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Tuesday, May 29, 2012

How To Become Wealthy

We all have heard the saying "it takes money to make money" but is that all it takes?  Do you actually need money to make money if so do you need lots of it?

Becoming wealthy is a state of mind it usually does not happen as a result of someone handing you $50,000 to get you started.  If that were the case most of us would not have a chance to attain wealth. 

There isn't a universal way to become financially independent but there are some shared characteristics that can take you there.  At some point or other taking risk is a must to rid you from a 9-5 steady income into a larger income status. 

What separates the wealthy from the masses is a unique way of thinking.  It isn't an inheritance or access to huge sums of money although that can help.  A wealthy person thinks big and does not hold himself back.  The rich & savvy have good money management skills and set out a plan which they carry out.  They fall and get back up to try again.  Using this formula low income individuals have ascended from lower class to become part of the nouveau riche.

If individuals with poor spending habits were to come across a large amount of money they would probably end up in more debt or with little progress if at all.  They would need to change their lavish spending styles and fix their money management skills to make good use of their resources.  On the other hand you can give a $1000 - $5000 loan to someone with a wealthy mentality and have her turn an idea or venture into a million dollar company like Barbara Corcoran the real estate mogul did.

If you don't have much money or do have savings realize that becoming wealthy comes from within and it eventually becomes a reality when you allow it.  The exciting part is that it can come in different ways at different times.  Becoming wealthy can be the result of a strong network, a loan, a stock investment, real estate, an invention, advertising, education, intellectual property or a small business.  The point is you have to start and take action in your life.  Hang out with people that are wealthy see how they think, if they are not in your immediate network then read about them. 

Then there is the black swan the one that defies the norm like Sara Blakely who became wealthy by starting her business with her life savings of $5000 and turned it into a billion dollar company.  She started Spanx a hosiery company with no outside investments or advertisement.  Sara is the youngest female self made billionaire in the world and she owns 100% of her company.

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