Business

6 Tips for Building Wealth

building-wealth

In any type of direct sales, you can go as far as you’d like to go. As I tell everyone that comes into this business, this is not just about getting by. There is more to life than just paying bills and living paycheck to paycheck. We have an amazing opportunity where you can accomplish some incredible things. Can someone actually become a millionaire working in our industry? Obviously, the answer to that question is YES! The more important question is, can you become a millionaire in this business?

You often hear people say, “Money isn’t everything.” There is some validity to that statement, but the reality is that the people who say that usually don’t have any money, so how would they know? We have also heard “Money is the root of all evil.” That statement is incorrect. The LOVE of money is the root of all evil. When money becomes your God, then you are going to have trouble.

There’s nothing wrong with making money and having money. When I started in this business, I was deeply in debt and had no money. Eighteen years later, I’m certainly in a much better position, and I have to admit that I prefer to be where I’m now than to be in the position I was in when I first started.

I’m very passionate about sharing the importance of having a financial plan. Unfortunately, even though many people make a lot of money, they can still be broke because they do not have a financial plan. I call this being broke at a higher level. It’s important that no matter where you are right now, you get into the mindset of becoming debt-free and you are going to build wealth. Today, I’d like to share some very important steps to get you on the right track.

1) Develop a written financial plan.

Just saying you want to be rich is not good enough. You have to put a financial plan down on a piece of paper.

If you are in debt, the first step is to make a commitment to completely get out of it. I have been there. There is a wonderful book out there that changed our lives as a family. The book is written by Dave Ramsey, it’s called “Total Money Makeover.” Get this book. Read it and apply it. It will change your life.

Take the necessary steps in order to allow you to build wealth and live the life you dream of.

2) Start saving money

Those of you who know me well, know that I am a very generous person and I like to give. I give a minimum of 10% to my church, along with giving to many ministries and investing in our business. I absolutely love helping people. I’m thankful to be able to do that. For many years, I’ve also put away 15 to 20% of my income into long-term investments. It’s a great habit to get into. Once you start and get into the pattern of saving, you can’t stop. It’s exciting to see the growth.

You can start small. Start with a $1000 emergency fund and go from there. Get into the mindset of becoming a saver.

3) Live below your means.

Too many people get into major debt by trying to impress people with money they don’t have. There’s nothing wrong with having nice things. I love nice things. I also like paying cash for nice things. You first have to live like no one else, so eventually you can live like no one else. This way, when you go to buy the car of your dreams and they ask you how you would like to finance it, you can ask them if they take cash. You will love that feeling.

4) No more credit

If you have too many credit cards, it may be time to start doing plastic surgery. Break out the scissors and cut them up. When it comes to purchases, if you can eat it or wear it, don’t put it on a credit card.

I pay mostly everything with debit cards. I have one American express card. When that bill comes in at the end of the month, I pay the entire amount.

Remember this statement: “A borrower is a slave to the lender.” It’s no coincidence they call it MasterCard.

Change your overall thinking and become free.

5) Find a financial advisor you can trust.

Once you become debt-free, you can now start investing your money. Find a fee-based only financial planner who has all the plans available for you to reach your goals. Stay away from the ones who are just trying to sell their products.

I have been blessed to have two guys from my church that sit down with me three to four times a year. We review what my goals are and how our investments are going. It is incredibly exciting to see the growth.

Research shows that 70% of millionaires use a financial planner.

6) Take advantage of this opportunity.

Two-thirds of all millionaires come from people who have their own business or people who are in direct sales. That should get you excited! This opportunity is absolutely incredible. You can accomplish amazing things. It takes having the right attitude and a willingness to go to work. There is no secret formula. There are no shortcuts. It’s not a get rich quick scheme. It’s a fantastic opportunity in which if you apply yourself, you will have great success.

Understand this, the past does not equal the future. If up to this point, you have been doing it wrong, that’s okay. You can change. Today is the beginning of the rest of your awesome life. I am rooting for you, and I’m excited for you to be on this journey building wealth. Keep plugging away and never give up. I’m looking forward to celebrating with you as you become the next millionaire. Believe it and achieve it.

Blessings and success.

RICH NORTON

 

*photo courtesy of Pixabay.com