How to Be Rich As Soon As Possible, As Long As Possible and Teach Your Children How to Do the Same
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This is an in-depth, very detailed instruction manual on how to be rich at a very young age guaranteed. You will be required to read books, analyze your entire life and become as honest with yourself as possible.
[edit] Steps
- If you don't have a job/career... get one. If you do not have any income, get some, save at least 25% of your income,
- Calculate your human economic value. If you are less than 40 years of age, you are worth 30 times income. Example: $40,000 annual income = $1,200,000 human economic value. Purchase as much permanent insurance as you can afford and the rest in term insurance that equals your economic human life value. If you don't own life insurance and you are less than 30 years old, buy as much as you can afford tomorrow. If it is only $100 a month or less, do it! You will need the death benefit as an asset later in your being rich career.
- If you are not saving at least 25% of your GROSS annual income, start today. Take your income and expenses and find out where you can start to cut back, sell something, downsize or make a crack in your expenses. If you make at least $50,000 a year, you should be saving $12,500 a year. If you are spending a lot of money on an automobile, sell it, get rid of it as fast as you can. Paying any interest on a car is the biggest wealth eroding factor outside of illness, death, divorce, and weddings.
- Take this $12,500 a year and put in a money market account. This amount is separate from any cash values in your permanent life insurance. Set up an automatic draft from your household account to your money market account - twice a month or once a month to pay yourself first. If you can't figure out how to live well under your means, then you don't want to be rich.
- There are three books everyone should read before you put a dollar into any investment. Read Become Your Own Banker, Rich Dad, Poor Dad and LEAP - in that order. If you don't have the motivation to read and educate yourself then you are not motivated to be rich. These books are the cornerstone of becoming rich, wealthy and in control of your own destiny.
- Decide where you want to focus your energy. Rental property for example is a slow process but with safe returns on your money. Your principle is paid by the renters and your cash flow is deposited into your 'banking' account within your life insurance policy. (If you don't read the books listed above then you are missing vital information) Where ever you decide to focus your energy, please be a prudent person and educate yourself through books, networking groups, forums and mentors. Learn from other people's mistakes, before you make your own. The key to becoming rich is to realize your riches not just have them in paper. Using the cash inside of your life insurance policy as a "bank" or filter for your income is how corporations and the mega wealthy remain rich and pass along the same philosophies to their children and heirs.
- Be honest to your self and especially your money.










