Professional Documents
Culture Documents
The Wealth Bible
The Wealth Bible
The Wealth Bible
Introduction ..................................................................................................................... 4
Step 1 .............................................................................................................................. 6
Setting your foundation ..................................................................................................... 6
Step 2 .............................................................................................................................. 9
The wealth rules ............................................................................................................... 9
Step 3 .............................................................................................................................11
Ability v/s action ..............................................................................................................11
Step 4 .............................................................................................................................13
Four fundamentals of wealth .............................................................................................13
Step 5 .............................................................................................................................15
Prospering in the long run ................................................................................................15
Step 6 .............................................................................................................................18
Prosper in true wealth ......................................................................................................18
Step 7 .............................................................................................................................20
Prosper in your mindset ...................................................................................................20
Practical tips ....................................................................................................................23
Conclusion......................................................................................................................29
Recommended Resources..............................................................................................31
Recommended Resources..............................................................................................32
Terms and Conditions
LEGAL NOTICE
While all attempts have been made to verify information provided in this
publication, the Publisher assumes no responsibility for errors, omissions,
or contrary interpretation of the subject matter herein. Any perceived
slights of specific persons, peoples, or organizations are unintentional.
In practical advice books, like anything else in life, there are no guarantees
of income made. Readers are cautioned to reply on their own judgment
about their individual circumstances to act accordingly.
This book is not intended for use as a source of legal, business, accounting
or financial advice. All readers are advised to seek services of competent
professionals in legal, business, accounting and finance fields.
Being wealthy does not have to be difficult if you have the know-how.
In these hard economic times, many people are satisfied by just getting
by and scraping enough money together to pay the bills.
Wealth and financial freedom are a far-off dream for many people. For
them, it means mansions, gated communities, a fast car, private parties
or a pool. The truly wealthy have family names like Rockefeller or
Morgan.
It can be easy to accumulate wealth. The thing is, not everyone knows
how. The twentieth century has bought a boom of first-time
millionaires, many of which do not come from family money. They
make their first million by employing timeless wealth wisdom and
secrets only the ultra-rich used to know. Fortunately for you, there are
dozens, even hundreds of little wealth nuggets you can easily apply to
your life to expand your portfolio and double, even triple your net
worth.
Being smart with money and becoming wealthy is not rocket science,
but for many it looks and feels like hard work. The funny thing is it, the
fact of its very simplicity means that more and more people should
know and be doing this. But they are not. This is because most people
work for the money, instead of making the money work for them. This
is also because making money involves patience and restraint.
Everything about our culture advocates otherwise.
But do you want to end up broke by the time you retire? Do you
constantly fend off phone calls from creditors? Do you sigh and shake
your head at your bank balance? No one wants to spend their life
waiting for payday and watching money flutter away the moment bills
come in the mail.
Becoming wealthy is not just about falling into family money, inheriting
a trust fund or even having a big income. In fact, many people with huge
incomes rarely are truly wealthy. Huge incomes often equal huge
expenses and struggling to keep your finances in the bank every month
does not equal financial freedom. Investing is different from spending.
The wealthy think differently. This is true and an inescapable fact. There
is a poor mindset and a wealthy mindset.
The rich have a different approach to life. They plan, risk and manage
their money in a different manner. They also have a positive attitude
towards life and opportunities. The first and most important step to true
financial freedom is creating this mindset for yourself. This also involves
a no-holds barred, honest look at your life and assets.
Creating a starting place is as important as moving forward, so it does
not matter if you start with $1 or $1,000,000. It is all about the mindset
and the will to move forward to creating your wealth.
Goal setting
To start out at the beginning, list out whatever comes to your brain
about what you wish from life. You may put things like felicity, hope,
college of your selection, a good career, a fantastic husband - the list is
often endless! Such the better for you! And do you understand why? It's
because while a few goals are accomplished easily, a few might take ages.
Once you've accomplished some goal, you tend to lose interest and need
additional goals to keep you functioning. Once you recognize that
accomplishing a goal is all in your hands, you don't have to settle for
anything to a lesser extent. The intriguing thing about charting out goals
to be accomplished is that you are able to keep adding and subtracting
all through the journey that is living.
Remember that any goal you set must be your very own and shouldn't
be somebody else's. Not even those of your hubby, youngsters or even
your boss. It's when you let others determine your definition of success
that you're putting bounds on your future.
• Pick out goals that are meaningful and suit your strong beliefs. If
the goals have no substance or significance for you, the whole drill
is a waste.
• Forever have truthful and accomplishable goals. There's no point
in asking for something unattainable.
• Never be obscure in your requirements. Being particular always
has better outcomes. Put down clearly what your intentions are - if
you would like to be in the top of your class, merely write it down,
look at it each day and work towards accomplishing it. This way,
there is no way you are able to bomb!
• Decide on goals that are ambitious and never accept shelter in
your comfort zone - after all, you need to see that you have the
vigor and cutting edge to accomplish what you wish.
• Forever keep your targets elastic. This way, you don't feel
beleaguered by your own stiff rules and regulations and not let
yourself t miss out on chances.
• Prevent being judgmental when you're putting down your goals.
You might discover that you're questioning the validity of each.
This will only handicap your forward motion.
• Be willing to go all the way. Never waver in asking for what you
wish. Be geared up to work hard and smart and also to make
forfeitures along the way.
• Never let pridefulness, low self-respect, fear or ignorance get in
the way. These are all signs of helplessness and will stymie your
success in accomplishing your goals.
STEP 2
The ordinary individual is spending 105% of their net income i.e. they’re
in debt. Debt is only beneficial if it's for building assets. That is called
beneficial debt! You must have a spending plan for your life to make
certain you only spend what you have and then save and/or invest what
is left over. It's suggested that you save at the least 10% of your net
income. Finally, when investing, only take investing advice from
somebody who's as affluent as you would like to be.
You are able to literally get rich by pulling out of debt! Begin by paying
back the loan with the highest rate of interest first. It may very well be
your charge card debt. Then begin on the debt with the next highest rate
of interest.
It's vital that you settle on an absolute dollar amount you'll invest every
month and stick with this to see your riches compound and grow.
I don't know how many times I've heard individuals state "I don't have
the income to do that". Take heed, no one does. But stating this is a nice
excuse that lets you stay inside your comfort zone. The answer to any
issue always rests outside your comfort zone.
STEP 3
There is a wide gulf between ability and action in the world that we live
in. There are millions of people out there who are capable of doing
something. They might even have the right academic qualifications and
some might even have an experience. But then these people aren’t
putting their talents to the right use. Think about someone that can
teach excellently, but doesn’t put that talent to use. This person is doing
a desk job instead because according to him or her, that’s a safer bet.
Now, the desk job can only take the person so far because he or she
doesn’t really like doing that. However, if this person had taken the
bigger step of going ahead and teaching – overcoming any limitations in
the way, such as stage fright – it is highly possible that he or she would
be more financially stable and empowered today.
We all have various talents, but we fail to discover them and if we do,
we most likely fail to put them to use. J. K. Rowling would not have
become the multimillionaire she is today if she had given up her
penchant for writing and chased a humdrum “safe” job like many of us
do. Imagine Michael Schumacher or Zinedine Zidane’s vast bundle of
talent hidden behind an office job. Think what Barack Obama would
have been if he did not act to implement his immense leadership
potential and charisma to rule one of the most developed nations of the
world.
The one thing you have to consider is that it is not enough to be just
able. It is not enough to be able to swim, cook, dance, write, jump or
whatever. If you want to be financially empowered, you have to use
these abilities that are within you and wow the people around you. It is
only then that you start taking steps toward your empowerment.
STEP 4
When you are looking at building yourself financially, there are a few
things that you must make sure you have with you. These are your allies
in your quest for financial empowerment – they are your four
fundamentals – without which you will find this journey very difficult.
Here we take at a look at these four essentials in brief.
1. Assets
Assets are the material and nonmaterial things that you have with you.
These things are valuable because you use them to create more things.
However, we are going to bring about a change in your perspective of
assets. Normally people think only about monetary assets. But
everything that you have, including the love of your spouse, can become
an asset.
2. Education
3. Investment
Investing is an asset because this helps you in securing money for the
long run. When things are going the way they shouldn’t, your
investments matter a lot. Even when everything is hunky-dory, your
investments build up your financial portfolio like few other things can.
4. Recreation
You might not willingly take this as a factor for financial empowerment,
but the fact is that you need to enrich your mind in order to stay
healthier and hence make yourself more stable monetarily. Some forms
of recreation can actually directly help in improving your economic
standing as well.
STEP 5
It may not sound pleasant to a lot of us, but when most of us think of
the term “financial empowerment”, they tend to think about short-term
goals. They think about how they can put in efforts to achieve money in
the short term, within just a few weeks probably. One of the biggest
mistakes that we do is that we contract our entire lifespan into a few
weeks by thinking in this manner. We forget that we have a long life
ahead of us and that if you want to be really financially empowered, we
have to make sure that we have enough for that period which looms
ahead of us.
There are some very important ways in which this can be done.
Education
Now, everyone gets basic education and hence if you want to really
financially empower yourself, you have to learn something more than
the other person. We aren’t talking about childhood education here but
education that enriches you as a professional. In the Internet marketing
milieu, for example, a person who has educated himself or herself to use
blogs and article submissions will do better than someone who uses just
article submissions.
Investing
People who are in for the long haul will always think closely about
investment options. They will think where they can invest so that they
can get the best returns. Investment is highly important if you want to
financially empower yourself because this is what can help you when the
chips are down.
Insurance
Recreation
Every song you hear, every book your read, every movie you watch,
every place you visit enriches your mind in some way. Though you aren’t
doing these things for gaining knowledge, they are certainly expanding
what you know. You are learning new things and anything can be
important at any time. Hence, even the way you amuse your mind is
essential when you are talking about financial empowerment.
All these things won’t bring money right away at your doorstep, but they
are definitely enhancing your capabilities. You become a better person,
financially and otherwise, when you use these key factors in the right
way.
STEP 6
Wealth is a way of feeling and being in the world. It means that you have
abundance in every area of life. People are meant to live a life of
profusion. There’s an evil rumour in the mind that there’s not enough
for everyone. There’s not enough money, not enough food or not
enough of everything you can imagine. This is a complete lie because
there’s enough.
There’s more than enough for everybody. The problem is that people
have been taught that there’s lack in the world. You see people who
don’t have what they want and they conclude that wealth is a faraway
place that’s very hard to reach. This is certainly far from the reality.
There’s more than enough wealth in every area for each person to have
everything he or she wants and more. Everyone wants to find someone
to love or perhaps you already have found your special someone. Is
there a limit on love? Sometimes, people will put limits on love, but
that’s not true love. True love has no restraints, it’s boundless and it’s
limitless. It can be given all the time and never run out. Everything else
is the same. Wealth is profuse and people should learn to see that there’s
more than enough for everyone.
Wealth is having profusion in your relationships. It’s having family,
loved ones and friends and great relationships with them that bring
happiness to people’s lives every day. These are mutually valuable
relationships that are indeed a two way road. Without healthy
relationships, life can be very stressful and hard. Wealth in relationships
is all about both of you obtaining more than you put in.
Having lots of money, but not being fit enough to enjoy it isn’t true
wealth. There are many people who’d give their entire fortune for better
relationships and better health.
On the other hand, there are poor people who have great health and
great relationships. This is most likely as close to wealth as people can
get until they can take care of their financial state. True wealth is about
abundance in relationships, finances and health.
Wealth has one more area – the realm of spirituality. Some people feel
rich in the realm of spirituality when they’re able to go to church
regularly and give to God. Others feel rich when they have a reason to
dedicate themselves to.
You have to decide what true wealth in every area means to you and
understand that you don’t just deserve it, but can also have it. You can
have the love, relationships, health, money and things you want. There’s
more than enough available for everyone.
STEP 7
First, you need to completely revitalize and change your thinking. If your
‘thinking’ and ‘actions’ haven’t gotten you any financial result that you
always want, then it’s time for you to make some changes. Deciding to
change is very easy, however, to implement this change requires sincere
commitment. The economic state has no actual influence to whether
you will be able to be financially successful or not.
Empower your mind to develop a wealth mindset. Here are some of the
time-tested plans proven by well-off people to get you true financial
freedom.
• Do not spend more than you make. Only spend for stuff that you
really need and invest or save the rest. Investing should be done
wisely and carefully. Make sure that your investments earn.
• Get rid of your debts if you want to be wealthy. If you’re currently
paying off a certain loan, pay it off quick.
• Buy assets to raise your net worth. It might be in the form of
bonds, shares of stocks, business venture or real estate. Be sure to
gain assets that you can fund.
• Live a sensible life every day by counting each cent coming out of
your pocket. Simple and small things that you can give up make a
great difference and this would mean extra savings.
The truth is that the mind can do much more than you can possibly
fathom. Unfortunately, most people just do not have the motivation
and the initiative to believe and figure out their potentials. They’re
not aware of the control that they have over the mind. Most people
have not realized that they could actually gain control of their
mindset and focus their thinking on changing the direction of their
lives to a better path and achieve wealth.
PRACTICAL TIPS
Invest and Start Early: If you’re like most Americans, planning on your
retirement must start on you very first job. You have to basically take
advantage of the most essential steps of financial planning that anyone
can make: invest carefully on a retirement account.
Identify What You Really Need: For financial advices, this is among the
cornerstones. Knowing the different resources that you actually need
upon retiring is the fundamental key to having a successful and
comfortable retirement. Set specific saving goals. Think ahead, instead
of thinking short term. Remember, you can’t save enough money for
your retirement if you don’t know exactly how much you need.
Savings Review and Annual Portfolio: At every year end, it is critical that
you review your 401K, IRA, savings, and other types of investments you
have created for your retirement. With the help of a reliable personal
banker, accountant, or financial advisor, see if you’re able to successfully
invest anymore to your retirement.
Planning ahead and very carefully for retirement does not have to be
time consuming or costly, but the possible dividends can prove to be
substantial in the end. An accurate, solid plan begins with specific
financial goals, short term or long term, and learning what it actually
takes in order to achieve those goals.
If you have successfully saved money, you are rest assured that you will
be able to surpass most challenging times, enabling you and your family
to have a better life. Many people argue that to have a nest egg isn’t the
only means that you have to take. They believe that they also have to
invest the money to something. However, saving money proves to be a
very smart and effective investment alone. Instead of using the money,
you’re saving them for later purposes. Investing on something may only
risk your money but if you take it for savings, you have the money in
any case.
A good budget plan is created to last all through the years. Yes, you can
actually budget for a short term basis to get your way through
challenging times, but the most effective budget plans will definitely take
you and your family out of big financial trouble and of course, to your
financial goals. Budgeting is one of the most essential aspects of
planning for your future indeed.
If you’re over the budget, this means that you’re spending way more that
what you make. This is not ideal. For most, that overage may end up to
credit cards. Then you’re paying interest and this isn’t actually necessary.
You should always avoid using credit card in order to supplement the
income.
Take the amount that’s over; see where you can try to cut back from
your budget. Sometimes, this could mean making a hard choice and you
may need to give up something. But at the end, the reward could be
worth it.
While some think that a budget plan is a constraint, but it’s giving you
the freedom from worry and stress from finances.
Think about your future.
Begin tithing
Spending time with well-off people can help you become empowered
for wealth further. If you do not know anyone you can hang out with,
look for a successful person and take him or her out to lunch. You can
ask that person how he or she achieved success and what advice he or
she has for others. By doing this, you will obtain a first-hand education.
These are different ideas you can implement to become empowered for
wealth. Use your imagination to create new ways and don't stop. Just
believe in yourself and you can definitely do it.
CONCLUSION
If you want to experience the life of the rich, believe that you’re capable
of building wealth. Don’t easily accept your current level of wealth,
thinking that great prosperity is beyond your reach. Are you struggling
with the idea of seeing yourself wealthy beyond your wildest visions?
Then, why don’t you lower the bar and aim to simply earn extra 50
dollars per week? This is attainable for most people and will boost your
confidence to think optimistically about wealth and actually build it.
Wealth will flow to people who think they deserve it and can picture
themselves already in control of it. Opportunity after opportunity might
come your way, but if you doubt your worthiness, you’ll have a hard
time building true wealth.
There might be times when the struggle is too great or seems never
ending, but this is the time to persevere and remain focused on where
you wish to be instead of where you are at the moment.
A simple tip that’s often mentioned is to try surrounding yourself with
successful and well-off people. Just being with people that you respect
and possess the kind of prosperity you’re striving for is a great motivator
and can often create opportunities that you’d otherwise never have
come across.
You need to dominate the art of managing money in the same way you'd
approach the getting the hang of a musical instrument, a sport and so
forth. Begin early on the road to money command and become a
student, learning only from the best. By discovering the tools,
techniques and skills needed for dealing with money you'll become
richer, quicker. Command calls for discipline and patience, crucial skills
in true wealth creation. Leave your emotions on the sideline and
rehearse discipline. The more disciplined you are the quicker you'll
become affluent and the more affluent you'll become.
Never be complacent and put off your wealth creation for tomorrow.
True wealth and real wealth starts by making these changes today.