or trade newspaper coupons on foods, detergents, and the like. Some people save $10 or more on their trips to the grocery each week and even more at stores with a double coupon policy. If you're a moviegoer, try to go to the twilight or reduced price showings.
6. Get paid for what you're already doing.
If you're not already collecting a network marketing check, arrange to get one now. Go to our website or contact us for more information.
7. Education accelerates the wealth-building process.
Instead of paying for expensive financial courses, offer to be an assistant for the course. The instructor might welcome free help for registrations and other duties. You can get thousands of dollars worth of specialized wealth-building education by offering to be a volunteer for the program.
8. Instead of spending money shopping, why not build a stronger relationship with your children?
The average time spent shopping is six hours a week. The average time spent playing with one's children is only 40 minutes per week. Spend the time with the kids. It's a great investment.
9. Did you know that if you had an $80,000 30-year mortgage, a $10,000 car loan, and $3,800 in credit card debt, you could be completely debt-free (including the mortgage) in eight years, five months by using the $300 you make each month from your network marketing business in a powerful way?
In doing so, you would save more than $100,000 in interest! You could then create more than $1.2 million in investments, earning you $10,000 each month in interest, in the time it would have taken you to pay off your mortgage the traditional way? Find out more at our website.
10. Instead of paying to exercise at a local health club, mow your own lawn or do your own painting.
If you feel like more exercise, you can earn extra money by mowing and painting for a neighbor. It's much more fun to exercise when you are getting paid for it.
11. Eating out doesn't have to be expensive.
Look for two-for-one coupons and make sure to take home a doggie bag of all those extra large portions.
12. A small monthly residual income is more important than you think.
For instance, if you have $24,000 in a bank savings account earning 5% interest, you would earn an extra $1,200 a year. That's $100 a month in extra income. But what is easier to do? Is it easier to save $24,000 after taxes to get a $100 a month residual income -- or is it easier to build a $100 a month residual income from a part-time business, a network marketing bonus check, or other method that creates a monthly check? Always concentrate on ways to build monthly residual incomes. It's a faster, easier way to retire. Find out more at
our website.
13. A smaller home requires smaller home mortgage payments.
This will leave you with disposable income for your investment nest egg. If you purchase the maximum home that you can afford, you won't have extra money for college expenses, vacations, or to invest in opportunities.
14. Purchasing "status" is expensive.
Designer clothes, designer options on your car, and other designer purchases means that you are paying extra for "status". Certainly many designer items have exceptional quality, but must every purchase be for status? Your true friends will love you for who you are, not for what you purchase.
15. Don't use debt to acquire consumer products that decrease in value.
For instance, if you purchased a $1,500 stereo with a credit card, your total purchase price could easily exceed $1,800 with interest. Ask yourself, "By the time I pay off this stereo, how much will my stereo be worth?" If your stereo will only have a value of $1,000 or less, that's not a good return on your investment. You won't get rich with a negative return on your investments.
16. Open two savings accounts.
Use one savings account for your long-term investment plan. Use the other savings account to accumulate money for your more expensive purchases like an automobile or a vacation. By having a short-term savings account, you won't be tempted to rob your long-term savings account for short-term purchases.
17. If you have items of value that won't sell at a garage sale, or are inappropriate to sell at a garage sale, consider donating them to charity.
The tax deduction will mean your year-end tax bill will be less. Then you can invest your tax savings in your financial plans.
18. Do you really need three telephone lines, two cell phones and a beeper?
Do you need the deluxe extra channel package for your television cable service? Many luxuries somehow become necessities in our minds. Look closely at your "must-have" expenditures. Cutting out unnecessary extras will not only save money, but may make your life simpler and more enjoyable. Think of that the next time you see a fellow diner's meal interrupted by a call to his cell phone.
19. Use more leverage in your day-to-day activities.
If you drive to work, could you take a passenger who would help pay for your gas? If you paint for a hobby, would someone like to sell your paintings on consignment? If you work out regularly, could you become a personal trainer and work out with a paying trainee? What are you doing today for free that could be an income source? Can your hobby be an additional source of income?
20. Take your insurance agent to lunch.
You may be paying for duplicate coverages. Maybe you could qualify for cheaper rates by changing to a similar policy or similar coverage. Discuss the savings and risks from adjusting your deductibles. And don't be afraid to take another insurance agent to lunch to double check if you're getting the best deal.
21. Take your lunch to work.
If you pay $6 for lunch, that's $30 a week or over $1,500 extra a year. As an added benefit, you can make your personal lunch healthier and with more variety.
22. Take control of your investments.
Don't leave all your investment decisions in the hands of others. You may have a special knowledge or talent that can give you 10%, 20%, 50% or even a 100% return on your investment. For instance, maybe you can turn $5 in yarn and beads into a $30 craft bargain. Maybe you can spot great values at auto auctions. Or maybe you can turn $1,000 in building materials into a $2,000 finished product.
1. Trade your high interest credit cards for low interest credit cards.
Let's say that you have a $5,000 balance on your 17.6% interest credit card. You'll pay $880 in interest in the next 12 months. By transferring that balance to a 6.4% credit card, your interest would be only $320 for the next 12 months. That's a $560 savings! It's like finding over $500 in an old shoebox in your closet. Pretty exciting!
2. What's better than reducing interest on your credit cards?
Getting rid of your credit cards and replacing them with debit cards. If you're low on willpower, this is a great way to discipline your spending. A debit card instantly takes money from your bank account, so there is no large bill at the end of the month. Just make sure your debit card doesn't carry excessive transactions fees or other costs.
3. Hold a garage sale.
You can net hundreds of dollars by selling unwanted or unused items. Plus, your house and garage will become neat and organized. If you're not using your old stuff, you'll enjoy using the cash from selling it much more.
4. Set a goal to be debt-free.
Paint a giant thermometer poster and put it on your wall. Put your total debt at the top of your thermometer and adjust the height of your debt as you pay it off. The poster is very visual and will remind you to consistently stay with your plan.
5. Use coupons and keep track of the savings.
Then reward yourself by spending the savings on a luxury you like. Life is boring without a little bit of fun. This will prevent your little luxuries from adding on to your debts. Use or trade newspaper coupons on foods, detergents, and the like. Some people save $10 or more on their trips to the grocery each week and even more at stores with a double coupon policy. If you're a moviegoer, try to go to the twilight or reduced price showings.
6. Get paid for what you're already doing.
If you're not already collecting a network marketing check, arrange to get one now. Go to our website or contact us for more information.
7. Education accelerates the wealth-building process.
Instead of paying for expensive financial courses, offer to be an assistant for the course. The instructor might welcome free help for registrations and other duties. You can get thousands of dollars worth of specialized wealth-building education by offering to be a volunteer for the program.
8. Instead of spending money shopping, why not build a stronger relationship with your children?
The average time spent shopping is six hours a week. The average time spent playing with one's children is only 40 minutes per week. Spend the time with the kids. It's a great investment.
9. Did you know that if you had an $80,000 30-year mortgage, a $10,000 car loan, and $3,800 in credit card debt, you could be completely debt-free (including the mortgage) in eight years, five months by using the $300 you make each month from your network marketing business in a powerful way?
In doing so, you would save more than $100,000 in interest! You could then create more than $1.2 million in investments, earning you $10,000 each month in interest, in the time it would have taken you to pay off your mortgage the traditional way? Find out more at our website.
10. Instead of paying to exercise at a local health club, mow your own lawn or do your own painting.
If you feel like more exercise, you can earn extra money by mowing and painting for a neighbor. It's much more fun to exercise when you are getting paid for it.
11. Eating out doesn't have to be expensive.
Look for two-for-one coupons and make sure to take home a doggie bag of all those extra large portions.
12. A small monthly residual income is more important than you think.
For instance, if you have $24,000 in a bank savings account earning 5% interest, you would earn an extra $1,200 a year. That's $100 a month in extra income. But what is easier to do? Is it easier to save $24,000 after taxes to get a $100 a month residual income -- or is it easier to build a $100 a month residual income from a part-time business, a network marketing bonus check, or other method that creates a monthly check? Always concentrate on ways to build monthly residual incomes. It's a faster, easier way to retire. Find out more at
our website.
13. A smaller home requires smaller home mortgage payments.
This will leave you with disposable income for your investment nest egg. If you purchase the maximum home that you can afford, you won't have extra money for college expenses, vacations, or to invest in opportunities.
14. Purchasing "status" is expensive.
Designer clothes, designer options on your car, and other designer purchases means that you are paying extra for "status". Certainly many designer items have exceptional quality, but must every purchase be for status? Your true friends will love you for who you are, not for what you purchase.
15. Don't use debt to acquire consumer products that decrease in value.
For instance, if you purchased a $1,500 stereo with a credit card, your total purchase price could easily exceed $1,800 with interest. Ask yourself, "By the time I pay off this stereo, how much will my stereo be worth?" If your stereo will only have a value of $1,000 or less, that's not a good return on your investment. You won't get rich with a negative return on your investments.
16. Open two savings accounts.
Use one savings account for your long-term investment plan. Use the other savings account to accumulate money for your more expensive purchases like an automobile or a vacation. By having a short-term savings account, you won't be tempted to rob your long-term savings account for short-term purchases.
17. If you have items of value that won't sell at a garage sale, or are inappropriate to sell at a garage sale, consider donating them to charity.
The tax deduction will mean your year-end tax bill will be less. Then you can invest your tax savings in your financial plans.
18. Do you really need three telephone lines, two cell phones and a beeper?
Do you need the deluxe extra channel package for your television cable service? Many luxuries somehow become necessities in our minds. Look closely at your "must-have" expenditures. Cutting out unnecessary extras will not only save money, but may make your life simpler and more enjoyable. Think of that the next time you see a fellow diner's meal interrupted by a call to his cell phone.
19. Use more leverage in your day-to-day activities.
If you drive to work, could you take a passenger who would help pay for your gas? If you paint for a hobby, would someone like to sell your paintings on consignment? If you work out regularly, could you become a personal trainer and work out with a paying trainee? What are you doing today for free that could be an income source? Can your hobby be an additional source of income?
20. Take your insurance agent to lunch.
You may be paying for duplicate coverages. Maybe you could qualify for cheaper rates by changing to a similar policy or similar coverage. Discuss the savings and risks from adjusting your deductibles. And don't be afraid to take another insurance agent to lunch to double check if you're getting the best deal.
21. Take your lunch to work.
If you pay $6 for lunch, that's $30 a week or over $1,500 extra a year. As an added benefit, you can make your personal lunch healthier and with more variety.
22. Take control of your investments.
Don't leave all your investment decisions in the hands of others. You may have a special knowledge or talent that can give you 10%, 20%, 50% or even a 100% return on your investment. For instance, maybe you can turn $5 in yarn and beads into a $30 craft bargain. Maybe you can spot great values at auto auctions. Or maybe you can turn $1,000 in building materials into a $2,000 finished product.
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