When clearing out stuff this weekend, I came across a paper that stated, “What are the quickest ways to accumulate wealth?” It did not say the name of the person writing, so let’s call it anonymous. It states that buying real estate was the quickest way.
As you buy one property, you pay down the mortgage, you own more of the property as well as the value increases at the same time. The property is a rental and you continue to have monthly income after the property has been completely paid off.
We can repeat this process and continue to increase our wealth.
There are 10 steps to guarantee you will become wealthy.
- Follow the money – Focus on increasing your income gradually and repeat that.
- Don’t show off, show up! – Be known for your work ethic, not the trinkets you buy.
- Save to invest, don’t save to save – Only reason to save money is to invest it. Put your saved money into secured, untouchable accounts.
- Avoid debt that doesn’t pay you – Make a rule to never use debt that will not make you money. Use debit to leverage investments and grow cash flow.
- Treat money like a jealous lover – To get wealthy you have to make it a priority. Money is like a jealous lover. Ignore it and it will ignore you or leave you for someone who makes it a priority.
- Money doesn’t sleep – Money does not know about clocks, schedule or holidays. Money loves people with a great work ethic.
- Poor make no sense – Eliminate any and all ideas that being poor is okay.
- Get a millionaire mentor – Get your own personal millionaire mentor and study them. Most are extremely generous with their knowledge and resources.
- Get your money to do the heavy lifting – You should make more money off your investments than your work. Investing is the only reason to do the other steps, and your money must work for you and do your heavy lifting.
- Shoot for $10M, not $1 million – Do not make the mistake of not thinking big enough. There is no shortage of money on this planet, only a shortage of people thinking being enough. Stay away from people that think your financial dreams are born of greed. Never give up and once you make it, help others get there too.