The First Principle in the Science of Getting Rich
The First Principle in the Science of Getting Rich
By Shannon Baldwin
Thought is the only power which can produce tangible
riches from the Formless Substance. The stuff from
which all things are made is a substance which thinks,
and a thought of form in this substance produces the
No thought of form can be impressed upon Original
Substance without causing the creation of the form.
Man is a thinking center, and can originate thought.
All the forms that man fashions with his hands must
first exist in his thought; he cannot shape a thing
until he has thought that thing.
If one man who reads this book gets rich by doing what
it tells him to do, that is evidence in support of my
claim; but if every man who does what it tells him to
do gets rich, that is positive proof until some one
goes through the process and fails.
To look upon the appearance of disease will produce
the form of disease in your own mind, and ultimately
in your body, unless you hold the thought of the
truth, which is that there is no disease; it is only
an appearance, and the reality is health.
To look upon the appearances of poverty will produce
corresponding forms in your own mind, unless you hold
to the truth that there is no poverty; there is only
To think health when surrounded by the appearances of
disease, or to think riches when in the midst of
appearances of poverty, requires power; but he who
acquires this power becomes a MASTER MIND. He can
conquer fate; he can have what he wants.
Then we must grasp the truth that every thought held
in this substance becomes a form, and that man can
so impress his thoughts upon it as to cause them to
take form and become visible things.
Do not ask why these things are true, nor speculate
as to how they can be true; simply take them on trust.
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Article Source: http://EzineArticles.com/?expert=Shannon_Baldwin
Mastering the Game of Wealth
Mastering the Game of Wealth
By Angelica L Duffie
No one on this planet was born lucky. Everyone ‘lucky’ that you can think of – the richest people on the planet probably – weren’t born lucky. Agreed that some of these people were born to rich families and in rich homes, but we all know that that is not enough to make things happen.
The fact is that these people have mastered the game of wealth later on in their lives. They may or may not have been born with the money, but they have learned how to play the money game.
People speak a lot about the game of wealth without really knowing what it means. In life, we need to put in something to get something. Even with money it is like that. If you want to make money, you need to put in something. This may be a financial investment or it could be some other kind of investment such as an investment of time or effort or a particular talent or intelligence, etc. But the fact is that something needs to be invested.
However, there is a lot of difference in what people invest. Some people might invest a lot but receive very little, while there are also people who invest almost nothing but get a lot. These people know how to make the most of what they have. They know how to put in almost nothing and get what most people in the world would be in awe of. These are the people who have mastered the game of wealth.
The best thing is that the game of wealth is not inaccessible and nor is it unattainable. Anyone can attune him- or herself to become a master at this game. Whatever their current situation is, they can veer their lives in the direction of big money. You can do it too. What you need is the right mindset, the right approach
and a few other things. This is where you begin.
No One is born with the Knowledge of Becoming Rich
We have already stated how people are never born with their richness. They might be born into richness, but this richness is not theirs. If they have to make it their own, they have to work for it.
It is a fact that a rich man will be just as concerned about his son as a poor man would be. They would both think how their sons would manage things when they grew older. The bottom line here is – Every man has to work towards richness. They are not born with the knowledge.
Think about one of the richest men of our times – Bill Gates. The son of a humble attorney and a schoolteacher today has a net worth of 40 billion dollars, making him the richest businessman in the world. All his wealth has come from a single source – Microsoft – which in itself is one of the most influential companies of the world in any age and period.
Do you think Bill Gates was educated differently from the rest of us? Was he a brighter kid than all the rest? In fact, no. Yes, he did become a student at Harvard, but he left his education midway in order to pursue his business (which became Microsoft). Actually, he was once challenged by his teacher for his lackadaisical nature, when he retorted that he would earn his first million before he hit 20 years of age. Well, Bill Gates earned his first billion before he reached 21 years of age.
So what set him apart? One of the things that made him different at that time was that he knew what he wanted to do. He did not allow the razzle-dazzle of his big- name university faze him. He kept his focus on what drove him. He liaised with the right people; people who he knew could take him forward and who he could take forward in the process too. He remained truthful to himself about his financial position and he promised to himself to do better.
But, most importantly, Bill Gates did not actively think about money!
He instead thought about the quality of his product. He asked himself repeatedly, “Is what I am providing going to do anything for the world?” That is what set him apart. We usually think, “Will this make a profit for me?”, while the people who attain richness think, “Will this profit the world?”
And this knowledge does not come at birth. You learn this as you grow, just as you learn various other things. You learn that richness does not come by thinking about money; in fact, that has the opposite effect.
The thing to remember here is that no one is born with the knowledge of becoming rich. You learn that as you grow, in the same manner as you learn so many other things. But what really makes you rich is implementing this knowledge at the right moment in your life.
The Mindset of the Rich
It is quite true that the rich mind thinks differently. They have a much different way of thinking from the so-called middle class and the poor person’s mind. We have already taken a glimpse into that. The rich person’s mind thinks more about providing quality than about earning their own profit. They think about how their products benefit society. This is what makes people believe in what they give and buy those things. Making people buy their product is one of the least things in the rich person’s mind.
There are other traits that typify the rich person’s mind. One of these is the leadership qualities that they have. Look around – all rich men and women of the world today are leaders in some way or the other. Most of them are heads of state or hold some other such position of power. A lot of them are businessmen and businesswomen who command about a hundred people each day. Several of them are celebrities in the world of movies and sport; even these people are leaders in their own right because they rule the world to which they belong.
The other quality is charisma. Without that, richness does not befit a person. The person must be able to carry his or her richness. They must be able to exude the confidence from being rich. They need to have a positive attitude. What is the purpose of being rich if you are worried about your finances anyway?
Rich people also think about benevolence and charity. Every person that is rich is involved with a lot of different causes; most of them have set up NGOs and other such organizations to benefit the masses. This shows their social streak. After all, all rich men and women arise from an innate desire to do good for the society, whether that is through their commercial products or through their charitable deeds.
To be a rich person, you need to begin thinking like one. This is where you have to begin changing your personality. Read biographies of the top rich people of the world.
Rich People always think Northward
One common trait that you will find about the rich people in the world today or at any time is that they never think small. Rich people tend to think about the largest, the biggest, the grandest, the most opulent and so on. Not just that, they carry in them a supreme confidence that they will achieve what they think. This is what sets them apart. Rich people always look at the north, the very zenith of achievement.
If you want to acquire richness, you have to definitely emulate this way of thinking. You have to align your mind’s compass northward too. You have to dream big; you have to think that you can achieve what you are setting your mind to. Suppose that your life’s ambition is to own a chain of five star hotels, but you don’t even have proper money for your room rent right now. Should you just brush this ambition to the deepest recesses of your mind, telling yourself that you can never achieve it?
Not at all! Instead, you have to work in yourself the confidence that you can achieve. You have to think that this will happen. When you think that way – when your work in yourself the absolute faith that this can happen – it will certainly happen.
Have you read the Law of Attraction? See Link at bottom for more information about the Law of Attraction!
Basically, this Law states that if you want to achieve something and if your desire for that is most intense, then the fates itself will align themselves in such a way that you get what you hanker for.
Think there’s no truth in this? Well, consider it again! Let’s take the hotel ambition example. Even if you are living in a rented room right now, if you have a burning desire for achieving your hotels one day, and if you spend every waking moment thinking about it and every sleeping moment dreaming about it, then you are automatically going to take steps in the direction of fulfilling your ambition. Every step that you take will be a step in that direction, whether it is saving a $100 a week or whether it is seeking financial assistance from banks some years down the line. If your ambition is overwhelming, you are going to do stuff to make it happen.
It works. Rich people have proved that this kind of ambitious thinking works. Do you think Donald Trump would have been the conglomerate he is today if he had been happy with his first solitary business? Do you think Bill Gates would have been the richest person in the world today if he had stayed put with the successful BASIC software he designed with Paul Allen? Not a bit. It is because these people thought northward and kept thinking that way that they got the success they
always dreamed of.
Unshackle your Thoughts from your Circumstances
Maybe you have a very strong desire of becoming one of the richest people the world has seen but probably you are getting in the way of yourself. Have you ever thought along the following lines:-
→ “How can I ever reach the success these Forbes people have reached?”
→ “How can I, a man with a $500 wage, become a millionaire?”
→ “I cannot even dream of becoming rich because no one in my family has ever been rich.”
→ “I am not able to pay even my rent. How can I buy a luxury yacht?”
See what you are doing? You are letting yourself get in your way. You are not unleashing your full potential just because you think you cannot do it. You have some circumstances in life – everyone has – which you think will prevent you from getting at all those riches we are speaking about. But if you read biographies of the richest people in the world today, you will find that a very significant amount of them have risen from slums, garbage dumps, ghettos, back alleys and so on. A lot of them haven’t had money to eat once. A lot of their families haven’t seen a $100 together except at Christmas.
Do you still think you cannot do it? Remember that no one is born into richness – not even the kids of the richest people today. Everyone has to live and learn how to sustain their wealth or to how to earn it. That is the reason you have to free yourself from yourself.
Stop thinking that you cannot achieve just because you are of a different religion, a different color, a different social background, different educational qualification, a physical or mental challenge or whatever. History has proved time and again that adversity breeds prosperity. You could be the next rags-to- riches story on the Forbes.
Do you have your mind set on becoming rich? Do you have that one talent you think the world really want? Are you already a small name in your small market? Are you confident of becoming rich? If yes, then you have to definitely make the effort. Remember that richness can come from anywhere.
Make Friends with Money
How many times have you heard negative associations with money in our common day language?
If you have money, you become greedy.
Wants are never satiated.
Money doesn’t grow on trees.
No gains without pains.
Money makes false friends.
This is our everyday language. But, looking at these expressions, it does seem that money is a very bad thing, doesn’t it? No one would have a positive impression of money if they are educated with these dictums.
In fact, this is the reason why more than half the people of the world are bogged down by problems concerning money. Why, we should say the ratio of people with financial problems must be even larger than that! We learn such negative associations about money that we begin feeling that money is a very bad thing.
Our parents, teachers, religious preachers, spiritual gurus, everyone tell us that money is a very bad thing to have. But then even these people are in the game for the money, right? We develop such a bad perspective about money from our early childhood from these people that throughout life we do not consider it favorably. And when we grow up, we pass on this mantle of hatred toward money to our children and they grow up hating it too.
The result – one financially limited generation gives birth to another.
We need to stop this cycle right now. We need to remove this highly incorrect view about money that we are fed on. We have to make friends with money.
Money is actually what sustains economic life on this earth. Without it, not a single button could change hands. We have built the world on the base of money and now there’s no way we can run away from it.
Do not regard money as your enemy. This is what defeatists do. These are the people who haven’t earned money in their lives or probably have earned so much that they don’t care whether others do or not.
You have to improve your own situation. It is time you made friends with money.
God wants us to be Rich
Throughout the Book of Genesis, we have several examples that God loves abundance. The very Garden of Eden that God built was the epitome of overabundance. Everything was plentiful for Man in that garden and God asked us to freely peruse it.
Our sinful deeds got us banished from the Garden of Eden, but that did not deter God from taking us to the path of richness. If you read through the stories of Abraham, Noah, Moses and David, you see how God wanted people to be rich. He even gifted them with things in return of their good deeds. God rewarded Man with riches. Then, can our God be against us becoming rich?
Some people with vested interest twist religion. They speak about God being against riches. They even go so far as to say that hoarding money is going against the Word of God. Well, if that were the case, why do we always claim that God is the richest and most abundant entity in the Universe?
The fact is that God loves people being charitable. And charity comes automatically if you are rich. God understands that Man needs to be happy to be benevolent. Only when Man can fill his own cup can he allow it to overflow to others. If God has made Man completely in His image, and if God is exceedingly rich, wouldn’t He want Man to be likewise too?
We have been handed down a very warped view about religion as regards money. For us, it is important to discard this false cloak we have been asked to wear and see things as they are. Perhaps, the Reformation movement was not complete. They should have made people understand that God is not against earning money, but that He is against using money in the wrong way.
If you start thinking that our God wants us to become rich, you will see that you automatically begin taking significant steps toward becoming rich.
The Rich make Opportunities knock at their Door
Opportunities don’t knock twice. How many times have you heard it said? But, do you really think this adage is true?
The fact of the matter is that you can make opportunities knock at your door as many times as you want. Haven’t you ever heard of people who have become successful, then fizzled out, and then resurges to become better than before? It happens all the time around us. Opportunities don’t come by only once. However, to make them come to you over and over again, you need some skills.
Firstly, you must understand what an ‘opportunity’ means. Just like God, opportunities come in various shapes and sizes too. A simple email address could be your opportunity. A visiting card lying on your desk unclaimed could be your opportunity. An evening at the mall could be your opportunity because you might meet someone special. The thing is, you should not play down anything. Anything can turn your life for the better.
Sometimes, you need to go back and think. You have to remember things. When you meet a familiar face suddenly on the road, if you are able to immediately place them, they might be so impressed with you that they invite you for a business deal. A good memory always helps. You will see that all people at the helm have great memories. Get into some memory building exercises if you aren’t gifted with a natural elephantine memory.
Never Saying “Die”
Most people who meet with failure once are liable to think that they will never succeed again. To add to that, there are several detractors all around them who always tell they won’t be able to rise again. However, it is very important that you don’t bow down to what others think. You have to be sure that a new opportunity will be found and you will become better.
Never stop looking for Opportunities
Usually, when someone finds that they have found something good, they stop looking for anything else. Probably, you are already into a successful business venture. When such a situation is present, you are quite unlikely to look at anything else closely. However, you must make sure that you don’t stop looking. Maybe, a new opportunity will come your way and taking it up can make you richer than you were before. Take a look at Donald Trump, or any successful businessperson for that matter. They already have their own highly powerful businesses. But, does that stop them from looking at other avenues? They are always diversifying, and giving their new opportunities the same energy that they gave their first one.
These four qualities ensure that the opportunities never stop coming to you. You gain from strength to strength. This is what pushes you on.
We see this everywhere around us. On the farm, for example. When the farmer harvests his crop, he sows back some of the seeds into the farm. These seeds will help him get more crop. You see what is happening – The farmer is giving back something of what he gets. This is what ensures that he gets more.
Look at Bill Gates himself. He is the founder of one of the largest charitable organizations in the world, the Bill and Melinda Gates Foundation. This institution works in several countries, all the countries that he has made his riches from. He is giving back. When he does that, people feel good about him. This helps him consolidate his position. Of course, that’s not his idea when he is doing good for others, but that’s the way it works, isn’t it?
Take a look at any celebrity, any industrialist, anybody who is doing well. In their own way, everyone is contributing to some cause or the other.
Why are they doing that? Why don’t they just horde all the wealth that they have got and forget about the world? That’s because when you become rich, you hear that deep inner voice telling you to give back. When you do, you feel good about it. You see the abundance flowing. You gain strength from the feeling that you have given something back to the people who have helped make you rich.
Hoarding is the mentality of the poor. Giving back is the mentality of the rich. When you give back, you can associate with people who could help you become
stronger. This always works. In this world, magnanimity is the route to success.
Putting your Best Foot Forward
Quite often, we have seen people being spoken ill about because they have an unwavering desire to become rich. “Money is all that is on his mind,” “He will do anything for money,”… such are the talks we hear about them. That might deter some of us from entering into moneymaking ventures. Some of us get the impression that it is a horrible thing to think about money.
However, there is something you must know – It is not making money that is bad. It is the way some people do it that’s bad.
You have to become rich. But at the same time you have to see what costs you have to pay for it. Are you becoming rich at the expense of spending time with your family members? Are you becoming rich putting some innocent people at stake? If you are doing that, you are evil. But if you are earning money through righteous ways and then helping other people do that too, then you are doing it the right way. This is the way you earn money and make sure you sustain it too.
How does that happen? That happens when you put your best foot forward. Put your best effort and you will see that it will work your way and you will even feel good about earning your money. There are two ways to earn money – the evil way and the honest way where you show people your best talents. The second way always works, and it does much better if you can enlist other people into your act.
Sharpen yourself. Make yourself stronger. When people see you have talents that they don’t, or you have knowledge that you don’t, they will flock around you. And they won’t mind making you rich in the process.
You are being morally correct, you are being benevolent and you are getting rich. Isn’t that the way everyone wants richness to come to them?
That is when you really enjoy that you have the capacity to spend – when you
know that you have made a hundred other people be able to spend too.
Becoming rich is a process, it is not a phenomenon. You have to constantly strive to make it happen; nobody is born into richness.
You have with you now the knowledge to go about this process the right way.
Read about it here:- http://en.wikipedia.org/wiki/Law_of_attraction.
Written for: TandSMoney
A division of AngelWings Marketing
Article Source: http://EzineArticles.com/?expert=Angelica_L_Duffie
To Be Rich, Do What Rich People Do
To Be Rich, Do What Rich People Do
By Brooke Lorren
Experts that have a lot more money than I do have said that if you want to be rich, do what the rich people are doing. If you want to be poor, then do what poor people are doing. This doesn’t mean that you should be spending money that you don’t have to travel to exotic locations because some wealthy people choose to spend their money in that manner; however, it does mean that you should take a look at how they treat their money, and what career choices they make.
Rich People Have Good Character
This may be surprising, considering the fact that there are some very famous cases where people with money cheat and steal (Bernie Madoff, for one), but many very wealthy people have a good character. If you think about it for a minute, it makes sense. Would you rather do business with someone that you trusted, or someone that cheated you? While cheating other people out of their money may work for a while, the cheaters will eventually get caught. This character trait even extends to marriage; less than 25% of the billionaires on the Forbes 400 list for 2010 have been married more than once, less than 5% were married three times or more, and only six were married four times.
Rich People Work Hard and Take Risks
People that want to have a lot of money work hard. There are rare exceptions for people that inherit their money, but if they don’t have the work ethic to match the money, they usually end up spending what they have. Perhaps this is the reason why billionaires like Bill Gates continue to work, even though they could live comfortably for the rest of their life on the interest of the money that they already have. In addition to working hard, many that are wealthy know how to take risks. They start a business, invent a new product, or think outside of the box. Many times they don’t start out rich; they may initially put in long hours for very little pay. They don’t give up on their dreams, and it pays off. Not everybody that takes a risk will be paid as handsomely as the billionaires on the Forbes list, or even make millions, but most wealthy people are willing to take a risk.
Rich People are Investing in Gold
It makes sense to take a look at what the rich people are investing their money in, if you want to eventually follow in their footsteps. Some of the things that they invest their money in, like hedge funds, are well out of the reach of the average investor. Right now, many wealthy people, like George Soros, are investing in gold. Gold is not always a good investment, as it can be very volatile. If rich people are investing in gold, then perhaps they don’t have a great deal of confidence in the world’s currencies. While the average investor probably cannot buy a lot of gold, many people can buy a little, and those that can’t, can buy silver. While not everyone should buy gold, it can be a good investment for some right now. Watch the rich people though. If they start dumping their gold, it would probably be time to get out.
Brooke Lorren has compiled an extensive list of Glenn Beck’s book recommendations, which includes books on business, economics, politics, and history.
Article Source: http://EzineArticles.com/?expert=Brooke_Lorren
2 Ways to Get Rich
2 Ways to Get Rich
By Lars De Mertine
Sure there are more than two ways to get rich but I wanted to present this in a way that illustrates the incredible opportunity at hand. So, let’s take a closer look at the two ways to get rich.
1. You can work for someone else. If you have a decent paying job and work tons of hours and live like a hermit then you have a shot at getting rich. Let’s face it: Unless you are a high paid Chief Executive Officer (CEO) of a major company then you are probably not going to acheive your financial dreams. I know that sounds harsh but it is the rule rather thn th exception. Some may retort, “No, I can become wealthy through investing wisely.” Sure, that is what so many thought leading up to the stock market crash. No, it is highly unlikely you will get rich by working for someone else. Now, let’s look at a legitimate way to get rich.
2. FOREX. Trading on the Foreign Exchange market is a great way to start with very little and make big money in a short period of time. The secret here is called, “Super Leverage.” This is the ability to put $100 up front and it can be traded for a value of $1,000 or more. If you are trading FOREX then you should do two important things first:
First, get a good trading software program that provides reliable trading signals. There are some really good programs on the market that can be bought for real cheap and they offer an 8 week money back guarantee if you are not totally satisfied. I have provided more information below.
Second, make sure you paper trade prior to using real money and then after you are comfortable with your trading you can move on to real money and the future is wide open.
Check out the Closest thing to Guaranteed Money [http://www.forexsystemstrategies.com]
Article Source: http://EzineArticles.com/?expert=Lars_De_Mertine
How to Get Rich by Using Leverage
How to Get Rich by Using Leverage
By Ryan Mclean
Most people fail to become rich because they fail to use leverage. They work for their money, and only earn money per hour they work. Then they put their money into a bank account or mutual fund and because they only use their own money to invest they hardly make anything. If you want to become rich then you need to learn how to get rich by using leverage.
Leverage is basically doing more with less. The more leverage you have the more you can do with less. For example, if I have $10,000 and I just invest my own money and earn 10% per year then I will earn $1,000, but if I leverage my $10,000 by using someone else’s money and I can earn 10% on $100,000 then I can earn $10,000 per year or 100% return on investment. If I use none of my own money then the leverage is even greater and the return on investment is infinite.
In order to become rich you need to master the art of leverage. There are 3 major forms of leverage that you should learn how to utilize if you want to become richer and richer, instead of poorer and poorer. The less leverage you use to longer it will take you to become wealthy. I am not saying that you cannot become rich without using leverage, I just know it is easier to get rich by using leverage. If it wasn’t for leverage I would have little or no chance to become rich.
Leverage #1 – Other People’s Money
This is one of the simplest and best forms of leverage. Everyone knows of this form of leverage because everyone knows about buying a house using the banks money. You are leveraging the banks money in order to be able to purchase a property. In order for the privilege to use their money you pay them interest on their money. This can be very expensive if you are trying to pay off your own house, but if you leverage the banks money and someone pays the interest for you (through renting the property from you) then they are ultimately buying your asset for you.
Using other people’s money is great as long as you are not the one paying the interest. If someone else is paying the interest then this is a great form a leverage. It could be your customers or your tenants paying the interest, but as long as you are not paying for it then it doesn’t cost you anything to leverage other people’s money. You then can buy an asset that you wouldn’t have been able to afford otherwise. This makes you wealthier than you ever could have been by yourself.
Leverage #2 – Other People’s Time
Most people go to work and they use no leverage at all. They get paid a certain amount for every hour that they work. They are limited to the amount of income they can earn because they can only charge so much per hour and they can only work so hard. Rich people on the other hand have other people working for them. Instead of working for money, they have other people working to make them rich. They might have 20 employees making them rich meaning their leverage is 20:1, they might have 1,000 employees making them rich and their leverage is 1,000:1. Using other people’s time to make you rich is something you need to do if you want to be ultra rich. If you want to be average then you can become fairly wealthy working for a wage. But if you want to be ultra rich you need other people working for you.
In the not so distant future I will have accountants and tax strategists working full time just for me. I will also have writers and marketers working full time for me, making me rich. I don’t have to work, I just have to pay them to work for me. As long as they earn more for me than I pay them I can hire as many people as necessary. Meaning the more people I hire the richer I can become.
Leverage #3 – Technology
With the invention of the personal computer and the internet it is possible for almost anyone to become rich without requiring a lot of money. Technology is great leverage because it works for you 24 hours per day and it is a lot cheaper than hiring someone to work for you 24 hours per day. You can also reach people all over the world by using the leverage of technology.
One of the best forms of technological leverage is the internet. I have a variety of websites on the internet that work for me 24 hours per day. At any point in time people can go to my website and sign up for my free email newsletter or they can buy a product from me. It is like having a store that is open 24 hours per day that anyone in the world can come and buy things from me. This is great leverage for me as I can work once to create a website and then for the next 10-20 years (or more) it can work for me and earn me money. Even better I can leverage someone else’s money to pay for someone else’s time so they can create the webpage for me, then I earn money for years to come. Obviously you should know what you are doing before you start using leverage that heavily but it gives you an idea of the endless possibilities of leverage provided by technology.
So if you want to become rich then you need to begin to learn how to master the art of leverage. The better you are at using leverage the lower your risks and the higher your return can be. To put it simply the better you can use the leverage of other people’s money, other people’s time and technology the quicker you can become rich with a small amount of money.
Join the thousands of people already learning how to become rich WITHOUT making any more money. You can learn how to become rich without any costs for training. Master the art of leverage today and see your wealth grow exponentially. Go to http://www.richacademy.com and sign up to start your free training today. Everyone who signs up today will receive a free audio teaching worth $27. So hurry and sign up with your name and email address and start learning how you can get rich.
Article Source: http://EzineArticles.com/?expert=Ryan_Mclean
How to Get Rich With Options
How to Get Rich With Options
By Peter Halpin
Exchange traded options are simply a wonderful investment vehicle, because they are just so flexible. If you buy shares, you usually do so with the hope the price of the share will rise over time and you will make a capital gain. But if the market goes against you and the price begins to drop, you are then faced with the “buy, hold and pray” scenario, where you have to wait it out until the price, hopefully, will move back to your original entry price.
Options are not like this. They are not uni-directional investments. If you know how options work, you also know that positions can be easily adjusted to accommodate what the market is telling you. Options are also much more interesting than buying shares or CFDs because they contain a greater variety of components. I’m going to show you how to get rich with options.
We need to discuss option characteristics, which are not available when just buying and selling stocks.
You can create an option contract out of nothing. This is called “writing” an option, which is another way of saying you’re “selling” it to the market. So you create, or write, an option contract and sell it to the market, all in the same transaction. This now gives you the choice whether you want to be on the buying or writing end of a market deal.
All option contracts have an expiry date. This being the case, the price of any option includes a “time to expiry” element, as well as any “intrinsic value” due to market price movements. Because the price of an option decays at an exponential rate as the expiry date draws nearer, you can take advantage of this factor by being on the writing rather than the buying side of the market. This is vital information if you want to know how to get rich with options.
Options can be used to take advantage of either an upwards, downwards or sideways move in the market price. Call options increase in value as the price moves north, put options do the same as the underlying security price drops. If you think the share, commodity or currency price is about to make a large move, but in recent times it has been moving sideways, you can buy the same quantity of both calls and puts and make a profit from whichever way the price eventually moves. This is called a “straddle”. You buy these when the option price is relatively low and you need to allow enough time to expiry (at least 90 days) for them to do their job – but with the right chart patterns, they work well. We say this only to demonstrate the flexibility of options. There is a better way than this, how to get rich with options.
Now, here’s where it gets interesting. If we were to imagine a graph, options contain both vertical and horizontal components. The vertical component is the price movement; the horizontal component is the “time value” based on impending expiry. Combining these two elements with the ability to write (create, sell) as well as buy options, gives us all the flexibility we need to get rich with options.
The ability to write (sell) options, allows us to create positions with very low risk, which can be easily adjusted if the market turns against us, until conditions are better to produce a profit. Combine this with good money management and you can’t go wrong.
All option contracts have what is called the “strike price”. This is the price at which you accept or give the right, but not the obligation, to buy or sell the underlying security, by a given date. The relationship between the strike price and the current market value of the underlying security, affects the price of the option.
If you SELL a put option with a strike price that is close to, the current market value and at the same time, BUY another put option at a lower strike price – because the bought option is cheaper than the sold option, you create a position known as a “credit spread” because it puts an “up-front” credit into your brokerage account. As long as the share price stays above the strike price of the BOUGHT option strike price, by the expiry date, you get to keep the credit. This is one of the best strategies I have ever used. This is how to get rich with options.
Remember how the option price decays at an exponential rate as we draw near to the expiry date? If we have a credit spread in place, we are using this time decay to our advantage, because we are relying on our SOLD position to become worthless. For this reason, we only set up credit spreads with a short time to expiry, normally 4-6 weeks at most, sometimes less, but definitely not more than that. With rapid time decay, even if the underlying security price falls through our “sold” strike price, we can still make a profit at the expiry date. If it falls too far, we can adjust our position by what is called “rolling out” to a later expiry month and wait for the price to rise again. Or if it looks like the market price is going to crash, we buy back our “sold” put (for a loss) and just keep our “bought” put contract (which was very cheap to buy, being “out of the money” at the time) and let it make enough profit to compensate for the loss on the sold position.
Credit spreads are a very low risk investment strategy. With as little as $20,000 you can replace your monthly income, so imagine what you could do with $50,000 or more, trading the US markets? With a simple but powerful charting technique known as “channeling” you can easily identify opportunities, set up your positions and just wait for them to mature – then keep the money!
Peter has traded options for many years and writes for “Options Trading Mastery” – a website about the advantages of Option Trading and how option spread trading can give you a trading edge over the markets.
Article Source: http://EzineArticles.com/?expert=Peter_Halpin
How To Get Rich With Passive Income
How To Get Rich With Passive Income
By Josh Tuttle
Do you want to know how to get rich? It’s likely that you answered yes and if not, why not? Being rich is not exclusive to having piles of money. In that case everyone is looking for improvement in some area in their life or to have a rich life. Getting rich is a worthy objective for any person. Besides, we do not have to choose between having rich relationships and having a lot of money. We can have both!
There are many philosophies and ideas on how to get rich. Typically they involve cutting back on your Starbucks, never eating out at a restaurant, or downgrading your life in some fashion. Working for a company for 40 years and retiring on all the scrimped savings in a 401k is hardly ideal either. The objective to a rich life is to have freedom of choice without money or time being a limiting factor.
Freedom of choice can be achieved through passive income and residual income. Passive income and residual income is money that comes in without you being an active participant in earning the money. Interest in the bank is a great example of passive income. The money continues to come in regardless of what you are doing. You could go on vacation or get sick and there is still income. Even if you die the money will continue coming to your heirs. Freedom of choice is a powerful idea when there are no limiting factors and is the first step in how to get rich.
Unless you have a great deal of capital to put into the bank, it is not a good strategy to build passive income from bank interest. There are many other strategies to create passive income including an internet business, network marketing, and royalties from a product you’ve created. Once you have determined a strategy on how to get rich it must be implemented. In the world of technology that we live a great number of resources are available free of charge to get individuals started on their journey. Once the money aspect of your life is rich it makes it easier to focus on the other areas because your money relationship follows you everywhere.
In summary, riches should include all areas of your life. The objective should be freedom of choice by creating passive income. How to get rich can be realized utilizing numerous strategies and should complement what you’re good at or enjoy.
Article Source: http://EzineArticles.com/?expert=Josh_Tuttle
How to Get Rich III – 20 Sources of Passive Income, Part 1
How to Get Rich III – 20 Sources of Passive Income, Part 1
By Perry Jones
Cash is king!
This aphorism from real estate investing perfectly describes the little known method the rich actually use to accumulate millions of dollars. This report reveals 20 sources of passive income. Put any or all of these sources into place and sit back and watch the dollars roll on with no (or very little) further effort on your part.
If you truly want to get rich and live a life of luxury, then you must master the ability of generating cash flow from passive income sources. Without this ability, your income will be limited to traditional ways of making money, such as working. Working will never free you from having to work. You must do something different than working in order to obtain the income you need to live the lifestyle you desire. Passive income is the key.
Before you begin any investment plan, the first rule is to consult with a qualified investment advisor. By talking over your plan and considering possibilities you may not have considered, you will protect your capital to the greatest degree and help protect it from potential loss whiule multiplying your return.
This article will not consider the cost of entry to any investment nor will we look at rates of return. These will fluctuate – possibly every year or even over the course of a year- depending on the economy, conditions set by the SEC and other regulatory bodies and the IRS. This article will consider only the 20 possible sources of passive income; you will need to conduct further research to determine if any investment is appropriate for you.
1. ETF’s – Exchange Traded Funds – This is a fund that tracks the performance of an index such as the Dow Jones or Standard and Poor 500, a basket of assets or a commodity. Trading in the same manner as a stock, its price will vary according to the days trading demands. Benefits of owning an ETF include the ability to buy short, buy on margin and to buy as little as one share. Expense ratios are often lower than mutual funds. A common ETF is called a spider – SPDR – and tracks the S&P 500 index. Look for the symbol SPY to research or to purchase.
2. REIT – Real Estate Investment Trust – One of my favorite investments because you own a portion of the real estate (or mortgages) the trust invests in. These also trade like a stock on the exchanges. An Equity REIT buys ownership (equity) in properties while a Mortgage REIT buys the mortgages on properties. Two key advantages to owning an REIT are the tax advantages and the liquidity of the security – you trade it just like a stock.
3. Canadian Oil and Gas Trust – This is an organization that invests in oil and/or gas production and possibly mining in Canada. Several of these are now trading on the American (US) exchanges. Purchase is the same as purchasing a stock in any other company. Tax advantages are similar to those of an REIT and a big advantage – the one I like the most – is that some of these trusts pay ridiculously high dividends – and they pay monthly! My advice: do your research, find a Canadian Oil and Gas Trust you like and then invest as much as you can.
4. MLP – Master Limited Partnership – Want a limited partnership that you can sell or trade as easily as a stock? Enter the Master Limited Partnership. These hybrid organizations feature the limited liability of a partnership while enabling you to trade the partnership units – investment units – just as you would a stock. What could be better? A MLP offers distributable cash flow as well as income and these terms must be mastered and understood before a reasoned decision can be made regarding the purchase of an MLP for your investment portfolio.
5. Annuities – Who has not heard of an annuity? But do you know how they work? Let’s keep this simple: an annuity is nothing more than a contract you sign with an insurance company that guarantees to pay you a certain set amount of income over a period of time. You pay for an annuity upon signing and then the insurance company repays you the amount of your investment plus the “profits” (we’ll keep this simple and not use the technical term) over a period of several (or many) years. These are generally considered safe stable investments appropriate for a conservative portfolio.
6. TIPS – Treasury Inflation-Protected Securities – Offered by the U.S Treasury, these are securities that are indexed to the rate of inflation meaning your dividend will increase as the rate of inflation increases. A TIPS pays interest every six months and pays the principal upon maturity. Also a conservative investment, you may want to consider these if you are looking to preserve and protect capital from the ravages of inflation while providing a consistent and dependable income, but your money may not grow at the rate you would prefer – but then we aren’t looking at capital appreciation anyway.
7. Dividend Paying Stocks – Finally we get to what is perhaps the most familiar method of passive income. Anyone who knows anything about Wall Street knows that companies pay dividends to people who own their stock. Right? Well, most of the time, if it is a well known and established company. Many newer and smaller companies will use their income to grow the company instead of paying dividends and any company that incurs financial trouble may stop paying dividends. So if you are going to buy stock to acquire the income make sure the company has a track record of paying dividends. The best known American companies – commonly referred to as the “Blue Chips” are also the companies that traditionally have paid the best dividends. As with all other investments, research is necessary to capture the best dividends and target those companies with the best potential in future years.
8. Covered Calls – This is a passive investment instrument that is often considered risky. But it is not. A covered call is selling the option to buy stock that you own. You do not sell the stock, you only sell the option to buy that stock at a future price and time. The person buying the covered call buys the option at the price you agree upon – actually at which the market agrees upon – and you just set back and forget it. Well, not quite. The person who has bought the option has the right to buy your stock at any time between the time you sold the option and the expiration of that option. Writing (selling) a covered call is the only options investment that is considered safe enough by the IRS to be included in a 401K or other retirement plans. But you must do your homework and thoroughly understand the world of options before using this method.
9. Real Estate – Everyone knows what real estate is and everyone knows – or at least is intuitively aware – that big money can be made from real estate. Real estate provides tax advantages as well as the opportunity to highly leverage your investment – leverage being a factor that is limited or absent in many other investments. Many real estate advisors and gurus insist that the one house at a time or the flipper strategy or fixer upper or wholesale method or other flavor of the month is the absolute best way to make money in real estate. Generally speaking, avoid all that. Making big money – meaning massive income – in real estate is possible with highly leveraged deals which are a certainty only in commercial property. Multiple family properties, office buildings, retail facilities and warehouses would all constitute commercial property. Of these, the best strategy is to invest in multiple family properties. The bigger, the better. This requires knowledge and education more than it requires capital. Capital can always be acquired through your network, but knowledge is the one ingredient that will make this passive investment method work. And, with a big property, the income from that one property may be all you need to secure your retirement – today!
10. Business Ownership – No, this isn’t what you think. Owning a small business for most people is worse than working 9 to 5. In your own small business you get caught up in the details, trying to make the business go, searching for a market, dealing with customers; it quickly becomes more than a full-time job. That’s OK if that’s what you love to do. But, what we mean here is starting a business or franchise with the short term goal of handing it off to someone to run. The faster you can do this the better. If you can do it from the very beginning so much the better – the more time you free for yourself, the more time you will have to enjoy and/or create more passive income sources. A book that will help you is The E-Myth Revisited by Michael Gerber, another is the Four Hour Workweek by Timothy Ferris. Both of these books will help you structure your business ownership in a way that frees you from actually running the business yourself – margaritas on the beach anybody?
All of these sources require work to set up, but once established, they can be structured to run hands free. The two books mentioned in item 10 above will help you structure your passive income sources to be truly hands free income.
11. Private Lending – Private lending has been around since people have been around. Essentially private lending is nothing more than lending out some of your excess cash to a trustworthy person who needs it. This has not always been easy or fruitful for the person who has had money they wanted to invest. As a result, several online services are now available that will accept your money and distribute it under your direction to those you feel are qualified; search for person to person lending on the major search engines to identify organizations you can use. The primary benefit of private lending is that the interest rates are often much higher than you would obtain by parking your money in a CD or bank.
12. Tax Liens and Notes – A primary benefit of tax liens is the higher interest rate you receive on your investment plus the fact that your principal is backed by real estate. Please note that you will almost never receive the property from investing in tax deeds, liens or notes; the primary benefit is the favorable interest rate and the security resulting from a real estate backed transaction. Avoid organizations that suggest you will be receiving the property the tax instrument is against. Another benefit of this type of passive income is that you can invest online from almost any state in the country – be sure to review Texas tax deeds, interest can be as high as 50% annually in some cases.
13. Bonds – Ok, you know about bonds – they are a conservative investment for old people and people afraid of the stock market right? Wrong. A bond can provide a secure and stable source of income for anyone. By definition, a bond is a debt issued by an authorized organization – often a corporation, municipality or utility. A bond sells for the issue price, matures (is paid back to you) at the principal (face amount or nominal price) and in between you collect interest that is called the coupon rate. Bonds are often purchased in the form of mutual fund bond funds. Some of these can be very lucrative with a yield exceeding that of equity funds but these are often hard to find. But they are there!
14. Mutual Funds (Income Funds) – As we are only considering sources of passive income, we are only going to look at income mutual funds. These may be called “growth and income” funds or “income” funds or “value” funds. Nearly every mutual fund family will have their own set of income or growth and income funds. Morningstar and other services provide third party ratings that you can use to identify the safest and highest paying income funds. Invest wisely and always consult a qualified investment advisor before investing. Mutual funds are also required to send you a prospectus (a formal disclosure of the funds objectives and operating guidelines) for your review before you can invest. Review the prospectus carefully and consult with your financial advisor for terminology you may not understand.
15. T-Bills, T-Bonds & T-Notes – Treasury Bills, Treasury Bonds and Treasury Notes – Considered to be the safest of all investments because they are issued by the United States Treasury Department, these vehicles are also among the lowest yielding. But you sacrifice yield for security whenever you invest. T-Bills, Bonds and Notes are most often purchased through your bank, broker or they may be purchased directly from the US Treasury Department through their Treasury Direct online service. Although you will not receive a high rate of return, the security of your investment cannot be any higher than it is with these investments.
16. Unit Investment Trust – A Unit Investment Trust is one of three different types of investment companies, the others being a closed end fund and the familiar mutual fund. UIT’s offer securities in the form of “units” that represent a unit of their investment portfolio. This portfolio is often an unmanaged portfolio consisting of stocks and bonds. Units are usually sold in amounts of $1,000 and investors or “unit holders” receive dividends from the units they hold. A unique feature of a UIT is its termination date. Unlike most other corporations and investment company organizations, which exist in perpetuity, a UIT has a defined termination date which is set upon inception. When this date arrives the UIT is terminated and the assets held are sold. The proceeds from this sale are then distributed to the unit holders.
17. Preferred Stock – A Preferred Stock is a security issued by a corporation that usually features a specific dividend rate. Preferred stock usually does not have voting rights except sometimes in extraordinary events. Preferred stock also receives priority over common stock holders when dividends are distributed – preferred stock holders must be paid first. And preferred stock holders also receive preference if the company is ever dissolved. Your rate of return with preferred stock may not be high, but the security of your investment is higher than with more risky investments.
18. Corporate Backed Trust Securities (CABCO) – Also known as Corporate Asset-Backed Securities, these investments are issued by corporations and are based on a pool of underlying assets. The cash flow from these assets provide the dividend payments made to the holders of the security. The asset pool can consist of almost any type of asset which provides a cash flow. Usually sold initially to a market maker type organization such as an investment bank, these securities may be resold to the general public by the broker. Contact your broker for more information on these types of investments.
19. Music Publishing – You don’t know about music publishing? The artist may get the glory (and often the money) but the publisher Always gets the money. If you own the rights to a song or sheet music you are the publisher and you get paid whenever that song is played or performed in public. Although the current rate is only 8 cents (US) per “performance” think of all the radio stations, bars and clubs in the country where your song may be being played right now. Yes, bars and restaurants must pay you whenever your song is played in their establishment. You don’t have to worry about going around to each bar, hotel lobby or elevator or restaurant (More places!) in the country to collect your eight cents – this is handled by any one (or some combination) of just three organizations which pretty much manage all music throughout the world – ASCAP, BMI and for the internet SoundExchange. Yes, you do need to register with these organizations so they know where to send your checks, but this can be a very lucrative source of passive income.
20. Copyrights, Patents and Licenses – If you are an author you get paid every time a book of yours is sold. Ok, this is obvious, but you can also republish public domain material under a new copyright if you change it by at least 20% or add at least 20% more material to it. The easy part (some would say not easy) is the writing of the book itself. The hard part is getting other people to buy it, that involves marketing which is beyond the scope of this article, but if you can get a bestseller on your hands, the royalties (payments you receive from being the copyright holder) received can be very high.
A patent is an innovation (process) or invention (thing). You get paid when the item represented by the patent is used or sold by some other organization or the public. The patent protects your right to exclusive ownership of that process or invention for a certain amount of time.
A license is also possible to sell to the market. What if you know a particular process or procedure that no one else does? Can you sell this knowledge? Yes, you can. And the way to do it is to license an organization to use your knowledge in the form of a process or procedure. Check out inventright.com for a guide on how to do this.
21. Movie & Other Obscure Investments – We live in a dynamic world and there will always be investment vehicles being conceived for a need. Also, more obscure investments are available but generally are unknown outside of their particular industry. Movie investments are one of these. Movies often need financiers ready to fund the production of the movie project. When the movie is released to the public and begins to make money the financiers receive their capital and return on investment. This can be a good way to make a lot of money if you back a blockbuster or a good way to lose a lot of money – look at how many movies do poorly. Do not invest in this vehicle unless you are an industry insider.
Other obscure investments include exploration financing, water rights, coal leases, limited partnerships, commercials and commercial funding (yes, tv commercials and infomercials), receivables financing, sports team ownership, etc, etc, etc. If you have an interest in investing in any of these areas you need to find someone with excellent knowledge of the field and with a good track in investing in that industry. Consult with them intensely allowing them to guide your investment decisions. Generally, the best policy is to invest only in those areas where you are familiar and never, never invest more than you can afford to lose.
Passive income investing is the key to securing income. Income is cash flow. Cash flow is king. You cannot invest future income or a projected return or an eventual equity position; you can only invest the cash you have on hand today. Likewise, you cannot pay bills or buy groceries or pay the mortgage or tax man with anything other than cash or credit. A projected return or equity position will not pay today’s bills or put food on the table. Capital appreciation is great – for tomorrow. I prefer cash in hand today. The more cash flow you have coming in now, the greater that tomorrow will be. Guaranteed!
Passive Income Blog
Article Source: http://EzineArticles.com/?expert=Perry_Jones
How to Get Rich Online – Work Hard
How to Get Rich Online – Work Hard
By Tino Sundin
However you try to make money, be it in business, real estate, sports, advertising, politics, writing, selling, entrepreneurialism, science, or anything else, there is a common theme for success – Work Hard! The exact same advice applies to getting rich online.
Many people are driven to making money online because of stories they hear about dot com millionaires that made millions virtually overnight. There certainly are such people that achieved this kind of success in many endeavors, not just online. But these people are in the minority; it’s not the norm.
Of course, you can be an overnight success and become rich online very fast. Just don’t count on it. There is, and always will be, opportunities to make money on the internet. This can be done with blogging, writing, creating videos, building an e-commerce store, affiliate marketing, and writing your own eBook, just to name a few possibilities. But ask the majority of successful internet entrepreneurs and they will tell you that one of the main reasons for their success was working hard. It just takes time and effort.
Before you start your internet endeavors, do some research. Research your market. Research successful companies in your niche. Seek out other people that have become successful doing what you plan to do. Ask them for advice. You’d be surprised how many people would give you advice for free – You just need to ask.
The one thing you should not do is spend money on a program that claims to teach you how to get rich online. Most, if not all, of the information in these programs can be found for free by seeking it in search engines.
Before you get started, just remember my advice on how to get rich online – Work hard!
Of course, there are many more ways to get rich, not just online. You could win a jackpot like one of these lotto winners. Then you wouldn’t have to worry about working hard!
Article Source: http://EzineArticles.com/?expert=Tino_Sundin
How to Get Rich Working From Home
How to Get Rich Working From Home
By Karen J Miller
If you are like most people, you want IT. I want IT. My neighbor wants IT. My family and friends want IT.
What is IT? Riches, my friend! Most people want to get rich, and they want to get rich working from home. Even if you are part of the working population who are happy with their jobs, you most likely would like to be able to make more money.
There is something empowering about working for yourself. Being your own boss, setting your own hours, calling all the shots. There is also a certain nostalgia in building your own business. You become a part of building your community with your own wits.
These days, we don’t have to build a business with a store front. The internet has opened new territories for entrepreneurship that are limited only by our own creativity and old fashioned gumption. It has become much easier to run a business from home using primarily your computer.
Training & Mentoring
Many Network Marketing (MLM) and Direct Sales companies have made it easier to market online. There has also been a proliferation of organizations who offer training in how to market your business online.
If your company has inadequate training and support, you will have to shop around for a solid training organization with experience, current knowledge, and integrity. Cost is a factor. Fees range from free to a couple thousand dollars. An important feature to look for is the amount of personal mentoring support offered.
The Magic of Residual Income
Network marketing can be a very profitable business to get involved in. The degree of success has to do with several factors, including your drive, training and support, and your company’s compensation plan and contract.
A major factor in your ability to make the kind of income that allows you to really retire is a residual income. This is income you receive from your business activities that you do not directly put an effort into creating. It includes commissions on your downline organization’s autoships and retail sales, as well as any commission you receive on your downline’s sponsoring activities.
A residual income represents the work you originally performed and are benefiting from now. It is akin to royalty income people receive on later sales of their music, movies, books, etc.
Don’t Quit Your Day Job
No matter what hype you may have been enticed by, do not quit your day job! It is easy to get pulled into the dreams of instant riches that will allow you to run your business on your laptop while sitting by the pool. That dream can come true, but it takes time and hard work to get there.
Keep your job so you can work your business without the desperation of having to make the money. A few people can be successful with this type of “hunger”, but it is the undoing for most. It creates a mindset that either turns prospects off and sends them in the opposite direction, or establishes a habit of sponsor, sponsor, sponsor without being able to help your downline become effective.
Pay Off Your Debt
Once you start generating an income from your home based business, start paying off your debt! Avoid the temptation of buying more trinkets or increasing your debt….such as buying a new car on credit.
Being money smart means not owing your life to the bank. If you are up to your neck in debt, you will be operating from that place of desperation. As your business booms and you start seeing 4 and 5 figure checks, put it towards your debt. That is real financial freedom. Once your debt is paid off, then you can put your plans for early retirement into play.
Promoters of home-based business opportunities often capitalize on people’s high hopes of “making it big”. It is easy to get caught up in the hype and not think about your home-based business with a business sense. You can get rich from home when you follow sensible practices.
When I started Network Marketing, I felt like I had arrived in a foreign country. I had to learn a new language, customs, and survival. The internet is full of training programs and opportunities. How do you make sense of it all and pick the right one? I specialize in mentoring and training MLM colleagues until they achieve their goals. I invite you to visit my blog at http://mlmnetworkingwomen.com/.
Article Source: http://EzineArticles.com/?expert=Karen_J_Miller
How to Get Rich – Number 1 Top Secret Way of Getting Rich
How to Get Rich – Number 1 Top Secret Way of Getting Rich
By Keelan Cunningham
He flies economy class, wears a $15 plastic watch and doesn’t have a car or own a house. He even carries a plastic bag instead of a briefcase. Doesn’t sound like your typical billionaire, does it!? Well, that’s because Chuck Feeney isn’t.
Feeney made his fortune when he co-founded Duty Free Shoppers (DFS) in 1960 and it became the world’s largest duty-free retail chain making him a billionaire. His personal motto was “I set out to work hard, not get rich”. He did both. He quietly became a billionaire and since the mid-1980s he has been quietly giving away all his money.
One Idea That Never Changed
“I had one idea that never changed in my mind – that you should use your wealth to help people,” Feeney said.This is the key to the enormous fortune Feeney amassed.
Feeney’s modest, blue-collar Irish-American background stood him in good stead. Reportedly witty, self-deprecating, frugal and astute; these characteristics helped him greatly in growing his business. He often relied on his instincts in making business decisions and reveled in taking risks. He was also drawn towards the underdog, often reaching out to help people who were struggling.
As his fortune grew over the decades, his outward display of the trappings of wealth did not. He was extremely private and you might even say secretive about his charitable donations. He secretly gave almost all of it away through his foundation, Atlantic Philanthropies. He had only one condition when giving away his money and that was that his name was never to be mentioned by the benefactor.
Feeney has helped fund schools, hospitals, universities, medical research and human rights from the United States and Ireland to South Africa and Vietnam. Feeney is said to have been inspired by the great 19th century philanthropist Andrew Carnegie, who incidentally was the inspiration for Napoleon Hill’s seminal wealth creation book, “Think and Grow Rich”.
The Billionaire Who Wasn’t
In 1997, Chuck Feeney called Judith Miller of the “New York Times” to correct a widely reported fact. He was not, as “Forbes” and others reported, one of the 400 richest Americans. He was worth a relatively modest $2 million. Yes, he had been a billionaire however, but since 1984 he’d been quietly giving away all his money.
Giving While Living
Feeney believes in improving the lives of people who need change the most. “Try it, you’ll like it”, he has said as regards giving. Although initially extremely private about his giving Feeney has of late been more public, believing this sets a good example to other wealthy individuals to do the same. Chuck is driven to highlighting the manifold benefits of philanthropy to both giver and receiver. At the last count, Chuck’s Foundation, Atlantic Philanthropies, had given away over $5 Billion!!
The Secret Formula of How to Get Rich
What’s noteworthy about Feeney’s modus operandi is that he had this one idea in his mind that dictated all his actions. It’s like as if Feeney had decided earlier on in life that in return for achieving great wealth that his clear statement of intent was to give it all away in return. This is the secret formula to getting rich that Napoleon Hill wrote about in his book, “Think and Grow Rich”. That you must clearly describe your major desire in life and clearly state what you intend to give in return for achieving this desire.
Winston Churchill famously said “You make a living by what you get but you make a life out of what you give”. Feeney certainly has and continues to ‘make a life’. So if your endeavors to date to amass great wealth haven’t quite worked out, maybe you need to focus on what you’re going to give in return for what you’re gonna get.
If you’re serious about becoming rich then why not sign up NOW for more insider secrets on How to Get Rich at www.MillionaireMindsetSecrets.com for FREE. In the meantime you can read more about Napoleon Hills secret formula for growing rich in my article – Think and Grow Rich – 6 Surprisingly Simple Steps to Turn Desire into Gold
Article Source: http://EzineArticles.com/?expert=Keelan_Cunningham
Rich Dad Poor Dad – You Are Not Rich?
Rich Dad Poor Dad by Robert Kiyosaki, is one of the best books I have ever read in my life. It was a New York Times best seller and the most famous book by the author. The first time I read it was in May 2008, I read it again this year and even decided to write a review to remind me of the golden rules of the rich.
I started to read the Rich Dad series in 2007 with Rich Dad\’s Cash Flow Quadrants, since then I have bought 14 books from the Rich Dad\’s series and his advisor\’s books. Personally I do not like to read the same book twice, but Rich Dad books are exceptional, I have read many of them twice, and every time I read it I always pick up something new or spot something I did not realise at first reading or have already forgotten. I am a big fan of Rich Dad and I rated this book five stars at Amazon.
This book is very inspirational and one of the best mindset books you can ever read; he combined stories and also used simple English to make it easy to understand. There are lots of people in this world who are much richer than Robert Kiyosaki, however, there are not many people willing to share the secrets of the rich and teach you how to build wealth. I truly admire and respect Robert Kiyosaki\’s generosity and courage to share his wealth secrets with the world and his determination to educate people for their financial intelligence and the well-being of humanity.
Robert Kiyosaki had two dads; one rich one and one poor one. The poor dad was his real dad; he was highly educated with a PH.D, and once was the head of state education of Hawaii, however he struggled financially for his entire life. Rich dad was Robert Kiyosaki\’s best friend\’s dad who started mentoring him when he was a child and had a massive influence on his life and wealth building. Rich dad never finished the eighth grade, however, he owned substantial real estates, investments and he owned businesses and later became one of the richest men in Hawaii. Rich dad died leaving tens of million of dollars to his family, charities and his church, while his poor dad left bills to be paid. Robert Kiyosaki\’s decision to listen and follow his rich dad\’s guide and advice has ultimately made him rich and shaped who he finally became.
Poor dad often said ‘The love of money is the root of all evil’, while rich dad said ‘The lack of money is the root of all evil.’ Poor dad often said to Robert Kiyosaki ‘Go to school, study hard, get a degree and find a good job’; he believed in hard work and loyalty. However, Rich dad often said to Robert Kiyosaki ‘Mind your own business’, ‘Invest and build your own assets and create jobs’; he believed in working smart and always said work to learn rather than work for money. Poor dad believed his house was his biggest asset, while rich dad taught Robert Kiyosaki your house is a liability to you and an asset to your bank.
As you can see Robert Kiyosaki\’s Rich dad had a completely different mindset compared to his poor dad, that\’s why they saw the world and money in a different way. Most of us are too familiar with poor dad\’s philosophy and that is why most of us are not rich. Robert Kiyosaki said our mindset is our most important asset and that is why it\’s very important for us to financially educate ourselves first in order to become rich.
Lesson # 1 The Rich Don\’t Work for Money, They have Their Money Work for them. When Robert Kiyosaki was nine years old, he already had a strong desire to get rich. His best friend Mike and himself then decided to ask Mike\’s dad to teach them how to become rich and their journey began. At first they worked for 10 cents per hour for rich dad and then later they worked for him for free. Rich dad told them ‘The poor and middle class work for money, but the rich have money work for them.’
Lesson #2 Why Teach Financial Literacy? Rich Dad said the most important and only rule in getting rich is that you must know the difference between an asset and a liability and buy assets. He said that most people struggle financially because they do not know the difference between an asset and a liability. The rich acquire assets and the poor and middle class acquire liabilities, but they think they are assets. To simplify, an asset is something that puts money in your pocket, and a liability is something that takes money out of your pocket.
Rich dad also said that in order to get rich, we have to read and understand numbers and he drew diagrams of the cash flow pattern of an asset and of a liability. Most people do not get financially ahead, because they do not understand cash flow, and do not know how to have their money work for them. Rich dad said in order to be rich and maintain your wealth, you must know how to read numbers and be financially literate in words as well as in numbers.
Lesson # 3 Mind Your Own Business. This means to build and keep your asset column strong.
Lesson #4 The History of Taxes and the Power of Corporations. Tax is the biggest secret of the rich, this is because the rich use their corporations to earn, spend and then pay taxes, while middle and poor class people earn, pay taxes and then spend. According to rich dad, tax is the single biggest expense for most people, however, the rich know about and use the tax laws to become richer and richer.
Lesson #5 The Rich Invent Money. Financial intelligence requires various skills including the ability to read numbers, understand the investment strategy of money making money, the supply and demand of the market and the laws and regulations. Opportunities are everywhere, but if you do not develop your financial intelligence you will not able to identify them.
Lesson#6 Work to Learn – Don\’t Work for Money. Rich dad said do not specialise in one thing, but learn a lot of different things, what he means is that you should generalise in order to learn all the different aspects of a business. Rich dad also advised Robert Kiyosaki that he must work to learn skills not work for money.
Rich Dad books have had a life changing impact on me and this book is no different. Like his Poor Dad, I believed in excellent education, getting a good job and then climbing the corporate ladder. I thought the only way to get rich was to get promoted to higher positions in a big corporation or run my own company. Until I read Rich Dad\’s book series, I had no idea that the chances of getting rich just being an employee are very slim and I realised what was wrong with the way I thought.
As Rich Dad said whether you like it or not the laws are written by the rich and for the rich, if you want to get rich you must use the same laws that the rich use. I did not know that tax laws are one of the biggest reasons why the rich are getting richer and the poor are getting poorer. Even at business school, I learned nothing about money, investment and wealth management. After reading his book, I realised that I need to acquire and create assets and learn to make my money work for me. This book has completely changed my mindset and helped me to think outside the box. As it is such a brilliant book I also bought it for other members of my family and have no hesitation in recommending it to anyone.
About the Author
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I am a Clinical Lab Scientist, entrepreneur, investor and trader (stocks and Forex). I enjoy writing and publishing articles online.