Creating Wealth Secrets – The Problem of Too Much Money?

+Hans Schoff wrote:

Wealth Secrets – Here’s the truth: everyone has money problems, rich or poor.  The rich have the problem of TOO MUCH money while the poor have the problem of NOT ENOUGH money.  Which problem would you rather have?

How can someone have the problem of TOO MUCH money? Again, it all comes down to your mindset.  Think about it.

The wealthy and especially the rich are NOT where they are because they are great at spending money on a lavish lifestyle (that’s how the middle class get trapped – trying to keep up with the Jones’…).

The wealthy and rich have the problem of TOO MUCH money, because if they’re not financially intelligent with their money but rather just blow it all, they’ll end up on the street like anyone else would.  They have the problem of having to figure out where to put their money – how to invest it so that it will grow larger and larger and to ensure they don’t overpay their taxes (Uncle Sam will gladly take more than his fair share if you let him; it’s up to YOU – and the advisors you surround yourself with – to ensure you only pay your fair share).

And lastly, they have to ensure their wealth continues to grow at a fast enough pace so that a tiny percentage of their wealth can be enjoyed some without impacting the all important compounding effect…

(Wealth Secrets – Rather than only setting aside maybe 10% of their income for their future and living on 90% of their income as advised in my article “1st Steps to Creating Wealth,” the wealthy and rich try to live off only 10% of their income and set aside the other 90% to invest for their future. 

This didn’t happen on day 1 but by slowly increasing their financial discipline from setting aside that 10% figure to start and then up from there as their income increased – versus increasing their lifestyle in step with their income as the middle class like to do – the rich and wealthy are able to get to a ratio of 50:50 and then to 90:10 and some even higher.  The point is it’s a different way of thinking and it comes from increasing your financial education.)

If you’re focused on creating wealth and moving your finances forward, you’re not interested in big one-time commissions or bonuses, you want that passive income so that your assets can provide you with that great lifestyle without you having to any longer pay for it or work for it.

You want to get as much out of life as possible, right? Then start by setting aside that 10% for now each month no matter what and work to increase that percentage as your income increases (and/or as your expenses decrease as a result of your simply becoming aware of them – try it I dare you!).

A Few More Creating Wealth Secrets

Change the way you think by increasing your financial education and increasing your financial intelligence. You can find a variety of resources, books, audios, games, etc in my creating wealth resources section on the tab at the top of this page.  I also encourage you to download my free “Dummy’s Guide To Creating Wealth” by simply filling in out the form at the top right of this page and pressing the submit button.

But, if you’re ready to begin the journey and start creating passive income today to get you closer to reaching financial freedom, click the following link now to watch this short video to learn how: Wealth Secrets Video

Originally posted 2011-11-12 09:26:58.

Original post can be found here: “Creating Wealth Secrets – The Problem of Too Much Money?