"Income Earning" verses "Wealth Building"
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
Recent Comments
14
Hello Gr8Purpose,
Happy to hear from your guidelines. I'm a Professor of Chemisyry tutoring chemistry/math/physics. But no income at present. I've published 3 educational websites. Can you suggest me to earn income other than tutoring or via my tutoring?
My websites are
http://100percentscoringgoal.siterubix.com
www.stoichiometryhelpchemistry.com
http://expertchemistrytutor.siterubix.com
I've joined on April,30,2015 in WA. But so far, no income via WA also.
Hey Dennis thanks for your comment...sounds like your resilient and have learnt a bit on the journey...like us all.Keep looking up some of your best days are ahead!I look forward to hearing of your successes...
Great read Greg. I come from the old paradigm generation ... go to college, get a good education, get a good job, work hard and (here's the really old part) the rest will take care of itself.
So that's what I did. I'm a retired engineer with an MBA. I loved working in small high tech, start up companies. There was great camaraderie ... and yea there were long hours. I was a great team builder and good at what I did. I knew I was contributing in a significant way and enjoyed what I was doing.
But at the EOD I was just building value for the business owner(s). I was stuck in my income earning mind set (the old paradigm). Yea there were some great stock options, but none of the companies really hit the big time ... incredible growth followed by going public.
I invested in 401Ks, took full advantage of company matching benefit when offered. I didn't understand the threat of value loss caused by economic downturns. Then the Dot com bust got my attention, because I was getting close to retirement age. Just as I gained back most of the value loss from the Dot com bust, the RE/Financial System melt down took it away again.
The word wealthy had negative connotations in my mind ... a hard lesson learned.
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.
I believe, you need a success and a positive mental attitude mindset in order to build wealth.
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!!!
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
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!
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.!!
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!
See more comments
Dear Friends at WA, I would recommend you to read "The Richest Man in Babylon" by George S. Clason available as a free ebook at biz uildersusa.org. I am recommending this very strongly for all WA-tizens. It will inspire you. If you cannot find it just contact me and I will send you my copy.