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10 Wisdom-Based Wealth-Building Strategies
'It's the business of your life' Imagine that you're Noah and God is telling you that you need to build the ark. You might suspect that Noah was a bit skeptical. Could it actually rain for such an extended period of time that a small ship would be required to survive the storm' According to the Bible, the answer is 'Yes!' So, when I suggest you build an ark of your own ' one of the financial variety ' how much convincing will you need' Fortunately, this ark won't require a that you assemble a seemingly useless structure in your backyard and it won't require a 1,000 year flood to come in handy either. This ark will be something you can be proud of and it will provide you with financial security every day of your life. While any approach to creating financial security must suit the values and needs of the individual, these are the Top 10 Wealth-Building Strategies that I believe will ensure that you can weather any storm life sends your way. 1. Use the A-R-KTM Technique. A. A is for Accumulating Assets. This may seem like a simple concept but in today's challenging circumstances it is much too easy to spend everything you make and more. B. R is for Retiring Debt. Debts aren't called liabilities for nothing. You need to work towards reducing and eliminating debt when everyone else is focused on using every ounce of equity. C. K is for Keeping Commitments. Once you make a commitment to yourself to apply the A-R-K TechniqueTM, you need to keep it! You build confidence in yourself and others this way. 2. Prepare for the inevitable rainy day. A. Understand life's cycles. It is a fact of life that you will experience challenging times ' in a way times like these are meant to adjust your course. Life's challenges are much easier to face with financial security. B. Maintain a positive AND realistic attitude. It might not seem like positive thinking to plan for a rainy day. I believe planning and preparation are the most valuable tools you can use to deal with life's problems. C. Develop plans for your A-R-K. You need a plan. God gave Noah a 'blueprint' to build from. You need a financial blueprint. What will your ark look like when it's completed' 3. Acknowledge where your wealth comes from. A. GUS is the source. Some call it "God", some "Spirit", others "the Universe", and still others have developed their own term to relate to. The acronym GUS (God's Universal Spirit) honors all the wisdom traditions. B. Give back to those who gave to you ' spiritually and otherwise. You might consider this tithing. Tithing is your way of demonstrating your faith in an endless supply. C. Subscribe to the Universal Law of Use. This universal law applies to every department of your life. Get rid of clutter and anything else that isn't serving a purpose. One person's junk is another's treasure. 4. Develop sufficient liquid resources. A. Cash is King! I can't stress enough the value of having funds readily available that can be accessed without a significant reduction in value. This is the 'hull' your ark is built on. B. Calculate your cash reserve requirement. Do you know how much you would need to meet your minimum financial responsibilities for a period of six months' C. Define 'liquid'. Liquid resources are assets that can be converted to cash without penalty or market fluctuation. You need a six month cash infusion plan that is easy to execute in an emergency. 5. Understand real estate investments. A. Own your home 'free and clear'. Mortgage brokers encourage you to borrow every dollar you can ' especially with interest rates at historical lows. With this approach, you'll forever make house payments! B. Use conservative values for planning purposes. With real estate, values can fluctuate dramatically based on factors completely out of your control. How much would you realize if you HAD to sell' C. Are you prepared to run a business' Owning real estate (unless it's your personal residence) requires you to run a business that you may not consider a valuable use of your time. 6. Understand equity market investments. A. Evaluate your risk tolerance. Investment advisors typically discuss the concept of risk with their clients, but don't face reality. Investments come with a significant chance that value will decrease significantly. B. Accept that the stock market is illogical. There are many 'systems' available today that purport to make the market predictable. The truth is there isn't much logic behind market values. C. Fund managers are paid even when they're wrong. Most mutual funds underperform the market by 3%. This is in part due to the fact that fund managers are paid handsomely whether they perform well or not. 7. Know the value of your income stream. A. Build a sellable business. When you're ready to 'retire' will the work you've done to build your business have lasting value, with or without you there' With proper planning, your business is a valuable asset. B. Create ...... |
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