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Sunday, September 19, 2010

„I wish I was RICH“

„I wish I was Rich“ is a phrase that I’ve once said, heard from many friends and family members. The real question should be, „what am I willing to do, to become rich?“ After all, no one became rich by wishing for it, except Aladdin. The problem isn’t because we are lazy, or don’t want to work hard. The problem is we have been brainwashed for decades. So much so, it has become part of our culture.

Stop me if you’ve heard this one: „go to school, get an education, get a good job, and you will be set for life.“ Once upon a time, back in the 1950’s, that logic may have been true. However, it didn’t make you rich. It allowed you to get by. Unfortunately today, it no longer allows you to get by.

Let me paint a picture for you. This by the way is based upon both my personal experience as well as many individuals whom I’ve come in touch with dealing with finance. You begin life, and follow the protocol I stated above. Why? Because your parents told you to. So you go to school, finish college and start looking for work. For most of us, this means college loans must be repaid along with that credit card you decided to get while in college. You start working, and begin repaying these debts. While working, you also decided to start a 401k plan through your employer. A few years later, you get married, start a family and buy a car. The apartment you live in is now too small, so you buy a house. To get the down payment for the house, you dip into the 401k plan you started years back. Life goes on as usual. You and your spouse have been promoted a few times within your field. Making more money, this also tends to equal more debt. Now you are in your 40’s. Your children are going to college. To ensure they don’t have a large student loan like you did, you once again dip into your 401k plan. This is because the money in your savings account paid for home and car repairs over the years. As well as renovations to the home and those great family vacations.

Now the problem with getting older is that you are also more prone to illness and injury. This creates more medical bills, some of which would be paid through your saving and/or 401k plan as well. You are now age 65. Life was great, and you’ve been looking forward to your retirement. You review your savings and retirement plans, IRA’s etc. If you are lucky, you have a total exceeding $300,000. In case you are wondering, the average amount at age 65 is about $56,000. If you are under age 45 and reading this today, please do not count on Social Security. Hopefully at this time your home has been paid in full, perhaps you can take advantage of a reverse mortgage. Unfortunately, this means less to pass on to the next generation. If this average life is good for you, along with the financial hardships that go with it, then you truly didn’t want to be rich. This would give you approximately $15,000 – $30,000 per year to live on for at least 15 years. If you live beyond that…fill in the blanks.

Have you ever noticed, when one of your friends or family approach you with a business opportunity, you don’t really care to hear about it, or you don’t have any time to pursue it? Or when you yourself think of a great idea for a business, you don’t follow through on it? The question and the answer is why. If you do not have a strong enough reason to be rich, it most likely will not become reality. My desire to become wealthy has a very strong „why“. It is because of this that I chose to make time to pursue this dream. I’ve started a company, which has its roots in a business opportunity, but it is my business. Also, in case you are wondering, it works.

Becoming rich is not having millions of dollars. This is why 9 of every 10 people who win the lottery are broke within 20 years. Being rich is about having your money work for you. A great book to read regarding this is „Rich Dad, Poor Dad“ by Robert Kiyosaki. Rich people do not work for money; they make money work for them. Once you understand the concept of passive income and implement it, you will be well on your way.

Implementation is very important. Contrary to popular belief, knowledge is not power. Implemented knowledge is power. It’s no use to you, if you don’t use it. It’s the same as those who said they tried a business before and it didn’t work. The reason why it didn’t work is because you tried instead of simply doing the business. When was the last time you tried to go to work? If you made it there, you didn’t try, you did!

If you really want to be rich, here are a few things you need to do. Keep in mind, there could be more. But these are recommended:

1) Read books – reading is fundamental. You need to read to acquire knowledge, to use. I would like to also recommend the book “Think and Grow Rich” by Napolean Hill.

2) Get involved and associate – get involved with others who are in your field. This will help you navigate the business world with fewer pitfalls as you learn from the mistakes of others.

3) Get rid of excuses – If you keep creating excuses for why you cannot do something, you will soon find yourself doing nothing.

4) Faith – A strong belief in your faith and yourself will go a long way in your self esteem.

5) Advice – Be cautious of where your advice is coming from. Only take advice from those who have been successful in their endeavors. Remember, misery loves company.

Feel free to comment on more ideas to pursue success in your life.

Posted by MNR Enterprises, LLC at 11:05 AM 1 comments

Labels: Becoming Rich, Growing Wealth, Motivation

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