Plan For Wealth

One very important wealth creating habit is to set up a concrete plan that you can actually follow. You see, wealth takes planning, and is usually the result of taking a set of orderly, progressive steps from where you are now to where you want to be financially.

Why is this a top wealth creating habit? Because the most extraordinarily wealthy people on the world did it this way. Less than 7% of the wealthiest people in the world received an inheritance, and of those 7%, almost none received their total wealth that way. In other words, almost everyone has to have a step-by-step plan for achieving wealth. The "I hope I win the lottery" works for almost no one.

While a complete financial plan can be difficult to create overnight, you can get started by practicing creating concrete financial goals. And we do mean concrete. When most of us think about our financial situation, we tend to recoil from it because it makes us uncomfortable, especially if we are in debt or we are not as far along as we want to be. Stop recoiling! Take a careful look at your financial situation and set 1 to 3 goals that you want to achieve.

Write these goals in concrete detail. For instance, don't write a vague statement like "Pay off debt." Instead, write a more detailed statement such as, "Reduce debt 10% by December 31, 2004." This kind of goal gives you lots to work with. For instance, if you want to reduce your debt 10% by the end of the year, you'll have to consider:

• How to reduce expenses to stop accumulating more debt, and save money to pay off debt.

• How to increase income, if possible, to pay off the debt.

• What assets you might be able to sell to pay off debt.

Do you see how a concrete goal gives you a way to think logically rather than emotionally about your money? Ten percent of your debt is a solid number against which you can make real calculations and real life changes. For each goal, list the obstacles you have to overcome and make a step-by-step plan for overcoming those obstacles. And we do mean "1, 2, 3?"

For instance, in the above example, if the main obstacle is your spending habits, step 1 might be to list all the possible ways to reduce expenses. In step 2, you might list all the ways you might increase your income or the assets you could sell. If you have a significant other, step 3 might be to sit down and discuss the situation with him or her. Together you can work out a plan to keep each others' spending in check. Step 4 might include instituting a spending plan, such as withdrawing a set amount of cash from the bank each month for groceries, entertainment and miscellaneous expenses. When the cash is gone, the spending stops.

Does the concrete-ness of the plan start to make sense? Without concrete details, you, like most of us, will tend to deal with your money emotionally rather than logically. Hard facts and figures help us detach from our moral issues about money and act logically. When you begin to think and act logically about your money, you have succeeded in instituting yet another top wealth creating habit in your life!

About The Author

Stephanie Yeh and her partner have helped many other people achieve and experience prosperity with the help of a strong 15 year network marketing business. Her current project, the Journeyman Wealth Program, is aimed at helping 15 people a year fully achieve their dreams. Stephanie's Prosperity Abounds website works on the basic principle that "You are the creator of your own reality!". Get more details on her website at http://www.prosperity-abounds.com.

info@prosperity-abounds.com

---

Who Wants To Be A Millionaire?

Steve Martin once delivered an opening monologue for Saturday Night... Read More

Business Ownership, Cash in Your Pocket - Today!

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

Residual Income - Part Three Finding Leaders

In my last article on Creating Residual Income I mentioned... Read More

Self Improvement and Financial Security for the Future

Any successful person, or any anyone interested in self improvement... Read More

Your Own Products Can Make You Rich

Although there are advantages to selling other people`s products and... Read More

How Much Do You Need To Earn Per Hour To Achieve Your Yearly Financial Goals

Have you ever asked yourself what your highest income producing... Read More

Residual Income - The Myth

"Join our program and retire in 3 months..." yeah, right.We... Read More

A New Economic Policy

Anyone knows that material wealth is measured in goods: apples,... Read More

The Difference Between Wants & Needs

So you want to become wealthy? While there is no... Read More

Prosperity

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

21 Secrets of Self Made Millionaires

Self-Made Millionaires are not smarter or better than you. They... 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

Generate Savings with Smart Use of Electricity!

No matter what income level you are currently at, generating... Read More

Anthony Robbins 12 Reasons Why People Dont Get Wealthy

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

Finding Financial Freedom

Do you ever get this in your email box: Find... Read More

Warren Buffet: Wisdom from the Worlds Richest Investor

In light of the dominant mindset overshadowing the market these... Read More

Wealth Building Strategy

There are many of us who are working on our... Read More

Lesson 1 - Why Arent You Wealthy?

We will start the Financial Fitness System with the assumption... Read More

From Debt to Financial Freedom

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

Asset Diversification Is NOT Boring?And Will Make You Money

OK, this article will start with the cheapest piece of... Read More

Financial Freedom for Every Employee

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

Does the Moon Have Covers?

Recently, one late winter night, my four-year old son and... Read More

The 11 Best Money Saving Ideas of All Time - Part 1

At any time in history, no matter what the current... Read More

Q and A: Financial Independence Tips For Women From Coni Cecil

As a woman Netpreneur, I sat down via e-mail with... Read More

Clearing Blockages to Increase the Flow of Money into Your Life

Money is probably the most challenging thing for many people... Read More

How To Be the Ultimate American Consumer

Feel like a lemming lately? Ready to follow the crowd... Read More

Creating Money, Prosperity, and Abundance Now (Part 2)

Giving and ReceivingIt seems that people generally find it easy... Read More

7 Wonders of the Offshore World

Many people assume that the offshore world is accessible only... Read More

Investment Techniques For Creating Passive Income

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

Easy Ways to Save $1,000

Vacation season is upon us and it can be tempting... Read More

Have You Ever Had That Feeling?

Have you ever had that feeling where you could not... Read More

High Flying Market Makes Good Buys Hard to Find

AS THE MARKET FLIES HIGHER, GOOD BUYS ARE BECOMING HARDER... Read More

Investing is About Discipline

If you don't have discipline then walk away from the... Read More