Financial Freedom: The Five Things You Need To Become Wealthy
“My goal is to be wealthy,” the man said. “I’ve been trying different ways since I was nineteen years old. Now I’m forty-two, in debt up to my eyeballs, and no way to pay my kid’s college tuition in the fall. What am I doing wrong?”
Have you ever heard the saying, “It takes money to make money?”
Of course you have, and if you’ve tried and failed several times to make money, you might have concluded that the only way to make money is to start out with it. After all, Bill Gates, much touted as the “college dropout billionaire” came from wealthy parents, and was sent to a prep school so exclusive that the tuition was over twice a semester at Harvard. And had Donald Trump, known for his “art of the deal,” simply invested his inheritance into mutual funds, he would have ended up with about the same fortune that he had last year (he’s filing bankruptcy again this year.)
So is “rags to riches” wealth really possible?
I’m here to tell you: Yes!
You know my story, but there are plenty of others: Fred De Luca, the 17 year old kid who borrowed $1000 from family friend, nuclear physicist Peter Buck, to start a sandwich stand. That stand eventually would be the first Subway, and both men became billionaires. J. K. Rowling was on welfare when she sold her first Harry Potter book. Bob Williamson started his adult life by being homeless and getting arrested for heroin possession. He’s now a millionaire entrepreneur and philanthropist.
So, here’s what you need to get started on your own rags to riches story:
- Commitment. You’re going to experience reversals and downright crashes. If your Core Desire really is to attain financial freedom, you must commit to it for the long haul.
- Time. If you plan on committing a small amount of time to your goal, expect to see small results. Realistically, to get big results, you’re looking at fifteen hours a week or more.
- Money. If you read my blogs about leveraging, you know that it doesn’t have to be your money, but you do have to have something to leverage.
- Willingness to take on risk. You can’t make money by putting it in a bank savings account. You have to be willing to lose if you want to try to win.
- A mentor. Whatever method you choose to attain financial freedom, you need someone to guide you through. The more you learn from others’ mistakes, the less you’ll have to learn from your own.
Today we’re beginning a series of blogs on how you can reach financial freedom. I’ll talk about the different options for generating wealth, including the pros and cons of each one. So you’re not going to have any surprises. You’ll be able to make an educated choice, knowing what you need to know.
If you’re ready to attain financial freedom, why not commit just 5 minutes a day for the next 30 days? I can show you the simple steps that will take you to the future financial success that you’ve always dreamed of.