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Tessie

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Singapore

Would you like to create wealth?

10/28/2007 10:53:22 PM

Before you can create wealth, you need to figure out what you want. Is it real estate? Is it investing? Is it running a business on the internet? You need to find out exactly what it is. Be absolutely clear about what you want and how you want to be. Although, this is an important step, the why is more powerful than the what and how. Why do you want to be wealthy? Finding the compelling reasons is crucial because it serves like a driving force that will allow you to move forward despite all the obstacles.

Wealth is defined as the number of months/years you can sustain your current life style if you stop working now. You need to calculate what is your current life style (i.e what's your total expenses per month), your liquid net worth and the amount of passive income your positive cash flow assets can generate fo you.

How can you create wealth? These four important steps are increasing income, reducing expenses, increasing the rate of return (ROI) on your investments and creating business, intellectual properties and other forms of assets that generate multiple streams of passive income. What are your action plans in these four elements?

If you want to change your level of wealth, you must first change your thoughts. Wealthy people think very differently from the poor and the middle class. Your thoughts affect you in three different ways: your emotional state, what you attract in this world and your actions. By monitoring our thoughts on daily basis you can be more aware whether they bring you closer or further to your financial goals.

Wishing you all the best in your journey to create wealth...

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Cheri 492 1258 Riverton	Re: Would you like to create wealth? 2/6/2008 12:13:26 AM
	Tessie, thanks for a thought-provoking post. I've been away for a while and have worked diligently today to try to clear away the adspam that accumulated while I was gone. What a refreshing change to find some solid discussion! So...let's discuss! For the most part, I agree with your post. However, I think your first paragraph is backwards. I agree that you must be clear on what you want and why. The other things you mention, though, are merely the vehicles to get you there. And as far as I can see, they aren't mutually exclusive. Seems to me they would all work together. Now, you've touched on my favorite...real estate. All the really large fortunes in the US were either made in real estate or held in real estate. Contrary to popular opinion, you don't have to have time, money or good credit to begin making money with it, although any or all of those accelerate the vehicle. Can one still make a fortune in real estate? Absolutely. Is it something everyone should rush to do? Absolutely not. Someone I respect greatly says that there's no ceiling on the wealth-building potential of real estate. The down side is that there's no floor on what you could lose if you don't know what you're doing. But perhaps that's for another thread... As for the why, it's also instructive to look at what has been done with many of the great fortunes of the past couple of centuries, and what is to come. Many, if not most, have been directed to making a better, more comfortable or more beautiful world for countless people. The latest incidence that I know of is recounted here: http://www.sltrib.com/news/ci_8171877. It's inspiring to see what this fortune has been able to do for so many already. Maybe we all have the affirmative duty to build wealth in order to have the opportunity to do so much good.
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