Tuesday, April 2, 2013

The Challenge: Wealth From Scratch

1st: save money and pay off debts.

2nd: buy real estate, businesses, silver, gold, value stocks, or other paper investments from distressed sellers.  Use your brain.  What is your horizon for your investment? Due your due diligence.  Make sure business and real estate have positive cash flow from the start.  Know what you are doing, strain your brain. Avoid phony friends and advisors that are really salesmen.

3rd:  spread your money around.  You'll look silly if the government confiscates gold or retirement accounts.  Don't put 100% in either. Consider putting a little cash in a life insurance policy and/or an annuity, after you have maxed your Roth IRA.

4th:  Check your credit score.  Pay bills on time.  See if you can raise your credit rating.  This makes financing business and real estate much easier.

5th:  Get the right kind of peer pressure in your life.  You need a Master Mind group.  You don't need seasoned sheeple TV watchers.

If you or someone in your Master Mind is considering starting or buying a business, do research.  Talk to customers who buy X.  Make sure there is sufficient demand for your product.  I'd probably stick with the strongest demand in a field you are comfortable in.

www.mastermind-university.com will give you more ideas.

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