How to Get Rich - Open your Mind

Have you ever wondered why some people are just so successful ?

Do you really think that they are so much better than you ?

You have the ability to join them, read on and find out how !


Blinders

When it comes to the path of life, most people have blinders on. The older they become the more set in their ways they become. Unwilling to look at new ideas or ways to improve on what they have already done.

I find this aspect of individuals the most frustrating. For whatever reason, most people just don't want to change even though the change would do them good. There is absolutely nothing you or I can do to help these people. Change must start from within !

Internalize

To have a chance at someday becoming successful you must internalize your desires and dreams and learn to embrace new ideas. If you are not already filthy rich then obviously what you have done in the past is simply not working. Does it not make sense then to change your course and direction ?

Are you scared to try something new or are you just like everybody else. Comfortable ! Too comfortable to really make the changes needed to prosper. The choice is yours. Internalize ! Become passionate about your goals and dreams ! Do it NOW , not later !

Open Up

Throw off the blinders of life and embrace new ideas and opportunities. Open your mind to the possibility that you can do it too. Just like other successful people in life, you too can enjoy the many opportunities that await you. Seek and you shall find. Be determined and never give up.

Without the proper mindset you will not be able to be truly successful. You must think that you can do something before you ever try. If you don't, you have already lost the battle and may as well give up. You will soon realize that your blinders are still on.

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

How to Get Rich - Asset Numbers Not That Important

Have you ever wondered how much you have to have to be considered rich ?

Do you know how much you need to have to enjoy a comfortable life ?

Truth is, it isn't really about the asset numbers at all !

Number Obsession

If you ask any Financial Adviser or Financial Planner you will get a different number on how much you have to have saved to live the rich life. They all use formulas and future projections to show what they feel you will need to be comfortable.But really how accurate are these numbers they give you ?

The truth is, they are all making educated guesses as to what they feel the future will be like. No one really knows what the future will be like. If they did, I suspect they would already be on a beach somewhere enjoying all their own wealth.

Therefore, the numbers they give you should only be used as a guideline. Many times their number is higher than what you actually need. Remember, for the planners who sell investments, the more you invest with them, the more money they make as well.

Alternative Focus

As an alternative to reaching a savings or investment asset goal, I would suggest you calculate what your current living expenses are today. Now add an amount of additional income that would make you feel rich today. Use this rich income amount as a guideline for building your investments.

This rich income amount would cover all expenses associated with living your dream life in today's dollars.
In other words, what would you have to earn today to feel absolutely filthy rich ?

Now, subtract out your current net income. This difference will represent what additional income you need to generate to feel rich. You can now calculate how much of an investment you will need to generate this income. As an example, at a 10% yield you need to invest 10 times your additional annual income amount requirement.

Eventually, you will also want to replace your current earned income with passive investment income in order to free up your time to enjoy your wealth.

Simple But Effective

This approach is much simpler to calculate on your own without the help of an adviser. There is no need for complex computer software models and future unknown projections. You would simply repeat this procedure once per year to adjust your income targets as you go.

You will also find that you can start to enjoy a rich feeling much sooner as your income starts growing. One drawback of the traditional asset number building strategy is that you don't feel rich until much later in life. You really do owe it to yourself to feel good about your financial position as soon as possible.

Give this approach a try and you may find that you are closer than you think to realizing your future dreams and goals.

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

How to Get Rich - Conquer Your Fears

Are you afraid to take a chance on something new ?

Are you afraid of losing money on an investment ?

If you answered YES, then you are part of the majority of investors today !

FEAR is a four letter word that prevents most people from becoming truly wealthy ! To excel at anything you do, you must first conquer your fear ! Fear is generated in the mind and is most commonly associated with doing something new for the very first time. Fear of the unknown so to speak is what stops many people dead in their tracks. Don't let FEAR stop you from achieving your dreams. Let me try to spell out a process for conquering your fears.

F is for FAITH

Before attempting to do anything, you must first believe that you will be successful. You must visualize in your mind that you have already achieved your goal. You must focus on the outcome and not the obstacles. It feels good when you are able to do this on a constant basis. Having FAITH before even starting on your adventure is the first step towards conquering your fears.

E is for EDUCATION  

Once you know what you want to do, you must learn everything you can from others that have already done what you will be attempting. It can be very comforting to know that others have been successful and you can be too as long as you follow their lead. Don't try to reinvent the wheel so to speak. Utilize the knowledge of others to calm your fears.

A is for ACTION 

Once you have learned as much as you possibly can, it is time to take action and just do it. Without taking action you will never succeed at anything. By taking action, you will be transferring your faith and education into something that is real. Yes, you can still make mistakes. However, without action you will never know how to achieve your goal or how to correct your mistakes. The process of taking action will also calm your fears as it will keep your mind focused on your goal.

R is for REPETITION

Yes, repeat, repeat, repeat. If at first you don't succeed, try and try again. Learn from each attempt and just do it again. Also once you become successful, you will now have the formula in place to repeat what you have done many times over. The more you do something, the more comfortable it will become. Remember when you learned how to ride a bike? Same idea exactly. If you repeat something often enough, it will become second nature. You know that you will be successful before you even start. Your FEAR has been conquered.

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

How to Get Rich - Fire Your Boss

Would you like to fire your boss ?

Would you like to have the freedom to tell your boss to take a hike ?

I think we have all felt this way at some point in out careers !

Reality of  Work

Let's face it, most people don't go to work because they love what they are doing. They go to work in order to pay their bills and provide for some fun in their lives. Period !

Oh yes, there are a few who really love their jobs to the point where it has become a part of their personal identity. I think that is great for them but personally I don't think they will ever become truly rich ! That is simply because they don't have control over their own time.

Time is Most Valuable

Yes, time is our most valuable commodity. None of us know how much we have left. Our life as we know it could be over at any time. I think we can all relate to that !

It is therefore very important that we spend what ever time we have left doing something that we enjoy. It is a shame that so many people dread going to work each day. What a sad life, really !

This is not to say that we do not have to work. Most of us do. It means instead that we should be developing our lives towards doing something we don't hate to do to pay our bills and have some fun. Simple in theory but much harder in practice.

How to Have Control of Your Time

To be truly free and rich you must have control of your own time. In order to do this you must find a way for your bills to be paid without working for the money. The most common legal and ethically sound way is to develop investments to pay your bills. 

In order to do this you must learn all you can about saving, debt reduction and investing . Do not fall prey to the many so called investment professionals that always take care of their own bills first. Learn to do it yourself. Stay in control of your savings and investments at all times. Control your money and you will soon be able to start controlling your own time.

Start working towards taking control today and some day you will be able to fire your boss and tell him/her to take a hike. But don't do that until you are ready and the time is right. 

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

How to Keep Your Wealth - Beware the Financial Earthquake

Have you ever wondered why some buildings crumble during an earthquake while others remain standing ?

Do you think some buildings are built better than others ?

The answer yes, it's all in the construction !

The Financial Earthquake


We all know what devastation an earthquake can cause because it is reported all over the news. Sensationalism sells, the more widespread the better.

The financial earthquake happens more in the shadows and will rarely ever be reported on. This is simply because there is nothing to show, nothing to cause a sensation. Merely dwindling savings accounts and a few bankruptcies, hardly anything to report on.

However, if not properly prepared, a financial earthquake can happen to anyone. The sad part is no one else really cares.

How to be Prepared

Just as the astute contractor builds a solid foundation upon which to build their building, so too should the average individual. Without a strong foundation, the financial earthquake can happen at any time and when least expected.

  _______________________________________________________________________________            

                                                                 The Quake Zone

A few examples of the financial earthquake are as follows. The loss of a good paying job or career. The loss of one's home. The collapse of a good quality investment. The loss of one's health. The loss of a loved one.
The loss of a good credit score. Plus many more.

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Components of your foundation should include all of the following. Insurance for everything that matters in your life. An emergency reserve of up to six months expenses. An ongoing savings plan to ensure your building keeps growing. A solid diversified base of income producing investments. Well thought out wills and powers of attorney to ensure continued growth for future generations.

All of these foundation components are described in greater detail in previous posts on this site. Explore them now to ensure you have every corner covered.

Without a proper foundation, you could well become a victim of the financial earthquake. Avoid being a part of the rubble by preparing yourself today. If you fail to prepare, no one else will really care. This I guarantee.

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

PS  To All Readers !!!


During the summer months, I generally take more time to reflect and will likely be writing less often. Please take this time to review this entire site for all you have missed. I would also really appreciate your comments on any of the topics. Remember, I am writing this blog for you. Please let me know what you would like to hear about in the future.

Have a Great Summer !!!

Richard Lyons

How to Keep Your Wealth - Think Like a Turtle

Have you ever wondered how the turtle has managed to survive throughout history ?

How could such a slow moving creature not have become extinct long ago ?

I believe that it's all in the shell !

Build Your Shell


We could all take a lesson from the slow moving, well protected, cautious turtle. The first part is to protect yourself from all potential financial disasters. Example. loss of a job, loss of health, loss of life for your loved ones future. Get adequate insurance for everything you value. Your income, your health, your belongings and  even your very life itself.

Build your shell of protection to ward off all financial disasters that could destroy your future financial wealth building plans. A must for anyone who wants to obtain true wealth.

Step Slowly

Step very slowly and cautiously with every step you take towards achieving your wealth. Do not step into something before understanding it totally. A missed step along the way could actually cause you to lose many steps before you recover.

Stop, Look and Listen

Along your path to building wealth, it is always wise to stop and reflect on where you have come from and even reward yourself along the way for steps that you have achieved. Also, take a look ahead and ensure that the plan you initially developed is still relevant today. Don't be afraid to adjust it when necessary. A course correction so to speak.

Pull in When Danger Approaches


It is wise to become less aggressive with your investing when there has been a long period of steady growth. Most markets progress in cycles and not at a steady and even pace. Never be afraid of selling an investment to capture a gain. There will always be another opportunity in the future. Keep a higher level of cash when you feel there are few opportunities. Wait for the right opportunity at the right time.

Turtle Power


We can all learn lessons from the wise, old prehistoric turtle. The turtle has survived all these years because of built in protection and cautious movements. These are two vital components for anyone who truly wants to create everlasting wealth. Plan for the best and be prepared for the worst. An everlasting plan for true wealth creation.

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

How to Get Rich - The Very First Step

What do you think the very first step is to creating a wealthy future ?

Do you think it's landing a good job or winning the lottery ?

Do you think it is marrying someone rich ?

Answer = none of the above

The Starting Point


The very first thing you must do is create in your mind a "burning desire" for whatever it is you want to achieve in your lifetime (financially, that is) You must make this burning desire so intense that you will be able to sacrifice other things in order to achieve it.

Chances are if you are reading this, you already have a strong desire to become wealthy. But what is the very first active step you can take to turn this desire into reality ? It is something extremely simple yet unobtainable for many.

Step Number One


Realize in your mind that you are entitled to keep for yourself at least ten percent of all income that you bring home. This amount that you are entitled to keep for yourself must be stashed somewhere safe before paying any of your everyday expenses. It may seem that by doing this, you are being greedy or selfish, and in a sense that is true. However, who is doing all the hard work to earn this income ? That's right, you are ! Then do you not truly deserve to keep a part of what you earn just for yourself and nothing or no one else ? Of course you do!

Keep this amount in a bank account that you can absolutely not access with your bank card. You must ensure this amount is extremely difficult to access and should only be used for future investing. Period.

Why Most Will Fail


Most people will never become wealthy simply because they fail to take the very first step that is needed. For whatever reason (and there are many) they don't feel that they truly deserve to keep a part of all they earn for themselves. They are easily persuaded or distracted by other things or other people that seem more important at the time.

Some will start off well, but become discouraged or distracted. They dip into their savings "just this once" to buy this, that or the other thing. The problem is, this dipping will become a habit that is very hard to break.

Another problem is that a person's income may only be enough to cover everyday living expenses. In this case, the person must reduce living expenses or increase income (or both) in order to take the very first step. Simple in principle, but an overwhelming obstacle for many.

First Step is The Hardest


The first step to building wealth is the easiest yet hardest step. It's easiest in the sense that you merely save a percentage of all income. Period. It's hardest in the sense that it can be a very hard discipline for most people to maintain. There are so many distractions that can take your focus away from what you truly desire for your future.

Take the first step today (if you haven't done already) and focus on your future. Become strictly disciplined in this step and you will have a future of wealth far beyond your imagination. Simple, yet hard.

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