Becoming Wealthy
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So, You Want To Become Wealthy?
If becoming wealthy is a trick, we'd all beat down the door of the magician who held the secret. But the truth is - there is no secret.
To become wealthy, there's an almost endless supply of resources and information to follow. We're going to summarize and narrow down methods to find what works, and what doesn't.
To become wealthy, there's an almost endless supply of resources and information to follow. We're going to summarize and narrow down methods to find what works, and what doesn't.
Money or Freedom?
Wealth can come in many forms, what would it mean to become wealthy to you?
In order to determine this, the first thing you need is to ask yourself what you would do if you never had to work again.
Think about that... NEVER AGAIN.
What would you do tomorrow? Would you sleep in? Would you get up early and sip coffee while watching morning television? Would you immediately book a cruise around the world?
It's different for everyone, but the important part is that you make sure you know exactly what your reason for becoming wealthy is.
Think about that... NEVER AGAIN.
What would you do tomorrow? Would you sleep in? Would you get up early and sip coffee while watching morning television? Would you immediately book a cruise around the world?
It's different for everyone, but the important part is that you make sure you know exactly what your reason for becoming wealthy is.
Wealth From Extra Income
Let's touch on some of the types of income before we dive into how each could help you become wealthy.
Earned Income
Earned income is any money made through doing a job. This would include the only source of income for most people in the world.
To become wealthy using only earned income is virtually impossible - unless your salary is many times more than what your yearly requirements are, and you're saving the excess for many years.
However, it's likely that even if this is the case, you would still require some of the following in order to become wealthy.
Passive & Portfolio Income
Passive and portfolio income examples include money from real estate, money earned from a small business, or money earned through investments.
Most of the wealthy individuals in the world became so using a combination of passive and portfolio income.
Residual Income
Residual income is created from doing work once and being paid for it forever. For instance, when a songwriter writes a song and that song is played on the radio somewhere, he or she is paid. They are paid for many many years every time that song is played.
This is similar for actors in TV or Movies who negotiate an ownership percentage of their work. Every time the piece is played, that actor will make money.
Residual income is also earned by network marketers who sell a product or service once and/or build an organization to sell a product or service, and are paid based on the work of their group.
Earned income is any money made through doing a job. This would include the only source of income for most people in the world.
To become wealthy using only earned income is virtually impossible - unless your salary is many times more than what your yearly requirements are, and you're saving the excess for many years.
However, it's likely that even if this is the case, you would still require some of the following in order to become wealthy.
Passive & Portfolio Income
Passive and portfolio income examples include money from real estate, money earned from a small business, or money earned through investments.
Most of the wealthy individuals in the world became so using a combination of passive and portfolio income.
Residual Income
Residual income is created from doing work once and being paid for it forever. For instance, when a songwriter writes a song and that song is played on the radio somewhere, he or she is paid. They are paid for many many years every time that song is played.
This is similar for actors in TV or Movies who negotiate an ownership percentage of their work. Every time the piece is played, that actor will make money.
Residual income is also earned by network marketers who sell a product or service once and/or build an organization to sell a product or service, and are paid based on the work of their group.
Why Residual Income Is REAL Wealth
Residtual or passive income is a true wealth stream. By working once, we can be paid in perpetuity.
For those who aren't high-paid actors or rock stars, network marketing is the average person's best way to become wealthy - and here's why...
Network, or referral, marketing is based on the concept of word-of-mouth. I, for instance, am a loud-mouth when I find a product I use and love and am always telling people about it. Network marketing steps in at this point and allows people like me to pick up a check for the marketing they are already doing every day.
Think about that. You tell people about a product you liked, don't you? Has that company ever paid you for doing that? Well, then you forgot to pick up the check.
Ok, but if make money referring products, where does the residual income come in? Good question - and it's just as simple as referring the product. Now, you've referred someone to the product - they love it and want to also pick up the check for the people they want to tell about it. When they do, you're also going to get a small check because you are the one who started this avalanche of referrals for the product!
There are many companies out there that will allow you to become wealthy referring their products to people, and people to their products... do research for the one that matches YOUR personality, or get in touch with me to see what I'm doing.
Network, or referral, marketing is based on the concept of word-of-mouth. I, for instance, am a loud-mouth when I find a product I use and love and am always telling people about it. Network marketing steps in at this point and allows people like me to pick up a check for the marketing they are already doing every day.
Think about that. You tell people about a product you liked, don't you? Has that company ever paid you for doing that? Well, then you forgot to pick up the check.
Ok, but if make money referring products, where does the residual income come in? Good question - and it's just as simple as referring the product. Now, you've referred someone to the product - they love it and want to also pick up the check for the people they want to tell about it. When they do, you're also going to get a small check because you are the one who started this avalanche of referrals for the product!
There are many companies out there that will allow you to become wealthy referring their products to people, and people to their products... do research for the one that matches YOUR personality, or get in touch with me to see what I'm doing.
Becoming Wealthy Links
- How To Become Wealthy
- A nice general article about wealth creation and making money. Becomng.com is a great personal development blog by the way.
- Succeed with Network Marketing
- My page describing the system I use every day to create better relationships and wealth.
- Send a Free Greeting Card
- Try Send Out Cards for free. This link will walk you through sending a real, paper greeting card to someone's mailbox - right from your computer.
- Become Financially Free
- An overview of how Send Out Cards can create the financial freedom and wealth you've always dreamed of.
by iElliott
Elliott is a writer at Becomng, a Personal Development blog, and an entrepreneur focused on sending to give. (more)
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