If you ask just about anyone who isn't rich on how to become rich, they will most likely have many of the answers already. People know how to become rich, in general! But ask them why they themselves aren't rich and you'll get a wealth of excuses and reasons as to why they are not sitting by the pool sipping martinis!
You may know the steps, you may have invested in books, CDs and DVDs that teach you the key steps, but you might have still not made that first important step in the journey to wealth: overcoming the excuses that could be holding you back from becoming rich. Here are the top excuses that you'll need to overcome in order to become rich:
Wealth-Killer Excuse #1: "Now Is Not a Good Time"
Wealth-Killer Excuse #2: "The Market Isn't Where I Want It to Be"
Wealth-Killer Excuse #3: "I'm Not Sure What To Sell"
Wealth-Killer Excuse #4: "There's Too Much Competition"
Wealth-killer Excuse #5: "I'm Not Sure What To Do Next"
These aren't the only wealth-killing excuses you'll hear that keep you from generating wealth. But if you want to know how to become rich, a good first step is to figure out if any of these are holding you back and eliminate them from your life!
You can read the full article with advice on how to overcome each of those at www.millionairemindsetsecrets.com
Friday, January 15, 2010
How to Get Rich with Household Budgeting!
Getting rich is ultimately achievable by first stopping the process of becoming poorer.
When we think of How to Get Rich, we probably think of business tycoons like Richard Branson owning multiple businesses or real estate veterans like Donald Trump buying, selling real estate. Yet, initial wealth creation can start at a much simpler level. A very simple wealth creation fundamental is the rather unexciting yet highly powerful personal financial management skill we call ‘household budgeting’.
Household budgeting plays an important part in the process of eliminating debt, managing expenses and ultimately getting richer. Initially it can feel like an uninspiring task to undertake and ultimately manage so, not surprisingly, few people create a household budget and even fewer still stick to it. Yet it is an eye-opener for many people to learn that household budgeting is a key strategy in ultimately becoming rich.
The Leaky Bucket Syndrome
To demonstrate how vital household budgeting can be we can use a very simple illustration: Imagine that your job is to fill a bucket of water and carry it from point A to B. The more water you carry to point B, the better. However, your bucket is only half full when you get to B because lots of water has leaked out of numerous holes in the bottom of your bucket.
The obvious answer to this problem is: “Find a bucket without any holes in it dooh!”. But in the real world, where our income is equivalent to the water and our bucket is our bank balance, we often don't think about plugging up the holes. Instead, we try to figure out more ways to pour more "water" (i.e. income) into our "bucket"! This is fine so long as the leaky holes are plugged first.
Running your Household like a Business
The FIRST STEP in establishing any possible leaks in your bucket is to collect all of your necessary financial information. Start tracking all your expenses: categorize your expenses into both household and personal expenses; accurately estimate how much you spend on each on average each month.
The NEXT STEP is to enter your NET income (after tax) above the expenses and subtract one from the other to determine whether there is a negative or positive balance at the end of each month. If you end up with a negative balance do not reduce your original expense estimate to try and end up with a positive balance. We must be 100% honest with ourselves at this stage...
To read the full article and find out more techniques on effectively managing your budget go to: www.millionairemindsetsecrets.com
When we think of How to Get Rich, we probably think of business tycoons like Richard Branson owning multiple businesses or real estate veterans like Donald Trump buying, selling real estate. Yet, initial wealth creation can start at a much simpler level. A very simple wealth creation fundamental is the rather unexciting yet highly powerful personal financial management skill we call ‘household budgeting’.
Household budgeting plays an important part in the process of eliminating debt, managing expenses and ultimately getting richer. Initially it can feel like an uninspiring task to undertake and ultimately manage so, not surprisingly, few people create a household budget and even fewer still stick to it. Yet it is an eye-opener for many people to learn that household budgeting is a key strategy in ultimately becoming rich.
The Leaky Bucket Syndrome
To demonstrate how vital household budgeting can be we can use a very simple illustration: Imagine that your job is to fill a bucket of water and carry it from point A to B. The more water you carry to point B, the better. However, your bucket is only half full when you get to B because lots of water has leaked out of numerous holes in the bottom of your bucket.
The obvious answer to this problem is: “Find a bucket without any holes in it dooh!”. But in the real world, where our income is equivalent to the water and our bucket is our bank balance, we often don't think about plugging up the holes. Instead, we try to figure out more ways to pour more "water" (i.e. income) into our "bucket"! This is fine so long as the leaky holes are plugged first.
Running your Household like a Business
The FIRST STEP in establishing any possible leaks in your bucket is to collect all of your necessary financial information. Start tracking all your expenses: categorize your expenses into both household and personal expenses; accurately estimate how much you spend on each on average each month.
The NEXT STEP is to enter your NET income (after tax) above the expenses and subtract one from the other to determine whether there is a negative or positive balance at the end of each month. If you end up with a negative balance do not reduce your original expense estimate to try and end up with a positive balance. We must be 100% honest with ourselves at this stage...
To read the full article and find out more techniques on effectively managing your budget go to: www.millionairemindsetsecrets.com
Monday, January 4, 2010
How to Get Rich - Rich Dad, Poor Dad
I recently read an article by Robert Kiyosaki of Rich Dad, Poor Dad fame where he described the process on how he went from being broke in 1985 to being financially free 10 years later. What was fascinating about this was that it wasn’t HOW HE DID IT that he considered really important but WHY HE DID IT.
So, first of all, how did he do it?
From 1985 to 1994, Kiyosaki, his wife Kim, and best friend Larry Clark focused on rich dad’s three paths to great wealth:
* Increasing business skills
* Increasing money management skills
* Increasing investment skills
Why did he do it?…because he wanted to really challenge his own self-doubt, laziness and his past. He was fed up being broke and being average!
He described how if you want something, being PASSIONATE about it is essential. Passion gives energy to your life. Passion is a combination of love and hate. If you want something you don’t have, take a pen and sheet of paper and WRITE DOWN why you love what you want in one column and why you hate not having what you want in another. When you combine those two thoughts, you will draw upon an energy to help you get anything you want. It can be a good idea to share what you truly desire with a friend, to talk about it often and seek out support from people who will help you achieve your desire. So there you have it it…How to Get Rich advice from Rich Dad, Poor Dad!
So, first of all, how did he do it?
From 1985 to 1994, Kiyosaki, his wife Kim, and best friend Larry Clark focused on rich dad’s three paths to great wealth:
* Increasing business skills
* Increasing money management skills
* Increasing investment skills
Why did he do it?…because he wanted to really challenge his own self-doubt, laziness and his past. He was fed up being broke and being average!
He described how if you want something, being PASSIONATE about it is essential. Passion gives energy to your life. Passion is a combination of love and hate. If you want something you don’t have, take a pen and sheet of paper and WRITE DOWN why you love what you want in one column and why you hate not having what you want in another. When you combine those two thoughts, you will draw upon an energy to help you get anything you want. It can be a good idea to share what you truly desire with a friend, to talk about it often and seek out support from people who will help you achieve your desire. So there you have it it…How to Get Rich advice from Rich Dad, Poor Dad!
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