5 SUPER WEALTH BUILDING PASSIVE RESIDUAL INCOME TIPS
5 Super Wealth-Building Tips Pave the Way to Financial Freedom
STARTING A BUSINESS IS SO SIMPLE
Here are five super wealth-building tips for the success-minded individual…
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There are so many things involved with building wealth that it would take much more than one article to explain it all. So, we’ve put together a simple five-step guide to help you get a great start in building wealth for a lifetime.
Step 1: Set Specific Goals
Goal setting is a task that can be easily put off – especially when you are extremely busy in day-to-day activities. However, goal setting is the first and one of the most important steps you’ll take to achieve wealth.
Set both short-term and long-term goals. Short-term goals may be daily, weekly and monthly goals. These should reveal where you would like to be financially by a certain time in the near future.FREE INFORMATION
Long-term goals include the amount of wealth you would like to accumulate within a year, two years, or maybe even five or ten years. Both types of goals are necessary to build wealth.
Without goals, you are wondering blindly with no care or thought of what’s ahead. This pattern of life is sure to leave you empty-handed!
Step 2: Create a Business Plan
Every successful business from the past and today started with a plan. Your business plan should illustrate where you are now, where you plan to be in the future, and how you’re going to get there. Write these few notes down on paper. Then, fill in the blanks to create a rough business plan. It’s easier than you think.
*Your current income
*Business profits and expenses (if you already own a business)
*Business budget (or personal budget if working for someone else)
*Capital needed upfront to promote and operate business
*Plans to acquire the capital needed (source of capital)
*Spending plan (promotions, supplies, inventory, online expenses, etc.)
*Expectations (What results do you expect from your initial efforts?)
Creating a business plan is a necessary step to build wealth through your own business. Even if you don’t own a business, you should write down a similar plan to reach your personal wealth goals.
Step 3: Avoid Harmful Debt
Debt is the one of the key reasons many people never accumulate wealth. But remember, there are two types of debt: harmful debt and necessary debt. Harmful debt is the debt you create for things you do not need such as excessive shopping, luxury items, expensive cars that you can’t afford, etc.
Necessary debt is a debt most people must have to live, such as a mortgage, car loan (affordable), medical, college, etc. These debts are a part of life for most families and will be for many, many years. However, even these types of debts should be kept well within your income limitations.
If you can only afford a $250/month car loan, then shop around until you find one at this price. Don’t give in to the temptations and pressures to buy the fancier, more expensive car with a $450/month payment. It’s not worth the risk!
You may ask, “I thought these steps were for building wealth?”
As it happens, debt is the opposite of wealth. The more debt you have, the less wealth you will accumulate. You can’t save money or invest money that belongs to someone else. If you earn $3,000 in income this month, but owe $2,000 in loans (before everyday living expenses), you can’t possibly have extra money to save.
You must either earn more or sell some items to pay off your debt. You should avoid this “debt trap” if you intend on building wealth for the future.
Another type of debt is one for your business. You may take out a small business loan to get things started or to promote your business. If you are uncertain about whether the business will bring profits, try to avoid business debt until you have tested it a while.
Step 4: Develop a Personal Plan
Above, you developed a business plan. Now it’s time to create a personal plan. What tasks will you do daily to build wealth? Put yourself on a schedule and a strict budget. Work toward your goals daily by making a list of things to do and marking off each item on the list as you complete the tasks.
In your budgeting, include a set amount of money you will put away in savings (savings account, IRA, stocks, bonds, etc.) If you plan to invest, be sure to diversify your investments. Choose only one or two high-risk investments and several “safer” investments such as mutual funds or bonds.
Step 5: Stay focused on the Goal, not the Circumstances
No matter what circumstances you find yourself in, keep your eyes on the wealth-building goal ahead. Even if sales are down in your business, don’t stop dead in your tracks. Remember, businesses have ups and downs. If you remain steadfast toward your goal during the slow times, the busy times are bound to be much better than ever.
Your income will grow and you will have the extra money needed to reach your wealth-building goals.
In a nutshell, building wealth does not happen over night with one get-rich-quick program. It happens with consistent labor toward the goals and tasks you have created.
You can build wealth for your future if you do not waver from these basic truths that have worked for millions of others!
Work Part-time—–Earn Full-time
Details of how to start a profitable enterprise with very little capital outlay.
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It is not the amount of hours that you put into a working day as much as the amount of work you put into the hours.Far better to plan your day so that you can maximise your resources,instead of jumping from one task to another and end up doing nothing.
You do not need a large sum of money to finance a business proposition.All you need is a good idea and the ability to put together a business plan that will convince investors that you can make money.When people are convinced that you can make money,you should have no problem getting people to invest in your proposition.FREE INFORMATION
A rule you should abide by is not to keep on working for your money. If you do this you become a slave to money. Far better to let money work for you. By investing your money in a business proposition where your returns are guaranteed you free yourself.
Take arbitrage investment in sports betting. An arbitrage is simply the purchase of securities from one market for immediate resale to another market in order to profit from the discrepancy
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There are arbitrage opportunities in numerous markets.The one concentrated on here is the sports betting market worldwide.
With the correct software this market can be exploited,giving guaranteed profits.If you know what to look for in this type of situation you can exploit the situation to give you a guaranteed profit.Coupled to the software is a FREE booklet detailing in specific detail how to exploit this market.
If the instructions in the book are adhered to the user can look forward to a guaranteed profit.There are people operating at the moment making a full time living out of arbitrage investment..
This book will show you everything you need to know ,to produce a very profitable and regular income from a loophole that has been brought about by the Internet and the masses of bookmakers that have sprung up and continue to do so. .This loophole can never be regulated or closed down and as the Internet grows the number of opportunities this loophole will make available will multiply
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There are many reasons why bookmakers may offer wildly different odds on the same sporting event .For a start many bookmakers overstretch themselves when offering odds—they try and cover every possible market to get as many customers as possible.
This is great news for us because in doing so they will sometimes offer odds on events that they have little or no expert knowledge in .For example a bookmaker in the USA may offer odds on English division football yet he knows very little about it.
Not much money is needed to get started in this business. As you progress and people begin to see that you are making a profit 100% of the time you are going to attract people to you, who are going to try and find out your secret of making money.