The road to becoming wealthy is not always the easiest path or endeavor for someone to take. It is one hundred percent attainable but there is a price to pay and sacrifices that most are not willing to make. Every one of you reading this article right now has the opportunity to become wealthy. Prosperity is not denied to anyone.
Here are my 10 Easy Steps that are so simple; they tend to be overlooked by most people:
1- Live Below Your Means:
Most people are not satisfied with their current lifestyle and couldn't even fathom the idea of downgrading. This is an uncomfortable position for anyone especially those who have children. However, you will not have to live below your comfort zones for the rest of your life, just a year or two. Living below your means will ensure that no money goes to waste on things that you absolutely do not need. Sure you will have to make a sacrifice but it is well worth it in the long run. This process will start you on the road to prosperity and that will change your life for the long run.
Most people are not satisfied with their current lifestyle and couldn't even fathom the idea of downgrading. This is an uncomfortable position for anyone especially those who have children. However, you will not have to live below your comfort zones for the rest of your life, just a year or two. Living below your means will ensure that no money goes to waste on things that you absolutely do not need. Sure you will have to make a sacrifice but it is well worth it in the long run. This process will start you on the road to prosperity and that will change your life for the long run.
2- Budget Well:
Lose anything or activity that you absolutely do not need at this moment to live safely or healthy. Safety and health issues are more important than prosperity because without them, you will not be able to live for very long. Don't buy that I-phone or Blackberry just yet especially if you don't use it to make income. Hold off on buying that new car or getting that project for your new deck in the back yard. Sure you will be able to get these types of toys but just hold off long enough for your financial position to change. Spend your money more wisely even when shopping at the grocery store.
Lose anything or activity that you absolutely do not need at this moment to live safely or healthy. Safety and health issues are more important than prosperity because without them, you will not be able to live for very long. Don't buy that I-phone or Blackberry just yet especially if you don't use it to make income. Hold off on buying that new car or getting that project for your new deck in the back yard. Sure you will be able to get these types of toys but just hold off long enough for your financial position to change. Spend your money more wisely even when shopping at the grocery store.
3-Keep Doing What Your Doing:
If you are working right now, keep your job until new and consistent income streams can replace your present income. One of the biggest mistakes that most new entrepreneurs make is to quit their jobs and use saved up income. This type of thinking can make you use up your nest egg and end up looking for a new job just as fast as you quit the old one. Use the leverage of your present income to continue to live off of until your financial situation changes.
If you are working right now, keep your job until new and consistent income streams can replace your present income. One of the biggest mistakes that most new entrepreneurs make is to quit their jobs and use saved up income. This type of thinking can make you use up your nest egg and end up looking for a new job just as fast as you quit the old one. Use the leverage of your present income to continue to live off of until your financial situation changes.
4- Passive or Residual Income:
Find a passive income stream that will bring in added income outside your present income. Passive income is an income stream that will require you to build initially but grows by itself in the long run without your direct supervision and effort. Make sure that this passive income opportunity has a proven plan and then role up your sleeves and get to work learning the ropes. This type of income has a learning curve. Once you find something that you like, make sure not to quit building it until you have become a master. Once a passive income stream is established and you feel confident, find another one and get to work building that. Since you will be doing this while working your job, naturally you will have to find the time and fit it into your busy schedule. There are no exceptions. Examples of passive income are: Real Estate, Laundromats, Network Marketing and Stocks and Bonds. Be creative.
Find a passive income stream that will bring in added income outside your present income. Passive income is an income stream that will require you to build initially but grows by itself in the long run without your direct supervision and effort. Make sure that this passive income opportunity has a proven plan and then role up your sleeves and get to work learning the ropes. This type of income has a learning curve. Once you find something that you like, make sure not to quit building it until you have become a master. Once a passive income stream is established and you feel confident, find another one and get to work building that. Since you will be doing this while working your job, naturally you will have to find the time and fit it into your busy schedule. There are no exceptions. Examples of passive income are: Real Estate, Laundromats, Network Marketing and Stocks and Bonds. Be creative.
5- One Year Plan:
Have a one year plan to build your first passive income streams. This is the main reason why most new entrepreneurs fail. Everyone wants their situations to change but great things do not happen overnight. You will also have to sacrifice and keep your spending down for the first year. Make sure to find time daily two to three hours of work on your new venture each day until you have become a master in your new field.
Have a one year plan to build your first passive income streams. This is the main reason why most new entrepreneurs fail. Everyone wants their situations to change but great things do not happen overnight. You will also have to sacrifice and keep your spending down for the first year. Make sure to find time daily two to three hours of work on your new venture each day until you have become a master in your new field.
6- Visualize:
You will need a lot of patience in order to become wealthy. Daily visualization of your end result will help keep you in tuned to your long term vision. It will keep you focused on your dream lifestyle.
You will need a lot of patience in order to become wealthy. Daily visualization of your end result will help keep you in tuned to your long term vision. It will keep you focused on your dream lifestyle.
7- Mentorship:
Try and find a mentor who can guide you along. Preferably one who has succeeded in your type of undertaking. A mentor can really assist you on the road to prosperity allowing you a shoulder to lean on and a road map of instructions to follow on your new journey.
Try and find a mentor who can guide you along. Preferably one who has succeeded in your type of undertaking. A mentor can really assist you on the road to prosperity allowing you a shoulder to lean on and a road map of instructions to follow on your new journey.
8- Belief:
The idea of becoming wealthy must be believable to you. Don't worry, you can do this. Millions of people have already done so. What ever one person can do, all that apply the same techniques and strategies can reap the same rewards. It is a universal law.
The idea of becoming wealthy must be believable to you. Don't worry, you can do this. Millions of people have already done so. What ever one person can do, all that apply the same techniques and strategies can reap the same rewards. It is a universal law.
9- Personal Development:
All successful people find time to build themselves daily. Before your income can grow on the outside, you will have to grow on the inside.
All successful people find time to build themselves daily. Before your income can grow on the outside, you will have to grow on the inside.
10- Perseverance:
There will be days that you will feel that you are getting no where and want to pack it in. This is another big mistake that new Entrepreneurs make. Many quit too soon. You will have to remember why you made the decision to become wealthy in the first place and stick to your decision. Make a vision board built with the pictures of those things in your life that you want or want changed. Keep them near to you and look at them daily. This practice will keep you in line and focused on your goals.
There will be days that you will feel that you are getting no where and want to pack it in. This is another big mistake that new Entrepreneurs make. Many quit too soon. You will have to remember why you made the decision to become wealthy in the first place and stick to your decision. Make a vision board built with the pictures of those things in your life that you want or want changed. Keep them near to you and look at them daily. This practice will keep you in line and focused on your goals.
There you have it; this concludes my 10 steps for becoming wealthy. This is not rocket science. It is basically just using mathematics, commonsense, persistence combined with a desired outcome. You cut down on your spending, increase your earning power 10 fold and have the patience and courage to follow through with your decisions. Most millionaires have not been born with a silver spoon and have had many limitations. Don't let any limitation hold you back. You can be wealthy!
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