"Income Earning" verses "Wealth Building"

Last Update: January 07, 2016

So let me ask you a question...do you need wealth to build wealth?

Most people's answer is simply this...how can I become wealthy when I'm struggling financially already,trying to make ends meet as it is?

Do you know what the wealthy committed to doing even before they had their wealth...many were stone broke living out of their cars or sleeping on a friends couch when they made the decision to live by this principle.

The question is are you simply earning income...or...building wealth for yourself and your family?

You must decide today!

You may say what is the difference?

There is a huge difference,however a first glance it doesn't seem to be much difference...at best a slight difference.

Let me introduce you to their secret...there is no secret... it simply is committing to pay yourself first,YEP...that's right "PAY YOURSELF FIRST!"

I know it sounds almost impossible doesn't it,when we all have financial commitments and too much month at the end of our money LOL!...however if you and I don't embrace this financial principle we will never experience true wealth building in our personal lives!

So what is the equation to follow or move towards...30% of your income is allocated like this:

10%...give away to whomever, or whatever organization you choose YEP... give it away!

10%...goes into a savings account kinda like we all have heard save for a rainy day at least three months living expenses...and emergency fund beyond that we save to buy something we've always wanted...that's when the fun begins!

...then the final 10% goes into an investment fund(note never invest in anything that your original principle could evaporate....worst case scenario you still will have your original investment.

Yes then we live on the remaining 70%...I know I know it seems impossible doesn't it,however "Rome wasn't built in a day" and your personal and professional wealth won't either.

However you can start today...

Thanks for reading I would love to hear your comments disagree...agree or indifferent!

Greg

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dickw Premium
There are hundreds of success books out there. But the one thing that will make a difference, regardless of skills or ability, more than anything else is persistence. Napolean Hill in his classic, "Think and Grow Rich" told us that persistence is to man what carbon is to steel.
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mjdimarco Premium
There are many folks who have a nice income and are not wealthy.
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JAHBOBCLATO Premium
I believe, you need a success and a positive mental attitude mindset in order to build wealth.
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Gr8Purpose Premium
Yes that is where it starts...however at times we need to simply move in the right direction and then we begin to develop a positive mindset when we experience results...I have always known action to precede all other emotions,attitudes,or otherwise, a small step in the right direction starts everything and puts the Law of Attraction in motion...for us instead of against us!!!
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Maxiam59 Premium
I do agree with what you say but you have to remember it takes money to make money and nothing is free all the best
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Gr8Purpose Premium
You can make money with the free starter membership then upgrade to the premium for a mere 47 dollars a month the is next to nothing...that's a bit over 1 dollar a day with WA...however if a person doesn't have much to invest financially it will take a time investment which is much more valuable than money...how much are you worth an hour great question to ask yourself then go to work!
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JAHBOBCLATO Premium
TRue, I must agree there... also Remember Steve Wosniak.
I went to hear him speak in 2010 on how he did it.

An Idea.... then the $$$.

with out the idea.... hmmm, money maybe doubtful.
I heard about the guy who invented the "post-it" note.

Dear Me, a piece of square yellow paper with glue on one side??
How much did that cost??
BUT.. yes, it had to be Mass produced.

I should have been that guy. Arthur Fry.
Product sold in over 200 countries. WOW.!!
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Gr8Purpose Premium
Thanks so much for your comment!
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BarryJ Premium
You sound like you've read Robert Kiyosaki's work.
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Gr8Purpose Premium
I have read a bit of his however the book that had the most impact on my life was "The Richest Man in Babylon"it is a very old book not sure if it is in print any longer amazing simply read transformational...Robert K.is a good marketer however not much original content simply compiled and marketed it amazingly!!! Koodos to him!
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