Holistic Life Planning and Research, Inc.
A Personal Development Company
When it comes to building wealth many people do not have any real models to follow. They only see and experience those who have already built wealth through real estate, investments and other ventures. The first thing you do is to set up a Wealth Building Account. It doesn’t matter when you start it or how old you are. Those are two factors that don’t make a difference. You have to develop a Millionaire Mindset right click here to download and save to your hard drive an Ebook of exercises and information. What makes the difference is the purpose of the account and the discipline to keep funding it. I have various accounts let me take just one small one to show you what a difference it makes.
I have what I call a pocket change account. It is a bag and I place my spare change in my little bag each day. Now my discipline is this, I just deposit money and at the end of each year I change it to cash for pocket change. One year I cashed it in and I had $70.00 in pocket change. It is like found money. I get to do with it anything that I want. I can buy DVDs to entertain myself, some books etc. In matter of fact just today I emptied it out; I believe I haven’t touched it for a year and a half. I cashed it in and it was $138.00.
This is just my pocket change account; the purpose is to provide me with pocket change that can be spent on anything. I went out bought some stuff and still have plenty of pocket change. When I place my hand in my pocket it makes me feel wealthy, make me happy, and thusly encourages me to keep doing it. Over 80% of most Americans can’t even save that amount in their savings accounts none the less anything else. You see it depends on the purpose of the account. Let us get back to the Wealth Building Account.
The Wealth Building Account is not for your savings. It is not for your retirement, it is not your 401K. When you set up a Wealth Building Account you first define its purpose and the amount of money you will fund into the account. You set up a goal such as $5000.00 or $10000.00 for the purpose of building wealth. This is going to be your capital funding account; this account is earmarked for investment into income producing hard assets.
Here is the trick, it is called discipline. You have to decide how much weekly or monthly you are going to place in this account. This could be $10.00 a week or $50.00 a month, the amount is up to you. Then you have to stick to it until you hit your goal amount. While you are funding this account, you should be looking for and doing your due diligence for good income producing assets.
Now here is another thing to remember, you earn interest while you are funding the account which also will help you reach your goal faster. Notice I don’t use the word saving, the reason for this is because of all the paradigms connected to that word. One of those is “Saving for a Rainy Day” another is “Saving for Emergencies,” you see it so happens that there are a lot of rainy days, and emergencies could be anything from a gift to a friend to auto repair. That is not the purpose of this account.
This is the most major of all pitfalls. When you fund your brain immediately thinks investment. You should learn to open an account for each area that you will spend money on. One account should be your household account in which you pay your living expenses. Another account can be a savings account that is for anything you want to designate it for.
Another is you weekly expense account that has nothing to do with you household account. This account is for gas, movies, coffee, lunch or whatever you buy aside from household bills. This is another pit fall; rob from Peter to pay Paul. If you separate these expenses into different accounts you will never run out of money, provided that you keep employment and other matters in order.
The goal of your wealth building account to produce a sizeable passive income, so that you don’t have to work. You want your income producing assets to be robust. All that will be required of you is to ensure that they stay that or move your activities into other income producing areas as needed. This takes a bit of effort, but in the long term it will change your financial life. What are you waiting for start you Wealth Building Account right now. To Your Success! Go to Holistic Life Tools for Happiness Page
This is not necessarily your main objective. The cash machine is set up to add more funds to your Wealth Building Account. The cash machine money can pay an allocation to your savings or 401k etc. But the majority of it will continue to fund its own operation and fund the Wealth Building Account. The flow will be cash machine into wealth account from wealth account to income producing assets.
The income producing asset funds your savings, its own operations. This places you into two positions, you making money, and your money making money. Eventually if you master this you will end up with money making money that exceeds your ability to out produce it. You wealth building account will then be the account that keeps the ball rolling and produce a sizeable passive income to live on and more.
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