I want to build wealth. This recession is making things hard. But I know the money has to go somewhere because money doesn’t disappear into thin air.
So while a lot of us are struggling.. someone, somewhere is benefiting.
How do I capitalize on this recession?
lydian wealth
My parents both grew up in enviroments where they weren’t poverty stricken, but they had to make there own opportunities in life. They met in nyc, both selling stocks and bonds. They work intensely, my mom for ten years my dad for twenty. They both moved out of the city and started their own company. Were fairly affluent, but we aren’t filthy buying, we watch costs and my father is very conservative on that front. We do live in a wealthy community and I’ve never been denied anything I’ve needed-but were good valued people and my parents are truthful, hardworking folk. My friend seems to think that because we have money we cann afford anything–which is not true. My parents work so hard, my dad ten to twelve hour days and he even works on Sundays too. Why do people think that affluent people are always pretentious and haughty? Why do we measure personality by the size of a person’s bank account?
DOMINIC
Your Wealth?
I have been speaking at several seminars lately on the topic of building permanent wealth. One of my favorite things about speaking at seminars is talking with the participants one-on-one. In just the past few weeks I’ve met hundreds of people with diverse backgrounds, various educations and different professions. All of them wanted to know how to build permanent wealth. And much like those of you I heard from last week, they wanted to know exactly what they needed to do.
Whenever someone asks me what to do to build permanent wealth, I answer that question with a question: Where is your wealth? Where is your wealth today and where is your wealth going?
In other words, where are you today in terms of how much you own versus how much you owe? And, where do you want your wealth to be?
Take a few seconds to think about your answer.
- The Answers -
It is very rare that any one answers my question with absolute certainty. Here are the answers I typically receive:
Most popular: “I have no idea”
Close second: “Oh, somewhere around….ummmmm….about…$X and I want it to be X times that”
Funniest: “I keep wondering the same thing! Where is my wealth? I work and work and work, make great money, but I have nothing to show for it! Where is it going?”
At first, it’s easy to conclude that these people must just not care about their wealth because they have no idea where they are today or where they want to be with their wealth. But the people I spoke with recently are people attending seminars specifically to learn more about building wealth, so obviously they care. So then why don’t they know the answer to this question?
I’ve concluded that most people don’t know the answer because they don’t know how to get started on building their wealth. I’m learning that this is a common place for people to be.
The traditional route to getting started has been to meet with a financial planner and find out when you can retire based on a certain amount of savings each month.
My approach to wealth strategies is the same approach I use when I create tax strategies. In fact, the two are intertwined. A successful tax strategy will produce tax savings and then leverage those tax savings by integrating them into a wealth strategy. This is a great way to supercharge a wealth strategy! But my approach with both always begins with (1) Where do you want to be? and (2) Where are you today? If this sounds similar to traditional financial planning, it’s not.
Simple But Not Easy
This concept of starting with where you want to be and where you are today is a simple concept to understand. But, it’s not always easy to do.
It’s very similar to a fitness program. When I started my fitness program, I needed to establish where I was when I started and where I wanted to be. This was a simple concept for me to understand. But, when I went to execute it, I found it wasn’t so easy. I knew what my weight was and where I wanted it to be, but what else was there? At the time I started, I didn’t know what else there was, but since then, I’ve learned many other ways to measure these two points in time - body fat, key body measurements, specific goals, like completing a triathlon in a certain amount of time by a certain age. Now I can create a list that goes on and on but that wasn’t’ the case when I first started.
When determining where you are with your wealth, there are financial calculations that need to be done, soul searching to be done to determine what you really want and, of course, the time to actually sit down and do it! All of these are not necessarily easy to do. But the good news is that they are not impossible to do, it just requires time (and it doesn’t have to be a huge amount of time), effort and focus.
So, Where Is Your Wealth?
DEMARCUS
Spread the Wealth Around Joe the plumber original video
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FAUSTO
One of the most precious things that people like to protect is wealth. But did you know that now you can not just protect your wealth but monetize it further to make more money from it. This is called Wealth Management and it is quite an intelligent way of investing as well securing one’s wealth, property and different kinds of assets. And this is best done by a Wealth Management Company.
What is a Wealth Management Company? A wealth management company is a financial institution that advices you on how to invest your wealth in a way that you reap benefits in the shape of RoI or Return on Investment. These wealth management companies suggest you the right places where you can gain maximum benefits by investing your money.
Not just advices and suggestions, some wealth management companies also, on your request, make the investments and manage the portfolio, till the time you avail their services. So basically, a wealth management company suggests you the right places to invest and gain maximum returns and also invests your property and assets in the way you want, when you want them to do it for you.
Now comes the most important part. When it is your hard earned money or wealth and assets that you have inherited, properties that has been passed from generations to generations, then such wealth acquires not only high monetary value but also your personal attachment and emotions in some cases. In such a situation, you can not let them be managed by those who do not understand their worth or how dear your wealth is to you.
Therefore, it is very important that you place your wealth in the right hands. You should be highly cautious while selecting your wealth management company and also remain wary throughout the time your wealth is being managed by someone else.
ADAM
He says he will “spread the wealth around” by increasing taxes on the rich. His tax increase is not tied to any proposed expenditure or program other than spreading the wealth around. Is he the first American politician to promise increased taxes in order to redistribute wealth? What do you think of it?
GARTH
In addition to building grand palaces, in what other ways did absolute rulers use the vast wealth the accumulated?
How did they use their wealth in the 16th century?
ETHAN
How much wealth would it take to acquire bliss? And how would you proceed in spending it?
FRANCIS
Edwin Vieira, Jr. - four degrees from Harvard: A.B. (Harvard College), A.M. and Ph.D. (Harvard Graduate School of Arts and Sciences), and J.D. (Harvard Law School) - discusses original intent and living document interpretations of the Constitution of the United States of America from the documentary “FIAT EMPIRE - Why the Federal Reserve Violates the U.S. Constitution.”
The entire film, Fiat Empire, can be accessed at http://www.FiatEmpire.com or directly at Google Video at http://video.google.com/videoplay?doc…
“This Telly Award-winning documentary on the Federal Reserve System was inspired by the well-known book, “The Creature From Jekyll Island” by G. Edward Griffin, and features presidential candidate, RON PAUL.
To order a high-quality DVD or VHS tape (by mail) with up to 160-minutes of additional interviews, go to http://www.FiatEmpire.com/screener. To get instant downloads in a range of qualities, go to http://www.mecfilms.com/mid/ppv/ppvho… and select from the “Documentaries” menu.
Find out why some feel the Federal Reserve System is a “bunch of organized crooks” and others feel its practices “are in violation of the U.S. Constitution.” Discover why experts agree the Fed is a banking cartel that benefits mainly bankers, their clients in need of easy money and a Congress that would rather increase the National Debt than raise taxes.
Produced by William L. Van Alen, Jr., the 1-hour documentary is a co-production between Matrixx Productions and Cornerstone Entertainment and features interviews by, not only G. Edward Griffin, but Congressman Ron Paul (R-Texas); MOVIEGUIDE Founder, Ted Baehr; and constitutional attorney, Edwin Vieira (4 degrees from Harvard). FIAT EMPIRE was written and directed by James Jaeger and narrated by Kris Chandler. Associate producers are Ted Pollard, author and former Commissioner of Radnor Township and James E. Ewart, well-known author of MONEY.
Use a DVD for personal screenings and a VHS tape for free public and private screenings.
For more information on FIAT EMPIRE visit http://www.FiatEmpire.com or the mirror site at http://www.mecfilms.com/fiat. For various political, economic, sociological, media-related and philosophical essays by James Jaeger and others, visit UNIVERSAL ISSUES at http://www.mecfilms.com/universe.
For new films and updates on Matrixx Entertainment’s activities, visit http://www.mecfilms.com/update.htm
DARIN
- The Big Secret to Creating Wealth -
The big secret really isn’t a secret. Many of you will read this big secret and think to yourself, “Of course! I know that! Tell me something I don’t know!”
The big secret to creating wealth is…take action now!
If you did something every day to positively impact your wealth, how much wealth could you build in the next 30 days? In the next 60 days? In the next year?
And while many people know this big secret, very few actually follow it.
Only 83 Days Left
There are only 83 days left in 2008 (at the time this article was written). What will you do in these 83 days to build permanent wealth?
Does This Look Like Your Plan to Create Wealth?
When I meet with a new wealth coaching client, this is what their plan to create wealth typically looks like:
They spend most of their time at work. They go to work in hopes they can “get ahead.” They spend 8, 10, or even 12 hours each day working hard for money. They spent anywhere from 12 to 20 years or more in school preparing for their profession.
And yet, the bottom line is they are not ahead at all. They may have a few dollars set aside for a rainy day, and have an investment here and there, but they aren’t creating any lasting wealth or making significant strides towards their dream retirement…even though they are working hard enough that they deserve to create some wealth!
My job is to put them on the right path to creating wealth - one that creates lasting wealth - and I am able to do that because they have taken action. And with the right path to follow, they will continue to take action.
Most people are pleased to learn that taking action doesn’t always mean working hard for their money. Wealth creation is not simply a matter of hard work. It’s a matter of knowing how to make money. That’s why a major part of wealth coaching includes increasing knowledge about how to make money. Are You Ready to Take Action?
- Are You A Statistic? -
While many people know this big secret, very few actually follow it.
I have been speaking at several seminars lately. The people I’m presenting to are people who have chosen to be there and have often paid hundreds, if not thousands, of dollars to be there. Yet, the statistics are shocking about who actually takes action and does something to change their financial position!
Less than 5% of people who attend educational seminars actually take action.
It’s not just seminar related, less than 8% of those who set new years resolutions actually achieve them.
Will you fall into the minority that takes action now or will you fall into the majority and put it on the back burner?
Simple But Not Easy!
The concepts of creating wealth can be simple to understand - I’ve been working at it for years to take complex strategies and concepts and break them into understandable and manageable pieces. But actually taking the action to bring those concepts into your world is not always easy.
Earlier I challenged you to take action with the 83 days left in 2008 and come up with your action plan to build wealth. This is an example of a simple concept to understand, but not necessarily easy to do.
Did you come up with an action plan? If you did, congratulations, you are in the small percentage of people who jump in and take action.
If you didn’t come up with an action plan, think about what it was that kept you from doing it. Was it:
- Had no time
- Too busy with family
- Dealing with a big deadline at work
- Simply forgot
- Didn’t read that part of the email
- Tried but got distracted
- Tried but didn’t know where to start
When I first started my fitness program, I wasn’t able to come up with my action plan on my own. I knew I wanted to increase my fitness level, and I had an idea about what my fitness goals were, but I just didn’t know how to go about putting a plan together to get me there. That’s where my fitness coach came in - I went to the expert to show me the way and now it’s more than a year later and I’m still amazed at how far I have come. My results are so much better than if I tried to do it on my own. I didn’t even think some of my results were possible when I first started!
Are You Ready to Take Action?
COLEMAN
