8 Secrets to Wealth Creation
Do you want to live in wealth? These are the 8 secrets that all masters of wealth have in common; do you have what it takes?
Secret No. 1:
I know one thing for sure and two things for certain… To create exponential wealth today, you must own your own business and here are the two reasons why.
Your belief may be that the corporate executive with the $100,000 a year job has a net worth more than the small shop owner, but the truth of the matter is that the executive will be challenged to double his/her income and with the expenses of having a family this will limit the amount of savings not to mention that the taxes will eat up most of any profits that are left.
What I have found through my own personal experience is that the smallest home business owner has unlimited opportunities to expand his/her business and income, as well as how many employees, in most cases the owner is even able to write their own paychecks, and has the control to increase sales whenever they choose. Did I mention they also have time freedom?
Secret No. 2.
Remember the three levels of mastery
Cognitive Mastery: understand what you have learned.
Emotional Mastery: Link what you learn to emotions
Physical Mastery: you have done enough repetition to make it natural, now anchor these together!
You must be passionate enough to have a working knowledge of your chosen business when you start and continue to take steps to be a professional student expanding your knowledge as you master your skills (it is better to live by example than to lead by ignorance).
What I have learned through my personal and professional life experiences is that If you don’t know what you’re doing your mistakes will be many as well as costly and more often than not unnecessary, and you will not be able to keep up with the ever growing technologies in any field. Start smart and stay that way. Information linked to emotion is retained.
Secret No. 3.
Saving money in your personal life and in your business venture is equally as important.
Always remember it is not how much you make when you are right it is how much you save when you are wrong. Self discipline is the key to saving money. You must develop the will power to deny yourself instant gratification or the temptation of the “get rich quick” thinking. Resources will be needed for growth and should be guarded carefully.
Mitigate your risks and always protect yourself.
Secret No. 4.
You must take risks with borrowed money, your own money or both. Your number one resource is your resourcefulness.
Taking risks is essential to the growth of your business. Some of the richest women and men have staked their entire life savings and lost, several times over, before the risk-taking paid off.
When you back risks with good judgment, experience, commitment, and the right support you have a formula for wealth creation. Now the most important step is to follow through and follow up. Did I mention follow up?…
Search out others for advice on risk taking from the wealthy who still take calculated risks with successful returns, not from your friends who risk nothing more than a few bucks on a lottery ticket and remember you are your top 5 friends so think about that and seek wisely.
Secret No. 5.
Do you know the difference between a piece of coal and a diamond? YES, the answer is pressure!
Right now you are a diamond in the rough; you just need a little more pressure…
It is important to not only learn to live with tension, you must passionately seek it out.
Learn to thrive on stress! begin getting physically fit, have a psychological overhaul and ingrain new anchors. What will it take for you to handle it? Start now!
Once you make the decision to thrive on stress, you will enjoy it, you will begin seeking it out willingly and enthusiastically and wonder how you ever lived any other way.
Women and men of wealth look at making money as a game much like a child playing monopoly of which they love to play passionately.
Think about this… your biggest problem isn’t that you don’t know what you don’t know it’s that you don’t know what you do know.
Keep things in perspective and you will be in control of your stress level, once you learn to master your emotions you will be in control of your life. What will it feel like to live life on your terms?
Perception is everything, we give things meaning. You decide what things mean.
Information linked to emotion is retained.
Secret No. 6.
Create wealth as a positive side effect of your business success.
If money is your only outcome in business, you will more than likely fail.
The money is the bonus of the game. If you win, the money will be there.
Remember if you lose, and you will every now and then keep in mind if you play long and hard enough, it must be fun or it isn’t worth it.
Success is living life in fulfillment and money can’t buy that! I know lots of people that have millions of dollars and are very empty, I know plenty of people that live from paycheck to pawnshop and are the happiest people I know. Money doesn’t define success, if you focus on your passion and love what you do that is where you will find fulfillment.
Secret No. 7.
You Must Have Patience.
The greatest business asset you can have is patience, although sometimes I have challenges with this one… lol. You must wait for the right time to make your move, if you are in the right place at the wrong time you will have pain. You must learn to adapt to your environment and act accordingly.
Learn to trust yourself, do what you do best and let your business grow naturally, pay attention and recognize opportunity. Don’t procrastinate when opportunity knocks answer the door.
Secret No. 8.
You must Challenge yourself, one way is to diversify your time and assets.
When you accomplish your outcome, you will find the need to be challenged once again. One way to fulfill this need is to seek out other ventures to grow and contribute.
I like the three bucket game
My first bucket I have a SNF (sleep at night factor) or some people might call it a security bucket. This bucket has 40% of my investment money in it in the form of CD’s, Money Market, etc.
My second bucket is my growth bucket. This bucket has 60% of my investment money in it in the form of real estate, buy and hold, etc. this is my momentum or high return which is a little more of a risk.
My third bucket is my dream bucket or my play money. How this works is that every time the other buckets show a profit I take 10% of the profits and give it to tithes, another 10% goes into the dream bucket, 30% goes into the growth bucket and 50% goes into the SNF bucket. If I want something I must wait until my dream bucket has enough for me to buy it with.
Now to diversify my time I love to ride my bicycle in events all over the world so that takes care of that need and I am living my dream with this formula. Now you have the formula, what is your dream?
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