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47 Tips to Generate Wealth

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47 Tips to Generate Wealth

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Have you ever wondered how people become wealthy?  Were some people just born with that silver spoon in their mouth?  When you study the lives of financially independent people, the answer is usually no.  Sure, some people may be born into a wealthy family or have received a large inheritance, but the wealth had to start in somewhere.

How much money would you make if you had no debt?

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Have you ever really thought about it?  I mean living debt free.  No credit card bills, no car payments, no mortgage!  Wow, suddenly a person making a middle income job would suddenly have some options in life if all they had to pay for was property tax, food, entertainment, and up-keep of property.

However, most Americans have already promised the their money to someone else way before they earn it!  Many of us are locked into a 30 fixed mortgage, so we pay the bank for a house that we live in, but the bank really owns.

Stop and think about how much you would actually have incoming from your current job or business if you didn’t owe anyone a nickel.  They used to call this “getting ahead” but it seems that we are usually hearing the term “under water” more often.

So, How does one become Wealthy?

According to Wikipedia Wealth is the abundance of valuable resources or material possessions.  However your wealth is measured, it doesn’t matter how it came to you, it just matters how much you have, and how much you keep over time.

Ultimately our outcomes in life are directly related to the habits and decisions we make along the way.  I used to think that people had to have a large income to become wealthy, but then I realized it is the the size of your income, but how much money you have in relation to your liabilities.  We have all heard of the once multi-million dollar professional athletes that blew their fortune away by living a lifestyle that was not sustainable, even for their enormous bankroll.

After reading the Financial Fitness book, I realized that it was not just another book on Financial Success and that it was full of wise financial principles that anyone can apply to their financial strategy from the day they read it.  This isn’t a book on playing the stock market, but a book that first challenges the reader to take control and become aware of household spending, how to budget, and how to tackle debt.   You can pay a financial adviser $70/hr for a financial strategy, or you can invest $100 into yourself and apply self directed education towards your future and begin learning the 47 Principles of Financial Offense, Defense, and Playing the Field.

Physically Fit People Enjoy Good Health, While Financially Fit People Enjoy Good Wealth

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Principle 1

It’s not what you make but what you keep that determines financial success.

Principle 3

Live within your means. Always. No Exceptions. Period. Follow a good budget.

Principle 4

Stop getting Financial advice from the broke people; get it only form those whose finances you want to emulate.

Principle 8

People with the right money view discipline themselves to live the principles of financial fitness, make financial decisions based on a long-term vision, adopt the habit of delayed gratification, and use the compounding nature of money to constructively achieve their dreams.

Principle 14

Financially fit people analyze their habits – in life as well as finances – and work to break bad habits and cultivate good ones.

Principle 17

Retirement should not be an issue of age but rather a function of having enough passive income to live on for life.

Principle 19

Get good mentors and really listen to them.

Principle 42

Studying and understanding free enterprise is an essential part of financial fitness.

Learn More About Financial Fitness

 


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