| Is accumulating wealth as easy as following a 3-step | | | | newest fashion, go to all the home football games, |
| plan? Yes it is and no it isn't. As with many things in | | | | dine out 4 nights a week, etc? It's all about choice.2. |
| life, accomplishing a goal such as accumulating one | | | | The second step to accumulating wealth is to invest |
| million dollars (or even $100,000) depends on your | | | | your excess funds. You need to invest your excess |
| desire, your personal choices and your daily | | | | funds to meet your personal financial goals. |
| actions.Let's start with one example on how you | | | | Investments can range from real estate, stocks & |
| might miss this goal. One of the first components of | | | | bonds, CDs or possibly investing in a small business. |
| successfully meeting any goal is to have the desire | | | | Whichever route you choose, create a systematic |
| (or a compelling reason). You've probably thought | | | | approach to investing, change direction if necessary, |
| about losing weight, running a marathon or | | | | but don't stop.Investment diversification is important |
| accumulating a great deal of wealth.However, the | | | | to help ensure that you can ride through the normal |
| 'want', 'wish', 'dream' or 'thought' is often not enough | | | | up-and-down cycles of the stock market or the real |
| to propel you to take continuing action steps to | | | | estate market. Personally, I started with investing in a |
| successfully attain your goals. Even if you take the | | | | 401K, then stocks and bonds and eventually real |
| first action step, your ability to sustain enough | | | | estate. While other young people decided to spend all |
| motivation to meet your goal may soon disappear | | | | their weekly paycheck, I made a choice to first, put |
| after a few months or possibly after a few days. | | | | a few dollars away each week into a 401K and other |
| Until you create and internalize a 'compelling reason' | | | | investment vehicles. I 'paid myself' first and then I |
| (true desire) to meet a specific goal, it will be difficult | | | | spent money on the other entertainment activities. |
| to meet your goal. You have to make this desire a | | | | See some of the investing books at the end of this |
| 'must-have' instead of just a 'want'; you need a | | | | article.3. The last step is the magic of compounding. |
| compelling reason to meet your goal. You need to | | | | You'll often hear the phrase, "The rich get richer." |
| create a true desire.The simple part of accumulating | | | | While this phrase can mean different things in |
| wealth is many people have already succeeded in | | | | different situations; in the context of compounding it |
| meeting their wealth accumulation goals. I have | | | | has a major impact. Let me share a few examples |
| personally accomplished my net worth goals on two | | | | on how you can accumulate $1,000,000, based on |
| separate occasions and in 3 years I expect to reach | | | | average investment return of 10% (stock market |
| my next net worth goal. I started with a net worth | | | | average).Let's say you are 40 years old and you |
| of a negative $10,000, mostly consisting of personal | | | | have $20,000 to invest. To accumulate $1,000,000 by |
| credit card debt. Meeting my net worth goal wasn't | | | | the age of 65, you would need to contribute $567 |
| easy; but I created a compelling reason, made some | | | | per month.If you're 30 and have $5,000 to invest, |
| personal financial choices & took specific, daily actions | | | | you'll need $218 per month to reach $1,000,000 by |
| to make these goals.Many other people from all | | | | age 65.Let's say you are only 20 years old and you |
| walks of life, with all types of educational | | | | have no money to invest. You can start with |
| backgrounds are also very successful in meeting their | | | | absolutely $0 and still only have to add $94 per |
| net worth goals. Since it has been done many times | | | | month to reach that same $1,000,000 goal by age |
| before, setting and making your own personal wealth | | | | 65.Wealthy individuals understand the benefits of |
| accumulation goal can be very attainable.Let's say | | | | compounding. Here are examples that show how the |
| you determined that accumulating a $100,000 net | | | | rich get richer.A. If you have accumulated $10,000 |
| worth is one of your personal goals. If you've | | | | and your investments yield a fantastic 20%, you will |
| created a compelling reason (a true desire), then | | | | have earned $2,000 for that year.B. If you have |
| you're ready to proceed forward to accumulating | | | | accumulated $100,000 and your investments don't do |
| $100,000 and probably, much more. If you've not | | | | as well and you only earn 10%, you still outpace the |
| made it a 'must' goal and you are still only dreaming | | | | person with only $10,000 and you'll earn $10,000 for |
| about accumulating $100,000, then you're not ready | | | | the year.C. OK, let's say you met your goal of |
| to start. You're not ready to take the second action | | | | accumulating $1,000,000 and your investments do |
| step. This first step is critical - you must have a | | | | even worse at 3% for the year. You will still make |
| "compelling reason" to make your goal.Anthony | | | | over $30,000 for the year. If your investments |
| Robbins has made a living by proving that success | | | | performed well (10%) you will have made an |
| starts with a strong desire. Check out a product | | | | unbelievable $100,000 for that year.There it is. The |
| review of his latest - Get the Edge program at let's | | | | 3-step plan for meeting your own personal wealth |
| say you have now created your own personal | | | | accumulation plan. Whether it's $100,000 or |
| compelling reason to attain your goal. You're ready to | | | | $1,000,000; you have the potential to attain your |
| get started with the second action step. What are | | | | personal wealth accumulation goal as long as you |
| the key elements in meeting your | | | | have a compelling reason (a true desire), you make |
| wealth-accumulating goal?1. Your income must exceed | | | | the right personal choices and you take daily actions |
| your expenses2. You will invest your excess funds3. | | | | towards this goal.Is it easy? - Not necessarilyIs it |
| You will be patient and let the magic of compounding | | | | possible? - Absolutely yes!Take Action Today!!First, |
| work1. Your income must exceed your expenses: | | | | set aside 30 minutes or 3 days and create a |
| This is a simple mathematical statement. However for | | | | compelling reason to set your own personal net |
| many people, this is the most difficult step to | | | | worth goal.Then, set a specific net worth goal for 3 |
| overcome on a consistent basis. It is all about your | | | | months, 1 year, 5 years and 10 years. Not sure what |
| choices. If your income does not exceed your | | | | your goal should be. It doesn't matter right now. Just |
| expenses, you have to make a choice. You will need | | | | set a goal and change it as needed - you'll probably |
| to cut your expenses, increase your income or if you | | | | change it upward.Next, take $10 out of your wallet |
| are really ambitious and have that 'compelling reason' | | | | or purse - TODAY - and deposit it into your new |
| to accumulate wealth, you'll choose to do both.In my | | | | "Wealth Accumulation" account. You've just now |
| personal situation, I focused about 70% of my | | | | taken the first steps and are now on your way to |
| energy on cutting expenses & 30% on increasing my | | | | meeting your goal. You'll be amazed at what you can |
| income. I decided to spend less on clothing, | | | | accomplish!To start your wealth building education, |
| entertainment, dining out and I also cut coupons to | | | | there are many great books on the specific subject |
| help reduce grocery bills. I decided to live within my | | | | of accumulating wealth and you can search your local |
| personal financial situation. I decided to spend less | | | | library as an inexpensive and resourceful first action |
| than I earned. Remember, you have a choice.A. Do | | | | step. In addition, check out some of these titles listed |
| you have a compelling reason & discipline to | | | | below. You can find these titles and many more |
| accumulate wealth?ORB. Do you lack the discipline | | | | online at Amazon.com, Books-a-Million or Barnes & |
| and have an immediate gratification need so strong | | | | Noble. |
| that to satisfy your need, you need to purchase the | | | | |