My Wealth Tips #6 is all about trying harder to become wealthy!

All to often when it comes to wealth creation, the middle class group thinks that it’s all luck when it comes to generating wealth.  Or that you have to be a top socially gifted, genius like Bill Gates to be able to create an incredible complex company like Microsoft to make you rich.

I’m here to say, it’s not so!  For one, you don’t need the kind of money a Warren Buffett or Bill Gates has!  For us normal middle class folks, we should just try to get to the level of wealth where our passive income (money from dividends, rents, etc), is a bit more than our expenses.

Now you might be thinking, how? 

Well, luckily in the Yakezie blogging network, we have a few excellent examples!  One such example is the blogger named Jeff at Deliver away Debt, who had obtained a massive amount of debt (over $100,000) but has been able to reduce his debt down to $50,000 in the time period of a year and a few months!  Now you might wonder what was his amazing income stream that helped accomplish this?  He delivered pizzas, and lived very frugally.

Wait, what does debt elimination have to do with wealth creation?

Well, let’s imagine that Jeff continues working side jobs and keeps his frugal ways after his debt is totally paid off.  If he applied the same discipline, that would mean that he was able to save about $40,000 a year, so in a 10 year timeframe, he should be able to accumulate about 1/2 a million dollars if he were to earn a 7% interest yield!!!

Not to shabby!!!

At Money Reasons, I’m trying to do exactly that.  This is one of the main reasons I joined the Millionaire Club, I hope to have a net worth of 1 million dollars in 10 years!

So look for opportunities to become wealthier, even if they are small opportunities.  If you go the extra mile like Jeff does above… you might just surprise yourself!

-MR