I’ve taken these 11 keys to wealth from the ebook Timeless Wealth Wisdom, 77 Wealth Secrets to Make You Rich. The full ebook is available for free if you choose to join the Buks VIP list. You’ll find a signup box on most every page on the site here at Buks. When you join our VIP list you’ll receive notice of any special offers we have on products as well as the best money makers we come across.
So be sure to pick up your FREE copy of Timeless Wealth Wisdom today. In the meantime, enjoy these 11 wealth creation tips right now.
11 Keys to Wealth
1. Manifest your financial destiny by setting your subconscious towards specific goals. Create dream charts by cutting out pictures of your dream status or words that empower to help fuel your subconscious and get you to wear you want to go. Never underestimate the power of your will and mind. Wealthy people never say they cannot do it, they think of ways so that they
Write it down. Seeing what you want, and getting what you want involves seeing it in black and white.
For a great video detailing the amazing story of how this concept worked for John Assaraf from the Secret movie, just click the following link: Visualization Secrets video.
And to saturate your mind with a millionaire mindset check out our money magnet videos at Wealthvibes.
2. The truly wealthy consider themselves as the foremost asset. Accordingly, they pay themselves first. They also tend to invest in themselves first, especially when it comes to education. Take classes and groom yourself to be the millionaire, entrepreneur and success you want to be.
This key to wealth reminds of the powerful statement from legendary motivational guru Jim Rohn, who said, “Work harder on yourself than you do on your job.“
3. Assess your income and what you can do with it. 80% of modern millionaires were able to get there on annual incomes of $55,000 or less. Even meager savings eventually add up to thousands or millions of dollars. This key to wealth is hammered home in the Millionaire Next Door series of wealth creation books. They list the common keys to wealth of ordinary citizens who became rich over time. Now, if you are looking for a quick buck this series isn’t for you, but it is an enlightening look at how those with often ordinary incomes were able to build substantial wealth over time by adhering to a few basic wealth principles.
4. Create forms of passive income, the type of income that you receive with little to no effort. Examples of this include: rent from property you own, licensing patents or dividends and returns from investments.
Passive income can come from many sources. Exploiting the business possibilities of the Internet through blogs or sales from eBay or Amazon is one way to add to your income with minimal effort. The truly wealthy prefer passive income anytime. It frees up time for you to do what you want, even while you earn.
5. Create a sense of urgency in your life. Do not wait for things to happen to you. You may think that you are playing safe by waiting around or looking for the next big deal. This is the financial equivalent of sitting around. Take risks, invest, start the business now. Seize opportunities the moment they happen. The first to get there often wins, leaving the losers in the dust.
Taking stock of what you have right now can have some advantageous surprises. For one, you may find out that you have more than you think. Second, it gives you a clear cut place to start and helps you find balance as well as set goals. After all, you cannot move forward without knowing where you come from.
One of my favorite series of wealth creation books is by Loral Langemeier. She is a hard charger and shows you how to wring everything you have out of what you’ve got. She leans a bit on the risky side so if you’re more conservative this might not be for you, but if you want to look at a fast way to generate wealth using what you already have then any of her books in the Millionaire Makers series are well worth a look.
6. Understand how interest affects your debt. The wealthy understand how interest works for investments, for loans and how it compounds over time. Those who are not wealthy do not.
Compound interest is interest that is added to the principle at certain intervals on the debt. This means that the loan/balance of a certain loan gets higher over time and you end up paying more interest.
Compounding rates differ but can be legally done on a yearly, quarterly, yearly or even daily basis. A loan with a starting principal of $1000 charged with 20% interest per year turns into $1200 at the end of the first year and so on.
Of course, the strategy here is to get interest working for you instead of against you!
7. Create an emergency fund or funds. These accounts should contain the equivalent of 3 to 6 months salary using low risk accounts (savings, certificates of deposits or insured money market accounts) as a safety net not just for your finances but for unexpected events in your life. This prevents you from dipping into your earnings or cashing in other income resources when unexpected and unwanted events happen, such as sudden illness.
8. Never accept a deal at face value. Negotiate until you feel the terms are in your favor.Those who get rich doing deals often say that the money is made on the “buy” side. In other words if you get a fantastic price on what you are buying, you’ll be able to make a nice profit on it when you go to sell. So negotiate to get the best deal you can and be prepared to walk away if you don’t get the deal. You may be able to get a better one down the road.
9. Do not wait for business opportunities, create them. Entrepreneurs look at an empty lot and see possibility and a method for them to get rich. Those with a poor mindset simply see an empty lot. The rich look at garbage and see a garbage hauling business, a rust-cleaning service, a recycling center. Those with a poor mindset see only the discarded tires, the dirt and the weeds.
10. Never invest if you are not willing to wait. Otherwise, you are throwing your money away like a gambling addict at a poker table.
The truly wealthy think of investing as a game that pays out and is a fun to play. Never for once think that they got there by simple luck. It takes a lot of research, studying and waiting to get there. The poor make excuses and say, they never have enough time between their jobs, their family and whatever other obligations they have.
The wealthy create the time to invest and invest in their time as well.
However, the main difference is this: they enjoy it. They enjoy the time they spend reading investment books. They enjoy reading the reports, watching the stock market and simply love the game of money. This is an attitude you need to become successful when you move to invest. This is the attitude that makes winners and makes the wealthy.
11. Never put all your money into one humungous deal. Diversity is the key to true wealth. Keep in mind that those eggs in one basket are more liable to break if the basket is too heavy.
I hope you enjoyed these 11 keys to wealth excerpted from the ebook Timeless Wealth Wisdom, 77 Wealth Secrets to Make You Rich. Remember, if you would like the the entire 77 keys to wealth for free just sign up for our Buks VIP list and once you do you’ll get immediate download access. Once you download the book you can sell it if you wish or give it away on your website if you have one to help you build a list or offer something free of value.
Looking forward to having you join us at Buks and sharing some unique and powerful money makers with you!