Many wealthy people often credit their fortune to taking risks that paid off handsomely. They also testify that their risky ideas required courage to follow through, which makes their rewards even better. There are a few factors that contribute to the success of risk takers. First, risk takers are practical thinkers. They do not have their heads in the clouds, and they do not implement any idea that pops into their minds because they know which means of creating wealth will work best for them. The common misconception is that they take risks blindly, when in fact they thoroughly test their ideas before implementing them. They look for practical opportunities, wait for a favorable time to make the most of the opportunities, and then assess their chances at making gains for themselves.
"Get rich quick": how many times have we heard this cliche? Too many. Just posing the question is a cliche in its own right. We live in a society of instant gratification and economic decay. Getting rich quick has become the mantra of many, many people. You hear it, see it, feel it and sense it everywhere. It's all about money all the time. But, as bad as we all want to be relieved of our rising burdens of debt, and to live that omnipresent but elusive life of leisure, maybe there's no better time than right now to realize just how rich you already are. Believe me folks, I am writing this for myself at least as much as for you. I need to hear this and be reminded of it on a daily basis.
Who doesn't dream of marching into their boss' office one day and resigning without caring about the financial repercussions? Well, you can only do so if you have acquired sufficient assets (wealth) through which you can generate a future income to replace your current earned income. By the way, as a rule of thumb I don't recommend you hand in your resignation unless you have at least 1 and ideally 2 years living expenses put away in liquid assets. Simply put, to become wealthy over time you basically need to make, save and invest money wisely. The smarter you are at doing this the faster you become wealthy. Assuming you've read my other articles on How to Get Rich (the making of and management of money) then you are ready to look at the 3 most common wealth building strategies of the super wealthy.
I encourage you to ask yourself the following questions: - Why are you trading? - Are you genuinely trading to make money? - Are you trading to distract yourself from unwanted feelings, or to change your emotional state? - Are you actually trading to lose... because deep down you do not feel worthy enough to win? - Do you even know? The answers to these questions will define your generated trading outcomes. I can safely state that if you are currently not experiencing consistent profits in your trading account, you are either using the market for emotional distraction purposes, or you have no clear intention to win and are subconsciously focused on losing.
Risk-taking seems to be built into the DNA of the rich. Not surprisingly many are avid card players, such as financier Henry Kravis, Investor Steven Cohen and Carl Icahn and the nation's most famous bridge partners, Bill Gates and Warren Buffet. Real Estate and social establishment tycoon Phillip Ruffin admits being guilty of playing Black Jack. The infamous game of chance (you know the one that requires you to wear a vacant expression) was entertainment mogul John Kluge's pleasure during his college years and by the time he graduated from Columbia University in 1937, he had amassed $7, 000 in winnings. For many, the same calculated mind-set applies to business dealings.
Another priceless lesson from my mentor of 10 years is the story of the magic formula of Andrew Carnegie that he used to achieve millions of dollars. Andrew Carnegie's secret was a magic formula that will help you achieve any goal provided your desire is strong enough. There are no limitations in your mind except those that you acknowledge and accept personally. The dominating dream in your life can become reality if you have the burning desire and definiteness of purpose, followed by planning a definite way to accomplish your goals and take persistent and consistent daily action. Six Steps to Turning the Desire for Riches Into The Real Financial Equivalent 1) Fix the exact amount of money that you desire.
There is a large percentage of people who dream of riches and making money but most want it to happen without doing anything about it. The only way this could happen is if one inherits wealth, but you could run through that with the escalation of expenses if you do not work at increasing this inheritance. Having a genuine desire to live well and in comfort makes one realize the necessity of having money and making it if it is not there. If you live in semi comfort and do not mind this then you are not going to make it big ever. You have to want something desperately to make sure that you get it one way or the other which means you start thinking and making plans.
Residual passive income allows you to continuously get payed time an time again for an initial effort. A good example of people who make this kind of income are authors. The put a great amount of effort into writing a book where they don't get payed at first, but once its published they get a piece for every book sold from then on. You can bet that the author of the harry potter books is receiving ridiculous pay and will continue to for years and years to follow. Now how can you build some residual passive income for yourself? Thanks to the internet this is more possible than ever. And you won't have to write a 1000 page book either. Heck, you don't even have to know much of anything about computers.
There so many info product on the market that will teach you how to get rich quick. Most of them are making the person selling the product rich, while the rest of us are becoming more and more financially destitute while we continue to spend our money on these get rich quick opportunities. Most people get getting rich, and getting a lot of money mixed up. Having a lot of money does not make you rich. Your mindset and your habits make you rich. That means you can be rich before you get a lot of money. The quicker you realize this, the quicker you will get rich. We all hear the redundant stories about athletes, entertainers, and lottery winners, who make or get a lot of money, but eventually end up broke.
There are a lot of people that find a need to get rid of things in order to make ends meet. The economy is in such a state that parting with treasured items can be the only thing left for some people. This could be why there are so many people selling gold coins these days. If this is something that you feel must be done, there are some things that you should keep in mind. You will want to know what amount of gold the coins you own really contain. This is a must if you are going to have them evaluated correctly. Being ignorant of this can prove a costly error. Looking at various places that buy coins is another thing that needs to be done. Getting quotes from them can give you an idea as to which one will give you the best deal in exchange for your coins.