Tuesday, May 28, 2013

3 Rules for Building Enormous Wealth

Do you want to be so rich you will never have to worry about spending money ?

Do you want the best of what money can buy ?

These goals and many more are all possible by following these 3 simple rules !

Rule #1 - Patience is a Virtue

The real truth is that building enormous and lasting wealth takes a bit of time. Do not fall prey to all of the making money fast schemes because they simply do not work. If you don't believe me just ask yourself one question. If someone found a way to make gobs of money fast and without effort, why on earth would they share their valuable information with others no matter what the cost ?

The answer. These promoters are hoping to make money from you and others that go along with their schemes. If they were truly wealthy themselves, they would not need your money. If they were sincere about helping you they would do it for free.

Rule #2 - Develop Your Wealth Building Plan

All businesses have a plan of action with goals that they want to achieve by a certain date. Your wealth building adventure should be no different than those of the largest of corporations. No two individuals will have the same goals and plans to achieve those goals because everyone is different.

Many financial planners and others try to fit you in a box and persuade you to do this, that or the other thing because everyone else is doing it. But as I said before, everyone is different. How can anyone else possibly know everything you want and when you want it. Simple answer is they don't. This is why you must develop your own individualized plan.

When thinking of your plan, be sure to understand that things don't always happen the way you feel they should. For this reason, make sure you build some wiggle room into your plan to allow for changes as you go.

Rule #3 - Do What You Have To Do

No matter how good a plan you develop for yourself, if you don't take the actions you need to take when you need to take them, your plan will fail. If you don't save money when you have to save money, your plan will fail. If you don't buy an investment when it is on sale at the right time, your plan will fail. If you don't sell an investment when you see other better opportunities, your plan will fail. These are a few examples of what you need to do and the timing can sometimes make a huge difference.

Of course you will not go through life without making some mistakes. This is called education through experience. Expect to make mistakes and build them into your plan.All of us make mistakes occasionally and anyone that tells you different is a liar.

For those that for whatever reason never take action, never get off the fence, never do what they have to do, there is no one that can help them. No matter how much they learn they will never get anywhere. They will live in the rut they call life forever and blame everyone else for their position.

What To Do 

To sum up what you should do, be patient, be thoughtful and develop your own plan, do what you have to do when you have to do it. Three very simple rules that if followed will ensure you a much more comfortable life than you have today.

There are no guarantees that these three rules alone will bring you enormous wealth, but they will certainly go a long way towards helping you in that direction. After all, what is enormous wealth anyway, everyone is different.

As always, I welcome your comments and suggestions for future topics.

1 comment:

Connor Hall said...

Great article! Here I got new tips about how to be rich and investment is a tool or means for achieving this goal. It is a great post. Thanks.

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