HOW Do you become wealthy?

That's financially RICH people. There's a major difference. Wealth has very little to do with how much you take in. It has much more to do with how much goes out and where that money goes. My parents are millionaires and neither of them made over $75,000 ever in their lives. They both worked as civil servants (mom was a school nurse and dad is a firefighter). They made decent money but we lived like we were on welfare. Now they're in their late 40's. Moms retired and dads on his way out.

Take a look at most of the top Clickbank Sellers. They generate a million dollars in revenue on a launch and profit maybe $350,000 after refunds and affiliate commissions. They then take that money and go buy a Ferrari. That's not wealthy...that's making a lot of money and being stupid.

There's a big difference.

That perspective can be useful as a temporary antidote to the opposite extreme (that people are complete victims), and can be empowering for a time. I understand your good intentions in posting it.

Having said that, it is no more an accurate picture of reality than it's opposite.

All one needs to do to see the false dichotomy set up by these equally partial, and therefore inaccurate explanations for a human life is consider a few facts.

For example, I was born to a pair of white, college educated parents, and grew up in a safe middle class white neighborhood, in one of the nicer states in the most wealthy, powerful nation on the planet, never went hungry, went camping a couple times a year or so, etc.

We had lots of cheap quality food, thanks in part to the slave wages those who picked much of the food we ate were receiving. I always ate better than kids I never saw nor thought about, whose family's labor produced my food.

No matter how much hard work I've done or ever will do, Salvadoran kids who picked our cheap bananas that helped my brain grow, have helped me achieve anything I will ever achieve, and paid for it with far lower chances for success even if they work 10x as hard as me. My privilege rested on their deprivation. It would be incredibly arrogant and dismissive of me to take 100% credit for my life, and I think gratitude is better than pride anyway.

Even the ability to have a positive attitude, is partly a result of chance; the luck of meeting good role models in your life, the genetics to have a brain that functions well, and the luck to have parents that read to you rather than suck on a crack pipe.

That is truly reality; a good attitude helps, but chance is important too; nobody knows when tragedy will hit them so hard they can never recover no matter how many positive thinking dogmas they hold sacred.

Really? I've met quite a few people in my city who stopped trading time for cash. I thought most of them were homeless. It's nice to find out they're all on their way to wealth.

Simple. Stop trading time for money, and trade results for money.

Surely all of this would depend based on your target market... There are plenty of people making a killing from selling something for $27 bucks compared to $2700.

How do you become wealthy?

When you get some money, don't spend it all. Rinse and repeat.

Becoming wealthy is a two-process thing:
First you need to work your ass off to create a channel for cash flow. And secondly, you learn to spend like a wealthy man. They always look for opportunities that will double or tripple their cash, as opposed to owing all the fancy toys in the market.

This forum is "Where We Talk About Making Money", so it's quite relevant if you ask me.


Andrew

Wow! That's a broad, big-picture question. (And a lot of answers all over the map from Warriors, as usual.)

Danielle is absolutely spot-on in her comments. Like Danielle, my parents are card-carrying members of the "Millionaire Next Door" club. (It's a book, look it up.) Like the millionaires in the book, you'd never know it to look at them, see their house, cars, etc.

Being wealthy doesn't mean you display it. Many more wealthy people choose NOT to display their wealth than those who do.

My mentor is also a multi-millionaire.

(No, I'm not a millionaire -- yet. )

To answer your question, it's good to start with big-picture generalities and then drill down to the specifics from there.

Big picture:

There are two sides to being wealthy:

1. Managing and saving your money
2. Making money.

A. Want to learn the simple basics of being wealthy? Pick up a copy of "The Richest Man in Babylon" by George S. Clason. This is a short book that's sheer brilliance in it's simplicity.

I see it consistently on the shelves at Barnes & Noble. Or grab it at Amazon.com

B. Another FANTASTIC resource for learning to manage your money wisely, pay off debt in record time and be prepared for life's financial curveballs is Mary Hunt at DebtProofLiving.com. She paid off over $100,000 in credit card debt and lived to tell about it. I still use her simple system for managing my money to this day.

She also has several books. Look them up on Amazon.

C. Get a wealth mentor. Learn from someone who's become wealthy.

My wealth mentor is Linda P. Jones of the Global Institute of Wealth for Women. Linda is a multi-millionaire and teaches other women the basics of becoming wealthy -- not by following the latest hot stock tip or investing fad, but by following wealth cycles.

For where I am right now and what I'm currently capable of, I've got the managing/saving part down.

Onto making money!

My business mentor says there are three ways to make money:

1. Save money.
2. Invest money.
3. Sell a business.

The Warrior Forum is all about making money by starting your own business, whether you're just offering simple services one-on-one or starting a global empire. But let's face it, it's not what you make that counts. It's what you KEEP.

So learning to manage your money well is critical to building wealth, no matter how successful you are in business.

If you're looking to MAKE money, then that's what this forum is all about! However, there are only about 3-4 business models that the wealthy use to make money:

1. Real estate
2. Coaching/consulting
3. Information publishing
4. Membership-based businesses

My mentor calls it her triple-threat:

Models + Mindset + Marketing = Triple Threat.

Your mindsets (how you think) is CRITICAL to becoming wealthy. Want to know how to think to become wealthy? Read the classic "Think and Grow Rich" by Napolean Hill.

There's a TON of stuff to learn. In fact, determine to become a student and ALWAYS be learning. Always be reading and researching.

I'm a huge reader and have probably read literally dozens and dozens and dozens of books and courses over the years. Most of them have been focused on personal finance topics and business topics, everything from paying off debt to saving money, to histories of banks and the credit card industry ("Financing the American Dream" is EXCELLENT!) the seedier side of finance like pay day loans, etc. Then I've read books on general business, business histories, business how-to's, marketing a business, etc.

But I don't want to overwhelm you. So start with just those two books:

1. "The Richest Man in Babylon"
2. "Think and Grow Rich"

And if you want to start a business to make some money, this is the place to learn and start doing some research. Just ask.

Just make sure you choose your business (niche, model, etc.) wisely.

Hope that helps!

Michelle