WEALTH SECRETS

WEALTH SECRETS 

by Frederick Mann 

1. Find a Need in the Market and Provide Products and/or Services to Fill that Need There are very few people who feel completely satisfied - experiencing that they have everything they need and want. 

Wealth Secrets

2. Increase Your Ability to Earn - LEARN! To earn more money, you may need to acquire additional knowledge and skills. You may need to improve your ability to recognize opportunities and take advantage of them. You may need to overcome your negativity and increase your personal power. You may need to increase your personal freedom and power. Every hour invested in this respect can earn you much more in the future. 

3. Gain Wealth through Multiple Income Streams An advantage of this strategy is that your wealth doesn't depend upon any particular means. Even if one income stream fails, you still have the others.

4. Pay Yourself First One of the most important principles of wealth is to take at least 10% of your earnings and set it aside as your payment to yourself. This is not spending money. It's money you set aside to work for you. 

This wealth secret of paying yourself first represents one side of the Most Basic Wealth Principle: Produce more than you consume. 

5. Control Your Expenditures If you're like most of us, you spend all the money you earn "hand-to-mouth." It's an operating basis that keeps you stuck and prevents you from accumulating wealth - a formula for poverty! You can break out of this trap by using the strongest criteria for spending are: "Do I really need this?" and "What's the minimum I can pay to get it?" 

This wealth secret of cutting your expenses to the bone represents the other side of the Most Basic Wealth Principle: Produce more than you consume. 

6. Make Your Home a Profitable Investment Most people, when buying a house, first look for one that they like. Then they find out the price. Then they find out how big a mortgage they can get and how much the down payment has to be. 

The more wealth-conscious do it differently. They look for a house that is appraised at, say, $200,000 that they can buy for $150,000. They get a mortgage for $190,000 and invest the $40,000 difference for a higher return than the mortgage interest rate. 

7. Discover Your Deep-Seated Attitudes and Beliefs about Money and Correct Them if Necessary Many of us have limiting - even debilitating! - attitudes and beliefs about money. Some of these are culturally widespread - for example: "filthy lucre" = "money is dirty"; "money doesn't grow on trees" = "money is scarce and difficult to get"; and some people believe that "money is the root of all evil" and "you must have money to make money." Correcting your attitudes and beliefs about money is one of the most important wealth secrets.