The Top 10 Steps to Extraordinary Personal Wealth

I recently came across startling figures about the average American's finances. Only 4% of us have significant savings when we hit age 65, and a majority of Americans have less than $1000 in savings. Perhaps even more troubling, nearly one-fifth of us have a negative net worth, meaning that we owe more in debt than the total value of our combined assets. In a land of wealth and opportunity, and in an age of unlimited freedom, attaining wealth is primarily a matter of choice and determination. The following are my suggestions for rapidly increasing your personal income and wealth.

1. Develop a healthy awareness of money. Most of us either ignore our cash flow and don't have a budget, or we think of money as a "problem". Instead, begin thinking of it as energy, as a resource and as a tool to be managed and used wisely.

2. Develop a healthy desire for money. Money is neither evil nor the source of happiness. It is a tool that can be used well or badly, but most importantly it can be used to achieve many of life's dreams and priorities. Having more of it increases your choices, and your responsibility.

3. Develop a healthy personal foundation. It is difficult to attract or keep money if your life is in chaos. To achieve significant wealth, pay attention to your attitude, your relationships, your values and your integrity. Money tends to flow to those who are prepared to handle it well.

4. Resolve ALL addictions. Substance abuse will obviously undermine any real ability to attract and manage large amounts of money, but other addictions are equally dangerous. Addictions to shopping, drama and excitement, to power or sex or a need to have the newest gadget will all destroy freedom of choice, and your ability to handle money responsibly.

5. Spend less than you make. An obvious point that most of us ignore. Have and use a budget, track your cash flow, decide what you need compared to what you want. Unless you use credit cards as a tool to monitor your spending, avoid using them at all. If you're living on credit, juggling one card against another, get professional help!

6. Save a significant amount. Most experts recommend paying yourself first and saving anywhere from 5% to 20% of your income. The amount or percentage that you save is probably not as important as the principle. If at first you only save 1%, make that deposit every single week, do it without fail, and congratulate yourself! Even 1% is a great beginning!

7. Cut your spending by 25%. That's a huge amount! For most of us, it's also entirely possible. Take your lunch, buy less junk, rent a movie instead of going to the theater, make a picnic instead of dinner at a restaurant, re-cycle and repair rather than throwing things away and buying new. Live cheaper, simpler and closer to the earth.

8. Learn the principles of investing. Most community colleges have courses on investing in stocks, real estate, commercial property and even collectibles. Pick your preference, study hard, buy smart, and let your money work for you rather than you always working for money. But, never try to get rich quick! We're talking about investing, not speculating.

9. Develop long-term passive income. Whether this is interest from bonds, profits from a business, or residuals from your last TV commercial, develop assets that will generate positive cash flow for years to come, whether you are working or not. Rental property has been a favorite, but so are stocks and mutual funds.

10. Develop wealth consciousness! This is a conscious, specific desire to be aware of money, to have money, and to use money to reflect your values and your priorities. Some of us virtually choose poverty because of our refusal to take responsibility for how we handle money. Others, live as misers and never use money to expand their horizons and develop their lives. You can decide to have a healthy, exciting and profitable relationship with money. Choose wisely. Start today!

© Copyright 2003 by Philip E. Humbert. All Rights Reserved. This article may be copied and used in your own newsletter or on your website as long as you include the following information: "Written by Dr. Philip E. Humbert, writer, speaker and success coach. Dr. Humbert has over 300 free articles, tools and resources for your success, including a great newsletter! It's all on his website at: http://www.philiphumbert.com

---

16 Mantras for Building Financial Wealth

Everyone wants to be wealthy, but most of us do... Read More

Building Wealth by Paying Yourself First

When I look around at all of my friends, and... Read More

Want Money? You Got It!

Six out of six people who were asked to list... Read More

Budget Tips

To budget, to have a budget and to be on... Read More

Investment Techniques For Creating Passive Income

There are many wealth creation strategies and investment techniques available... Read More

Financial Freedom for Every Employee

You may think you have to be an entrepreneur to... Read More

Why Get Rich When You Can Be Wealthy?

"Any fool can rich, the wise get wealthy." Chris WidenerGetting... Read More

Russ Whitney - Building Wealth Through Real Estate

When Building Wealth by Russ Whitney was released a few... Read More

Tax Strategy - Theres More to Building Wealth than Clipping Coupons

We talked recently about the wealth formula:Spend less than you... Read More

A New Paradigm Shift In Earthly Wealth

Hello,If you dont understand this yet, or have not heard... Read More

My Entrepreneurial Fire-I Grabbed My First Million Before I Got Too Old

My First Million took me exactly 27 months to achieve.... Read More

Surefire Ways to Attain Moneymaking Success

You have probably heard other people say that "Money isn't... Read More

How Should I Create Passive Income?

If you're wondering where to create passive income, then you... Read More

The Morphing of Thought and Cash

Here are some thoughts about the morphing of thought and... Read More

What it Means to be Rich

Many people have a false understanding of what it actually... Read More

Money Myths Of The Poor

From tender age, we were exposed to myths about money... Read More

If You Know These 5 Wealth Secrets Then You Are Probably Already A Millionaire

Wealth Secret 1 - Decide Your Outcome Right Now.Unless you... Read More

Do You want to Live on Macaroni and Cheese when You Retire or Filet Mignon?

How Much Money Will I Need to Earn to Retire?This... Read More

Business Ownership, Cash in Your Pocket - Today!

Yesterday we learned that 74% of all wealth is created... Read More

You Can`t Cheat An Honest Man

Author: James Walsh ISBN: 1563431696: Publisher: Silver Lake PublishingIn... Read More

Use Feng Shui Coins To Increase Your Income

Feng shui coins can allow you, among other things, to... Read More

Jobless? You Stand To Be Rich!

This is a true story about a homeless man from... Read More

The Wealthy Mindset

What is the difference between wealthy people and poor (even... Read More

6 Proven Wealth Building Strategies

Building wealth is as simple as saving a little bit... Read More

Prosperity

An ellipsis to your success is hidden in the word... Read More

From Debt to Financial Freedom

The vast majority of working people are in debt. The... Read More

Pennies From Heaven

I want to share an experience I had in common... Read More

Lesson 2 - The Commodity Of Kings!

What is "The Commodity of Kings""Power is simply "the ability... Read More

Build Wealth From Home

As you sit in traffic, inching along between irate drivers,... Read More

Anthony Robbins 12 Reasons Why People Dont Get Wealthy

According to Wallace Wattles, in his popular wealth treatise called... Read More

7 Golden Rules to Financial Prosperity

Not Enough Money?I believe that most people haven't got enough... Read More

How I made $122,000 and lost $132,000 - A lesson in Assets vs Liabilities

This is a true story from my own experience that... Read More

You Deserve To Retire Early

The fact is that most people continue to work for... Read More