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Creating Wealth - A Matter of FocusPosted by Roth-IRA-401k on: 2006-03-22 09:50:15 in category:
Retirement Planning News [ Print | Permalink / 0 Comment(s) ] Creating Wealth - A Matter of Focus By Lila Norden A greater sense of freedom is the basis of most people's desire to have more money in their lives. Having more money doesn't guarantee more freedom, but it is the belief that inspires the desire. Now, let's take a look at a person who wants more freedom and has decided to significantly increase her wealth. How does she go about it? Where does she begin? Where will she make her first million? There are a few general areas where a person could direct attention: real estate, stock market, internet, information marketing, and business of all kinds - from network marketing to producing widgets. In their eagerness to create wealth, people sometimes make the mistake of trying to make a go of it in all of these areas at once. And it is true that ultimately, a person should have multiple streams of income. But most people who eventually do create massive income from a variety of sources made their breakthrough by initially focusing intensely in one area. If you'd like to join them in financial success, instead of being all over the map, choose an area to develop expertise. Once you've achieved success in that area, you'll have the confidence and foundation to move on to the next area and the next after that. But first, focus. How do you choose where to focus? First, take a personal inventory. Wherever you end up making your first million, it will be related to something you already enjoy. If it isn't innately satisfying work, you're unlikely to stick with it, no matter how surefire a get-rich idea it seemed at first. Second, does it have leverage? You can never get rich trading your time/expertise for money. You might get the resources to invest in real estate, or business, or the market by trading your time for money, but if you have to be physically present in order for whatever you do to make money, then it's an unlikely ticket to massive wealth - even if you're providing a high end service like a lawyer, doctor, etc. The income doesn't have to be passive, such as royalties from intellectual property; residual income is fine, such as overrides from network marketing. But the area of focus has to be a venture that can make money while you sleep, so to speak. In real estate, that might be a matter of appreciating value or rental income. Online, that might be an information product that clients download. You get the idea. Third, can it be systemized? By creating a system, you remove your personality from the equation. Anyone can step in and do what is necessary to keep the ball rolling. With a system, you are replaceable. You can still own whatever it is that makes the money, but you don't have to *do* the money-making actions. Once you've narrowed your focus, what next? Find a mentor, someone who has succeeded doing something similar to what you want to do. The mentoring could come via role models you never personally meet, but who have shared their expertise through books or other media that you can study. In addition, however, a personal mentor or coach is tremendously helpful to you in maintaining focus. Once you've narrowed your focus and have studied what others have done to succeed in your area of interest, you're ready to make a plan of action and take the first step. Then, keep taking steps and keep your focus; you will create the wealth you desire. Lila Norden is a career and business consultant. Lila offers valuable information to help you make decisions about your business growth and development. Visit her web site F-Com Finances. Additional articles by Lila are also at FLS Job and FP Employment Article Source: http://EzineArticles.com/?expert=Lila_Norden |
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