5 Ways the Super Rich Got Rich, and How You Can become Super Rich 1. The Multiple Streams of Income Myth The Myth - The more income streams you start, the wealthier you will become. The Truth - Starting too many streams at the same time is like trying to push many balls up a hill at the same time--you may get started, but you end up losing your focus and your time. Success comes from growing teams, not streams. Think multiple teams of income. 2. The Passive Income Myth The Myth - You can get wealthy by going into debt to buy assets that will generate passive income so you no longer have to work for a living. The Truth - Debt digs a hole, not a river. All income must be managed, which means knowing how to manage a team and experts who can help you manage your assets. Forget passive income; think portfolio income, where your assets are actively managed by you and by your team. 3. The Exit Strategy Myth The Myth- Wealth comes when you sell out, so plan an exit strategy where you work hard now and cash out later. The Truth - Love what you do and you wont care about an exit; youll want to keep doing what you do. 4. The Be Your Own Boss Myth The Myth - The path to wealth starts with being your own boss; that way you can choose what to do and when to do it. The Truth - Wealth comes from choosing whom your boss(es) will be. Even if you own your business youre still accountable to someone--customers, shareholders, employees, etc. 5. The Huge Risk, Huge Reward Myth The Myth - Successful entrepreneurs put everything on the line. The Truth - The most heroic journeys minimize risk by progressing deliberately, testing and measuring each step, and making smart adjustments on the long path on to success. Failure has two basic outcomes. It can sink or steer you. To be Legitimately Rich doesnt come easy, you have to be extremely smart.
Posted on: Mon, 21 Jul 2014 19:22:39 +0000
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