How Average People
Acquire Above Average Wealth!
by
Jeff Zalewski
Have you ever said, "I
wish I was wealthy?" Most of us have, but very few of us are doing what it
takes to acquire wealth. The secret to acquiring wealth is so simple, yet
most people over look two of the most critical steps.
Did you know
millions of average people are creating above average wealth? Do you know
how these average people are successful at acquiring above average wealth?
The answer is simple and we will teach you the exact simple formula they use
within this report.
First, let's take a look at why most people (over 95%) continue to
struggle and never reach their full potential for wealth. The reason
revolves around a choice, a n unconscious choice to listen to the
misinformed advice of others. The advice is most often given to us as
children.
As a child, most of us have been told, "go to school, study hard, get a
good secure job, make sure they have good benefits, work hard, and put away
a little bit of your pay every pay day to have for retirement." Then once
we graduate, we find a decent job, work hard, make sure the benefits are
good, then something happens.
We then find ourselves enjoying a little better pay and we get in a
spending frenzy. We get married, begin having children, and if we are
lucky, we get a good raise. To keep up with our expenses (i.e.. our home,
taxes, child care, etc.), we go back to school, study hard, and get good
grades.
Next, we are changing jobs with our new learned skills and we get a
great pay increase... but the taxes we pay out go up as well. We find after
years of hard work, we are no better off than when we started. Our dreams
of making a difference have shrunk to reality and we now realize we must
continue to work hard just to get by. Our kids leave home and start their
careers based on our advice of "go to school, get good grades, get a good
job and..." <-- You know the story!! Me too and I get a headache every time
I think about the misconception that advice gives all of us.
In fact, it makes me feel real bad to know most people listen to this
advice as gospel, even though the advice comes from people we don't want to
be like... people who are struggling just like us. I even listened to this
advice for years until I woke up and realized what it actually took to
become wealthy. I was amazed at the simplistic formula. So amazed, it took
quite some time to grasp the concept.
Most people, the poor and middle class, follow a simple formula
guaranteed to keep them surviving at a consistent level... called the "rat
race." Here is the formula: earn, pay tax, and then spend. However, the
wealthy seem to do the same steps but in different order, which makes a
world of difference financially. The wealthy earn, spend, and then pay tax.
Did you catch the difference? If not, keep rereading this paragraph until
you do.
What does "being wealthy" mean to you? Being wealthy has a different
meaning for you compared to someone else. You must first decide what wealth
means to you. Whether wealth means having an extra $10,000 a month to
travel the world or to have $5000 a month to live comfortable and not have
to work. The meaning of wealth does not matter. What does matter is that
you define wealth and that you fully understand your own meaning of wealth.
For me, wealth means to be totally free from debt. Wealth means to have a
net worth of over $1 million dollars (in cash and assets). Wealth means to
be free to do what I want, when I want, and to live the lifestyle as I
choose. What does wealth mean to you?
If you are tired of the "rat race" and are ready to begin your journey of
becoming a wealthy person, listen closely! The secret to wealth is quite
simple. Now don't get me wrong! Becoming wealthy requires a few simple key
elements but still requires discipline, time, and patience... sometimes
even hard work.
Here are the three key elements to acquiring above average wealth:
- Earned Income
- Passive Income
- Portfolio Income
95% of people learn how to acquire earned income, but the mistake they
make is they never learn to master one critical skill. The wealthy master
this critical skill and that is why they are wealthy. The most critical
skill you must master is the ability to convert earned income into passive
and portfolio income.
Let's take a look at each key element. To start, we look at "earned
income," which is the starting point for all of us. Earned income comes from
a job or a profession... basically it is the compensation we receive for
trading our time.
Most people don't realize, until it is too late, that a job alone will
never make you wealthy. That is right... a job alone will never make you
wealthy. Here is why. When people get a pay raise, their taxes go up and so
does their spending. The problem is most people don't take advantage of the
second two key elements to wealth. Instead, these people get caught in the
"rat race" of trading hours for dollars.
To really begin your journey to wealth and to truly become wealthy you
must master the skill of converting earned income into passive and
portfolio income. You can begin building portfolio income at the same time
you are building passive income.
Passive income comes from sources which do not require your time on a
daily basis. In a job where you have earned income, you must trade your
time for dollars. If you do not work, you do not earn income. However, with
passive income, you leverage your time through technology and other people.
What this means to you is you can have many hours of work being
completed without you doing all the work. This is where owning your own
business can be a great source for building passive income. It is important
to remember not to create another earned income source... you must work
toward creating a passive income (an income which is not dependent on you
doing the work).
How do you start building a passive income? To get started in building a
passive income, you must invest a portion of your earned income. Even if
things are financially tight right now, you must figure a way to begin
investing into building a passive income. If you don't do it now, a year
from now you may wish you had started today. Without taking the first step,
chances are you will stay stuck in the "rat race."
It is extremely important, as the passive income begins to grow, to start
reinvesting the passive income back into creating more passive income. This
is where some people make a mistake. They are so excited the passive income
is rolling in, they start spending and find themselves moving backwards
rather than forwards.
One of the greatest sources for passive income comes from running a
network marketing business. Network marketing is an extremely profitable
industry and many professionals have become wealthy by building a network
marketing business.
Building a network marketing business allows you to leverage your time,
which is essential to creating passive income. In building a network
marketing business, you can begin part time. You don't have to worry about
hiring employees because you won't have employees. Making a huge capital
investment like you would in a traditional business is not necessary either.
Most network marketing businesses can be started for less than $500.
While network marketing is lower risk in getting started, it is not easy.
It takes time, a commitment from you, work and patience to build a large
exponentially growing organization. To build a substantial 6 figure passive
income through network marketing, it will take you two to five years.
Compare that to a traditional business and I guess you could say it is the
easier path.
Many people will create a passive income which replaces their job or
their earned income source. By replacing the earned income, one could
literally quit their job and focus on building the passive income
full-time... that is what I am doing now. You can too!!
Our next step to creating wealth is in developing portfolio income.
Portfolio income consists of anything of a paper asset; i.e.. stocks, bonds,
real estate, mutual funds, etc. The key to developing Portfolio income is to
invest a portion of your passive income into developing your portfolio
income. This is where the wealthy begin letting the money work for them
rather than them working for the money (as the poor and middle class do).
As the value of your portfolio income grows, you should reinvest the
interest and dividends you earn back into the portfolio. Many people, when
they develop a sizable portfolio income can live 100% off the interest
earned through the portfolio.
Realize, you now have the Popular secret to become wealthy. You can
become one of the average people who acquiring above average wealth. Any one
can acquire wealth and it does not take rocket science to do it either.
You can do it! Here are a few tips for helping you acquire above average
wealth... Make a plan and work your plan, keep a journal of your progress,
and get coaching from a professional. A professional coach can help keep you
on track. Most importantly, stop listening to the nay-sayers, those people
who want to give you advice but are in the same place as you don't want to
be. While you will love and care for these people, don't let their
influence guide you down the road of poverty. Take responsibility for your own journey to wealth... become a financial success and remember, it all
begins with you.
