Purchase assets based on business returns
Asset selection is a critical part of the wealth creation process. Not every income-generating asset is ideal for your situation.
An asset's business return is a direct measure of performance. The higher the return the more your wealth will grow. Underperforming assets result in ineffective wealth creation strategies.
Achieving success is simple, but not easy!
Achieving success is simple. Choose a strategy used by a successful person and apply it to your own life. There is no need to reinvent the wheel.
Achieving success is not easy. There is no quick-fix. You need to work at it. You must be willing to make mistakes. It requires hard work.
How to become an entrepreneur
Want to become an entrepreneur? Here's how:
Become an action man or woman!
Entrepreneurs are incredibly motivated individuals because they have a deep sense of purpose. They are willing to take action to make their life's vision come true.
- What is your life's vision?
- What action will you take today to bring out the entrepreneur in you?
Three characteristics of a residual income business
A residual income business has three defining features:
1. Can be run from anywhere in the world.
2. Uses systems (people and technology) to do all the work for you.
3. Pay day comes every day.
Investing basics: True or false quizz
Quick quizz about investing basics:
1. Your home is an asset....False
2. Your vehicle is an asset...False
3. Your pension fund/401k is an asset...Depends
4. Your part-time business is an asset...Depends
5. Your second property is an asset...Depends
What does 3, 4 and 5 depend on? If it generates income for you, it's an investing asset.
The definition of investing and wealth creation
Definition of wealth creation:
1. Is a self-driven business
2. Follows a low risk high return strategy
3. Focuses on generating passive income
Definition of investing:
1. Is a "pass-the-buck" business
2. Follows a high risk high return strategy
3. Focuses primarily on capital gains
There are two types of businesses
What type of business do you want or have?
1. Active business: You do all the work
2. Passive business: Your business does all the work
How to buy investment property
Three actions points are required when buying investment property:
1. Cash flow comes first, then capital gains potential
2. Always buy property at a discount.
3. Property investing is a business which requires a plan with a chosen market and product.
Quickest way to create extra income
Reduce your spending to create extra income.
Choose your financial strategy wisely
A financial strategy is a business.
In an active business like your job, you work for money. In a passive business like real estate, your system works for you. What type of business are you after or relying on?