HOW Do you become wealthy?

49 replies
any ideas?
#wealthy
  • Profile picture of the author butters
    Wealthy people (In terms of money) are working insane hours, they are working their ass off to get to where they want to in life. It is then upto them when they want to take the foot of the accelerator. When they are working they are ACTUALLY working! They don't read millions of articles, they are more focused on their business and how they can better it. It all comes down to knowing what you are doing and then dedicating some serious hours to it.
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    • Profile picture of the author DanielleDeHann
      Originally Posted by butters View Post

      Wealthy people (In terms of money) are working insane hours, they are working their ass off to get to where they want to in life. It is then upto them when they want to take the foot of the accelerator. When they are working they are ACTUALLY working! They don't read millions of articles, they are more focused on their business and how they can better it. It all comes down to knowing what you are doing and then dedicating some serious hours to it.
      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.
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      • Profile picture of the author BeauJustin
        1. Realize that there is no formula to wealth that supplants hard work,
        determination, and a solid, tried and tested plan.

        2. Lose wealth as a goal. Come up with a better WHY. Wealth sucks as a why.

        3. Focus. Sounds crazy coming from ADHD dyslexic boy, but focus on one
        method and stick to it.

        4. If possible find a mentor, get training. I'm a Daylynne Starr offshoot. Can't
        stress enough how much she has done to change my business.

        5. Instead of seeking wealth. Seek income replacement first. For me, the goal
        was to get 3 web properties making $33/day, which was $3500 per month.

        6. Grow strong in tenacity and persistence. You cannot succeed without either.
        Even in failure they'll get you there eventually.

        7. As someone else said while ago. Get, and stay out of debt. Don't spend
        more than you take in, and save, save, save for your future. Forget "right now".
        It's already here. Prepare, plan, and save for the distant future. It will be here
        before you know it.
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        • Profile picture of the author JohnMcCabe
          Greg came closest to the only sure-fire method I've ever seen...

          Pick wealthy parents and outlive them! :p
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          • Profile picture of the author Greg guitar
            Originally Posted by JohnMcCabe View Post

            Greg came closest to the only sure-fire method I've ever seen...

            Pick wealthy parents and outlive them! :p
            Thanks for breaking down the hidden formula in my post. I should add a caveat though: the only certain way to outlive them might land you in jail for life.
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  • Profile picture of the author writeaway
    Change your mindset.

    I know this first hand by having spent quite a bit of time around rich and poor people. I was fortunate enough to be accepted into a mostly white fraternity in college. Many were the children of wealthy people. I got a scholarship to UC Berkeley and I came from a working poor background. The contrast was astonishing. My fraternity brothers learned their values from their successful parents and I studied how they thought and saw the world. Many, not all, of them placed a lot of importance on SELF-OWNERSHIP. You are responsible for what happens to your life. You are in control. You OWN your life. There is no one else to blame. Even if you get hit by a natural disaster or something you can't control, what matters is YOUR RESPONSE. Everything else flowed from this perspective.

    The truth is, back when I lived in our fraternity house, I hated the guys who thought like this. I hung out with guys who thought the opposite. I believed I was a VICTIM. A victim of history. A victim of circumstance. Since I am a victim, the world OWES me something. In other words, my happiness could only come from outside. I know it's laughable now but I really believed that and it produced results for me: I couldn't keep a job, my relationships sucked, my friendships were shallow. Later in life, when I started several Dot Com businesses and hung out with other entrepreneurs, I realized they believed in the same things many of my fraternity brothers believed in. I began to realize that WHAT I THINK programs my results.

    It's been quite a journey and there are still many layers to that fundamental principle of SELF-OWNERSHIP but it is definitely the best I can share with you now. Realize it, apply it to your life, and see where it takes you. You are always in control.

    I know it's easy to dismiss all this because I am a just guy who writes 800 words for Fiverr but you have no idea what I've accomplished. Here's a hint: I don't write for money primarily. I write because its my passion, calling, and it gives me a way to continuously challenge myself. I am a professional writer but I am also a business owner. The bottom line: if you want to move ahead in your life TAKE OWNERSHIP of your life. That should be your goal. Money is just a by-product.
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    • Profile picture of the author Greg guitar
      Originally Posted by writeaway View Post

      Change your mindset.

      I know this first hand by having spent quite a bit of time around rich and poor people. I was fortunate enough to be accepted into a mostly white fraternity in college. Many were the children of wealthy people. I got a scholarship to UC Berkeley and I came from a working poor background. The contrast was astonishing. My fraternity brothers learned their values from their successful parents and I studied how they thought and saw the world. Many, not all, of them placed a lot of importance on SELF-OWNERSHIP. You are responsible for what happens to your life. You are in control. You OWN your life. There is no one else to blame. Even if you get hit by a natural disaster or something you can't control, what matters is YOUR RESPONSE. Everything else flowed from this perspective.
      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.
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  • Profile picture of the author Warrior X
    Stop trading time for cash.

    Jeremy
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    • Profile picture of the author Greg guitar
      Originally Posted by TrustedCopy View Post

      Stop trading time for cash.

      Jeremy
      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.
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    • Profile picture of the author robestrong
      Simple. Stop trading time for money, and trade results for money.
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      • Profile picture of the author ancuta
        Shift your way of thinking from employee to entrepreneur.

        That means:

        Don't expect others to tell you what to do to make money and
        find your own way to make money.
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  • Profile picture of the author SFM Champ
    High ticket sales are the key to becoming wealthy in IM, in my humble opinion. Why do the same amount of work to sell a low ticket product as a high ticket product?!
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    • Profile picture of the author butters
      Originally Posted by SFM Champ View Post

      High ticket sales are the key to becoming wealthy in IM, in my humble opinion. Why do the same amount of work to sell a low ticket product as a high ticket product?!
      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.
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  • Profile picture of the author kursat
    I once read a line at a Joe Vitale book and it kind of changed my view on wealth and making money. Cant remember the book name now but the line was;

    "You'll learn in life that needing is an addiction that pushed away whatever you want. As long as you want something without needing it, you can have it. As soon as you need it, you send out a signal that will push it away..."

    Weird concept but kind of made sense to me
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  • Profile picture of the author anandshaw
    Yes it starts with mindset and attitude . An attitude of abundance. Another trait is trusting people. They are the one who ultimately will make you wealthy.
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  • Profile picture of the author sbucciarel
    Banned
    Sell lots of stuff.
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    • Profile picture of the author JohnMcCabe
      How do you become wealthy?

      When you get some money, don't spend it all. Rinse and repeat.
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  • Profile picture of the author Jonwebb
    saving money being extraordinary at saving. Working smart and as hard as possible.
    having your money work for you (stock market, real estate etc)
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  • Originally Posted by rise_more_and_more View Post

    any ideas?
    It's seriously not complicated.

    The wealthiest people in the world will tell you to do TWO things.

    #1, get out of debt AND NEVER GET INTO IT.

    #2, spend less than you make.


    It really doesn't need to be more complicated than that. If you do this you pretty much will be wealthy.

    It's like asking 'how do I lose weight?'

    Eat less and exercise.

    Bam. Not complicated.

    The formulas have always been universal -- but people will argue against them until they're blue in the face but the fact remains, to be wealthy, do those 2 things.

    Can't argue with the wealthiest people's habits.
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  • Profile picture of the author Randall Magwood
    Sell alot of units. Sounds reasonable doesn't it?

    Or... sell 30 $300 products, offer consulting services, and hold a bootcamp every year.
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  • Profile picture of the author jpboxersox
    Hard-work and dedication!
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  • Profile picture of the author talfighel
    Your first step to become wealthy is to actually think like a wealthy and successful person. You need to start seeing yourself as a success.

    You do that by starting to read motivational books.

    Society has brainwashed us since we were little kids to think like an employee. So this is the first step to success.
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  • Profile picture of the author KevinDahlberg
    I read somewhere that wealthy people view money as a tool to get more wealth while poor people just spend their money.

    Ever since I started to adopt that attitude I've been starting to see some success. It sucks not having all of the toys that I want, but I'd rather blow all my cash on building my business now knowing that I'm paving the way for my future financial freedom.
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  • Profile picture of the author jamesrich1
    Learn from wealthy people and use the business models of how they make money. Be unique and set yourself apart from everybody else. Create a USP. Create your definite purpose and be relentless until you succeed.
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    • Profile picture of the author ferdmag
      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.
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  • Profile picture of the author JeremiahSay
    Yes, I agree to what fellow warriors suggested, like..

    1) Stop trading time for cash (totally agree)
    2) Sell more products

    What I like most about being an entrepreneur is to help people.

    I love this quote by Zig Ziglar "You can have everything in life you want, if you will just help other people get what they want."
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  • Profile picture of the author rendell
    It will be better if you define what is wealthy to you and set out a goal to achieve it.
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    .
    Ever notice that people who spend money on WSO, memberships and courses, are always complaining about being broke and not making any money ?

    They should have bought ASSETS instead.

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  • Profile picture of the author reneesbertrand
    You need to work hard no matter what you do unless you work hard success won't even come near you
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  • Profile picture of the author urahulraj
    Hi MAHESH,
    I really want this, I have been trying so hard for 6 months now to show some proof, give a testimonial, share my profits to help other people and brag to the ones who doubted me and said I wasn't going to get anywhere. I am going to get this and I sure hope I get a chance to make it happen!

    Thanks For Sharing This
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  • Profile picture of the author DonnyBoy
    There are several ways to become wealthy but all in those ways you need to follow 3 things which are must:

    1- Commitment
    2- Passion
    3- Time

    If you have 3 of these things and an area of your interest where you are targeting to get wealth from, you will become wealthy for sure.... This is what I learned and practiced as well.. Cheers
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  • Profile picture of the author dvduval
    In my personal opinion it is a state of mind, not a state of the bank account. Get the mind right and you get the money one way or the other, and you are happy about it!
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  • Profile picture of the author clintmyers
    I would suggest outsourcing so you can ramp up your business. Also, save all of the money you make.
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    Clint Myers

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  • Profile picture of the author RogerzWorld
    The majority of it is "mindset"...Watch

    Find someone wealthy and do what they do...but mindset above all else
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  • Profile picture of the author Neonbishop
    Without using the old adage "By hard work", Which is what it usually takes....It can also happen through a determined mind set and strong focusing on your goal to be wealthy. But seriously, people write books about your question (lots). So there's no one simple formula for all. Mostly remember wealth comes first in how you view and live your life and know your gifts. If your not content and or at least happy with yourself in some sense, all the wealth in the world will only bring a temporary form of happiness.... !
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  • Profile picture of the author rondo
    Create assets and use the income from those assets to buy more assets.


    Andrew
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  • Profile picture of the author Devin X
    Banned
    How is this relevant? There's an OFF TOPIC section for a reason.
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    • Profile picture of the author rondo
      Originally Posted by TheRealDudeman View Post

      How is this relevant? There's an OFF TOPIC section for a reason.
      This forum is "Where We Talk About Making Money", so it's quite relevant if you ask me.


      Andrew
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      • Profile picture of the author Devin X
        Banned
        Originally Posted by rondo View Post

        This forum is "Where We Talk About Making Money", so it's quite relevant if you ask me.
        Well it's redundant, irrelevant, and a waste of space, if you ask me. You'll have to excuse me, I'm in a bit of a mood tonight.
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  • Profile picture of the author shqipo
    Wait, this is a real question?
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  • Profile picture of the author easyincomeguide
    Get out from your comfort zone, utilize your time and money effectively and wisely, be consistent. Wealth touch your feet very soon!
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  • Profile picture of the author Shining JS
    As rich dad poor dad said in the book : The rich don't work for money
    and change your mindset to think like the rich.
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  • Profile picture of the author riksworld
    Start A Blog,Sell Your Stuff,Monetize Your Creativity,get job on online community.
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  • Profile picture of the author Paul Marcoux
    Pursue Excellence! Systems Oriented Business Models. Find knowledge, use it. Imagination! take your pick.
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  • Profile picture of the author thomasjs02
    It's all in the mindset. I say have an open mind and keep exposing yourself to knowledge that'll guide you along your path. Focus on making an income through your intellect value and not your time value.
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  • Profile picture of the author magiclouie
    Earn more, spend less!

    I absolutely agree that it's all in the mindset. Hence, be careful how you think because your life is shaped by your thoughts.
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    • Profile picture of the author Nightengale
      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
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      "You can't market here. This is a marketing discussion forum!"
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