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| Don't Leave It Too Late... |
Realise That Time Is Against You
If you want to retire rich, the first thing to realise is that most people never get to do so. This means that you will have to do something different from the majority.
So what is the approach of the majority for building a comfortable retirement? Well, most people simply assume that they have plenty of time to work out their retirement and that they will “cross that bridge when I come to it.”
Have you considered that your “money mindset” might be wired all wrong and is why you can’t get ahead? Check out “Total Money Magnetism” for an alternative method for success.
But the problem is that the more you assume that time is on your side, the faster it creeps up on you—until you realise that you’re out of time. This has never been truer than it is in the way that people approach their retirement.
So whether you are young or old, the first thing to do is to get your butt in gear and start building the wealth you need to retire in comfort. This requires a sense of urgency and the realisation that today is all you have.
Once you acknowledge this, you’ll amaze yourself by what you can accomplish in the time that you have left—no matter how long that may be. And here’s what you need to start with:
Building Passive Cash Flow
Passive cash flow is the secret to creating wealth and being able to retire rich. Why is this?
Think about what you will need to do when you retire: have the money that you need to survive and have the time to enjoy your life. Passive cash flow is the only thing that makes this possible because it empowers you to make money without having to trade time to do it.
How can you build passive cash flow? First, you work on eliminating the things that are causing cash to flow out of your life: debt, car payments, house payments, etc. Think about this: If you pay off your house in 15 years, that’s the equivalent of building a stream of positive cash flow in the amount of your monthly mortgage.
This also frees up your income so that you can invest in things which will become sources of passive cash flow: rental properties, moneymaking websites, small business ventures ... even your own product line.
In case this last one sounds intimidating to you, it might interest you that Lillian Vernon started her company as nothing more than signature belts and handbags which she sold through a small ad in 17 Magazine. From there, she built a multi-million dollar company out of a single idea.
It’s surprising at how little you have to earn from your passive income streams if you don’t have a car payment or mortgage to worry about. Also, the sooner you do this, the sooner you can move to the second step of retiring rich:
Building Wealth
There are two things which you need to do if you want to build solid wealth: make wise investments which shelter you from taxes and protect that wealth through the legal tools available to you. Can you guess what the most effective way is to accomplish both at once?
It’s starting your own limited liability corporation and investing the money that you earn back into assets that will build the value of your company. This allows you to invest money into your company which you can write off on your taxes.
This is money you are spending to create a positive cash flow, which you can then invest into your company again and again—and if you want to retire rich, it’s necessary to invest, anyway.
Why invest in someone else’s company and help them when you could keep that money for yourself and use it to build your own wealth? So now you know what to do.
Just remember that time is against you and get to work as soon as possible.
Have you considered that your “money mindset” might be wired all wrong and is why you can’t get ahead? Check out “Total Money Magnetism” for an alternative method for success.
