Thursday, October 25, 2007

An Online Millionaire Plan: 8 Habits of the Wealthy You Can Adopt

Eight Habits of the Wealthy You Can Adopt

Michael Masterson – in his “Automatic Wealth” relates:

“Early in my career, the time I spent thinking about money was strictly pragmatic: how to get it.

“But then I started to think about wealth more analytically: what it is, how it’s created, and how it disappears. And so I’ve looked back at what I’ve done (both good and bad) and the lessons I’ve learned from others. And this is what I now believe:There is no one way to become rich. But there are a number of habits that some people develop that give them an almost supernatural ability to earn money and build wealth.

“I’d say these people have the following characteristics in common

“1. They work hard.

2. They are good at what they do.

3. They have multiple streams of income.

4. They live in (relatively) inexpensive homes.

5. They are moderate in their spending.

6. They are extraordinary in their saving.

7. They pay themselves first.

8. They count their money.”


The 5 keys you have to have to be successful on-line
  1. What you produce and sell has to have real value. No one goes to a rip-off artist twice (except maybe to get their money back).

  2. You are going to have to have an ‘online presence” - meaning people have to know you, what you do, and have a way to contact you. You have to hang out an on-line shingle, just as you do in any business. Your web site, your email address, all these add up to what you are and how you are known.

  3. You have to make and keep a schedule – like any regular business. You have to time-compartment your day and week so that you are actually concentrating on your on-line business as a business. If you just start doing something else when you get bored, or take a few days off when you get tired – how are you ever going to get the money rolling in?

  4. You have to be in it for the long haul. Everything has a ramp-up. Ray Kroc figured that his 40 years of sales lead up to his discovering the McDonald brothers, their special French fries, and his own fortune and fame.


  5. You never quit going to school. Learning is constant. Professionals are always studying up and improving their craft. You are no different. There are many, many more things to learn – if not in your field, there are related fields which need study and can give you insight on all that you’ve already learned. Whether you simply download them or pay for regular courses – just keep learning.


Financial strategy

0) You are running this as a business. Successful businesses have positive cash flow – they make money. Keep that in mind. You are successful. You can make a living, you can make a good living, and you can make your fortune – as big as you want it. But it means you are looking to make a positive cash flow (income greater than outgo) with any thing you try – count the beans before you invest to make sure you get back more than you put in, if not now, eventually.

1) Don't quit your day job. This is (for now) where you make your living. Get as good as you can at this and really do your best on this job. You need it to finance all those bills you currently have.

2) Make a budget and stick to it. Include saving some each week - about 10 percent if you can. And tithe weekly as well. Make sure both of these are in your budget. Make your expenses fit into your budget, don't expand your income just to match what you are spending. When you get extra from somewhere, sock it away in savings, or for your childrens' education - or somewhere you can't get to it easily. Live within your means.

3) Now, you start your own business instead of a second job or looking for overtime. If you've read Kiyosaki/Lechter or Allen or anyone along those lines, you've seen that there are tax benefits in owning your own business.

4) When you get income from this business, keep it in this business. Re-invest it in books or products or services which actually make the business do better. Or sock it away in its own savings account, so you can build it up for later big purchases. Remember, this business is where you make your fortune. Treat it like a business, not a hobby.

5) Once your income from the business really starts growing, then keep stashing it away and/or investing it in making the business grow. Don't take a salary right off– that would just put you into another earned income scene where you will have to pay Social Security and Income Tax. Buy and read books on what to do with all this dough - re-invest it in other income sources.

6) Finally, when you are making enough income to keep the business(es) operating on their own, and you have enough stashed away to operate your business (and pay your own living expenses) for several months with no income at all, AND you are making more part-time than you do full time - only then consider quitting your day job. I said CONSIDER. You make have substantial benefits built up, and that job may be paying for quite a bit of your lifestyle. The idea is to replace all those benefits and income with your part-time business BEFORE you quit the job which is bringing in that income and benefits. Better safe than sorry.

7) Now that you're working for yourself, doing what you like, and business is rocketing because you can (if you want) work at it full time - now write a book on what you know and get it published (in your spare time). Sell in online as an ebook, on Lulu as a hardcopy, or on Amazon. Get some radio interviews going in order to market it - and use the data you've found in this book to get a bestseller on your hands.

8) You can see that whatever you now do in your spare time is going to be icing on the cake. And you can use what you earn in that new spare-time activity (it's not really work, is it?) to invest in other high-return investments. Now you're on your way to your second fortune...

9) None of the above has to take a long time. Some people have become millionaires within a few months – most have taken longer. The trick is to know what to do with the exponential growth you are going to be experiencing and the flood of income coming your way...


Questions the public asks

Key questions the public ask – to themselves, if not you:

  • What’s in it for me?

  • How can this help me?

  • What are you up to?

  • What kind of information are you coming out with?

  • How good will it be?

  • When can I get this?

  • How much will it cost?

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