Seven More Secrets of Wealth Creation

Here are seven more “secrets” of wealth creation.

1) Save money. Don’t just save ten percent of your paycheck into your retirement plan, invest more. You can do this by trying to save on all the purchases you must make each month. Try to negotiate on purchases and take advantage of good deals. Keep in mind: you can only really capitalize on good deals when you have a decent amount of cash on hand. Try to have funds outside your retirement plans and emergency fund.
2) Change your location if you need to. If you cannot breakthrough in your field where you live now, could you do it in a better location? If your city, state or country doesn’t fit you, would another place fit better? Do some research and consult your mastermind alliance.
3) Learn to sell and negotiate. No matter what field you are in, being able to sell and negotiate are important business skills. So study some books, videos and audio programs on selling and negotiating. Entrepreneurs especially must be able to sell.
4) Think ahead. You have to at least make an honest attempt to think of how competitors, coworkers and customers will respond to your moves. You also have to think about what business or job you may want next and you definitely need to plan your retirement. Don’t just plan your vacations and day to day responsibilities. Create a plan for your business, investments and your life. Have back up plans whenever possible. Remember to consult your mastermind.
5) Use time wisely. After you have taken care of all your responsibilities, invest in yourself! You can invest in yourself by studying or planning a business, or by developing a skill or participating in an organization you really believe in or working a second job.
6) Avoid debt. Paying interest, annual fees, hidden fees, and buying stuff you can’t really afford, does not help you get rich. Do not leverage yourself too much to buy a home.
7) Avoid get rich quick schemes. Get rich quick schemes burn bad. As an alternative: bootstrap your way to your own small business.