The Secrets of Wealth Aren't Secrets, Part One
Posted: Saturday, January 09, 2010
by Slim Albertson
Team Albertson
In over 20 years of counseling and coaching America's richest people, I've certainly taught my clients a great deal about passing their wealth on the their heirs and protecting their wealth. But in return, they have taught me that becoming wealthy doesn't have anything to do with secrets. Becoming wealthy has everything to do with applying some common-sense principles in your life. Yes, you too, can become wealthy if you learn to apply the following seven principles of wealth-building.
1.Begin to think like a millionaire. Millionaires believe they can and will be wealthy, and they think differently than the rest of us. Millionaires attract wealth to themselves by believing that they are worthy of wealth. The old proverb that "you are what your think" should actually be, "you are what you think about"; or better yet, what you think about is what you attract to yourself.
2.Live within your means. Wealthy people start on the road to wealth by spending less than they make. This is where wealth accumulation starts.
3.Save money, every month. Even if it's not a lot of money, the money left over each month needs to be saved. "Pay yourself first" and "A penny saved is a penny earned" aren't just clichés ... they are principles that when applied, produce results.
4.Use debt strategically. Rich people only use debt as a tool to gain more wealth. Borrowing in order to have stuff before you can afford it is absolutely abhorrent to millionaires. Yet millionaires arent' averse to borrowing, if it allows them to leverage their money.
5.Create multiple streams of income. Millionaires realize that hitting it big with one thing rarely happens. But finding multiple streams of average income is not only do-able, it's the single best way to get rich.
6.Get the best return on your investments. Millionaires learn how to invest in a way that produces the best income with the least risk. In contrast to common thought, the vast majority of millionaires are not be risk-takers. They understand, however, that there are ways to get a better than average return on your money, without taking huge risks. They will tell you that it's not about making a killing in the market. It's all about producing a better than average return on investments while at the same time completely avoiding down markets.
7.It is critical to have the right philosophy of what it means to be rich. Money doesn't make you happy. It is merely a means of exchange. Happiness doesn't' come from your net worth, it comes from inside you. On the other hand, understand that wealth gives you the opportunity for security and comfort, which are good things.
Copyright (c) 2010 Slim Albertson
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Mark "Slim" Albertson has spent over 20 years counseling and coaching wealthy clients. He puts his thoughts in writing each week on his blog, "the Meaning of Wealth: How to Live a Life of Abundance" at http://slimzbiz.blogspot.com
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