How to BE Wealthy rnby Jason C. Waite |
jasoncwaite@gmail.comrnInvestor, Entrepreneur, EducatorrnCopyright 2010
rnHey guys and gals!,
Thanks for reading this information I'm publishing. Please note that I'm not an academic, nor has this information been professionally published. I just wanted to write things down in raw form and put it out for ya'. I hope it's of a big help/service. Feel free to share your opinions and article widely. I'm curious to hear what everyone has to say. And add me on Facebook and YouTube!
Thanks!rnJason C. Waiternwww.facebook.com/JasonCWaiternwww.YouTube.com/JasonCWaite
rnHow to BE Wealthy rnby Jason C. Waite |
jasoncwaite@gmail.comrnInvestor, Entrepreneur, EducatorrnCopyright 2010
1. Earn a residual income from your passion and purpose in life.rnA. Read the The Millionaire Pocket Book: A Spiritual Guide to Manifesting Wealth and you'll find an excellent guide on finding your passion and purpose. I haven't found a guide that directly formulates the passion and purpose quite like it does. rnB. If your having a hard time finding your passion and purpose, participate in a network marketing company for the now. This will teach you the necessary business skills, and you can keep your part-time or full time job. Continue to read the The Millionaire Pocket Book, and you will find your answers.
2. Electronically and automatically automate your income as mentioned by David Bach in the Automatic Millionaire.rnA. This takes will power out of the wealth equation and automates everything automatically. (Automate EVERYTHING automatically, even if you just have a dollar to your name. Even if you have to borrow a dollar! “If your not willing to take a dime out of a dollar, your not going ta' take a hundred thousand out of a million ... IT WON'T HAPPEN." ~Tony Robbins )
3. When automatically allocating your capital like David Bach suggests, divvy up your percentages of your income into 6 accounts, and as recommended by T. Harv. Eker in Secrets of the Millionaire Mind.rnA. 50 percent NecessitiesrnB. 10 percent GivernC. 10 percent Save (Gold or silver are examples of what might be great vehicles to save in. When you save money in the bank you are technically loosing money.)rnD. 10 Percent Splurge or Blow money accountrnE. 10 Percent Financial Freedom account that you never blow.rnF. 10 Percent Education
4. Buy a home at-least 80% market value, 10-20% down, 15 year mortgage, and rent your individual rooms out on lease- thus owning your house as an asset, not liability, and earning cash-flow. You can as well use your network marketing business to write off many of your expenses and liabilities in and on your home! ie. electricity, internet, phone, portion of rent, etc. And if you want to step your game up even more, split your monthly mortgage payments each month and pay your bill automatically twice a month as David Bach suggests. If you have not the money or credit to buy a home, find the home at the right bargain, renters, then find investors to partner in the deal with you as co-owners. The credit and capital you garner from them will be extremely helpful.
5. When starting a new company or riskier venture make sure you form a big business structure like Robert T. Kiyosaki suggests, putting yourself in the "B quadrant", rather than the "S quadrant". Watch Robert's excellent videos on YouTube!
6. When speculating on new businesses ventures, stocks, whatever, never speculate more than 10% of your net-worth. I learned this great lesson from watching Jim Cramer's Mad Money on CNBC and experimenting with new speculation strategies in the stock market. (New speculation strategies because I've never seen or read them before and I was acting on hunch. I got burnt, and learned my lesson REAL quick.) If you need the the partners and capital, round it up and minimize your risk, but articulate the risks with your partners.
7. Always work towards multiple streams of (and hopefully RESIDUAL AND PASSIVE INCOME ;)) income as Robert G. Allen suggests in his book "Multiple Streams of Income". I believe your eggs and opportunities should never be in one basket, although some will argue differently. I just think our definition of diversification is different ;) Try garnering (7) streams of residual income over time. Networth isn't a race, it's a state of BEing, and daily ritual, and lifestyle.
8. Form a mastermind group or dream team and share these ideas and the proponents previously mentioned. Those who you recruit into your mastermind will be the creators and direct reflection of intention. Read the classic Think & Grow Rich by Napoleon Hill!
9. Your goal is to have all your assets buying your assets. It should look like a family tree! Read Snowball by Alice Schroeder and take a look at Warren Buffett's asset tree... And all of your expenses and liabilities are as well under your business(s). This will save you on taxes, as well, will shelter your assets. Imagine if something happened to you? i.e Being falsely sued or a health condition that effects you and maybe even your partners in business? Besides sheltering your assets, you need to know Robert T. Kiyosaki's description of his rich dad's vs. his poor dad's income statement and balance sheets. His book Rich Dad's Guide to Investing is absolutely fantastic.
10. Think BIG: "Give the world something it desperate needs" as I say in my book The Millionaire Pocket Book: A Spiritual Guide to Manifesting Wealth. What does "the world desperate need?" Where are the trends going? Can you see opportunities before they come? Do you know others that can see the opportunities before they come?
11. Give everything you have when you die, and make sure your philanthropy is residual and lives on forever!
12. Who are the wealthy? Are they the entrepreneurs and startup companies? The real estate investors? How do they act? What do they do? What do they give? What are their behaviors? How are they uniquely different? Similar? What do they consume? How do they consume? To get a major surgery for an infliction would you go to your barber? Go to where the expertise IS.
12. BE an entrepreneur and start an empire/journey! BEing wealthy is a daily ritual. It has nothing with a networth per se. Your absolutely not alone! Read stories of others who have gone through the same journeys. Chicken Soup for the Entrepreneurs Soul is a great book on other peoples experiences.
13. And although stated previously. Wealth isn't a destination it's a journey- a daily daily ritual. Much like people who are healthy and in shape. Their focus is on their LIFESTYLE of being healthy. They're not focusing on the bi-product and effect of being healthy which is looking great. (Although they love looking great ;)) They eat healthy, drink healthy, and surrounding their-selves with people, situations, and circumstances that are conducive to that lifestyle.
***Some possible hiccups :
1. Not reading the Millionaire Pocket Book.rn2. Not understanding Intention Direction Disorder (Will describe in future YouTube video:
www.YouTube.com/JasonCWaite)rn3. Not understanding your true passion and purpose in life.rn4. Not doing your homework.
Supplementary Videos:
Millionaire Awaken Your Secretrnhttp://www.youtube.com/watch?v=PlB6sYtzPT4
The Secretrnhttp://www.youtube.com/watch?v=_b1GKGWJbE8
Napoleon Hillrnhttp://www.youtube.com/watch?v=kYO0ydiJG3E