The Number One Reason Many People Are Not Rich

The Number One Reason Many People Are Not Rich

How do janitors and teachers achieve financial freedom while lawyers and accountants find it difficult to meet their financial obligations? Why are some guys who work two or three jobs broke while some who work for a few hours a day make millions? Answer: these financial achievers know what they want and how to get it. They have financial goals and plans that will aid them in the achievement of their goals. To achieve financial freedom, you need to set it as a goal. This is the place to begin your journey to financial freedom. Goal setters are goal-getters.  Fortunately, this is quite easy for many to do. The challenge many people have is how to achieve their financial goals. The good news is that this shouldn’t be a problem.  Achieving your financial goals and building wealth must begin with making a financial plan. This means setting out how you can accomplish your goals is a critical factor in achieving them.   Understanding A Wealth Plan A wealth plan helps you to take a look at your current financial situation while helping you to understand what you must do to achieve your financial goals  With a valid wealth plan, the probability of achieving financial freedom becomes greatly enhanced.  Your wealth plan is the vehicle that takes you from point A to point B……from where you are to where you want to be financially. A wealth plan that is based on proven principles is your sure access to financial freedom. Unfortunately, many people who desire wealth don’t have a wealth plan. Many have trivialized the need to have a vehicle...
Revealed! Why Paper Assets Might Not Be Your Best Bet For Building Wealth.

Revealed! Why Paper Assets Might Not Be Your Best Bet For Building Wealth.

The financial plan sold to most of us by our parents and the authority figures in our lives involves going to school, getting a good job, saving 10% of our paychecks, and ultimately investing our savings in the stock market. Then one day, say 45 years from now, we would retire rich. Unfortunately, as laudable as this plan may seem, its ability to deliver the expected wealth and financial freedom is very pitiable and unreliable. First, it’s important to note that paper assets (stocks, bonds, mutual funds, and other traditional investments) are not great wealth-building vehicles. This is because of the mathematical limitations to their growth. Consequently, paper assets are better used as a parking place to preserve and grow the purchasing power of wealth that has been made through real estate and business ownership. To fully understand the power and the importance of this insight that I’m sharing with you, pick up your phone and call a stock broker or financial planner and tell him or her of your desire to achieve financial freedom, and that you need their help to achieve this. Also, let him or her know that you are presently finding it difficult to eat and pay your bills. After this revelation, watch his attitude and disposition towards you. It will take God for him to pick up your calls again. This is because stock brokers and financial advisers are in the business of helping you manage the wealth you already created. And are not in the business of helping you build wealth in the first place. One truth you must embrace is that rich...
3 Easy Steps To Wealth Building

3 Easy Steps To Wealth Building

In all of human history, now is the most awesome time to pursue your financial dreams and aspirations. This is because building wealth and achieving financial freedom has never been this easy.   The knowledge of how wealth can be accumulated has never been this accessible. The information, strategies, and principles of wealth building can be more easily accessed in the public domain than ever before. Doing a little study of what makes for wealth accumulation will establish the fact that there are three basic steps to it.   One fundamental truth every wealth seeker must know is that building wealth is not rocket science. It can be achieved by engaging these three basic steps.  Knowing and engaging these 3 steps will guarantee the acquisition of wealth any day, anytime, and anywhere on the planet earth. This is essentially so because these are universally tested and proven money-making strategies that will surely grow your money over time. They will empower you to make, manage, and multiply your money. Now let’s look at these three steps. The Step 1 The number one step to wealth building is to generate enough income to meet your financial needs and also have some money to save for investment. This is the first rung in the ladder of wealth building. This is the place to begin your wealth-building journey.  When it comes to earning or generating income, basically, there are two main ways to do it. You can either earn passive income or earned income. Earned income is essentially linear in nature, that is, you are paid once for every work you do. While passive income,...
3 Paths To Financial Freedom

3 Paths To Financial Freedom

In your quest to build wealth and live in financial freedom, it is imperative for you to know that there are only three paths to choose from. This knowledge will give you direction and speed in your financial journey. The three paths are: 1) Paper assets (stocks, bonds, etc.) 2) Real estate (not your home) 3) Owning your own business In order to increase the probability of you achieving your financial dream, it is important that your wealth plan should include at least two of these three paths, and if possible, the three. Apart from increasing the certainty of your financial results, with this approach, you will also enjoy the security and safety that the principle of diversification of investment offers. Also, it is of utmost importance to know that there are two steps to the wealth process. The first step is to create wealth, and the second step is to preserve and grow that wealth through investing. Statistically, real estate and business ownership are the basic channels through which wealth is created. Now, wait a minute…… I’ve not forgotten I said there are three paths to choose from in your pursuit of wealth and financial freedom. Unfortunately, paper assets are rarely considered a wealth-building vehicle. This is because of the mathematical limitations to its growth. Consequently, paper assets are better used as parking places to preserve and grow the purchasing power of wealth that has been made through the other two paths. As an employee who desires to build wealth and live in financial freedom, you must save a portion of your salary (10% to 20% of income...
Financial Freedom: The One Thing You Must Do To Achieve It.

Financial Freedom: The One Thing You Must Do To Achieve It.

Financial freedom or wealth building is really not about earning a huge salary. It has very little to do with the position you occupy in your organization…….whether you are a janitor, driver, or CEO.  To be honest with you, it has nothing to do with what stuff you possess or how large you live. Living in an upscale area of the city, wearing designer clothes, and driving exotic cars are not what make for financial freedom or wealth building. How Do I Achieve Financial Freedom? When most people think of creating wealth, they think of earning more income by working more hours or changing jobs. As awesome and commendable as this step might be, it is good to know that salary is not wealth. And earning a huge salary might not necessarily culminate in wealth accumulation or financial freedom. The reason is that as an employee, your salary or take-home pay is classified as earned income or active income. Unfortunately, this class of income lacks the tool of leverage, which is a vital key in the process of wealth building.  This lack of leverage is a major drawdown to every attempt at building wealth with earned income. This is because your ability to generate income is tied to your personal time and effort. This means if you want more money, you have to put in more hours of labor. Unfortunately, there is only so much you can do in 24 hours. And in a case where you couldn’t show up for work as a result of sickness, accident or what have you, you don’t earn. The good news is...