Here are the real secrets of getting rich from the people that have actually done it. These are secrets that you do not learn at school and normal people do not teach you because they do not know these. They will help you live a life of prosperity and allow you to help you achieve your dreams. Whether it is to get out of debt, help a true cause or have fun - these are the secrets to getting rich and wealthy.
Secret Number 1 - Live Within Your Means
The rich do not spend all their income on consumer debt or purchase items that will not add value to their lives. They manage their finances with budgets and only use debt to invest in assets that increase in value such as shares, properties and businesses. "The more you earn, the more you spend" so always keep an eye on your cash flow.
Secret Number 2 - Mindset
In order to be a wealthy millionaire or even billionaire, you need to think like one. If you want to become richer and wealthier, you need to set achievable goals for them every day. Remember that goals must be SMART - Specific, Measurable, Attainable, Realistic and have a Timeframe.
Secret Number 3- Leverage
Leverage is one of the most powerful tools and secrets to getting rich in the universe. It is about doing a small amount of initial work for processes that can be repeated many times in order to achieve a big outcome. For example: putting down a deposit of $10,000 to borrow $100,000 is leverage at work. Starting your own business then hiring some Staff is leverage.
Secret Number 4 - Other People's Money (OPM)
This is a secret that the Banks use. They put you into debt, while they make the profits via interest and fees. You can turn this around by borrowing other people's money to do your investing. For example: loans, borrowing from friends, putting things on credit. You do not need your own money to invest; you can use other people but be sure to share some profit with them.
Secret Number Five - Time
Getting rich and wealthy is done over time - not overnight. There is no "get rich quick" secret that is safe and realistic. Investing in quality assets such as property over time will increase their value and also your income cash flow.
Follow these 5 secrets so that you can achieve the dreams and things you desire. Opportunities for being rich and wealthy are out there but you just need to work out how to get it.
Get an easy-to-use, step-by-step book on the secrets of wealth now at: http://www.debtsecret.info
Article Source: http://EzineArticles.com/?expert=Kobe_Chan
Showing posts with label leverage. Show all posts
Showing posts with label leverage. Show all posts
Friday, April 2, 2010
Saturday, October 17, 2009
Michael Jordon Wealth Mentality
Making $250,000 in a year sounds like an unattainable amount for some people. But if you posses the "Michael Jordan Wealth Mentality" then it becomes achievable. Michael Jordan is arguably the greatest basketball player ever to play the game. And I remember NBA TV analyst, Ahmad Rashad asking Jordan in an interview how he consistently scores 30 plus points per game? Jordan simply replied "I don't look at it as scoring 30 or 40 points a game, my game-plan is to just make 4 lay-ups per quarter, plus the free-throws when I get fouled." Looking at it that way, four lay-ups in twelve minutes seems pretty achievable and once completed totals 32 points a game and once you add in the free throws you can see how Jordan consistently scored 30 to 40 points.
Lets analyze how you can make $250,000 in a year using the "Michael Jordan Wealth Mentality." A quarter of a million dollars a year is about $20,000 per month or $5,000 per week. Let's start with an item (a Polo shirt) that I sold for $35. In order to make $5,000 in a week I had to sell roughly 140 shirts. Selling 140 of the same item was difficult for me at first and since I got exhausted driving all over Dallas/Fort Worth to sell them, I used a strategy typically used by wealthy individuals called leverage, which is using other people's time, money, or efforts to achieve a desired result. I agreed to let three others sell the items for me in return for a portion of the profits.
Now 140 items divided by three people is about 47 items per week or only 10 polo shirts per day individually (and that's only a 5 day work-week). Now that was a cakewalk for me and it became so easy that I advertised on Craig's List and got two more people selling items for me in Houston, TX and then small towns (Tyler, Longview, etc.) and on and on. And it gets even more easier once you add various items like Sean John Jeans, NBA hats etc. to your inventory. Since I knew the market for hip-hop clothing I succeeded, but you can substitute clothing for any other product or service of your choice and be on your way to generating six-figures.
James "Bird" Guess was once homeless after high school, yet he personally financed his way through college and graduated with hopes of climbing the corporate ladder and becoming a rich executive. But after only working a year in "Corporate America," James' ambition and goals outgrew his corporate career plan and he decided to risk everything to go after wealth, success, and the "American Dream."
Starting with only $1,000 saved from college, poor credit, and a dream to become a millionaire, James single-handedly built a half-million dollar enterprise selling clothes from the trunk of his car.
James is now the President & Founder of The $chool of Money & Wealth, and is the best selling author of the book How I Made A Quarter Million Dollars From the Trunk of My Car.
To learn more about James please visit http://www.JamesBirdGuess.com.
Article Source: http://EzineArticles.com/?expert=James_Bird_Guess
Lets analyze how you can make $250,000 in a year using the "Michael Jordan Wealth Mentality." A quarter of a million dollars a year is about $20,000 per month or $5,000 per week. Let's start with an item (a Polo shirt) that I sold for $35. In order to make $5,000 in a week I had to sell roughly 140 shirts. Selling 140 of the same item was difficult for me at first and since I got exhausted driving all over Dallas/Fort Worth to sell them, I used a strategy typically used by wealthy individuals called leverage, which is using other people's time, money, or efforts to achieve a desired result. I agreed to let three others sell the items for me in return for a portion of the profits.
Now 140 items divided by three people is about 47 items per week or only 10 polo shirts per day individually (and that's only a 5 day work-week). Now that was a cakewalk for me and it became so easy that I advertised on Craig's List and got two more people selling items for me in Houston, TX and then small towns (Tyler, Longview, etc.) and on and on. And it gets even more easier once you add various items like Sean John Jeans, NBA hats etc. to your inventory. Since I knew the market for hip-hop clothing I succeeded, but you can substitute clothing for any other product or service of your choice and be on your way to generating six-figures.
James "Bird" Guess was once homeless after high school, yet he personally financed his way through college and graduated with hopes of climbing the corporate ladder and becoming a rich executive. But after only working a year in "Corporate America," James' ambition and goals outgrew his corporate career plan and he decided to risk everything to go after wealth, success, and the "American Dream."
Starting with only $1,000 saved from college, poor credit, and a dream to become a millionaire, James single-handedly built a half-million dollar enterprise selling clothes from the trunk of his car.
James is now the President & Founder of The $chool of Money & Wealth, and is the best selling author of the book How I Made A Quarter Million Dollars From the Trunk of My Car.
To learn more about James please visit http://www.JamesBirdGuess.com.
Article Source: http://EzineArticles.com/?expert=James_Bird_Guess
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