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

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!

Creating Wealth - 7 Insider Secrets of Wealth Creation

Many people dream of living a life with no financial worries but few free themselves of the shackles of their 9-5 day jobs. Here are 7 important factors you need to know so you can be successful in creating wealth.

Rarely will people be interested in creating wealth purely for the sake of having it. Frequently, it's because they want a cushion of prosperity so they don't have to worry about making ends meet. Below are 7 things you need to know to be successfully creating wealth in your life.

• Define What “Wealth Creation” Means To You
• Don’t Try to Earn Your Way to Wealth
• Learn How to Leverage Time, Talent & Money
• Build a Winning Team around You
• Be Willing to Invest and Take Calculated Risks
• Know When to Borrow Money
• Play Your Own Game

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How to Get Rich – 7 Secrets from the Richest Man in Babylon

Babylon. Its very name conjures visions of wealth and splendor. Its treasures of gold and jewels were famous throughout the ancient world. The book, The Richest Man in Babylon by George S. Clason, was first published in the 1920s. It is written in parable form using old-English and speaks of gold and gold coins in lieu of modern-day currency but the message is right on the money (excuse the pun)! In the book, Babylon is experiencing an economic downturn and the King approaches the richest man in Babylon called Arkad to teach Babylon’s citizens on how to create wealth.
I’ve prepared a summary of the fundamental ‘how to get rich’ tips from Chapter 3 in the book called “7 Cures for a Lean Purse”. Here are the first three:

Step 1: Start Thy Purse to Fattening
Spend only 9 out of each 10 coins earned. Save one-tenth of what you earn for yourself for worthwhile use in the future. This is the crucial first step on your journey to becoming rich.

Step 2: Control Thy Expenditures
Budget for your expenses. Make sure you have enough coins to pay for your necessities. Only pay for your enjoyments and gratify your worthwhile desires if you can do so without spending more than nine-tenths of your earnings. Make sure that you can continue to save one-tenth of what you bring in.

Step 3: Make Thy Gold Multiply
Put each coin to labour so that it may reproduce its kind. As you start to build up your savings, invest that money so that it makes more money for you. Don’t leave your savings sitting dormant in a bank account (unless it’s a very high interest rate savings account). Worse still, don’t leave it under your mattress depreciating in value!

To read the full article, go to: www.millionairemindsetsecrets.com

Creation of Wealth – 7 Secrets of Wealth Creation

Without doubt, your mindset is the single most important factor that will determine whether you will be wealthy or not. True wealth and abundance come from having an affluent psychology. You gotta remove any disempowering beliefs you have about yourself or money. Buy yourself a copy of Napolean Hill’s “Think and Grow Rich” if you want to understand how your thinking will make you wealthy (or not!). Whatever you think about, you bring about i.e. Law of Attraction. For a FREE copy of the 7 Secrets of Wealth Creation go to http://www.millionairemindsetsecrets.com NOW and register to download.

Millionaire Mindset: 5 Simple Ways to Develop a Millionaire Mind!

Bob Proctor, The Secret:Thinking into Results, Dublin,11th October 2009

I just saw Bob Proctor (probably best known for his appearance into the The Secret dvd/book)at the Life Lasting Succes Seminar in Dublin, 11th October 2009. At age 75he is living proof that his thoughts (the inside world) control his outside world. He has more energy than your average 25 year old. Having travelled all the way from Kuala Lumpar in Malaysia to be in Dublin he transfixed the crowd with his ideas inspired largely by the "Think and Grow Rich" book by Napolean Hill.

His talk revovled around the central theme that most people weren't living the lives they wanted to live because of the Paradigm (or Mindset) which had developed as a result of a multitude of habits (mostly bad) acquired throughout life. He told us how, having read 'Think and Grow Rich' at age 26, he embarked on a journey of self-discovery, doing things that seemed totally illogical (something he strongly recommends doing!). He then began working with his real-life mentor Earl Nightingale of Nightingale-Conant fame. More recently he has gained worldwide recognition as a key proponent of The Law of Attraction highlighted in The Secret film/book. Essentially we attract everything into our lives. So, whilst people focus on setting goals into the future, the problem is most people don't know where they are and are caught up in paradigms set in their unconscious minds and these paradigms control their lives and hence big goals are not achieved. So, in summary, you have to be able to impress images upon your unconscious mind (and not just your concious mind) of your big goals in order for them to stand a chance of occuring. He explained that most people don't go after what they want, they go after what they think they can do which is often based upon a limiting paradigm. He stressed it was crucial to make decisions so that you move into a new vibration and stretch your boundaries. His 'Thinking Into Results' program (DVDs and Guide Books) was being promoted in a non-pushy manner and was available for purchase at the event for €395. His delivery was truly awesome as he belted out nuggets of wisdom and one liners non-stop. His closing words were memorable: "Step up, go to the edge and let go...if you're not living on the edge you're taking up way too much room!" Bob Proctor....we salute you!