Most people search for the ultimate Wealth Building System for most of their lives. But, did you know that you are already born with half of it?
What is this superpower you are born with? The ability to MAKE money. No matter what your education level or skill level, you have the power to earn income.
So, what about this second half? Well, this is your other super-power if you choose to accept it and use it wisely. The secret is actually quite simple: it’s not how much money you make; it’s what you do with it that determines your financial condition.
Adopting the right system to control the flow of your income is what ultimately creates wealth. It works whether you are an employee, a business owner, a doctor, a dentist, a hairdresser. It works whether you are earning millions or thousands a year.
The system is simple. All you need is the knowledge and discipline to harness it’s power.
1. SPEND LESS THAN YOU MAKE
Cut your expenses back to operate within your income level.
2. PUT 10% OF YOUR INCOME AWAY IN SAVINGS (AND DON’T EVER SPEND IT)
On each payday, set aside an amount regularly for the future. The ultimate Wealth Building System requires you put a minimum of 10% of your income into your savings and invest it. This isn’t your rainy-day fund, this is your wealth building fund. Put it aside and forget you have it.
3. DO NOT BUY ON CREDIT (PAY CASH WHEN YOU CAN AFFORD IT)
Bad debt is a disease and you want to avoid contracting it. Before you buy something, make sure you truly need it, then put money aside every week until you have enough cash to buy it. Large purchases such as cars, equipment, business operations and real estate are exceptions to this rule.
4. FIND WAYS TO MAKE MORE MONEY
Did you know that the personal cost of living goes up about 2.5% every year? If your income isn’t increasing, eventually you won’t be able to keep up. If you work for someone else, increase your value to the company by taking on more responsibility and learning to do more; then ask for a raise. Maybe take on a second job or side hustle in order to get out of debt and start putting money away.
If you own a business, then increasing revenue is key and should always be a top priority. Take some time to review your line of products and services and understand which have the highest margins and are most profitable. Consider discontinuing items that are not bringing in enough profit and might be wasting your time or tying up resources.
The secret to making more money is pretty simple if you put your attention on it.
5. USE YOUR MONEY TO INCREASE YOUR INCOME
After you’ve paid your bills and invested 10% of your income, use any extra finances to help you increase your income. Explore new streams of passive income with high dividend paying investments, real estate and other alternative investments.
The energy and life blood of any business and any household is positive cash flow. The key is to learn and follow the Wealth Building System then stay disciplined, even when you feel tempted or discouraged. If done correctly the outcomes are exponential; imagine having a good amount of cash on hand, all your bills paid, and plenty of money in reserves to finance your dreams – not just to pay bills. Remember it takes commitment to achieve your financial goals and maintain them.
Seems simple, right? It’s as simple as you make it. Remember, the superpower is in your hands.
Need help setting up your Wealth Building System? Book a free Consultation and let’s get you on the right track.