How Do You Define Wealth?
Written on July 2, 2009 – 4:34 am | by nakedceo
Wealth means different things to different people. If I asked you what it means to be wealthy, you would most likely think of a sum of money that sounds like a lot of money. It would be a different number for everyone, but let’s say you said having $5,000,000 would make you feel wealthy. Most people cannot envision having that kind of money, nor do they have a realistic game plan to help them obtain that kind of money. In the end, many people fail to acquire wealth simply because they have a mental block that tells them they will never have that kind of money (and it is often based on their past).
I would like to challenge your thinking and offer you a new definition of wealth. Think of wealth as “how long you can survive without working”. We will look at a combination of your savings and your residual income, with a focus on building both. This will help you see exactly what it takes to be “truly wealthy” by building a residual income that matches, then exceeds your monthly expenses.
Let’s say your monthly expenses are $3,000 per month, and you make just enough money on your job to pay your bills, but you’ve got $1,500 in savings. At this point, you are about two weeks wealthy. The obvious question is how to correct both the lack of savings and lack of residual income . The answer is a home based business that pays you monthly for every customer you acquire.
You can choose different strategies, but one strategy might be building your savings up by an additional $1,500 which would give you a one month cushion, or make you one month wealthy. Next, set a residual incone goal to shoot for such as one weeks worth of your salary. At $3,000 per month that would require that your business earns an additional $750 per month. It certainly won’t happen overnight, but imagine how it would feel to know that you cold pay for 1/4 of your bills if you somehow lost your job? Your next goals could be doubling that residual income so that you have 1/2 of your monthly expenses covered by your business income, and then the final phase is to have your business income match your job income. Even if it takes you 5 years to reach this goal isn’t it worth it? You would be able to save as much every month as you earn on your job, building up your savings, and therefore increasing your wealth position.
I hope I conveyed the message effectively here as this is a challenging topic to share in print. In closing, I have a few questions for you:
1. How wealthy are you? Literally, sit down and figure out how much your expenses are and how long you could survive if you somehow lost your job tomorrow.
2. If I could show you an affordable way to get started in a business that allows you to generate long term residual income for each customer that you acquire, allowing you to increase your wealth position, would you be interested in learning more? (if so, call me at 800-453-9290 and leave me a message).
3. If you answered no to question 2, with unemployment at an all time high, what is your plan for building wealth… or just surviving a layoff?
This is something that I am passionate about and I welcome your feedback. I am happy to answer any questions you might have, so feel free to leave them in the comments below so others can benefit as well.
Until next time…
Coach Tony, The Naked CEO
Tags: building wealth, home based business, wealth, wealth defined
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