Is it really difficult to build wealth? Those who make a living trying to sell you products to teach you some super secret formula to increase your net worth would like you to think so…but it’s simply not true. In fact, the formula for becoming wealthy is actually quite simple. But, there is a definitely a big difference between something being “simple” and it being “easy.”
Any worthwhile endeavor is usually simple to achieve, but the consistency, discipline, and determination required to succeed make it anything BUT easy. For example, everyone knows how to get in shape and lose weight. The simple steps to a healthy lifestyle are 1) make nutritious food choices and 2) exercise. This has been a FOOL-PROOF recipe for losing weight and staying fit for CENTURIES…and yet we complicate it with fad diets and fat-burning pills because we want the EASY way…and it does’t exist. There is a continual conflict in all of us between what is easy and what is right, and it’s only those with the determination and steadfast commitment to make the more difficult decisions that produce remarkable results.
In the same way, the formula for creating ever-increasing wealth is quite simple:
1.) Sell your time for money (ACTIVE income) – Eventually you will not have to rely solely on active income, but it’s the place where most of us start our journey.
2.) Spend less than you make (Create SURPLUS) – This is probably the most difficult step for most people – especially Americans. We live in a very egocentric, instant gratification culture where marketing messages are all around us. It’s easy to purchase every shiny thing that catches your attention, while it takes discipline to keep your spending level below your income so that you have a surplus for the next step.
3.) Invest your surplus into generating passive income – there are a lot of investment vehicles that will generate passive income, and numerous strategies within the creative real estate investing space to get you this desired result.
4.) Rinse and repeat. Make the same simple (often difficult) decisions day after day, and one day you will look up and see you have a BIG pile of money.
Well, there’s the simple part. Now the hard part is to go do it. What are your thoughts on my formula? Leave your thoughts below…but be nice. 🙂
Is the full recording available? This video only has the first 2 minutes.
Never mind, I found the page with the full videos