How to Become Wealthy By Joshua Kennon

Nine Truths That Can Set You on the Path to Financial Freedom

#1: Change the Way You Think About Money

The general population has a love / hate relationship with wealth. They resent those who have it, but spend
their entire lives attempting to get it for themselves. The reason a vast majority of people never accumulate
a substantial nest egg is because they don't understand the nature of money or how it works. Cash, like a
person, is a living thing. When you wake up in the morning and go to work, you are selling a product -
yourself (or more specifically, your labor). When you realize that every morning your assets wake up and
have the same potential to work as you do, you unlock a powerful key in your life. Each dollar you save is
like an employee. Over the course of time, the goal is to make your employees work hard, and eventually,
they will make enough money to hire more workers (cash). When you have become truly successful, you no
longer have to sell your own labor, but can live off of the labor of your assets.

#2: Develop an Understanding of the Power of Small Amounts

The biggest mistake most people make is that they think they have to start with an entire Napoleon-like
army. They suffer from the "not enough" mentality; namely that if they aren't making $1,000 or $5,000
investments at a time, they will never become rich. What these people don't realize is that entire armies are
built one soldier at a time; so too is their financial arsenal. A friend of mine once knew a woman who worked
as a dishwasher and made her purses out of used liquid detergent bottles. This woman invested and saved
everything she had despite it never being more than a few dollars at a time. Now, her portfolio is worth
millions upon millions of dollars, all of which was built upon small investments. I am not suggesting you
become this frugal, but the lesson is still a valuable one. Do not despise the day of small beginnings!

#3: With Each Dollar You Save, You Are Buying Yourself Freedom

When you put it in these terms, you see how spending $20 here and $40 there can make a huge difference
in the long run. Since money has the ability to work in your place, the more of it you employ, the faster and
larger it will grow. Along with more money comes more freedom - the freedom to stay home with your kids,
the freedom to retire and travel around the world, or the freedom to quit your job. If you have any source of
income, it is possible for you to start building wealth today. It may only be $5 or $10 at a time, but each of
those investments is a stone in the foundation of your financial freedom.

#4: You Are Responsible for Where You Are in Your Life

Years ago, a friend told me she didn't want to invest in stocks because she "didn't want to wait ten years to
be rich..." she would rather enjoy her money now. The folly with this school of thinking is that the odds are,
you are going to be alive in ten years. The question is whether or not you will be better off when you arrive
there. Where you are right now is the sum total of the decisions you have made in the past. Why not set the
stage for your life in the future right now?

#5: Instead of Buying the Product... Buy the Stock!

Someone once asked me why they weren't wealthy. They always felt like they were putting money aside,
yet never seemed to get any further ahead. The answer is simple. I told them to stop buying the products
companies sell and start buying the company itself! A survey of America's affluent (those who make over
$225,000 a year or own $3,000,000 in assets) revealed that 27-30% of all the income the wealthy earned
went into investments and savings. That isn't a result of being rich, that is why they are rich. When the pain
of getting out of the bondage of financial slavery is greater than the pain of changing your spending habits,
you will become rich. Either change, or be content to live as you are.

#6: Study and Admire Success and Those Who Have Achieved It... Then Emulate It

A very wise investor once said to pick the traits you admire and dislike the most about your heroes, then do
everything in your power to develop the traits you like and reject the ones you don't. Mold yourself into who
you want to become. You'll find that by investing in yourself first, money will begin to flow into your life.
Success and wealth beget success and wealth. You have to purchase your way into that cycle, and you do so
by building your army one soldier at a time and putting your money to work for you

#7: Realize that More Money is Not the Answer

More money is not going to solve your problem. Money is a magnifying glass; it will accelerate and bring to
light your true habits. If you are not capable of handling a job paying $18,000 a year, the worst possible
thing that could happen to you is for you to earn six figures. It would destroy you. I have met too many
people earning $100,000 a year who are living from paycheck to paycheck and don't understand why it is
happening. The problem isn't the size of their checkbook, it is the way in which they were taught to use
money.

#8: Unless Your Parents Were Wealthy, Don't Do What They Did

The definition of insanity is doing the same thing over and over again and expecting a different result. If
your parents were not living the life you want to live then don't do what they did! You must break away
from the mentality of past generations if you want to have a different lifestyle than they had. To achieve the
financial freedom and success that your family may or may not have had, you have to do two things. First,
make a firm commitment to get out of debt. To find out which debts should be paid off before you invest
and those that are acceptable, read Pay off Your Debt or Invest?. Second, make saving and investing the
highest financial priority in your life; one technique is to pay yourself first. Purchasing equity is vital to your
financial success as an individual whether you are in need of cash income or desire long-term appreciation in
stock value. Nowhere else can your money do as much for you as when you use it to invest in a business
that has wonderful long-term prospects.

#9: Don't Worry

The miracle of life is that it doesn't matter so much where you are, it matters where you are going. Once
you have made the choice to take control back of your life by building up your net worth, don't give a
second thought to the "what ifs". Every moment that goes by, you are growing closer and closer to your
ultimate goal - control and freedom. Every dollar that passes through your hands is a seed to your financial
future. Rest assured, if you are diligent and responsible, financial prosperity is inevitability. The day will
come when you make your last payment on your car, your house, or whatever else it is you owe. Until then,
enjoy the process.

Posted by Tang Chea Hian at 9:01 PM   

10 comments:

Lisa T. said...

Nice post. I want to run my own business soon, so I'll remember this one. I know
it'll be challenging, so I can use all the help and advice I can get. I've been thinking
about buying a business lately instead of starting one from scratch. Maybe a
franchise? I don't know. Do you have any suggestions or advice? Thanks!

September 25, 2008 11:23 AM

Alicia Allen said...

@Lisa T. -- Yeah, regardless if you start one from scratch or buy an existing one,
running your own business will be tough, but it’ll be rewarding in the end.

If you do take the buying route, there are a lot of sites you could check out for
one. There's one calledBizTrader.com. It's like this an online global marketplace
where you can buy or sell a business. It has useful tips and advice, and you can
also use it to find a lender or broker. Not bad at all.

Then there are always the small business groups in your area. They should be able
to provide help and advice. If anything, it doesn't hurt to network. 

Good luck!
September 26, 2008 8:11 AM

Anonymous said...

Hi !.
You re, I guess , perhaps curious to know how one can reach 2000 per day of
income . 
There is no need to invest much at first. You may start to get income with as small
sum of money as 20-100 dollars. 

AimTrust is what you haven`t ever dreamt of such a chance to become rich
The company incorporates an offshore structure with advanced asset management
technologies in production and delivery of pipes for oil and gas. 

Its head office is in Panama with offices everywhere: In USA, Canada, Cyprus.
Do you want to become an affluent person? 
That`s your choice That`s what you really need!

I`m happy and lucky, I began to take up real money with the help of this
company, 
and I invite you to do the same. If it gets down to select a correct companion
utilizes your funds in a right way - that`s AimTrust!.
I make 2G daily, and what I started with was a funny sum of 500 bucks! 
It`s easy to join , just click this link http://jepahiqu.angelcities.com/irywywe.html
and go! Let`s take our chance together to become rich

December 1, 2009 9:02 AM

Anonymous said...

Hello !.
You re, I guess , perhaps very interested to know how one can collect a huge
starting capital . 
There is no initial capital needed You may commense to receive yields with as
small sum of money as 20-100 dollars. 

AimTrust is what you need

The company incorporates an offshore structure with advanced asset management
technologies in production and delivery of pipes for oil and gas. 
It is based in Panama with structures everywhere: In USA, Canada, Cyprus.
Do you want to become really rich in short time? 
That`s your chance That`s what you wish in the long run!

I`m happy and lucky, I began to get income with the help of this company, 
and I invite you to do the same. It`s all about how to select a proper partner who
uses your savings in a right way - that`s the AimTrust!.
I take now up to 2G every day, and my first deposit was 1 grand only! 
It`s easy to get involved , just click this link
http://qofyzebave.angelcities.com/qazupex.html
and go! Let`s take our chance together to become rich

December 11, 2009 10:07 AM

Anonymous said...

Hi !.
might , perhaps very interested to know how one can collect a huge starting capital
. 
There is no need to invest much at first. You may begin to receive yields with as
small sum of money as 20-100 dollars. 

AimTrust is what you haven`t ever dreamt of such a chance to become rich
The firm represents an offshore structure with advanced asset management
technologies in production and delivery of pipes for oil and gas. 

Its head office is in Panama with structures around the world.

Do you want to become an affluent person? 
That`s your chance That`s what you desire!

I feel good, I started to get income with the help of this company, 
and I invite you to do the same. If it gets down to select a proper companion who
uses your money in a right way - that`s AimTrust!.
I take now up to 2G every day, and my first investment was 500 dollars only! 
It`s easy to get involved , just click this link
http://izexofuky.greatnow.com/tahofug.html
and go! Let`s take our chance together to become rich

December 14, 2009 1:45 AM

Anonymous said...

Hi!
You may probably be very interested to know how one can manage to receive high
yields on investments. 
There is no need to invest much at first. 
You may commense to get income with a money that usually is spent
for daily food, that's 20-100 dollars.
I have been participating in one project for several years, 
and I'll be glad to share my secrets at my blog.

Please visit blog and send me private message to get the info.

P.S. I earn 1000-2000 per day now.

http://theblogmoney.com

January 11, 2010 3:20 AM

Anonymous said...

Good day, sun shines!

There have were times of troubles when I felt unhappy missing knowledge about
opportunities of getting high yields on investments. I was a dump and downright
stupid person. 
I have never imagined that there weren't any need in big starting capital.
Nowadays, I feel good, I begin take up real money. 
It's all about how to select a proper companion who uses your funds in a right way
- that is incorporate it in real deals, and shares the income with me.

You may ask, if there are such firms? I'm obliged to tell the truth, YES, there are.
Please be informed of one of them:
[url=http://theblogmoney.com] Online investment blog[/url]

January 14, 2010 7:15 AM

andrea said...
 I recently came across your blog and have been reading along. I thought I would
leave my first comment. I don't know what to say except that I have enjoyed
reading. Nice blog. I will keep visiting this blog very often.

Margaret

http://lotterymegamillions.net

February 15, 2010 9:28 PM

Anonymous said...

[url=http://www.facebook.com/pages/weathercom/298713874092l]www.weather.
com[/url]

February 17, 2010 4:31 AM

Anonymous said...

Good day!

We are not acquainted yet? It’s easy to fix, 

my name is Nikolas.
Generally I’m a social gmabler. recently I take a great interest in online-casino and
poker. 
Not long time ago I started my own blog, where I describe my virtual adventures.
Probably, it will be interesting for you to find out about my progress.
Please visit my blog. http://allbestcasino.com I’ll be glad would you find time to
leave your comments.

March 11, 2010 3:37 AM

Post a Comment

Newer PostOlder PostHome

Subscribe to: Post Comments (Atom)