Rapid Wealth

Building

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Dwight Anthony

Copyright © 2010 Dwight Anthony

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Start Wealth Building By Start Wealth Building By Start Wealth Building By Start Wealth Building By

Obtaining Financial Obtaining Financial Obtaining Financial Obtaining Financial

FreedomFreedomFreedomFreedom

Financial Freedom and how to obtain it has been on people’s

minds for as long as the history of using money as monetary

means has existed.

Everyone inherently wants to escape the drudgery of having to

work hard just to make a living and not have to feel trapped by

their lack of financial means. The other side of the coin is how

many people will do what it takes to get to that point where what

they have done financially has allowed them to exit the rat race of

existence of ‘working for your money’ as opposed to their money

actually working for them?

Most people unfortunately get trapped in the money trap of where

they need to work for their money so that they can pay their bills,

enjoy at least some recreation and entertainment and keep a roof

over their heads. This has become the defacto standard of a money

trap for most people.

Working Harder is no Help

The problem with what most people have to put up with to earn a

living usually ends up making them work even harder for their

money. By getting the promise of a bigger promotion, more pay

and other benefits, most are sucked into the trap of working longer

hours and even taking on more of a workload on their back so that

they can get a salary promotion and even better benefits.

Unfortunately, for most employees, this has been something of a

‘fly trap’.

The harder you work and the more money you make, usually puts

you in a higher tax bracket which in turns causing you to pay even

more taxes. In a nutshell, the more money you make, the more you

usually have to pay in taxes. Instead of working harder, you need

to educate yourself on why you are working for money in the first

place. This is what will set many Financially Free over others.

Make working for any money the most efficient use of your time.

A Description of Financial Freedom

My own, personal description of Financial Freedom is being able

to live your life with a full degree of living how you want to live

without having to work for your money because of debts and so

forth holding you down. You instead get to work for your money

if you choose but you don’t ‘have’ to work for money. Instead,

your money is hard at work for you even while you sleep; this is a

powerful and distinct reason for why you must be financially

literate and take the necessary steps to finally become one of the

Financially Elite out there.

Get out of the Trap

By having a goal to have true Financial Freedom someday usually

means you need to educate yourself on the process and

wherewithal to reach that pivotal point in your life. When you get

out of the money trap, not only will you experience more Financial

Freedom, but you usually will experience Life and Personal

Freedom like you may have never experienced before.

Your goal should be to take the necessary steps now that will

eventually lead you a life of bliss that you know is in tune with

your life goals. Get a true Financial Freedom mentor on your side

and follow the road map that got them where they are today.

Success leaves clues and you can duplicate others success with a

little bit of effort. It won’t be easy, but in the long run, it will be

well worth it.You will be able to finally live like most people never

do once you get to the success point where you thrive and money

works for you.

Employ the 70/30 Rule for Employ the 70/30 Rule for Employ the 70/30 Rule for Employ the 70/30 Rule for

Quicker WealthQuicker WealthQuicker WealthQuicker Wealth

The 70/30 rule is possibly one of the fastest way to build wealth.

It’s where you save 30% of your income and live off the other 70%

with daily living expenses.

You’ve possibly heard of the 90/10 rule, where you live on 90%

and save / invest the other 10%.

The issue with this approach is that the 90/10 Rule works best

when you are young and just starting out earning money as time

will allow your money to grow and you need less of a cash

cushion.

If you are serious about building wealth, I recommend the 70/30

rule as it is a phenomenal way to save your income. If you don’t

save it, it will be burned up in smoke – “POOF”, like a perfect

illusion. You will have almost no idea how your money did this

disappearing act. The 70/30 rule is also best put in place when you

are possibly almost debt free for maybe the exception of your

mortgage. By being frugal in your spending and employing the

70/30 rule, you once again pickup momentum. Why I recommend

getting rid of all your miscellaneous debt is because you will have

a lot less distractions with what to do with your income. You will

take advantage of your new found wealth by saving rather than

paying towards debt. That is a good feeling knowing that you are

investing for yourself rather than big business e.t.c. It is a reward

system that pays itself back in dividends.

First, you should definitely invest this income safely. You then

want to move some of this money into higher yielding financial

vehicles like treasury bonds, housing (that will eventually go back

up), maybe a growth index fund. You definitely want your

investment diversified and not put into anything volatile like high

yield stocks with a higher risk. Stocks like this can be invested in

with other ‘play’ money that you build up other than your normal

savings, but you must learn everything there is about stock

investing.

For business owners, same issue goes for the 70/30 rule. Which is

even easier for you. You may decide to invest back some of the

70% discretionary income back into your own business. Definitely,

bank at least 10%-30% of your take home salary though. See your

tax advisor for specific strategies in maximizing your tax benefits

here.

When we employ the 70/30 rule, it’s a more frugal lifestyle, but

will eventually lead to your life goal of being financially free and

clear! Here's to your Wealth Building success.

Get on the FaGet on the FaGet on the FaGet on the Fast Track with st Track with st Track with st Track with

a Mentora Mentora Mentora Mentor

Ok, so why would I suggest you get a mentor in the first place? If

you aren’t as successful you would like to be in certain areas, it’s

best that you identify yourself with a mentor. A mentor has been

through most of the struggles that you may possibly avoid and

have more than likely had many failures before success came to

them. A good mentor will show you the way in which you want to

go in life. Having a proper mentor can also shave possibly years

off your learning curve on various subjects? Suppose you want to

own a franchise someday. Well, it may be in your best interest to

hook up with a successful franchisee and learn the ropes e.t.c.

Mentors are there to learn from

The biggest lesson that I can teach you about mentoring is that a

good mentor is really there to learn from. Most mentors do not

mind passing on their knowledge especially if they are very

successful. It is their way of giving back to the world. Most

successful mentors come from an attitude of service to others and

if you have one that is snotty or just doesn’t want to share

knowledge, find another one. When you find a good one, be their

personal assistant if need be. You want to reciprocate to them that

you are not just there for receiving. This may be as simple as

getting them coffee or running other small errands in order to learn

from them as well.

How do you acquire a Mentor?

Having patience in choosing one is the first step. Once you have

identified a possible mentor, the most important question is to just

ASK them to be your mentor. You will only get one of two

responses; either yes or no. It’s really that simple. Another way of

finding mentors may be to seek them out from educational

institutions or even your local Chamber of Commerce chapter.

Most places have resources where you can learn from mentors and

many times is a free service. You can also ask your colleagues or

friends if they have heard or used any mentors for their own

benefit.

Make an Early start with your Mentorship

The last thing to say on the subject is to definitely start your

mentorship as early as possible. This will allow you to practice

what you have learned earlier and correct on any little failures

along the way. The more failures you make early, the quicker you

will actually succeed. Ever see a kid learn to ride a bike? The more

they attempt to ride the bike and capitalize on their mistakes, the

quicker they learn to ride the bike with their own balance.

This is exactly how a good mentor can teach you anything under

the sun.

So, start early and start strong and you may become more

successful in an area than you ever dreamed possible. I hope you

enjoyed a few of these Rapid Wealth Building Methods and that

they really start to work for you.

Dwight AnthonyDwight AnthonyDwight AnthonyDwight Anthony

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