10 Wisdom-Based Wealth-Building Strategies
by:
Gala Gorman
“It’s the business of your life…
and you’re the CEO!” Gala Gorman
Imagine that you’re Patriarch
and God is telling you that you need to build the ark. You strength
suspect that Patriarch
was a bit skeptical. Could it actually rain for such an extended period of time that a small ship would-be be required to survive the storm? According to the Bible, the answer is “Yes!”
So, once
I suggest you build an ark of your own – one of the business enterprise variety – how more convincing wish you need? Fortunately, this ark won’t require a that you assemble a ostensibly
useless structure in your grounds
and it won’t require a 1,000 year flood to move in handy either. This ark wish be thing
you can be proud of and it wish provide you with business enterprise safety every day of your life.
While any approach to creating business enterprise safety must suit the values and of necessity
of the individual, these are the Top 10 Wealth-Building Strategies that I believe wish ensure that you can weather any storm life sends your way.
1. Use the A-R-KTM Technique.
A. A is for Accumulating Assets. This may seem like a simple idea but in today’s challenging circumstances it is more too easy to spend everything you do and more.
B. R is for Retiring Debt. Financial obligation aren’t called liabilities for nothing. You need to activity towards reducing and eliminating business enterprise obligation once
everyone else is focused on victimisation every ounce of equity.
C. K is for Keeping Commitments. Once you do a commitment to yourself to apply the A-R-K TechniqueTM, you need to support it! You build confidence in yourself and others this way.
2. Prepare for the inevitable rainy day.
A. Understand life’s cycles. It is a fact of life that you wish experience challenging times – in a way times like these are meant to adjust your course. Life’s challenges are more easier to face with business enterprise security.
B. Maintain a positive AND realistic attitude. It strength
not seem like positive thinking to plan for a rainy day. I believe planning and preparation are the most valuable tools you can use to deal with life’s problems.
C. Develop plans for your A-R-K. You need a plan. God gave Patriarch
a “blueprint” to build from. You need a business enterprise blueprint. What wish your ark look like once
it’s completed?
3. Acknowledge wherever
your wealth comes from.
A. GUS is the source. Several call it "God", several "Spirit", others "the Universe", and still others have developed their own term to relate to. The signifier GUS (God's Universal Spirit) honors all the wisdom traditions.
B. Give back to those who gave to you – spiritually and otherwise. You strength
consider this tithing. Tithing is your way of demonstrating your faith in an endless supply.
C. Subscribe to the Universal Law of Use. This universal law applies to every department of your life. Get rid of clutter and thing
else that isn’t serving a purpose. One person’s junk is another’s treasure.
4. Develop comfortable liquid resources.
A. Cash is King! I can’t stress enough the value of having funds without delay
accessible that can be accessed without a significant reduction in value. This is the “hull” your ark is built on.
B. Calculate your cash reserve requirement. Do you cognize how more you would-be need to meet your minimum business enterprise responsibilities for a period of six months?
C. Define “liquid”. Liquid resources are assets that can be regenerate
to cash without penalty or market fluctuation. You need a six month cash infusion plan that is easy to execute in an emergency.
5. Understand real estate investments.
A. Own your home “free and clear”. Mortgage brokers encourage you to borrow every dollar you can – especially with interest rates at historical lows. With this approach, you’ll forever do home payments!
B. Use conservative values for planning purposes. With real estate, values can fluctuate dramatically based on factors altogether out of your control. How more would-be you realize if you HAD to sell?
C. Are you prepared to run a business? Owning real estate (unless it’s your personal residence) requires you to run a business that you may not consider a valuable use of your time.
6. Understand equity market investments.
A. Assess your risk tolerance. Investment advisors typically discuss the idea of risk with their clients, but don’t face reality. Investments move with a significant chance that value wish decrease significantly.
B. Accept that the stock market is illogical. There are many an “systems” accessible now that purport to do the market predictable. The truth is there isn’t more logic behind market values.
C. Fund managers are paid even as once
they’re wrong. Most mutual funds underperform the market by 3%. This is in part due to the fact that fund managers are paid handsomely whether they perform well or not.
7. Cognize the value of your financial gain
stream.
A. Build a salable business. Once
you’re available to “retire” wish the activity you’ve done to build your business have lasting value, with or without you there? With proper planning, your business is a valuable asset.
B. Create lasting value from your career/job. If you aren’t working in your own business, you can do the most of the financial gain
stream from your paycheck and benefits. Take advantage of employer-sponsored programs.
C. Supplement with investment income. Your investment strategies can generate additional cash flow if required. Depending on the phase of your business enterprise plan, you have the option of adding to useable resources.
8. Limit your “use” assets.
A. Depreciatory
assets are necessities or luxuries – peradventure both. In most geographical locations, a vehicle is a necessity. Makes your vehicle meet your transportation of necessity
or does it satisfy a desire?
B. Cognize the hidden price of dear “toys”. We all have them – assets that are nothing more than grown-up toys. You need to cognize what those toys actually cost to maintain.
C. Money buys experiences. Once
folk are surveyed simply about what does life more satisfying, the answers vary. Consistently, folk agree that they enjoy traveling, eating and the outdoors. It takes money to have fun!
9. Set goals.
A. Have a target you’re moving towards. Without a comprehensive plan, you wish have difficulty adjusting once
you face life’s challenges – financially or otherwise.
B. Define your wealth-building strategy. Once you cognize wherever
you want to end up, you can determine which strategies should be enforced
to meet your goals.
C. Embark on the journey. Simply get started! Realize that you wish have setbacks, but you wish ne'er
get there unless you start sport
in the direction you’ve determined you want to go.
10. Protect what you’ve built.
A. Buy insurance for inevitable losses. Property insurance protects several of your assets, but you should likewise consider the risk of losing your financial gain
stream. Life and handicap insurance can provide adscititious protection.
B. Add layers of protection for unpredictable losses. There are many an route to protect assets from the uncommon disaster – a causa or else occurrence. Plus protection tools can help you rest easy.
C. Create a succession plan. Whether you own your own business or want to provide for your family in the event you are unable to do so, any effective business enterprise plan should consider succession.
You strength
be feeling like a sound business enterprise plan leaves no room for fun or enjoying life’s pleasures. On the contrary, your plan should serve your individual of necessity
and put you on the path to business enterprise freedom. If you dream of drive a luxury vehicle or taking a cruise about the world, your plan should factor in the price so you cognize you are creating a business enterprise futurity that is real and lasting – not simply a “mirage”.
Albert Einstein (1879 - 1955) called combining
interest the 8th wonder. It can activity for you, or against you. Once
you invest it works for you. Once
you borrow it works against you! There is a reason God told Patriarch
to take a male and female of each species aboard the ark…to multiply. That is what combining
interest does for you and your business enterprise ark. Creating a wisdom-based business enterprise plan can help you put the 8th wonder to activity for you.
The Top 10 Wisdom-Based Wealth-Building Strategies have been developed from the A-R-K TechniqueTM (ARKTM) which is at the center of Gala Gorman’s Wealth Management services. Your FREE ARKTM Assessment is accessible at http://www.GalaGorman.com.
Gala Gorman, PhD CPA CFP is committed to assisting entrepreneurial individuals in building and managing their organizations and wealth. Gala is a certified public accountant, certified business enterprise planner, publicized
author, executive development coach and business authority
with over 25 years of experience.
Call now for your FREE initial consultation to discuss how Gala and the A-R-K TechniqueTM can help you build and manage your wealth.
For more information, contact Gala Gorman between 9:00 a.m. and 5:00 p.m. Pacific Time at:
METACOMM MEDIA
A division of MetaComm International, LLC
(888) 886-4111 or (702) 386-4111
9101 West Desert Avenue, Suite 105-G36
Las Vegas, NV 89117
E-mail: DrGala@GalaGorman.com
Web site: http://www.GalaGorman.com
