As stated in part 1 of The Wealthy’s Secret Knowledge, the Wealthy are really no different than anyone else when it comes to building wealth (and keeping it). The only real difference between Wealthy individuals and those who are not, is that the Wealthy acquired the necessary knowledge and skill sets needed to build wealth and keep it.
The Wealthy have acquired the:
1. Ability to transform debt into wealth.
2. Ability to create wealth by recognizing opportunities to serve multiple people.
3. Ability to transform multiple residual streams of income into passive income streams.
4. Ability to build wealth by recognizing and utilizing established systems to achieve goals of wealth creation in the shortest time possible.
5. Ability to truly see themselves as wealth creators and worthy of being wealthy.
In part 1 we went into the first two skill sets of the five just mentioned..now lets take a closer look at the remaining three skill sets the Wealthy use to obtain their wealth.
*** The Wealthy have developed the knowledge and skills necessary to create multiple streams of passive income ***
One of the fastest ways to develop wealth is to acquire the skills of creating multiple assets that will in turn generate multiple streams of passive income. Most wealthy individuals use this technique to leverage their time and create sources of income that are relatively easy to manage once the asset has been developed.
People who are paid through a salary or hourly wage create what is termed earned income. Wealth building through earned income can be very limiting due the time/work leverage factor. Even highly paid professionals are limited in their earning capacity due to the amount of time available to work each day.
One other advantage of creating passive income is the huge tax savings that can be created by developing income in this manner. With earned income, taxes are generally taken out before the paycheck is received - and the amount taken out is generally determined by the government.
The wealthy, on the other hand, use government sanctioned tax sheltered vehicles to achieve passive income with very small or sometimes no tax consequences.
Two important vehicles of the wealthy use to achieve low/no tax passive income is through incorporating businesses, and through investing.
*** Through the use of established systems (and those they create), the Wealthy find ways to work more efficiently..allowing more time to develop other assets..and to enjoy the fruits of their labors ***
The wealthy place a very high value on their time, and therefore are always looking for ways to leverage their time and still find ways to increase their income levels. In essence, the wealthy learn how to work smarter not harder. The wealthy continually increase their earning potential by creating more assets and/or incorporating established systems to help make their assets more valuable.
As stated earlier, the wealthy increase the value of their assets by incorporating established systems to operate their businesses or investments more efficiently and therefore more profitably. The wealthy also recognize the advantage of joint ventures and networking and many times use these two methods to expand their market and make their asset more valuable.
Once again, the wealthy place a very high value on their time, and therefore are constantly looking for more efficient ways to run their businesses and get the greatest returns on investments.
*** Through the development of a Wealthy Mindset, the Wealthy have greatly enhanced their ability to build wealth and keep it ***
Along with acquiring the very important skills just mentioned, a large reason individuals become wealthy is because they have developed a different mindset than the average person.
Those who have developed this Wealthy Mindset realize that there is an abundance of wealth available, and developing wealth is really only a matter of finding opportunities to serve others..then learning the skills necessary to carry out their visions.
The truly wealthy have long realized that your wealth is developed in the mind first through vision, and only after thoroughly visualizing what they wish to accomplish, do the wealthy begin to apply the actions necessary to accomplish their goals.
Those who develop this Wealthy Mindset also feel that they deserve to be wealthy. The wealthy in fact, feel that everyone deserves to be wealthy, and that everyone has the potential to achieve enormous wealth as well.
While this assumption that everyone has potential to become wealthy would on the surface to appear obvious, the reality is that many do not truly feel this way inside. A lot of people truly feel inside that individuals who obtain wealth have special gifts and talents.
The truth is that everyone has special gifts and talents that can be used to create wealth, and the only real difference between a majority of the population and the wealthy is that the wealthy have developed a Wealthy Mindset..and used their available time to develop the knowledge necessary to acquire and build assets.
*** We all have the capacity to become Financially Free! ***
As stated earlier, while most people find it difficult to reduce their debt and acquire wealth, there are individuals who have discovered the Secrets of Wealth Building.
Are these Wealth Building Secrets available to everyone? Absolutely!
By now, it should be obvious that there really are no Secrets to Building Wealth. True wealth is obtainable by anyone willing to work on changing their thoughts on wealth, and through the study of wealth building fundamentals and techniques such as those just discussed in parts 1 & 2 of The Wealthy’s Secret Knowledge series.
Source: http://www.ArticlePros.com/author.php?James Noyes
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