Dear Wealth Builders,
When we talk about building wealth, it may come to mind that in order to be a wealth builder, one should have certain qualificatons. This not an unreasonable conclusion, given the fact that just about every and anything that we would want to accomplish in our lives, requires some type of license or certification. We can probably put our hands on a few professionals who hold some type of licensure or certification in order to fulfill the responsibilities of their jobs in terms of financing and banking. For example: mortgage lenders and brokers; real estate agents; securities brokers and financial planners, to name a few. All are are involved in some manner of wealth building, so it would seem appropriate that if anyone were interest in getting involved in becoming a wealth builder, then we need to research to see where we should obtain the proper qualifications. Wait a minute! Not so fast.
Wealth building is not necessarily a 3rd party investment of time. While it is true that in many cases, we may need to involve someone else in our wealth building activity, we are just as qualified to build our own wealth, and rarely, if ever, include someone else for our immediate need. More than likely, we already possess the requisite minimum requirements to be a wealth builder. And not one of them needs to be licensed or certified. What are those qualifications? Here are 4 qualifications for you to consider:
1. A strong desire to be financially be successful-What kind of qualification is this? "A strong desire to be financially successful?" That could include anyone. Exactly! Why don't we try to raise the standards a little higher? Let us come to an agreement. A strong desire is not as easy as it sounds. Here is why: Imagine standing in a grocery line. As you are nearing the cashier, when, predictably, you are surrounded by displays of items that are on either side of you, that had either no plan to buy, but there they are, right within arm's reach. There is candy, which is sure to appeal to either children that are with you, or even you, with your sweet-tooth. Also, there are many items that marketers have found out, that on average, someone is more likely to buy these items just because they are standing in that line waiting to served by the cashier. It's called impulse buying.
According to the website, The World of Inforgraphics here are examples of how impulse buying works:
- 88% of buying is impulse shopping;
- Females accounted for 60% of impulse shopping within the last year;
- 14% of impulse buying is for food;
- Households of unmarried adults with higher income account for 45% of unplanned buying than older married couples, and, last but not least,
- Unplanned purchases go up by 23% when the shopping trip is unplanned.
- Find out more at: http://www.infographicsinsights.com/2011/04/impulse-shopping-statistics.html
If we can eliminate say, 10%-25% of the items that we buy on impulse, by focusing on our desire to be successful wealth builders, we will have accomplished a lot. Suggestion: Try to cut down on impulse shopping.
2. Able to access a consistent source of cash-Well now. To be able to access a consistent source of cash would seem a challenge for many of us. Myself included. But if we take the first qualification into consideration, this is qualification could be a snap. Here is why.
There are a number of websites dedicated to building wealth. By inserting in the search engine: Sources of funding, various financiers, capital investors, banks and loan companies will appear. But this is not to say that it is as easy as all that. Building wealth is an actual job. It involves researching, planning, timing and of course, risks. The greater the risks, the greater the reward as we have often heard.
http://www.bizmove.com/finance/m3c.htm
Part of reducing risk is knowing the right questions to ask, and to whom. The intent however, and this important, is not to loose your shirt, or skirt, as it were. In building wealth, it is generally recommended that you partner with those who share a desire to become wealth builders rather than try to go it alone. That way you are exchanging ideas, and perhaps getting a second opinion from someone who is just as concerned as you are about the reliability and trust-worthiness of the sources of funding that you may ultimately choose to access.
http://moneyover55.about.com/od/howtoinvest/a/investforincome.htm
And before I forget, being able to access this consistent source of funding, is in an effort for you to be able to know when and where, if necessary, to immediately be able to go on line, or pick up the phone to seize a great opportunity, when you see or hear of one. As always, please consult as many reliable resources that you can access, whether online, or in person. Afterall, you can't be too sure when it comes to investing your hard earned money.
http://voices.yahoo.com/learning-investing-sources-financial-and-2904241.html
3. Able to determine the value of goods, services for investing-So far, nothing that has been shared here or in this blog, http://thecovetedcommandment.blogspot.com/, or even going forward, shall be assumed to be as a result of getting up on any given morning, and you know everything. That doesn't happen in any aspect of business or life. So for many of us, who are starting out, like myself, there is always a need to know something about whatever it is you are going to invest in.. I am believing that if I do my homework, or do my research, that I will learn the value of gold, silver, or copper.
http://www.ibtimes.com/gold-price-cuts-loss-after-mixed-jobs-report-994024
That if I do my homework, I will learn the difference and value of crude oil verses processed oil, or vegetable oil when it comes to fuel. The reason that is it important to do this type of homework is because as I venture into unchartered territories of technology, commidities, imports and/or exports, it will be necessary that I take the time to explore through as many sources and resources as is necessary to be knowledgeable regarding a good investment, a long term investment, or something that will fold the moment that I invest in it. So as wealth builders, the risk and the reward factor has a better than a 95% percent benefit rather than a 100% failure if I take the time to learn how to determine the value of goods and services.
http://www.ehow.com/how_2796_create-investment-portfolio.html
4. Constantly looking for new and innvative ways to turn an investment into a fortune.
If for whatever reason, these qualifications seem to run together, and that maybe. But the distinction is not to be underestimated. There maybe other qualifications. As a matter of fact, there are more qualifications, and as a part of our homework, in order to become the best wealth builder, we need to not only find out what other qualifications exist, but we need to also develop our own qualifications as wealth builders, that are unique to us, personally. How? Depending on our portfolio, we are developing an investment profile as unique as our fingerprints. Even as we may seem to be investing our own dollars the same way other investors maybe doing, we are creating a very distinctive profile, and to that end, it needs to be to the extent that our qualifications speak for themselves. If, for example, we invested $25,000 in rent-to-own stock for a projected 5 years, hoping to make a 10% profit (modest of course), and in the 3rd year we reach our goal, we decide to redirect our investment because we will have made a 13% profit.* Whether anyone would pull their investment from rent-to-own stock is of no concern to you. This is your business. You are your own wealth builder, and you are developing your personal wealth for you and your family.
The intent as a wealth builder is that we always set a tone as a distinguished and smart investor. As we begin making more money, and recycling our investments, we can expect that more opportunities will present themselves. But we should never forget what we will have learned to become that distinguished, smart investor. Stay true to our lessons learned, and continue to seek out the next best investment.
Conclusion- As wealth builders, we may want to take it slow, if we are just starting out. But I can't imagine that even as an experienced wealth builder, one ever strays away from those qualifications that has made us successful. While these 4 qualifications may not be applicable to a seasoned wealth builder, having something from which to build on to achieve a successful wealth builder status is important, especially for those of us who are just starting out. Remember this, if nothing else, the first qualification is essential, a strong desire to become financially successful. That means that we are focused and determined to turn good investments into a great fortune. Best wishes to all you as Wealth Builders for 2013.
#Youhaveoptions!
Thou Shalt Build Wealth (c) 2013 by Wayne D. Lewis, Sr.
From the movie: Wallstreet 1987, starring Michael Douglas:
http://www.youtube.com/watch?v=PF_iorX_MAw
*(For demonstrative purposes, your results may vary. Consult with an investment strategist or financial planner to determine what would be in your best interest)
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