Wealth Knowledge
Wealth knowledge? What is it? It is knowing how money is made,
and how wealth is protected. It isn't really a secret. In fact,
there are hundreds of books out there that
spell it all out for anyone willing to pay a little bit. But
there is more to it than that, and essential truths are not popular
with those who want to get rich easily.
Wealth Knowledge - Creating Value
An important thing to understand if you want wealth knowledge,
is that wealth is created. It isn't just shuffled around from
person to person depending upon who is "trickier."
There is more wealth on the planet now than ever before, and
more being created every day. No one has to get poorer for a
man to become wealthy.
Begin to recognize and understand the ways in which value
is created. This is the basis of your own financial enrichment.
You have to create something of value to others, and that is
how you really make money. Any other way of making money is fragile,
probably unethical, and likely temporary.
Consider the business of property "flipping," for
example. It may appear that there is no value created. Buy a
fixer-upper for $120,000, sell to another investor for $130,000
- where is the value you created? In the application of your
knowledge of values, how to find properties, and how to structure
deals. You put a neglected property into the hands of someone
who will renovate it and make it a nice home for some family.
Always think first of how you will give people what they need
and want. In any business you'll make more money finding ways
to solve other people's problems than in finding ways to get
paid. There are always enough ways to get paid if you create
enough real value.
Wealth Knowledge - Habits of the Wealthy
Is a wealthy person different from a poor person? He or she
doesn't have different feelings, or even a superior character.
What makes the wealthy different is what they consistently do.
Wealth knowledge is in knowing what habits to cultivate.
For example, debt is simply a means to buy "toys"
for most people. They put another TV or video game on the credit
card. It isn't that wealthy people avoid debt. In fact, they
usually have much more than the rest of us. The difference is
that they use debt to invest, to generate more wealth. The next
time you borrow any money, do it to buy income producing real
estate, or to start a business.
Wealth knowledge is about knowing what activities pay you
the most for your time. Do those things more. Make them into
habits. Just spending two hours to re-arrange your banking, might
make you hundreds more in interest over the years. Does your
job pay you $100 per hour? If you sell real estate, you know
you can make several times as much for the same time selling
$300,000 properties as selling $30,000 lots. Why not concentrate
on working where the money is?
Look, everything gets easier as you do it more. There are
tasks that you want to avoid, but are important to your financial
future. It's tough to get motivated to do them, right? Yet, if
you get in the habit of starting each day with these most difficult
tasks, it gets easier. Of all the things you need to learn and
do, it is developing good habits that is the key to gaining wealth
knowledge.
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