Category Archives: Wealth

Wealth Tip #8: Believe Your Way To Wealth

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Believe Your Way To Wealth

I remember reading “The Millionaire Next Door”, and Stanley (the author) stated that the majority of those that are very rich “Believe”.

At the time, I wondered what exactly he meant and if it was one religion, and which one.

Well, after dwelling deeper into that “Believe” rabbit hole, I’ve since learned that Believing (meaning believing in a higher power) also means believing that you will become wealthy!

Those that believe that they are to be wealthy, prepare by using tools such as spreadsheets, accountants and other cognitive tools to help visualize the path to riches.

So as for “Belief” associated with one particular religion, it doesn’t really matter.   In fact, to conclude so would be a spurious relation at best.  The key is have passion and believe that you are predestined to be wealthy.

It does help to think that your god or higher power wants you to be rich and that it is one of your objectives assigned to you from your god (or higher power).

So an intense (quest like) focus on becoming wealthy help you accomplish this feat!  Plus, from what I read, others that are rich may help you along your way in the form of connection, encouragement, (lending) money and friendship in general.

This makes perfect sense if you think about the way we accomplish every other goal in life.  When we learn how to ___________ (ride a bike, swim, read, etc), it take focus and determination.  But how often do we wake up with that type same type of focus on how to make money daily?

Granted riding a bike takes a day or two at best, while becoming wealthy takes years or tens of years, so the focus period is much longer but still similar!

Okay, so we just believe that we will be wealthy and it will be so…  is it really that easy?

Yes and No, you need to believe that it’s that easy, but at the same time you’ll have to put in some effort to figure ways to make that money, save that money and invest that money.

Is it still possible to become wealthy without believing?

Of course, but you might get their quicker, be more wealthy, and have more fun all around if you focus on the activity of becoming wealthy…

What do you think?  Does it make sense that focusing and working on becoming wealthy will improve your odds of really becoming wealthy?

-MR

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Money Is Just a Tool

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Money is just a tool of exchange, nothing more and nothing less.

I watch actors and “rock stars”/rappers worship money like it has more meaning than the numbers printed on paper… but it doesn’t.  I also see people claiming that it’s the devil’s hands and the root of all that is evil. However, this in my viewpoint, is just silly too.

As ornate and fancy as the print on the paper can be, it’s really just paper with ink on it.  It doesn’t really have much value other than what we say it does and believe it has.

So what is money?

I personally like to think that money is similar to that of a translator for two different language speaking countries.  A translator would convert the meaning of one of a languages into the other language and visa versa,  so that both parties benefit.  Money serves as the same type of instrument!

Much like the translator, it exchanges value from one source to another source and visa versa.

Money Tool Exchange Example:

Let’s say that you are a piano teacher.  Well, you provide value to aspiring pianists, but a dentist isn’t going to work on your teeth for that skill.  Fortunately, he’s willing to accept the money that you were paid for performing the skill that you did, so you don’t have to perform any acts of bartering to have cavity free teeth.

The discussion and definition above makes money sound very linear in that you work x hour, and society pays you x hours.  Money is linear for most people, but society (or the marketplace) doesn’t always know what rate to pay you for your skill(s).  In fact when the economic principle of supply and demand come into play, you can make a tremendous amount of money if you aspire to.

Like gold, if your skills and abilities are special, you will be able to get more money for those skills while working the same amount as others!

If you don’t continually look and experiment, you’ll just be another cog in the machine of life.  And while being just another cog in the machine of life isn’t a bad thing, you won’t get rich that way either.

Many of the rich have money tools working at the same time in different areas.  That way they even make more money, versus someone who just has one job and no investments.

So I say, make the process of making money a priority, try to figure out more ways to make money by developing a highly paid skill or using multiple money tools at the same time.  Perhaps investing and having a dividend/interest stream of money, or working multiple jobs, or rents for owning real estate…

What do money mean to you?

-MR

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10 Ways To Improve Your Chances To Become Rich

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Honestly, Are you trying to become rich?

I’ll admit there is more that I could do to try to breach the point where my passive income exceeds my expenses, but I choose not to.

Although I’m frugal, I’m quite sure that I could run an even tighter financial ship! 

Below is a quick list of ways that I could improve my chances to become rich:

  • I could use budgets and do extreme couponing to whittle my consumption expenses down much lower! 
  • I could try to get more free stuff via giveaways online.  Free stuff is great and believe it or not, it’s out there with some work.
  • I could create a budget to identify where my weaknesses are and plan to fix them accordingly!
  • I could get another job by working during a second shift period.  This would have a huge impact on my savings game since my first job covers all of my living expenses.  This means I could pocket almost all of my earnings from the second job.
  • I could try to expand my hobby activities into other forms of social media.  This could practically double my hobby income.
  • I could create a goals spreadsheet to track my saving goals and keep me on track…  This is more important than it sounds!  Feedback is a great thing!
  • I could create an investing goal to track my investments performance.  This could help determine if I should start investing more into index ETFs etc…
  • I could borrow tools/things from family, neighbors and friends more.  Why buy a sidewalk edger when I only use it once a year?
  • I could do a better job of reducing my taxes, a Roth IRA is a great vehicle to reduce taxes on dividends from stocks, etc.
  • I could do a better job of reducing my gas expenses, treat driving as a real expense instead of just ignoring it.

There are plenty other ways that I could improve my chances of becoming rich some day.  Surprisingly, I now realize that I”m only putting  in about half the effort that I should be putting into getting rich…

-MR

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Getting Wealthy By Swimming to Shore

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Getting Wealthy By Swimming to Shore.

Yesterday’s post: Defend Your Financial Fortress Against Spending Temptations!, prompted Sandy from First Gen American to ask the following question:  “I’m interested which budget categories you beefed up since your mortgage got paid”?  So in this post, I attempt to explain my position and answer Sandy’s question!

Originally, I wrote: Stop Drowning in Debt, Start Swimming To Shore.  In that post, I compared being deep in debt to being underwater trying to breathe.

When you are underwater, you only focus on one thing, and that is to get our head above water so you can breathe again!  In the financial world, you try to get out of debt so that is your goal and what you primarily focus on!

When you are deep underwater, it’s a battle to get to the surface to breathe air!  When you are in massive debt, your primary goal is to claw yourself back to the financial free air.

I broke the surface of the water, but instead of getting wealthy by swimming to shore, I’ve been treading water, trying to catch my breath, and then determine which direct to swim.

 

Getting Wealthy

Now that I’ve caught my breath, I’m going to start to swim towards the financially independence island/goal by going after the expenses that are like debt!

So I decided to start swimming by buying stocks with dividends, so someday the dividends could cover my Real Estate taxes and homeowner’s insurance payments.  I think the key is to start swimming and stop just treading water!

I’m going to start to research which stock(s) to purchase, and then in a later post, I’ll identify which one(s) I have chosen.

 

The Decision

While I haven’t saved a lot of money since paying off my house, I still have a few thousand to play with, and that enough to start to swim towards shore. 

So to answer Sandy’s question above, I’ve been putting the extra money from the payment from my former mortgage into cash, fixing things and a mild lifestyle inflation spending.   I’ll probably purchase the investments partially through a Roth IRA and partially through my regular online brokerage account.

Other than retirement, what ways are you planning on using to getting wealthier?

-MR