Black Swan Management, LLC

Investments and Strategies for the Future of Business

Posts Tagged wealth creation

Millionaire Mindset: How to Become a Millionaire

Jan 29

Posted by admin in business startup, investing, investment gurus, mindset, mutual fund, real estate, stocks, strategies, wealth | No Comments

How to Become a Millionaire

Lotto vs. Lightning?

Wealth creation isn’t as easy as buying a lottery ticket.  (Your chances of winning the lottery vary depending on which lottery you play, but as a rule of thumb you are still 6 to 45 times more likely to die from being struck by lightning than you are to win the lottery.)   In fact, winning the lottery will never make you wealthy!

Wealth is defined as “having wealth”, “being affluent”, and “characterized by abundance”.  Too many people focus on the money and not the abundance.  That is why most of the people who do win the lottery lose all their money and end up miserable.  In a 1999 survey conducted by the Consumer Federation of America and Primerica, 40% of Americans with incomes between $25,000 and $35,000 — and nearly one-half of respondents with an income of $15,000 to $25,000 — thought winning the lottery would give them their retirement nest egg. Overall, 27% of respondents said that their best chance to gain $500,000 in their lifetime is via a sweepstakes or lottery win.

“If Americans understood that their chances of winning a big lottery jackpot were 10 to 20 million to one but that they could accumulate hundreds of thousands of dollars through regular saving, more families would put the $50 away rather than spending it on gambling or unneeded consumption,” said Joseph Plumeri, chairman of Primerica.

In our culture, there is a widely held belief that money solves problems. People think if they had more money, their troubles would be over. That’s not necessarily true.  There are two components to money. The first is the psychology of money (i.e.; how you feel about money). The second is the rules of money like tax codes, money allocation, etc.  The goal is to form a wealth creation plan that integrates the two components.

Research has shown that wealth creation has nothing to do with luck, education or intelligence. The truth is that wealthy people understand the principles of accumulating wealth and simply put them into action.  Like most things in life, wealth begins with a decision. You must choose to build wealth.  If you don’t control your money, money will control you! Controlling money simply means taking responsibility for what you have. You need to know where your money comes from, how much you have, and where it’s going.

Wealthy people use the “pay myself first” principle. They usually take 20% from their earnings and bank it or invest it in a separate account every payday for absolute emergencies. These untouched savings accounts earn compound interest (interest on interest) and their money keeps increasing.

Strive to increase your income and reduce your expenses.  Giving freely of your time, money and resources to those less fortunate contributes immensely to society and is your guarantee of receiving love, joy and peace. If everyone contributed in this way abundance would be commonplace.

Don’t believe me?  Here’s what some of the most successful business leaders have done.

  • First, you must do work you love and focus on more than money.  American industrialist, John D. Rockefeller, who defined the structure of modern philanthropy said, “The man who starts out simply with the idea of getting rich won’t succeed, you must have a larger ambition.” Sir Richard Branson, of Virgin fame advises “Have fun, work hard and money will come. Don’t waste time – grab your chances. Have a positive outlook on life. When it’s not fun, move on.”
  • Second, spend less than you earn & invest the difference. Sound too simple? Warren Buffett one of the most successful investors in history (and one of the richest men on Earth) says that “there seems to be some perverse human characteristic that likes to make easy things difficult.” Of course Buffett filed his first income tax return, deducting his bicycle and watch as a work expense for his work as newspaper delivery boy at age 13!
  • Safeguard your assets from loss and provide in advance for the needs of old age/retirement and the protection of your family.  If you make millions of dollars but fail to protect it you can still end up with nothing!  American two-time former World Heavyweight Boxing Champion, Olympic gold medalist, and successful entrepreneur George Foreman has been quoted as saying “The question isn’t at what age I want to retire, it’s at what income.”
  • Work hard.  News flash—if wealth creation was easy everyone would be wealthy!  Becoming wealthy is a simple process, but not an easy task.  This is mostly because people are not committed to wealth creation and do not do what is necessary to become wealthy.  Andrew Carnegie, one of the most famous captains of industry, who went from ‘rags to riches’ claimed that “…the average person puts only 25% of his energy and ability into his work. The world takes off its hat to those who put in more than 50% of their capacity, and stands on its head for those few and far between souls who devote 100%.”

Remember, when it comes to wealth creation and attaining the millionaire mindset, hope is not a strategy.  Follow in the footsteps of other wealthy individuals and observe the rules of money and you will be on your way in no time.

About the Author

Anthony Sills, M.B.A. formerly traded FOREX from the Atlanta Financial Center and has worked for stock advisory services, brokerages, Fortune 100 companies, and national banks.  Mr. Sills is currently a licensed loan officer and freelance writer.  You can reach him at anthony@professionalpenwriters.com.

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Wealth Building Tips and Tools to Attain More Money Than You’ll Ever Need

Jan 4

Posted by Michael Lee in business, wealth | No Comments

Everyone wants to acquire riches, but many don’t know how. If you’re clueless on where to start or what to do, that ends now. This article reveals wealth building tips and tools for anyone who’s interested to improve their lifestyle.

I believe you’re not likely to run away from such an opportunity for growth. Don’t worry; all these tips are legal and ethical. So without further ado, I give you these wealth building tips and tools.

Wealth Building Tip # 1: Learn Restraint.

It’s a lot more difficult to discipline yourself when you’re equipped with a credit card. However, that is part of the challenge.

If you really want to be wealthy, you must first avoid unnecessary purchases. Not only will this save you money, this will also teach you to discern wise buys from unwise buys. You’ll become a better decision maker and will ultimately have more control of your money.

Don’t be one of those people who allow themselves to be victimized by materialism. It’s not a bad thing to splurge once in a while; but when the compulsion gets out of control, you might as well say goodbye to your wealth and say hello to mountainous debts.

Wealth Building Tip # 2: Learn To Invest.

Money will not grow on its own. You have to invest it if you want your wealth to expand. Of course, you can’t just put all your money into one pot. Nor should you scatter it around without a second thought.

From the first tip, you should have already developed patience and wisdom. Before investing your money into anything, make sure you have researched well. Consult others who are more knowledgeable and more experienced in that area.

Investments can also be risky. But that is part of learning how to build wealth. Be prepared to have a plan B in case things go awry. Plan Bs are very crucial. Ask the most successful entrepreneurs and leaders, and majority of them would have a plan B (or even Plan C and D) waiting in the wings.

Wealth Building Tip # 3: Learn To Manifest Wealth.

Manifesting wealth with your mind is critical in attaining abundance. If you think like a poor person, you will become or remain that way. If you think like someone who knows wealth and who has experienced wealth, then your chances of acquiring riches are magnified ten times over.

It’s all about mind over matter. What you think about most of the time will be reflected in what actually happens to you. So if you want to manifest wealth, think in those terms and see the magic happen.

These wealth building tips and tools are available at your disposal. Use them wisely.

Author: Michael Lee
Article Source: EzineArticles.com
Provided by: Cellphone news

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Wealth Building Strategy

Jan 4

Posted by Alvin Narsey in business | No Comments

There are many of us who are working on our wealth creation strategy. Wether it be working another job, starting a small home based business or seriously building knowledge on the share and property markets, those that are serious are looking.

Many wealthy people we read about seem to have a certain skill for creating large amounts of money. Many in this group of wealth builders follow a few simple rules in their wealth development strategy, and I have listed some here.

Learn to work with people

The biggest fortunes are made when people work with a group talented people. Knowing which group to work with and how to work with people is one of the most important tools in your wealth building strategy.

Persistence

Often the difference in creating wealth is a few more hours, days or weeks of work. Those in the wealth creation group never give up easily. They pursue their wealth creation strategy until they achieve it! Dont give up!

Make decisions quickly

He who hesitates is lost! Sort through the facts and make a list of pros and cons and evaluate that list. Speed every decision you make and then you will be training yourself to take advantage of wealth creation situations before somebody else can.

Seek new ideas

Utilise every task you perform to seeking new wealth development strategies. Study financial pages for hints that may lead you to create wealth. Jot down these ideas and review them regularly. Opportunities to create wealth will suddenly appear from everywhere.

Take risks

The more risks you take as part of your wealth creation strategy, the greater the chances of you building your wealth. Look at speculative ventures and invest a portion of your funds. Risk taking is an integral part of a wealth building strategy and will put you far in front from those playing it safe.

Borrow money

The largest fortunes are built on borrowed money. Understand how to use credit and other peoples capital to expand your profits and leverage your investments in your wealth development strategy.

Time is money

Be conscious of your time in your wealth building strategy. Evaluate your time in terms of the financial return to you and dont procrastinate or spend large amounts of time on non wealth creating tasks.

Learn to be creative

Developing your creative powers is an excellent strategy to create wealth. Start doing activities which may be outside of what you usually do, learn some creative skill, like learning how to paint or sketch. This will give you ideas to think outside the square in which you can develop to create wealth.

Author: Alvin Narsey
Article Source: EzineArticles.com
Provided by: WordPress plugin expert

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Building Wealth With a Wealth Building Strategy

Jan 3

Posted by Tim J Jensen in business, wealth | No Comments

Almost everyone gets bombarded with the schemes stating various ways of building wealth within a short span of time. Certain people equate it with scam. However, if you happen to be dedicated enough, pulling what is being tried by everyone so hard for getting rich quick wouldn’t be all that difficult. All you need to do is to plan a proper wealth building strategy.

These days, there are several options for you with regards to building wealth. Some of them include the conventional MLM marketing, internet business, network marketing, investment, etc. All of these are doable, guaranteed, and good. Getting in to 1 or 2 of such kind is indeed a wise decision. After all, majority of get rich fast schemes offer this only. It should, however, be noted that apart from putting the money at a place where it would multiply, you end up doing much more than simply marketing and selling.

After having chosen 1 or 2 amongst the above mentioned endeavors, it would be the time for planning a bit of a support system relating to building wealth ASAP, i.e. as soon as possible. Certain wealth building tips need to be followed for landing on the port named ‘build wealth’ successfully. Let these tips be glanced through.

Use of savings account

The savings account of yours should be made use of on the regular basis, i.e. the deposits must be carried out without fail, apart from the deduction of payroll which is automatically done by the bank. The above procedure should be strictly followed; otherwise you would never know the importance of saving money. Building wealth won’t be possible then. If you are used to deposit the money in the checking account of yours, be more careful, as the money resting with checking account is likely to be spent more frequently.

Many people argue on this count. They defend saying that the saving account is untouched. Though, this is true, remember that being a miser sometimes can help you a great deal in the long run. Experts have suggested that the payroll deductions should be set between the range of $100 and $250, in order to have a continuous climb to money of yours in bank. It is rightly said that ‘Money saved is money earned’. Thus, this can prove to be a catalyst in terms of building wealth.

Getting rid of the debts

Debt can be referred to as a quicksand. The more paid by you, more debts would be made. You would then sink to such an extent that you would be up to your neck with respect to debts. If you happen to deduct the entire debt of yours from money in your savings account, you would hardly have anything left. Hence, it’s much better to have the debts of high interest rates paid off before you go on thinking regarding living in mansion. So, you can draw the conclusion that debts also contribute in building wealth. In fact, handling debts is the biggest secret to building wealth.

Get motivated

This tip might sound clich, but would definitely help if thought over from the point of view of a businessperson. You should never put your efforts down. To surrender is always easy. However, note that people getting motivated the most, along with willingness for working hard, actually scale heights in terms of building wealth.

Author: Tim J Jensen
Article Source: EzineArticles.com
Provided by: Latest trends in mobile phone

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Wealth and Diverisification Is Not Always Enough

Jan 2

Posted by C.C. Collins in business, wealth | No Comments

Wealth – an abundance of values. Each of us determines what is or is not of value to us. He or she may not be wealthy even though they may have a great deal of money because they have no honor, no happiness.

I measure wealth not only by the numbers but by holding it up against my happiness level at any given time. Building wealth is fine, but most people assume you are interested in building wealth to become secure, stable, and happy in life.

Assuming you are happy, just not thrilled with your current portfolio returns, you should know that there is more to diversification beyond what the average person thinks is all you need to know.

With a successful wealth building strategy comes the understanding of what kinds of diversification offer you the protection you need from taking great losses in the short and long term.

“Wealth is when small efforts produce large results. Poverty is when large efforts produce small results.”

Financial wealth involves the ownership of multiple money producing assets that flow to you, not money draining assets that flow from you.

Investing is a fundamental way to build financial wealth. The sooner you start to successfully invest the more opportunity your investments have to grow.

In order to build wealth there are four simple things you must do:

1) Control your spending.

2) Pay off debts that don’t produce some form of income to you.

3) Create or acquire wealth building assets or income streams.

4) Acquire the knowledge to learn how to leverage your TIME
and your ENERGY.

Try seeing “diversification” in an entirely different light. As an example, David Futrelle, Money Magazine, wrote a great piece on this entitled Build Wealth in any Market.

In it he discusses that diversifying investments in your own countrys stock market may not be diversified enough.

More than half the world’s stocks are traded outside the U.S. We think it makes sense to keep at least a quarter of your stock money in foreign equities. David Futrelle, Money Magazine, August 12 2004.

Futrelle goes on to give tips on diversification. This is a good exercise in building wealth in the unstable world of stock investing.

Additionally, think of how you can diversify the following sets of capital:

1) Human Capital (your job and career),

2) Physical Capital (your house and other possessions) and

3) Financial Capital (those stocks, bonds and cash).

All these components should work together in your wealth building portfolio.

Diversifying financial assets alone will not offer you enough protection without understanding what kind of diversity offers true protection against avoidable losses.

Author: C.C. Collins
Article Source: EzineArticles.com
Provided by: WordPress plugin Guest Blogger

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3 Tips to Start the New Year With Your Wealth Building on Track

Jan 1

Posted by Thomas Wheelwright in business, wealth | 1 Comment

It’s that time of year when resolutions are made. If you are one of the many who have a resolution that involves your finances, you’ll want to read this article. Studies show that less than 50% of resolutions are kept so it’s vital to get started on the right track.

3 Tips to Start the New Year with Your Wealth Building on Track:

#1 – Keep Your Goals Realistic. Starting with an unrealistic goal is a sure way to guarantee failure. An unrealistic goal will drain you of all your motivation and will have you back to your old habits in no time. Do you know what a realistic target is for building your wealth over the next year? The next 2 years? 5 years?

One way to measure how realistic your wealth goals are is to break them into long-term goals and short-term goals. Have short-term goals that are measurable in 30 days. This will help you adjust on a timely basis if your wealth goals are too lofty. This simple technique will help you keep your wealth building on track throughout the year.

#2 – Make Wealth Building a Habit. Make building your wealth a habit. Everyday should include doing something that helps you build your wealth. This doesn’t mean setting aside hours each day, it can be something that takes you only a few minutes but moves you toward building your wealth. Breakdown your short-term goals into a daily task list and use this list to be able to do something everyday to move you toward achieving your wealth goals.

Monthly wealth coaching can help you make your wealth building a habit. With weekly email assignments and a live monthly coaching teleconference, you will make your wealth building a part of your daily routine in no time.

#3 – Hire a Wealth Coach. If you have ever played a sport, you understand the role of a coach. The coach is there to coordinate all the team members and help you become a better player. A wealth coach does the same for your wealth. A wealth coach helps you find and coordinate all the members you need on your team based on your goals. A wealth coach will help you come up with the plays you need to execute to achieve your wealth goals. Most of all, a wealth coach will help you get started! Most people are ready to build their wealth but just don’t know how to start.

Imagine the impact a wealth coach could have on your wealth building.

Author: Thomas Wheelwright
Article Source: EzineArticles.com
Provided by: Hybrid and Electric Cars

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