Replace Your Income With True Wealth
What is the greatest difference between someone who merely makes an income and someone who is truly wealthy? It is in their mindset. Let’s examine this premise a bit further.
Many of us, even in this failing economy, tend to want to buy. We covet the latest and greatest gadget, the fastest computer, the newest piece of technology. Too often we gauge our success against that of others, and worry more about keeping up with the Joneses than taking care of ourselves.
With that kind of philosophy you will never get rich.
Dedicate Yourself to Building Wealth
There is no easy way to become rich. It takes a lot of dedication and the ability to resist making unnecessary expenditures.
It also involves saving every extra penny to accommodate those unexpected expenses. It is nearly impossible to build wealth if you lose all your assets due to an extended illness, loss of a job, or the theft of your identity.
What is Wealth?
Wealth is more than just cash in the bank. It is defined as all of your assets. Income is just a way to pay the bills. Conversely, wealth is extra money, much like a savings account. It is wealth that is used to contribute to investments, to reduce debt, and to create liquid assets.
The way to increase your wealth is to funnel as much as you can from your income into accounts which will either pay down amounts you owe in loans or produce a profit, such as stock market investments.
Take the time to figure out how much money you need to reach your financial goals. It may be less than you thought and the prospect of real wealth may be well within your reach.
Wealth is also how you feel in life. Two people can have fists full of money but one may be wealthier than the other because of all the joys in his or her life. A great way to get the right wealth mindset is to look for a coach or mentor. Jamie McIntyre is a self-made millionaire and offers a free e-book that can help get you started on a route toward wealth.
To your success,
Clint Maher
Tags: 21st Century Academy, Assets, Jamie McIntyre, mentor, millionaire, Mindset, Wealth
Tags: 21st Century Academy, Assets, Jamie McIntyre, mentor, millionaire, Mindset, Wealth
August 12th, 2009 at 2:49 pm
[...] secret to building wealth lies in part in the ability to focus on specific goals. Many individuals find that they are easily [...]