THE THREE THINGS YOU MUST AVOID TO BECOME WEALTHY : 1) Do NOT HUNT but instead FARM : The wealthy are not looking for a ‘fast buck’ they believe slow and steady is better than fast and greedy so they farm rather than hunt. Wealthy people know that money and wealth are a process not an event. What do I mean by that? Well the average person is waiting for a stock tip, a lottery ticket etc. They are waiting for ‘a bit of luck’ or a ‘big hit’ to give them a one time huge boost. They are hunting for that big chance. Of course we know how many people ACTUALLY win the lottery and it is not many. People can spend their whole lives waiting for their ship to come in and then, if it doesn’t, say ‘I guess I just wasn’t lucky’ In addition, the challenge for a hunter is that once you have trapped your pray and eaten it the next day you must start all over again. Wealthy people realize that money is not meant to be hunted for it is meant to be farmed. Yes of course they are on the lookout for opportunities and jump on them when they find them but their LONG TERM and OVERALL strategy is one of steady growth. They save and invest and treat money in the same way a farmer treats crops: plant the seeds, water them, let them grow and harvest when ripe. Similarly wealthy people invest carefully, monitor investments and let them grow over time. They realize that money needs to be cared for and nurtured rather than found and immediately spent. The beauty of farming is that you get: Enough crops for you to eat (i.e. pay your expenses) some for storage (i.e. an emergency fund in case you fall on hard times) some additional crops to sell (perhaps a rental property one has bought that has built equity and the investor sells it to get an immediate infusion of cash) and even seeds for next season (wealthy people set aside a portion of their profits specifically for use when they find their next good investment). Unlike the hunter who needs to go out every day just to eat the wealthy person (farmer) is able to have their needs provided for both now and in the future by using a superior strategy. 2) Do NOT SPECULATE but rather INVEST: When asked why he lived in Nebraska rather than in New York near Wall St. Warren Buffet (one of the most successful investors in history) said “Because all the noise is distracting. You have people there trading on rumors and all they are focused on is making a profit today or this month or this quarter. They will make money, buy a Rolex and then the next month the Rolex in in a Pawn shop. I look at fundamentals and ask: ‘Who is running the company? What are society and industry trends of the next 5 years?” In other words Mr. Buffet does not gamble based on rumor but makes informed investments based on thoughtful study. While it is true that in an individual case a speculator could get a big hit and make a large amount of money quickly, long term they will likely lose it again on the next ‘big hit’ that does not work out. The old saying is “speculators make money but investors get rich.” 3) DO NOT RELY ON SOMETHING TRADING TIME FOR MONEY but instead CREATE A RESIDUAL INCOME: If you study the richest people you will find that almost all of them put a lot of work in the beginning into something that continues to pay them for the rest of their life. Bill Gates is an example. He started Microsoft in a garage when computers were not a commonly used or owned item. With a tremendous amount of work up front he created a company that made him the richest man in the world and now, having stepped down as Chairman, he can spend the rest of his life traveling the world focusing on doing good through the Bill and Melinda Gates Foundation. Another example are artists and performers. Performers, of course, get residual income---that is a small payment for every record/book/movie ticket sold. Dolly Parton the famous country singer has a similar take on it. Not only a great performer but also a prolific song-writer she said “My songs are like my children and I expect them to take care of me when I am old.” When asked if she was upset because a song she wrote and sang “I will always love you” was re-recorded and made famous by another performer (the late, great, Whitney Houston) she said with a smile “Are you kidding me? She made that song so popular I was able to buy a mansion!” Tony Robbins, at his amazing seminar Unleash the Power Within, tells this story: “When I was young I thought I was a hotshot because I had made a million dollars in a year. To celebrate I went skiing with a friend who was extremely successful. When we got on the ski lift he said ‘remind me when we are halfway up to tell you something.’ I reminded him and he said. ‘You think you are successful but you are not. You have a JOB. Yes you own the company but you still have to BE there to make money. So in the last few minutes—because I have a business that pays me a residual, I have MADE money whereas you have spent time away from your business so you have lost money.’” Tony says he immediately went back to his office and started creating new strategies (cd’s books, recorded seminars etc.) for making money even when he was not on stage speaking. Now, a few years later, he is in a situation where he could live his lifestyle for the rest of his life even if he never got onstage or held another seminar. Are you trading time for money? Ask yourself what could you do to create a residual income so money is going into your account while you are getting a tan on the beach? And if you do not know the answer to the above question here is my suggestion: Email: GetTimeToday@Gmail to get some Great Ideas on how you can start Getting Some Residual income in your bank account today. Email subject line should state: GIVE ME MORE INFO
Posted on: Wed, 02 Apr 2014 19:39:49 +0000
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