After Studying The Cash Flow Analysis The Owner Can Six Keys to Success In Building Wealth – The Wealth Wheel

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Six Keys to Success In Building Wealth – The Wealth Wheel

In my teaching throughout the USA, Canada, UK, Singapore and Australia, I always start with the foundation of financial success, the WEALTH WHEEL. It’s a simple concept, but it keeps us focused and on track. It doesn’t matter whether you start with real estate, job, shares or business, the wealth wheel concept keeps you on the right track.

There are 6 basic steps of the wealth wheel. First, there is education and policy. I believe in education. As one of my mentors, Jim Rohn, said, “If you work hard at your job, you’ll make a living; if you work hard at yourself, you’ll make a fortune”! After education or learning strategies (like M2 Matrix), you need to focus on money making skills. We have a variety of options, including cash flow, growth, speculation, leverage, big hits and even savings strategies. All these add up to wealth over time. So, where do we begin? I suggest, we always start with cash flow strategies.

Cash flow is king! Many wealth experts say, you should have multiple sources of cash flow. I agree. Life is not that difficult if you have a job, small business, real estate and stocks to make money. Not all your eggs are in one basket (like a job). It gives you the option to work on the job or not. Cash flow strategies are an important one.

There are other reasons we work on cash flow. As we build our cash flow, it allows us to borrow more money. The ability to borrow money only for investment activities (not consumer debt), constitutes another component of the wealth cycle. benefit Another key to wealth is using the ability to borrow money to acquire wealth (real estate or business). So, focus on cash flow 1!

Once we have cash flow, let’s focus on long-term growth. Growing our money over time using time tested and solid annual returns such as tax liens (18% per year in Florida). Or other strategies that will earn us at least 15% per annum. At least! There are 15% reasons, I will explain later.

As our money grows, we will speculate a little more and take a little risk. Looking for those big hits. A victory fall. Maybe that great foreclosure deal, or a stock that goes long!

Leverage and tax planning are the remaining keys. We have to leverage our cash, assets and time.

Tax planning and asset protection are the keys to long-term wealth. It is said that one-third to one-half of your wealth will come from tax planning. I agree. The average family will earn over 2 million dollars in their lifetime. At 30% that’s about 600k in taxes. We can do anything to lower that rate or lower it by a few percentage points. Goes straight into our pockets.

Strategy: Use the wealth wheel

Consider a pie chart with 6 different sections. One piece of the “wheel” is important.

1. Education: Napoleon Hill said it well. Specialized knowledge is the key to wealth. Spend any amount of money to get the best mentors, teachers and coaches in your life. You can buy your way to success.

2. Cash flow. There is a king! Multiple sources of income. A job is not enough. Create 3 more sources of cash flow. For example: employment, rental property, stock and small business income.

3. Growth. Long-term wealth means appreciation and growth. Use systems like Cancellim, Dogs of the Doe, Seasonal Trading, Fundamental Analysis or the Buffet Method.

4. The Big Hit. There’s nothing like winning every now and then. See more returns.

5. Advantage. All the rich use it. Use the cash, assets, credit and intelligence you have.

6. Property. One-third to one-half of your wealth will come from tax planning and asset protection. The average American family earns more than 2 million in their lifetime. How much are you taking home?

Unfortunately, many people start with the wrong step or mix up strategies. For example, they invest in stocks for growth, when what they really want is cash flow. Cash flow for job growth or job change. Everyone should have multiple sources of cash flow (just in case). You need a cash flow strategy in the stock market, not a growth strategy. Most advisors talk about growth strategies, such as buy and hold or fundamental analysis. So the bills are not paid.

There are many cash flow strategies for the stock market. Strategies like: Credit Spread, Options, Covered Call, 3 Day Pop, Best 6 Days of the Month to Invest, 6 Week System, Daily Interval Trading and many more. You should check it out. Actually we will talk about these strategies later. They are cool.

Many investors buy real estate for cash flow and end up with growth (appreciation). When they were expecting to flip the property and make money. Real estate has specific cash flow strategies and separate growth strategies. You need to know the difference.

Or even worse, people try real estate, business or stocks without education or a specific plan. The best thing you can do before going on any adventure is to buy a MAP. Know the terrain and route before walking. Otherwise you will lose and so will your money.

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