Wealth|Knowledge and Action… Creates Wealth
Jan
24
Filed Under (Personal Finance) by wealth
s_dogg1032 asked:
I’m 24 years old, and I’ve been working at my job for 2.5 years. It doesn’t pay much (26,000/year) but I’m in the process of finding a new one. I have a pretty decent amount of debt, but have a decent start to saving ($2,000). I’m able to make minimum payments on all my debt every month, and able to cover living expenses, but I want to get my debt paid down and start building some wealth. I know I’m smart and savvy enough to be able to build wealth and make good decisions regarding my finances, but some direction and information would be helpful.
I’m 24 years old, and I’ve been working at my job for 2.5 years. It doesn’t pay much (26,000/year) but I’m in the process of finding a new one. I have a pretty decent amount of debt, but have a decent start to saving ($2,000). I’m able to make minimum payments on all my debt every month, and able to cover living expenses, but I want to get my debt paid down and start building some wealth. I know I’m smart and savvy enough to be able to build wealth and make good decisions regarding my finances, but some direction and information would be helpful.
Thanks!
FRANKIE
Jan
23
Filed Under (Finance) by wealth
Loral Langemeier asked:
Wealth. Does that sound like a foreign word to you? If you’re saddled with loads of consumer debt the way so many Americans are, it is probably a very unfamiliar word. Commercial and consumer debts are the greatest barriers to wealth. And when you’re suffocated by thousands of dollars of debt, it may seem impossible to get out.
There’s good news! It’s not impossible to eliminate your debt and move toward wealth. Most people and small businesses simply don’t have a system for paying off their debt, and as a result they perpetuate bad habits and remain stuck in it. By using the proper debt management system, you can get out of debt quicker than you probably imagined with minimal change to your existing lifestyle.
To top it off, there is a system you can use that will allow you to simultaneously create and feed the Wealth Cycle, a cycle of wealth millionaires use to consistently and exponentially build their wealth. In other words, you can simultaneously become wealthy and repay your debt.
Skeptical? You bet. But, you’ll be surprised at how easy this is.
So what’s the best way to abolish consumer debt? Many financial advisors will tell you to scrimp, save and cut back on absolutely everything that makes life fun. They’ll tell you to create a very tight budget and then pay off your debt before you can even think about making investments of any type. Sounds a lot like a diet, one that will cause you to starve yourself and your children, depriving them of wealth.
So what does work?
To tackle consumer debt, Loral’s five-step debt strategy includes the following steps (explained in considerable detail in her book, The Millionaire Maker):
Create a debt elimination box Calculate a factoring number Make a priority payoff box Use a “jump start allocation” Make your debt payments
By using this system, your debt payments start to build as you pay of your creditors, all of whom have been listed in order of priority. Your capacity to pay off your debt accelerates quicker and it does require you to shave down unnecessary expenses, but not cut out everything you love. In short, it’s realistic - and mighty effective. You simply have to commit to it.
But wait, there’s more to it!
Earlier I mentioned that you can pay off your debt and at the same time actively build your wealth. Remember that Wealth Cycle mentioned earlier? This is where it comes in.
The Wealth Cycle™ used by millionaires consists of 12 steps:
Gap Analysis Financial Baseline Freedom Day Debt Management Entities Cash Machine Wealth Account Forecasting Assets Leadership Teamwork Conditioning
It’s okay if you don’t know what each step means right now. The main thing to understand is that the key to success in using the Wealth Cycle™ is knowing which steps to take, and in what order.
Everyone’s financial situation will require its own order of sequencing. A wealth mentor can help you determine what’s right for you. For some people, the first step is to develop the proper legal entities for their business and investments so as to maximize tax strategies. For others it may mean first reallocating assets so you can bring in increased monthly income that enables you to start investing. This will in turn bring in passive income which will allow you to pay off your debt quicker.
Here’s an example of when entity structuring might be used first:
Let’s say you have a graphic design business but it’s not incorporated. This means your debt includes a lot of expenses - cell phone, office supplies, postage, etc - that you paid for out of your personal account. If you make your design business an entity, let’s say a “Subchapter S Corporation”, then the portion of your debt that includes those items can now be transferred over as business expenses. Now you can write off that portion of your debt against your income, giving you more money at the end of the year!
The interesting thing about the Wealth Cycle is, as stated above, that you only focus on debt management after you develop a Cash Machine, the proper Entities, and engage in forecasting.
Building wealth from a position of great debt takes courage, discipline, and positive energy. I realize this may seem a difficult scenario from which to create wealth, but my hundreds of successful clients prove that getting out of debt and building wealth is very doable. What it takes is a commitment to gaining awareness of your psychology, your finances, and a willingness to let go of old habits that no longer serve you.
CYRIL
Wealth. Does that sound like a foreign word to you? If you’re saddled with loads of consumer debt the way so many Americans are, it is probably a very unfamiliar word. Commercial and consumer debts are the greatest barriers to wealth. And when you’re suffocated by thousands of dollars of debt, it may seem impossible to get out.
There’s good news! It’s not impossible to eliminate your debt and move toward wealth. Most people and small businesses simply don’t have a system for paying off their debt, and as a result they perpetuate bad habits and remain stuck in it. By using the proper debt management system, you can get out of debt quicker than you probably imagined with minimal change to your existing lifestyle.
To top it off, there is a system you can use that will allow you to simultaneously create and feed the Wealth Cycle, a cycle of wealth millionaires use to consistently and exponentially build their wealth. In other words, you can simultaneously become wealthy and repay your debt.
Skeptical? You bet. But, you’ll be surprised at how easy this is.
So what’s the best way to abolish consumer debt? Many financial advisors will tell you to scrimp, save and cut back on absolutely everything that makes life fun. They’ll tell you to create a very tight budget and then pay off your debt before you can even think about making investments of any type. Sounds a lot like a diet, one that will cause you to starve yourself and your children, depriving them of wealth.
So what does work?
To tackle consumer debt, Loral’s five-step debt strategy includes the following steps (explained in considerable detail in her book, The Millionaire Maker):
Create a debt elimination box Calculate a factoring number Make a priority payoff box Use a “jump start allocation” Make your debt payments
By using this system, your debt payments start to build as you pay of your creditors, all of whom have been listed in order of priority. Your capacity to pay off your debt accelerates quicker and it does require you to shave down unnecessary expenses, but not cut out everything you love. In short, it’s realistic - and mighty effective. You simply have to commit to it.
But wait, there’s more to it!
Earlier I mentioned that you can pay off your debt and at the same time actively build your wealth. Remember that Wealth Cycle mentioned earlier? This is where it comes in.
The Wealth Cycle™ used by millionaires consists of 12 steps:
Gap Analysis Financial Baseline Freedom Day Debt Management Entities Cash Machine Wealth Account Forecasting Assets Leadership Teamwork Conditioning
It’s okay if you don’t know what each step means right now. The main thing to understand is that the key to success in using the Wealth Cycle™ is knowing which steps to take, and in what order.
Everyone’s financial situation will require its own order of sequencing. A wealth mentor can help you determine what’s right for you. For some people, the first step is to develop the proper legal entities for their business and investments so as to maximize tax strategies. For others it may mean first reallocating assets so you can bring in increased monthly income that enables you to start investing. This will in turn bring in passive income which will allow you to pay off your debt quicker.
Here’s an example of when entity structuring might be used first:
Let’s say you have a graphic design business but it’s not incorporated. This means your debt includes a lot of expenses - cell phone, office supplies, postage, etc - that you paid for out of your personal account. If you make your design business an entity, let’s say a “Subchapter S Corporation”, then the portion of your debt that includes those items can now be transferred over as business expenses. Now you can write off that portion of your debt against your income, giving you more money at the end of the year!
The interesting thing about the Wealth Cycle is, as stated above, that you only focus on debt management after you develop a Cash Machine, the proper Entities, and engage in forecasting.
Building wealth from a position of great debt takes courage, discipline, and positive energy. I realize this may seem a difficult scenario from which to create wealth, but my hundreds of successful clients prove that getting out of debt and building wealth is very doable. What it takes is a commitment to gaining awareness of your psychology, your finances, and a willingness to let go of old habits that no longer serve you.
CYRIL
Jan
22
Filed Under (Investing) by wealth
Sacha Tarkovsky asked:
We all want to make money fast and we all want to be wealthy however, most people don’t achieve serious wealth.
The reason is, they make simple mistakes that prevent them reaching their goal of building serious wealth and the fact is there easy avoid, so let’s look at them.
1. Someone else can make you rich
It’s tempting to believe this, but of course the reality of building wealth is:
You need to do it for yourself and not rely on anyone else.
Let’s face it, the people who say you can get rich with them charge you.
If they could do it for themselves they wouldn’t need you, they could shut up and do it for themselves, most will appeal to your greed, take their fees and you will end up disappointed.
2. You can build serious wealth overnight
We have all read stories of people who made huge sums overnight, but let’s be realistic:
Their minority and a small one at that!
That’s not to say you can’t build serious wealth quickly, however you need to be realistic and have a 5 – 10 year plan.
Many investors have turned $30 - $50,000 into a $1,000,000 or more in this sort of time frame by using the power of compound growth and a high return low risk investment to do it.
Would you be happy with that?
If you are, there is a way of building wealth this way (which we will return to later) but lets look at some other essential points first.
3. You have to work hard or be innovative to build wealth
No you don’t.
You need to work smart, NOT hard.
The vast majority of people work hard but not many of them build wealth.
People think building wealth is all about hard graft, making some new discovery, but this actually prevents them from making money - You don’t need to do this to build wealth.
Building wealth is all about compounding your money and making it work hard for you and there are lots of simple ways to do this.
4. If you want to build wealth play defence well
Any football team will tell you everything is based on defence.
If you can’t defend you won’t win, no matter how good your attack is and it’s the same in building wealth.
You want to make your money build steadily, watch compound growth kick in and accelerate your gains.
If you lose money, it’s a case of making up lost ground and catch up which takes time.
When you are trying to build wealth make sure you pick the best reward for the lowest risk you can get.
For example, would you prefer an investment that made you 300% annually with the chance of losing all your money, or the chance to make 100% with 10% loss potential?
Exactly - Now you see the point.
Now your wondering what is a good way to make money, that’s simple, you can understand it, its cheap, easy to do and can make a tidy sum with low risk?
The secret of the worlds wealthiest families
We don’t have time to cover it in this article but Howard Hughes made billions, Donald Trump still does, even comedian Bob Hope made millions and so do most of the richest investors in the world.
You may have never considered it before but it’s buying land.
A simple way to build wealth open to all
You don’t need to be rich (it’s far cheaper than property) and all you need is the right location and you can turn in triple digit annual gains in many locations with low risk.
There is no better way for Mr Average to build wealth quickly with such low risk.
If you have never considered this then take a look and you will surprised at the profits that can be made with such low risk.
ELLIS
We all want to make money fast and we all want to be wealthy however, most people don’t achieve serious wealth.
The reason is, they make simple mistakes that prevent them reaching their goal of building serious wealth and the fact is there easy avoid, so let’s look at them.
1. Someone else can make you rich
It’s tempting to believe this, but of course the reality of building wealth is:
You need to do it for yourself and not rely on anyone else.
Let’s face it, the people who say you can get rich with them charge you.
If they could do it for themselves they wouldn’t need you, they could shut up and do it for themselves, most will appeal to your greed, take their fees and you will end up disappointed.
2. You can build serious wealth overnight
We have all read stories of people who made huge sums overnight, but let’s be realistic:
Their minority and a small one at that!
That’s not to say you can’t build serious wealth quickly, however you need to be realistic and have a 5 – 10 year plan.
Many investors have turned $30 - $50,000 into a $1,000,000 or more in this sort of time frame by using the power of compound growth and a high return low risk investment to do it.
Would you be happy with that?
If you are, there is a way of building wealth this way (which we will return to later) but lets look at some other essential points first.
3. You have to work hard or be innovative to build wealth
No you don’t.
You need to work smart, NOT hard.
The vast majority of people work hard but not many of them build wealth.
People think building wealth is all about hard graft, making some new discovery, but this actually prevents them from making money - You don’t need to do this to build wealth.
Building wealth is all about compounding your money and making it work hard for you and there are lots of simple ways to do this.
4. If you want to build wealth play defence well
Any football team will tell you everything is based on defence.
If you can’t defend you won’t win, no matter how good your attack is and it’s the same in building wealth.
You want to make your money build steadily, watch compound growth kick in and accelerate your gains.
If you lose money, it’s a case of making up lost ground and catch up which takes time.
When you are trying to build wealth make sure you pick the best reward for the lowest risk you can get.
For example, would you prefer an investment that made you 300% annually with the chance of losing all your money, or the chance to make 100% with 10% loss potential?
Exactly - Now you see the point.
Now your wondering what is a good way to make money, that’s simple, you can understand it, its cheap, easy to do and can make a tidy sum with low risk?
The secret of the worlds wealthiest families
We don’t have time to cover it in this article but Howard Hughes made billions, Donald Trump still does, even comedian Bob Hope made millions and so do most of the richest investors in the world.
You may have never considered it before but it’s buying land.
A simple way to build wealth open to all
You don’t need to be rich (it’s far cheaper than property) and all you need is the right location and you can turn in triple digit annual gains in many locations with low risk.
There is no better way for Mr Average to build wealth quickly with such low risk.
If you have never considered this then take a look and you will surprised at the profits that can be made with such low risk.
ELLIS
Jan
06
Filed Under (United States) by wealth
jdlifsey2030 asked:
The Democrats say we should increase taxes on the rich by raising income taxes. Doesn’t being rich mean you have a lot of assets? Should be people that earn a lot of money be taxed higher even though they may not have accumulated any wealth (yet)? Isn’t there a difference between people how EARN a lot of money and those those that HAVE a lot of money?
FRITZ
The Democrats say we should increase taxes on the rich by raising income taxes. Doesn’t being rich mean you have a lot of assets? Should be people that earn a lot of money be taxed higher even though they may not have accumulated any wealth (yet)? Isn’t there a difference between people how EARN a lot of money and those those that HAVE a lot of money?
FRITZ
Jan
02
Filed Under (Home Improvement) by wealth
www.smilingbamboo.com asked:
What is a Wealth Vase
Simply put, the wealth vase is considered to be a very potent wealth enhancer for your family. It was a luxury available only for the wealthy in traditional China and you’ll be surprised by how many homes there have a wealth vase in a secret corner of their home. Many of these have lasted for many generations (being passed down) and is considered the secret of how many of these wealthy families continue to gain wealth and opportunities.
Choosing the Wealth Vase
Most wealth vases will be of the traditional chinese types, but that does not mean you are limited to it. The majority of the older wealth vases are of chinese designs simply because it was obtained in china and thus had its cultural influences in its art. What’s more important is that you choose a strong and sturdy (non-transparent vase). The top part of the vase (also known as the neck) should be smaller than the body and base. This allows you to place layers of cloth over it and tie it firmly with colored ribbons. When looking out for one, find one that you have an affinity with and gives you the feeling that it’s classy and very sturdy. But remember, what makes the Wealth Vase so potent is not the vase itself, but the ingredients that go into it.
Dispelling Some Myths of the Wealth Vase
Though there are many recipes out there and there is no reason for an individual to cater the contents to their tastes; many rulings are not entirely necessary or just plain funny. A good example of an unnecessary content to have inside would be a picture of someone wealthy you know. If you were to ask any of the elder generation of chinese about this, their reply would be ‘we wanted more wealth, not be stalkers’ or ’since when did we have cameras back then?’. Pictures/photos back then were not easily available and thus not used in traditional Wealth Vases.
Another myth would be choosing a vase that is made from a certain type (e.g. metal, wood, etc) depending on where you place it. Your Wealth Vase is meant to harmonize with its surroundings and sway things in your favor, regardless of the make. Additionally, wooden vases may not always withstand the test of time due to humidity or accidents.
Putting in the Contents
Before we start about the order of contents going in, there is no specific weight/amount that you have to put inside. Though it is better to try and make everything an approximate equal amount, some ingredients can be a lot more. Common favorites to pile in extra of would be: Feng Shui Wealth Coins, Fortune Flower Coins, and Semi Precious Stones.
The Bottom of the Wealth Vase
At the bottom, you should have soil from your home. This provides a bonding of sorts between the wealth vase and you/your home. Another word for this method is to ensure personalization that it works only for you, your family or future generations. Once this is done, add a layer of uncooked dry rice and dry beans. This is symbolic of abundant food and self sufficiency in your household. In ancient china, wealth was tied very closely to the amount of food you had at your disposal. Elders enjoy explaining this process as it represents your earth always growing and providing food/wealth for you.
The Middle of the Wealth Vase
The most important ingredient here would be Feng Shui Coins. Be generous in the distribution and put in as much as you can. To add extra potency, add in various forms of auspicious coins mentioned earlier (ie Feng Shui Fortune Flower Coins) and Amulets for Inauspicious Directions. This was considered as the best secret ingredient possible in the middle. The flower shaped design signifies growth, happiness and harmony always blossoming. The amulet is primarily used as a remedy against bad sectors, and its inscriptions will be used as a protective barrier for your life and wealth. This results in happiness, material wealth, and harmony all secured for you.
Near the top
After finishing up with the contents in the middle, lay around ingots and wealth bars until it creates a layer by itself. This further adds more stable wealth for you. At this point it is said that you put in some actually money inside, but the secret ingredient here is to use: currencies from a country whose currency is stronger than yours. This will vary from person to person, but think of currencies like the British Pound, US Dollar, notes from Dubai, etc. Then comes a Ru Yi Scepter for control and dominance in what you do, meaning you will never lose grip of your self earned resources. To top it off, you will need a wealth god you have an affinity to.
So, to sum up all the ingredients:
Wealth God, Semi Precious Stones, Ingots, Wealth Bars, Feng Shui Wealth Coins, Ru Yi Scepter, Soil From your Home, Rice, Dry beans
Secret Ingredients:
Fortune Flower Coins, Amulet for Inauspicious Directions, Health & Wealth Pendants, strong currency.
Finishing Up
Once everything has been filled up to the brim, put the lid on. Place a white cloth over the lid and neck of the vase so that it can be tied up with string/rope that represents the five elements (red, blue, brown, yellow and green). And there you have it. Your own wealth vase! It should be pretty heavy at this point in time, but try to lift it up and give it a good and graceful shake to help the contents settle comfortably. The final part is to find a place to hide it in such as a cupboard where it will not be bothered or opened frequently.
COLUMBUS
What is a Wealth Vase
Simply put, the wealth vase is considered to be a very potent wealth enhancer for your family. It was a luxury available only for the wealthy in traditional China and you’ll be surprised by how many homes there have a wealth vase in a secret corner of their home. Many of these have lasted for many generations (being passed down) and is considered the secret of how many of these wealthy families continue to gain wealth and opportunities.
Choosing the Wealth Vase
Most wealth vases will be of the traditional chinese types, but that does not mean you are limited to it. The majority of the older wealth vases are of chinese designs simply because it was obtained in china and thus had its cultural influences in its art. What’s more important is that you choose a strong and sturdy (non-transparent vase). The top part of the vase (also known as the neck) should be smaller than the body and base. This allows you to place layers of cloth over it and tie it firmly with colored ribbons. When looking out for one, find one that you have an affinity with and gives you the feeling that it’s classy and very sturdy. But remember, what makes the Wealth Vase so potent is not the vase itself, but the ingredients that go into it.
Dispelling Some Myths of the Wealth Vase
Though there are many recipes out there and there is no reason for an individual to cater the contents to their tastes; many rulings are not entirely necessary or just plain funny. A good example of an unnecessary content to have inside would be a picture of someone wealthy you know. If you were to ask any of the elder generation of chinese about this, their reply would be ‘we wanted more wealth, not be stalkers’ or ’since when did we have cameras back then?’. Pictures/photos back then were not easily available and thus not used in traditional Wealth Vases.
Another myth would be choosing a vase that is made from a certain type (e.g. metal, wood, etc) depending on where you place it. Your Wealth Vase is meant to harmonize with its surroundings and sway things in your favor, regardless of the make. Additionally, wooden vases may not always withstand the test of time due to humidity or accidents.
Putting in the Contents
Before we start about the order of contents going in, there is no specific weight/amount that you have to put inside. Though it is better to try and make everything an approximate equal amount, some ingredients can be a lot more. Common favorites to pile in extra of would be: Feng Shui Wealth Coins, Fortune Flower Coins, and Semi Precious Stones.
The Bottom of the Wealth Vase
At the bottom, you should have soil from your home. This provides a bonding of sorts between the wealth vase and you/your home. Another word for this method is to ensure personalization that it works only for you, your family or future generations. Once this is done, add a layer of uncooked dry rice and dry beans. This is symbolic of abundant food and self sufficiency in your household. In ancient china, wealth was tied very closely to the amount of food you had at your disposal. Elders enjoy explaining this process as it represents your earth always growing and providing food/wealth for you.
The Middle of the Wealth Vase
The most important ingredient here would be Feng Shui Coins. Be generous in the distribution and put in as much as you can. To add extra potency, add in various forms of auspicious coins mentioned earlier (ie Feng Shui Fortune Flower Coins) and Amulets for Inauspicious Directions. This was considered as the best secret ingredient possible in the middle. The flower shaped design signifies growth, happiness and harmony always blossoming. The amulet is primarily used as a remedy against bad sectors, and its inscriptions will be used as a protective barrier for your life and wealth. This results in happiness, material wealth, and harmony all secured for you.
Near the top
After finishing up with the contents in the middle, lay around ingots and wealth bars until it creates a layer by itself. This further adds more stable wealth for you. At this point it is said that you put in some actually money inside, but the secret ingredient here is to use: currencies from a country whose currency is stronger than yours. This will vary from person to person, but think of currencies like the British Pound, US Dollar, notes from Dubai, etc. Then comes a Ru Yi Scepter for control and dominance in what you do, meaning you will never lose grip of your self earned resources. To top it off, you will need a wealth god you have an affinity to.
So, to sum up all the ingredients:
Wealth God, Semi Precious Stones, Ingots, Wealth Bars, Feng Shui Wealth Coins, Ru Yi Scepter, Soil From your Home, Rice, Dry beans
Secret Ingredients:
Fortune Flower Coins, Amulet for Inauspicious Directions, Health & Wealth Pendants, strong currency.
Finishing Up
Once everything has been filled up to the brim, put the lid on. Place a white cloth over the lid and neck of the vase so that it can be tied up with string/rope that represents the five elements (red, blue, brown, yellow and green). And there you have it. Your own wealth vase! It should be pretty heavy at this point in time, but try to lift it up and give it a good and graceful shake to help the contents settle comfortably. The final part is to find a place to hide it in such as a cupboard where it will not be bothered or opened frequently.
COLUMBUS
Jan
01
the man asked:
I read that the key to wealth is the ability to turn earned income or money you work for into passive income, incremental money you receive each month or on some recurring basis that you dont work for. Though that sounds great in theory how does it work in practice? I know rental income is a form of passive income. Can anyone think of other ways to make money that is not tied to your labor?
ALI
I read that the key to wealth is the ability to turn earned income or money you work for into passive income, incremental money you receive each month or on some recurring basis that you dont work for. Though that sounds great in theory how does it work in practice? I know rental income is a form of passive income. Can anyone think of other ways to make money that is not tied to your labor?
ALI
