The internet offers two things a possibility of wealth and a possibility of victimization. In our quest to obtain the freedom we want to enjoy. The freedom to live our lives as old blues eyes use to say "My Way" is a road filled with obstacles and detours. It is an undeniable fact that more people lose money in striving to reach instant wealth. This does not pertain to only the internet it pertains to all the ways people build their business. The more common way at this point is through the internet. This of course is due to the low cost in joining an MLM or a Network Marketing group. As a Life Coach let me give you this piece of advice "caveat emptor" which means "let the buyer beware." The 40 thieves may very well be a children's story, but there are real thieves out there, who claim to have your best interest in mind, while they take all they can from you. In the process of wealth building the fundamentals of business is never set aside because of what someone says what you can do, when the truth is that it may take 2-3 years or more to establish yourself anywhere. This would be inclusive of brick and motor business models to Multi-Level business models. You are probably aware that many of these Network Marketing Models are scams. They will claim the easy fortunes that you can make if you follow their system.
Most of the people I talked to have college degrees, but they didn't know the basics of wealth creation. Sure, you could fail and that's what stops most people succeeding, but if you have the right method and the right attitude, you can win in building wealth. Once you have set the goals for your wealth building, the next step of financial planning is to lay down a feasible and precise plan.
They say "If you can't defend you won't win no matter how good your attack is" and it's the same in creating wealth. The first and utmost important thing for wealth building is that you have to have a big enough nest egg to grow your money no matter what strategies you use - real estate investing or stock market investment. The key is to maintain a will do mindset, use what you've got that may have more value to others, and find inspiring ways to have other people invest in your wealth building program.
The key ingredient that separates winners from losers is discipline and playing the odds at the right time, if you adopt the mindset to succeed, have confidence and are prepared to take calculated risks you can win in what is probably the most lucrative of all ways to build wealth fast. To build wealth you need to balance the risk reward and aim for the highest reward, with low downside risk.
Wealth building is a process, it starts with you. You can start on a shoe string or have enough financing to get a large leap into the business you have chosen. The other part of the wealth building process is the management of income that is earned by your efforts. This revenue should do 2 things, one is for paying your basic business expenses and the other is for building the wealth portion of your life. This is inclusive of obtaining income producing long term equity assets such as real estate, oil leases other business investments. There are two other considerations, your current lifestyle and the overall marketing and business strategies.
Most people's typical first experience of using Other People's Money is when they take on a mortgage to buy their home. Typically, their initial down-payment combined with their contract of employment that demonstrates their ability to produce future income is enough for them to secure a mortgage loan against home. Unfortunately your home is not an asset, well it is, but it's the bank's asset as they are making income from the loan advanced, not you. If you can get a bank to advance you a mortgage loan so as to purchase an investment rental property (an asset) whereby you get to retain what remains of the rental income after you pay the mortgage, then you have used Other People's Money to buy and asset to produce income. In order to secure this loan you need to demonstrate to the bank that you are a safe bet. They will typically want to see that you have at least 20% of the purchase price as a down-payment and sufficient net income being generated by this asset and other sources to ride out any changes in interest rates, rental void periods etc.
Most of the people I talked to have college degrees, but they didn't know the basics of wealth creation. Sure, you could fail and that's what stops most people succeeding, but if you have the right method and the right attitude, you can win in building wealth. Once you have set the goals for your wealth building, the next step of financial planning is to lay down a feasible and precise plan.
They say "If you can't defend you won't win no matter how good your attack is" and it's the same in creating wealth. The first and utmost important thing for wealth building is that you have to have a big enough nest egg to grow your money no matter what strategies you use - real estate investing or stock market investment. The key is to maintain a will do mindset, use what you've got that may have more value to others, and find inspiring ways to have other people invest in your wealth building program.
The key ingredient that separates winners from losers is discipline and playing the odds at the right time, if you adopt the mindset to succeed, have confidence and are prepared to take calculated risks you can win in what is probably the most lucrative of all ways to build wealth fast. To build wealth you need to balance the risk reward and aim for the highest reward, with low downside risk.
Wealth building is a process, it starts with you. You can start on a shoe string or have enough financing to get a large leap into the business you have chosen. The other part of the wealth building process is the management of income that is earned by your efforts. This revenue should do 2 things, one is for paying your basic business expenses and the other is for building the wealth portion of your life. This is inclusive of obtaining income producing long term equity assets such as real estate, oil leases other business investments. There are two other considerations, your current lifestyle and the overall marketing and business strategies.
Most people's typical first experience of using Other People's Money is when they take on a mortgage to buy their home. Typically, their initial down-payment combined with their contract of employment that demonstrates their ability to produce future income is enough for them to secure a mortgage loan against home. Unfortunately your home is not an asset, well it is, but it's the bank's asset as they are making income from the loan advanced, not you. If you can get a bank to advance you a mortgage loan so as to purchase an investment rental property (an asset) whereby you get to retain what remains of the rental income after you pay the mortgage, then you have used Other People's Money to buy and asset to produce income. In order to secure this loan you need to demonstrate to the bank that you are a safe bet. They will typically want to see that you have at least 20% of the purchase price as a down-payment and sufficient net income being generated by this asset and other sources to ride out any changes in interest rates, rental void periods etc.
About the Author:
Frank Miller has a Debt Consolidation Blog & Finance, these are some of the articles: Understanding The Benefits You Get From Each Type Of Bank Account You have full permission to reprint this article provided this box is kept unchanged.
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