7 Wealth Creation Tips for Entrepreneurs

In today's post we are going to cover some wealth creation tips that I have compiled after studying some very wealthy people, and what they do with their money. It seems that wealthy people all have certain things in common, and we are going to go over a few of these things and how you can implement them right now.
Wealth Creation Tips for Success
1.) Having the Right Mindset. First of all, you cannot get wealthy with a poor man's mindset. You need to FEEL abundant and believe that you deserve wealth. You can do this by reading books, and listening to guys like Tony Robinson, as well as doing subconscious work with great people like Wendi Friesen.
2.) Persistence is one of the keys to wealth. If you give up too quickly, you'll never get anywhere. People who have achieved great wealth were persistent through the toughest times. You need to have this same characteristic in anything you do.
Wealth Creation Tips for Growth
3.) Get paid for your Worth, Not Your Time. Wealthy people get paid for their value and what they bring to the table, poor people get paid for their time, which is limited. There should never be any limits on your income!
4.) Invest in Yourself. To grow as a person, more than likely you will need to be educated on the subject of personal growth and development. Since we get paid based on the value we bring to the marketplace, investing in yourself by purchasing educational books and courses will make you more valuable, thus increasing your income as well. These wealth creation tips only help if you take action and invest in yourself.
5.) Investing Your Money. We cannot have wealth creation tips without discussing investing. Due to the volatility of the stock market, this author believes that the wealthiest people right now see what is happening in this economy, and are investing in silver and gold. Not just any silver or gold, but silver and gold coins. You should also invest in something that has statistically increased over the years, which are Numismatic gold and silver coins. Graded coins continue to increase in value, despite the spot price of bullion.
Wealth Creation Tips for Life
6.) Visualize your goals. For wealth creation tips to work, you need to visualize yourself implementing them, as well as visualize the success that you have achieved. Idiots that use terms like "pie in the sky" or "you're a dreamer" are just that, idiots. Don't let yourself be swayed by these people, because in 99.99% of the cases, they are broke. A wealthy person will never tell you that you are "dreaming." Remember that.
7.) Invest in your family. Investing in yourself through personal development, will also help you in your relationships. Try and keep in mind why you want to be successful, and you will understand the importance of family and relationships in general. Family does not have to be a blood relative, they can be your closest friends. Relationships are what drive us as humans, and to deny ourselves the pleasure of the company of others is not in our nature. You will never be truly happy without close relationships.

Creating Wealth Secrets - Why Financial Discipline Is Important and How To Have It

As have been written in previous posts on creating wealth, becoming financially free occurs once your passive income (from a residual income business or properly managed rental income property, for example) exceeds your monthly expenses. In order for that to happen you must know exactly how much PASSIVE INCOME you're creating each month AS WELL AS the amount of your monthly expenses. That requires tracking your income and expenses, which most people just don't do. (How many people do you know who simply use their bank balance as an indicator for how well they're doing?)

Another creating wealth discipline most people know about but just don't do is paying themselves first and consistently every month (or from every pay check, etc). Everyone knows they should set aside and SAVE 10% of their income each month and yet as simple a concept as this is, hardly anyone does it. Do yourself a favor and grab the book "The Richest Man In Babylon" now - it will change your life if you apply the principles in that book alone. Simple yet very profound. Again, the importance of financial education.

Also, certain expenses can be deducted against your taxable income, lowering the amount you pay in taxes thereby increasing the amount of money you have to reinvest into your residual income business or other asset to again increase your passive income to get you that much closer to creating wealth. Such tax planning - like spending money wisely in the right areas - can help you reach your goal of financial independence that much faster (as long as earning income from a residual income business for example; no tax planning advantages for those only earning income as an employee - see my article on "Creating Wealth - The Type Of Income You're Making May Be Costing You The Most" for more info).

As I'm sure you've seen or heard before, money has both the power to make you rich as well as poor. Money after all is just an idea, a tool. More money will simply amplify your current financial situation, good or bad. Increasing your financial education will help you develop financial discipline so you can increase your financial intelligence.

More money is not the solution to bad money habits. Financial education - learning the difference between assets and liabilities, good debt and bad debt, etc - is the remedy which will help you learn and understand proper money habits so you can better use the tool of money to keep more of your money which will allow you to move towards creating wealth.

The 3 Most Important Sectors To Preserve Your Wealth Today

The best thing my parents ever did for me was to introduce me to traveling at a young age.
When I was 13 years old, I spent three weeks in the UK and Europe with my 8th grade French class traveling from London through France, on to Monaco, and ending up in Italy. I only knew five words in French, "Je ne parle pas Francais" (I don't speak French). It turns out everyone in the world can figure out what I am pointing at on a menu and I learned that I could travel anywhere. I was hooked on traveling. I have lived in five countries outside the US (Hong Kong, Singapore, Australia, India and Switzerland) and have visited 48. Some adventures were with my family, like the Christmas we spent in Egypt the year after 79 Swiss tourists were gunned down by a crazy, gun-toting extremist.
My dad had a knack for finding the coolest, least traveled places to vacation. We seemed to often go to places a year or two after revolutions of some type. The upside was that we were treated like kings. But most of my traveling was solo, discovering that Planet Earth has many different types of people, cultures, religions and beliefs. I learned there is no 'right way', but hundreds or thousands of 'right ways'. You quickly learn that your own town, state and country are just that... small parts of a very big puzzle. So why am I talking with you about traveling in an investment article? You see, I did a lot of my world traveling between the ages of 12 to 27.
This is key: While my brain was being formed, while my beliefs about the world were being formed, I was traveling the world. What a gift my parents gave. One of the most important mindsets I use for growing money is the one I call the "investment perspective." I don't believe the USA is the center of the planet. I don't believe that the world should think like Americans think. In fact, sometimes USA Inc. does some pretty stupid things. I'm sure you could think of a dozen or so yourself if I gave you a second or two.
So when I advised people to get out of real estate (in 2006), or into gold/silver (in 2004 til today), I'm taking the point of view of the world's investments and not just America's investments. I can't over-emphasize how important this is for investors today. Perhaps during the golden age of USA Inc. (1971 to 2008), a US-based investor didn't need to have this point of view. But ever since Ben Bernanke, Hank Paulson and Timmy Geithner, et al. decided to devalue the US Dollar, the world has changed. The world of investing has changed. All investors today need to think more like a citizen of the world and less like a citizen of America or Europe, or even China or Brazil. The question I ask myself the most is: "Where is my money treated best in the world?"
And today, that answer is three places:
1) Gold and Silver
Yes, even with the correction that has taken place recently, and continues to unfold, the smart money has continued buying. The world is getting out of US Dollars and, in many parts of the world, they are also getting out of their local currency. Take notice, dear investor, as this is the new normal. The masses that are awake are noticing what their governments are doing, and they are protecting themselves the same way their ancestors did. And so should you. Buy a little bit of gold and silver each month for the next five years.
2) Health Care and Biotech
My OT Model Portfolio is quietly growing each month with health, biotech, and medical companies. As the world's population ages, people in the richest countries are going to want and need a high level of medical care. Just in my little Silicon Valley town, there are three new hospitals being built within two miles of my house. And there are dozens of biotech companies scattered all over the Valley and the Bay Area of California creating "better health" for us. I believe a sleeping giant has awoken, and for the next decade we are going to see advances in medicine and biotech that were only dreamed of twenty years ago. The future is here for medicine technology, and the smart money is getting richer and smarter.
3) Technology
It is what helps other companies lower their overhead and increase their revenue without hiring people. Look at Apple. For every one person they employ in the US, they have ten working in China. I've talked about this before: Corporate America does not need Americans any more to grow their companies. The Corporate World's only focus is on profit and shareholder value. In fact it is so bad, that when Vikram Pandit, the CEO of Citibank, was asked who his customer is, he said his shareholder. That should be a warning to anyone who thinks they are the customer of Citibank just because they happen to be a "customer" of Citibank.
When an investor is able to step outside of the matrix they live in and look objectively from a global point of view, they are able to notice - almost immediately - where money is flowing. Then they are able to protect and grow their money in any climate. Because they have the entire planet to choose from... they have perspective.
Take, Ireland. Most people would run from anything Irish. After all, their country is quickly imploding into a multi-decade long death spiral of debt and deficits. Not me. In my travels around the world, I've seen many countries where the economy is not doing well but certain niches or companies are. In fact, the worse the economy gets, the better some of these niches seem to get. So this got me thinking...are there niches in Ireland that have biotech or medicine or technology or gold/silver, for that matter, that perhaps the investment world is not looking at because they do not have "investment perspective?"
And my answer was YES! Take a look at this Irish company, Shire Pharma Group (Shire), ticker symbol SHPGY. Shire is a bio-pharmaceutical company employing about 1800 people with sales of $3.6 billion and a market cap of $18 billion. They operate in 25 countries and sell their products in 50. Their profit margins are 18%, with total profits of $630 million last year. Not bad. Should we overlook them just because they are Irish? Most conventional investment advisers in the US would. And that is because they do not have "investment perspective." And I think that is a mistake.
In fact, I never hear conventional advisers speak about companies like Shire. Take a look at Shire's price compared to the S&P500 over the past 17 months. Shire is up over 60% since January 2010. The American Stock Index, called the S&P500, up 18% during this same time period. So here you have an Irish company besting the S&P500 by 300% and no American financial pundit is talking about it. Great! So if you are noticing your investments only contain what I call off-the-shelf investments, perhaps it's time you notice your own "investment perspective".
Together, we are growing and protecting your wealth.

What Would You Do With More Money?

There is nothing greater than the dream or daydream where you miraculously find a few million dollars. The best part is thinking about what you would do with more money. You imagine yourself buying a big house, a nice car, every gadget under the sun, and of course, let's not forget to share the money with friends and family, as this type of miracle should never be accepted without any good deed, right? However, the longer you begin to think about it, the more you begin to get stressed out, because you realize that the money you found always begins to run out, no matter how many millions you dream about having. Before you know it, your dreams slap you all the way back to reality where you are not only anxious about how to ensure that you do not run out of money, but you also realize that you do not actually have that money, because it was just a daydream.
But seriously, what would you do with more money? How would you utilize it to ensure that you never have to worry about running out of funds? We always hear that saying, easy come easy go, but does it really have to be that way? What is as always, the three wishes will finally get used up, and the hero ultimately finds himself left with nothing once again. If only the hero took some time to think about those wishes before using them up. For example, why not wish to have unlimited wishes, right?
Okay, so getting back to the money dream. Instead of spending it all on cars, houses, and so forth, your first step should be to find a solution to ensure that your money never runs out. That way, you can then have all the things you want without still worrying about your funds drying up. But let's get back to reality. Instead of daydreaming about how you are going to manage the money you don't actually have, why not rather utilize this way of thinking to ensure that you don't run out of funds, and that you are able to make more funds so that you are not only living to survive, but to enjoy life to the fullest as well? It doesn't matter what scenario you are in, you will find that there is always a way to not only increase your funds, but to ensure that you never run out of those funds either. So instead of daydreaming about receiving millions of dollars, why not utilize that time to turn your dreams into reality?

How Can I Become a Millionaire - Pay Yourself First

How can I become a millionaire if I'm always paying everyone else first?
First things first here! I know we have talked about being a giver to others, but there is a case to be made for making sure you are secure first. It is important to be giving, and pay your bills on time, but if you always make your bill payments or are working on paying down debt and do not save anything for yourself, you will always be broke.
You may have read about care givers that only focus on others to the point that they do not have any energy or even worse are always getting sick. The problem is... they do not take care of themselves because they are strictly focused on others. Don't let yourself fall into this trap.
There is a reason why plane emergency landing procedures have you put the oxygen mask on yourself first. If you are passing out, then you are one of the ones needing assistance. You need to be able to operate from a position of strength.
Wouldn't it be nice to be a millionaire that could give lots of money to any cause you desire, from helping your church, or donating to disaster victims, or just any charity of your choice? This has been one of the most fulfilling things for me since my business has launched me into millionaire status. You cannot have a base of wealth if you don't take care of yourself first. In this case, a "how do I become a millionaire" step is paying yourself first.
The next step is setting goals for yourself! How do I become a millionaire by setting goals? Goal setting is key to being successful in any venture including becoming a millionaire. If you don't set goals then all you have are pie in the sky hopes and dreams. Goals are dreams with a date on it. You must set a target for yourself.
So now that you know it's important to set goals, how do you do it? I suggest setting SMART goals. Goals that are Specific, Measurable, Attainable, Realistic, and Time driven are SMART.
So, a how do I become a millionaire step includes setting the goal to become a millionaire. That is specific and is measurable in dollars. It is also attainable and realistic if you choose a wise date to accomplish it. If you have a $50,000 debt not including your house and you only have two incomes that barely pay the bills now, setting a date of next month is not realistic.
However, if you carefully plan out several smaller steps including paying yourself first with every paycheck, and look at ways to increase your income, it might be doable in 1 year, 2 years, or maybe even 5 years out, but it would be attainable. You need to make your plans and set goals and then steadily execute the steps to get there. You will be so glad that you did!

Benefits Of Financial Planning

Most of us are aware of the term 'Financial Planning' but only a few of us are able to understand the real meaning of the term. Financial planning actually involves a formal process which includes constructing the perfect way for financial goals and objectives which takes into account the assets of the business or the individual, liabilities and the credit standing as well. Financial planning is essential for both businesses and individuals and it is concerned with the aspect of taking control of the financial accounts as well as taking the advice of experts or of the counsel regarding matters of real estate so that the right decision regarding insurance policies and evaluation of stock options is taken.
Significance
As planning is performed both for the individual and for the business, this aspect involves taking into consideration of the tasks and activities at both these levels. Firstly, there is the aspect of checking the budget for household expenses; starting savings account for retirement funds and all these aspects needs to be taken care of at the individual or the business level so that sufficient cash flow is ensured and you can make decisions regarding your investment plans. You require the expertise of a reliable financial planner so that you can make relevant decisions regarding the allocation and the management of money. Financial planning plays a pivotal role in the assessment of financial standing which allows for the allocation of financial assets in the best manner.
Function
Planning becomes necessary in the lives of all those people who have managed to earn significant portion of wealth and assets especially in the form of liquid assets and planning of the finances will help in outlining a healthy financial future so that you can take benefits of the investments and stock options.
Features
How does financial planning start off? The planning of the individuals or the business's finances starts from the financial analysis of the company or the individual and eventually a statement is issued out which emphasizes on the assets and liabilities and concludes by stating the net worth of the business. It is the work of a financial planner who will make the respective recommendations regarding retirement planning, education funding and insurance policies which will be the most suitable for the client.
Benefits
Most people benefit from a financial plan and for this purpose, the services of a professional financial planner is required at certain times. Some of the most important advantages of making use of planning services are to work hand in hand with a trusted advisor, analyzing risk tolerance, eliminating the risk during financial crises and to prevent the occurrence of the financial crisis in the first place.
Considerations
Many of the banks and financial bodies are known to provide financial planning services to customers for free which acts as a great boon to them. Many consultation bodies offer financial planning to their clients for free of charge and it is mostly the private firms which charge their clients for the financial planning services which they offer.