Think you need money to make money? Maybe so, but a lot of the times you will see wealthy people make the right choices at the right time. Why can't you? You can make more money fast by studying and applying these 6 secrets of the wealthy:
1) Let go of unrealistic expectations. Wealthy people know that it will take them so much time at a certain return on their investment to get where they need to go. Poor people guess what they need or assume they can make a 20% return (unrealistic) every year on their money to meet their goals. They are doomed for failure.
2) High pay off activities. Wealthy people know how to pick the right investments that will give them the return they will need and avoid anything else. Poor people can't make the right decision at the right time. They can't tell if some investment is good for them because they haven't taken the time to learn about it. They take tips from friends and hope for the best but usually get in the wrong investment at the wrong time and are vulnerable to commission salespeople.
3) Designing your money around your lifestyle. Wealthy people know how to use money to support their values and their lifestyle. Money becomes not just an asset but a support system to how they live. Poor people use money to acquire objects and investments that do not support them, their families, or their lifestyle choices.
4) Play with the right people. Wealthy people have built strong relationships for their support system- a valued fee-only financial advisor who is the quarterback to their team that includes an accountant, insurance agent, and estate planning attorney. Poor people don't think they are worthy of the services of a professional team. They look for the least expensive services, question their expertise, and have loyalty to no one.
5) Keep your eye on the target. Wealthy people have long term goals and have identified what it will take to achieve them. Their goals are clear so nothing can shake them from continuing to do what they need to do to achieve their goals. Poor people have no goals and invest for the moment. They don't know what to invest for and have no idea of what kind of return and what risk they are taking. Therefore they are prone to chase after the latest hot investment and they lose money more often than needed.
6) Overcome procrastination, fear and overwhelm with targeted wealth building activities. Wealthy people understand that to make money you have to take some risk. They are able to evaluate risk and get out of fear to take action and not procrastinate. By doing so, they understand that there will be winners and losers but their decisiveness makes them more winners. Poor people freeze when they have to make an investment decision. Their fear holds them back from action and they lose out on investment opportunities or make the wrong decision at the wrong time.
Study the 6 secrets of the wealthy above to see what changes you can make to develop a wealth building mindset.
2) High pay off activities. Wealthy people know how to pick the right investments that will give them the return they will need and avoid anything else. Poor people can't make the right decision at the right time. They can't tell if some investment is good for them because they haven't taken the time to learn about it. They take tips from friends and hope for the best but usually get in the wrong investment at the wrong time and are vulnerable to commission salespeople.
3) Designing your money around your lifestyle. Wealthy people know how to use money to support their values and their lifestyle. Money becomes not just an asset but a support system to how they live. Poor people use money to acquire objects and investments that do not support them, their families, or their lifestyle choices.
4) Play with the right people. Wealthy people have built strong relationships for their support system- a valued fee-only financial advisor who is the quarterback to their team that includes an accountant, insurance agent, and estate planning attorney. Poor people don't think they are worthy of the services of a professional team. They look for the least expensive services, question their expertise, and have loyalty to no one.
5) Keep your eye on the target. Wealthy people have long term goals and have identified what it will take to achieve them. Their goals are clear so nothing can shake them from continuing to do what they need to do to achieve their goals. Poor people have no goals and invest for the moment. They don't know what to invest for and have no idea of what kind of return and what risk they are taking. Therefore they are prone to chase after the latest hot investment and they lose money more often than needed.
6) Overcome procrastination, fear and overwhelm with targeted wealth building activities. Wealthy people understand that to make money you have to take some risk. They are able to evaluate risk and get out of fear to take action and not procrastinate. By doing so, they understand that there will be winners and losers but their decisiveness makes them more winners. Poor people freeze when they have to make an investment decision. Their fear holds them back from action and they lose out on investment opportunities or make the wrong decision at the wrong time.
Study the 6 secrets of the wealthy above to see what changes you can make to develop a wealth building mindset.
About the Author:
2009© Fern Alix-LaRocca CFP® All Rights Reserved
Interested in more wealth building tips? Subscribe to my free ezine at http://www.401kmaximum.org and get the bonus report-9 Biggest 401k Mistakes You Can Make. Let me help you finance the second half of your life.
Fern Alix LaRocca is a Certified Financial PlannerTM and Wealth Coach with over 24 years experience as a fee-only Financial Advisor.
Interested in more wealth building tips? Subscribe to my free ezine at http://www.401kmaximum.org and get the bonus report-9 Biggest 401k Mistakes You Can Make. Let me help you finance the second half of your life.
Fern Alix LaRocca is a Certified Financial PlannerTM and Wealth Coach with over 24 years experience as a fee-only Financial Advisor.
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