You wanna Be Rich, or Build Wealth?
Its an easy question. However most people don’t ask it of themselves.
Do you want to be rich, or are you building wealth? You see there is a huge difference between wanting and action.
There’s a few ways to get there. Let’s list them and discuss my favorite(s).
Save.
This is a tried and true method. Every financial planner, adviser, Buffet, or Orman will advise it as a foundation building move or the only move you need. It works. No question. Every dollar you take home should have a portion set aside just for this purpose. 20% should be the goal. In real life that’s a high dollar value for most folks. Start with 5%. If you can’t start with 1%. That’s doable for anyone who is reading this blog on a smartphone, laptop, tablet, or work pc. After you see the ease of saving a percent raise it up to 2%. Then 3% and so on and so on. Its an easy way to get yourself into the savings game.
Just remember that these funds are not to be dipped into. Not for beer, not for friends, not for Christmas.
Build a system.
Want wealth? Want to surpass simple riches and be truly, independently wealthy? There is a key concept to do that for you.
Build a System, that’s it. It doesn’t have to be mlm. It can be a franchise or an online presence based on your favorite hobbies. You may start an llc or get on Kickstarter and get some cloud funding for your favorite concepts you’ve been kicking around in your head. In any case your goal is to build a system. Have a plan. A written one. Have a guideline. Know the costs, revenue projections, long term needs and goals. Everything. Then put that all into a system and make it work. Sweat equity will take you the rest of the way for any dream. If you use an mlm model or direct marketing system that’s cool too. They work. They create millionaires daily. However a system must be implemented no matter what you choose. Systems, are akin to practice-they lead to perfection. When you work the system it works. Cliche sounding but eerily factual.
Pay less taxes.
This will make you infinitely wealthy. When you pay less taxes at any income level you are winning. Billionaire Warren Buffet pays less in taxes than I do by about 20%. Pretty sweet right? Oh, you think that’s unfair, you are entitled to that opinion but until the system changes wouldn’t you rather pay less taxes. Assuming you make 40,000 dollars a year and are taxed at 25% you lose 10,000 dollars right there alone. Then your fica, et al(those pesky deductions) takes a chunk too. However if you could lower your taxable income then you would pay less on all of these. One way to do so is to use tax deferred or pre-tax strategies. My employer offers pre-tax deductions for retirement, metrocards for public transportation, and medical expenses. Essentially you are putting aside, or saving (hint hint) beforehand which the government applauds and rewards. If not seek financial counsel. IRA’s, physical wealth, gold and silver will all be viable options to supplement your 40wk et al and possibly reduce your taxes.
Or start a home based business and garner all those tax deductions and itemized breaks Uncle Sam allots for. Remember its not cheating when the government has created a system to account for all these matters. Work with the government not against it. at the very least you will have more coin in your pocket legally and over the long term you will be wealthy and a lesser drain on the economy, government, and your fellow man.
DO.
This is the heart of it all. A good system, a great dream, even a winning team all mean nothing if you don’t DO.
Factual and concise, without effort you attain nothing in life. I don’t care if you hate Bonds and the steroid users (no implication of guilt, just trying to frame my ideas- sorry professional athletes.)- if they still didn’t work beyond their abilities to get to the top they wouldn’t be the best. Being the best means you work. HARDER. Being the best means you work when the other guy sleeps. You practice after you win the gold- Same night. Those who DO get wealthy. They aren’t just rich. Riches are fleeting and not guaranteed. A lot of people strike it rich off the lottery only to be dead broke, heavily in debt, or plain old dead. The wealthy stay wealthy.
A side note- wealth is also fulfilling your dreams. Not just having zeros in your bank account.
Disclaimer: All advice in this blog, whether fiduciary or otherwise is opinion unless otherwise noted. Seek licensed, and or certified advisers before making your decisions.
#thriveorsurvive.
“Happy are those who dream dreams and are ready to pay the price to make them come true.”~ Leon J. Suenes
Thoughts? Concerns?
Questions? Think I’m wrong?
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Tony@Changeinadvance.com
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