How to Turn Money into More Money
Posted: Tuesday, January 17, 2006
by Loral Langemeier
http://www.themillionairemakerbook.com
Why is it that lottery winners and those with inheritances are notorious for losing all their money, when other people just seem to keep getting richer and richer as time goes by?
I'll tell you why. Lottery winners don't know the magic tricks I know. They never learned how to turn money into more money.
As a wealth coach who specializes in creating millionaires, one of the key things I teach is how to invest. This isn't your Uncle Don's investment strategy.
You may think, like many people do, that investing is only for the rich. Think again! Some real estate investments - ones that provide almost immediate monthly pay-offs - start at just $6,000 dollars.
You can become wealthy while still in debt.
To start using The Wealth Cycle, you do NOT have to be out of debt. In fact, the Wealth Cycle encourages investing before you repay your debt. You can then use the money you make from your investments to get out of debt more quickly.
To activate and sustain the Wealth Cycle, you need to do the following:
1. Create a Wealth Account. A Wealth Account is an account you set aside exclusively for investing. You make a set payment to it once a month and never touch that money for anything other than investing.
2. Invest. Once you have some money in your Wealth Account (it can be as little as a couple thousand), you invest it directly into fully investigated and researched cash-producing investment opportunities. This is where the help of a wealth coach, mentor and investment expert is crucial.
3. Set up entities. Business entities (corporations, partnerships, and LLC's, etc) are important for protecting your assets, the passive income they generate, and your personal assets.
4. Maximize tax strategies. A good accountant will know how to combine the proper use of your entities with effective forecasting strategies so that you can keep more of what you make.
5. Create a Cash Machine. A Cash Machine has one purpose: to pump up your income. Cash Machines are how the wealthy feed the earning aspect of the Wealth Cycle.
6. Reinvest. Here you take a portion of the passive income you make from your initial investments and reinvest it into additional cash-producing assets. This is a secret wealthy people use to make more money out of the money they already have.
The cycle of turning income into assets and assets into income is the process of building sustainable wealth. When you use the Wealth Cycle, instead of working for your money, you learn how to make your money work for you. Instead of working for the man from 9-6 five days a week, you focus your energies and attention on maximizing your rates of return.
If you want to be wealthy, investing is a lifelong process of continually building your asset pool. If you are committed and consistent with it, your wealth will continue to grow over time, ensuring that your golden years are, indeed, truly golden.
Wealth building is possible for anyone who learns and uses the right skills at the right time. Loral Langemeier literally creates millionaires, and she does it using a well-honed and tested system that anyone can learn. Creating sustainable wealth does not need to remain a mystery! Order your copy of Loral Langemeier’s book, The Millionaire Maker, today: http://www.themillionairemakerbook.com
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