Although you may be far ahead of your neighbours financially, you may find that you’re still not as prepared as you’d like. In this short article, Doug Casey suggests four steps to correct the situation.
Step 1: Get rid of all that “stuff” in storage or cluttering up your home
Chances are high that you have too much “stuff.” Your garage, basement and attic may be so full of possessions that you rent a storage unit for the overflow. That stuff is costing you money in storage fees, in depreciation and in the weight of psychological baggage and, right now, it has a market value….Get rid of it. Sell it in a yard sale or sell it on eBay...The cash it generates will be helpful for the rest of the plan. Just as important, you’ll feel light and mobile, unburdened by many possessions that own you and weigh you down. It will improve your psychology, which is critical to the next stage.
Step 2: Maximize/Increase your knowledge, skills and connections
What do you know? What can you do? Who do you know? Make lists and think about these things to maximize their value. If you’re light on knowledge, skills and connections, do something about it…
Step 3: Think like an entrepreneur at all times
Remember, the essence of becoming wealthy is to produce more than you consume and save the difference. You want to be the cause for everything in your life, which implies working for yourself or, at the very least, turning your present employer into a partner or associate. Think like an entrepreneur at all times.
Step 4: Make your money grow
You’ve got money. Now, you have to keep it and make it grow because staying in the same place amounts to going backwards. Consider investing in one of MunAiMarkets‘ 17 Portfolios or “Lorimer’s Select ETF Portfolios.” It’s up 25% YTD!
The Bottom Line
If you want serious money, you have to get serious about money. You need to understand the following fundamentals and never forget them:
- Don’t let all the garbage reported in the financial media confuse you about what money really is.
- Don’t consume more than you make: save! Don’t spend: invest.
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