The Wealth System Broken Down
The first method is to save as much as you can.
That works but that's not my style because it takes way to long - I'll be a grandpa by the time I turned millionaire. Again, nothing's wrong with that but I really want to spend the money I've made to reward myself - not just leave it to my next generation.
The next thing that you will need is to find that medium that will bridge the gap between you and wealth in the shortest time possible. I'll talk more about this in a short while but I want to lay out the fundamentals first.
To become wealthy, it all boils down to 3 major components '
i. Your Mindset
You have to know how to think smart when you want to create wealth. There are plenty of books out there that will teach you this but one thing I want to point out is the knowledge of knowing how to invest on yourself to become wealthier. This is the only way how your wealth can sustain and grow.
ii. Your Attitude
Doesn't require a genius to explain this to you - the right and positive attitude is a prerequisite to wealth. For one, it's really hard for someone to be wealthy if he doesn't act abundantly or have the drive to be wealthy.
iii. The System
Perhaps, a better word to use than 'system' is the 'medium'. Now that you have the right mindset and attitude, you need a medium to connect you with wealth. You see, wealth IS already there, right in front of you to take. But there's a missing gap in between you and wealth which makes it impossible for you to reach it. The 'medium' is the invisible missing gap.
Pulling out the ideas from to the book I read, One Minute Millionaire, there are four powerful mediums that can make you wealthy.
Real Estate Stocks Business Internet
All of them have one thing in common - they're all using LEVERAGE.
Real Estate is leveraging on other people's money (banks).Stocks is leveraging on the successes of other businesses.
Business leverages on other people's time and effort. You have employees.Internet, which is my favorite leverages on many things including low cost (or zero), global reach and it's 'open' 24 hours a day - even when you're sleeping.
You've heard of 'nothing down' concept for real estate, right?
Well, that's true to a CERTAIN EXTENT. I can share with you a real life example - I bought a million dollar property 'nothing down' by getting a loan from the bank. Each month I pay mortgage and 'nothing down' means collecting rental for my property to pay the mortgage. Theoretically, that's true but in reality, I'm paying 4K a month because I couldn't find people who want to rent it yet. :-)
So you could be in the same shoe and lose money. Not really a 'nothing down' right?
We could debate all day long that this is possible and I would agree with you. You could be a real estate guru but that's NOT THE POINT.
With internet, it's truly a 'nothing down'. You could get started with almost zero cost to build a business. And if you flop, well, you did not lose any money.
One more thing I want to tell you about Wealth - it's not as hard as it used to be. In this new age, people can make money easily with these mediums. So if you think it's hard, you really need to reconfigure your mindset again to prosper.
Copyright (c) 2010 Patric Chan
by: Patric Chan
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