You Choose
You can choose to blame others for your circumstances, or you can take advantage of the many opportunities that exist and turn your life around.
You can continue to choose to bear grudges and even seek revenge, or you can choose the higher path of forgiveness.
You can choose to love your neighbour, or you can choose to be indifferent.
You can choose to make your marriage work, or allow apathy to rob you of a wonderful life together.
You can choose to encourage your son, or allow your harsh choice of words to break his spirit.
You can choose to dream and make plans for your life, or you can allow yourself to serve someone else’s plans (this line from Brian Tracy)
You can choose to get out of debt and start building sustainable wealth, or you can continue to procrastinate and remain a prisoner in the rat race.
THE CHOICE IS ALWAYS AND ONLY YOURS
Why you are not necessarily getting any wealthier
Most people believe that by concentrating on their careers and by increasing their income, they will fix the problem of not having enough money. So they are constantly looking at ways of advancing their careers and qualifications. They are working harder than ever on getting promoted, or looking for the next job with more pay.
The truth is that for most, focusing on your careers and the income from your job is not necessarily making you any wealthier because you are spending your gains on depreciating luxuries which keeps you prisoners of the middle class. In addition, Income tax, inflation and interest payments on your money are seriously handicapping your ability to create wealth from your income. You are focusing your attention and energy in the wrong place. Making a million in salary income (whether that be in a month, a year, or five years) and spending the same million in the same period, doesn’t make sense. You are just a consumer.
So, where should we be focusing our attention if we want to improve our financial wellbeing? Well the secret is to take about 5 to 10 percent of what we are making from our monthly salaries and convert this investment amount into buying appreciating assets. The kind of appreciating assets I am talking about are assets that pay you a constant, recurring and exponential income. Buying a two bedroom apartment at a bargain price in a good area that is experiencing excellent growth is an example of a great appreciating asset. My aim is to get a 90% mortgage on this property and get a good tenant to pay the mortgage payments.
And no I don’t live in a fools paradise or in fantasy land – there are thousands who are successfully achieving all of the above. If you want further information please contact me at clive@7yearwealthplan.com
7 Financial Health Principles
Over the next few months I will be offering excerpts from the 7 Year Wealth Plan™ book (ISBN 978-0-620-43843-8). The book is almost ready to go to print.
The whole 7 Year Wealth Plan philosophy can be summed up in these 7 principles;
- Work towards a balanced lifestyle – Have the best of both worlds
- Learn financial wisdom – continually increase your financial knowledge
- Take control of what happens to your money – take responsibility for your financial decisions – turn your money from master to slave
- Cash flow is king – reduce debt, increase income and invest the difference (aim for 10% of income)
- Stay focussed – buy and finance assets not liabilities
- Protect your wealth – build a wealth fortress
- Have a charitable and grateful attitude – give something back
I will expand on these 7 principles with illustrations and examples in the coming weeks. I look forward to your comments as we go through these important wealth principles.
You are welcome to use all the material in the 7 Year Wealth Plan™ book as long as you give credit to us. In your credit line, please will you use the full 7 Year Wealth Plan URL – www.7yearwealthplan.com
Regards Clive Bydawell
