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Wealth Secrets of Millionaires: Become Wealthy By Not Repayi |
Wealth. Does that sound like a foreign word
to you? If you're saddled with loads of consumer debt the way so
many Americans are, it is probably a very unfamiliar word.
Commercial and consumer debts are the greatest barriers to wealth.
And when you're suffocated by thousands of dollars of debt, it may
seem impossible to get out.
There's good news! It's not
impossible to eliminate your debt and move toward wealth. Most
people and small businesses simply don't have a system for paying
off their debt, and as a result they perpetuate bad habits and
remain stuck in it. By using the proper debt management system, you
can get out of debt quicker than you probably imagined with minimal
change to your existing lifestyle.
To top it off, there is
a system you can use that will allow you to simultaneously create
and feed the Wealth Cycle, a cycle of wealth millionaires use to
consistently and exponentially build their wealth. In other words,
you can simultaneously become wealthy and repay your debt.
Skeptical? You bet. But, you'll be surprised at how easy this is.
So what's the best way to abolish consumer debt? Many financial
advisors will tell you to scrimp, save and cut back on absolutely
everything that makes life fun. They'll tell you to create a very
tight budget and then pay off your debt before you can even think
about making investments of any type. Sounds a lot like a diet, one
that will cause you to starve yourself and your children, depriving
them of wealth.
So what does work?
To
tackle consumer debt, Loral is five-step debt strategy includes the
following steps (explained in considerable detail in her book, The
Millionaire Maker): - Create a debt elimination box
-
Calculate a factoring number
- Make a priority payoff box
-
Use a jump start allocation
- Make your debt payments
By using this system, your debt payments start to build as you pay
of your creditors, all of whom have been listed in order of
priority. Your capacity to pay off your debt accelerates quicker and
it does require you to shave down unnecessary expenses, but not cut
out everything you love. In short, it?s realistic - and mighty
effective. You simply have to commit to it.
But wait,
there is more to it!
Earlier I mentioned that you can
pay off your debt and at the same time actively build your wealth.
Remember that Wealth Cycle mentioned earlier? This is where it comes
in.
The Wealth Cycle used by millionaires consists of 12
steps: - Gap Analysis
- Financial Baseline
-
Freedom Day
- Debt Management
- Entities
-
Cash Machine
- Wealth Account
- Forecasting
-
Assets
- Leadership
- Teamwork
-
Conditioning
It is okay if you don't know what
each step means right now. The main thing to understand is that the
key to success in using the Wealth Cycle is knowing which steps to
take, and in what order.
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