Somebody wrote this on quora.
I have an eight-figure net worth that continues to increase monthly.
For the most part, this is what I did, but it’s no secret:
- Make up your mind that you are going to be honest in all your dealings even if it cost you money. Your reputation is everything… the money will always come back faster to an honest person.
- Write down your goals and check your progress daily. Revise your goals monthly. You will find that you exceed your goals rapidly, so they need to be increased often. My experience has been that one year goals are often exceeded in seven or eight months. Impossible ten year goals are achieved in six years.Write your goals down, review them daily and revise as needed.
- Invest in yourself and not so much in the stock market.
- Save until you can purchase an investment property. If you can’t save fast enough, find a partner to invest with.
- Let the tenant in the property pay your mortgage off for you as you collect rental income.
- Start your own small business.
- Buy the real estate your business can use as rapidly as you can.
- Let your business pay for the real estate.
- Sell the business, finance a portion of it, and give the new owner of the business a long-term lease so the rental income from them will pay your building off for you. Theoretically, while the balance you owe on your property is being reduced each month, the property is also appreciating in value annually.
- Repeat steps 6 through 9.
- If during any time you are not buying additional properties, pay additional funds towards your principal balances to reduce your debt faster.
- If you buy and hold your investment properties, you should have adequate cash flow for your retirement years… all your properties could be paid off within 20 years of purchase dates.
- As a general rule, buy assets that appreciate in value, instead of wasting money on depreciating assets.
- There are great tax advantages to owning your own business as well as owning investment properties.
- Hire a good CPA firm that will council on some of your business and investment decisions as well as help you plan for retirement. That’s part of investing in yourself.
- Don’t live too big, but occasionally you’ll want to reward yourself for your larger successes as a motivational tool for your future success.
- Buy quality, rather than quantity…I’d rather invest in one quality Rolex watch that tends to appreciate in value over time, rather than thirty less expensive watches that will all depreciate in value and will eventually be tossed away.
- Realize what your time is worth: I can pay someone to mow my yard for less than it would cost me in time, aggravation, and effort. While it may be good exercise, there is always the risk of injury. I can invest that same amount of time making more than enough money to cover the expenses of a yard service with zero risk of being injured and without breaking a sweat. Time truly is money…invest it wisely.
- Don’t marry for money. Money can come and go. Love and family can be there forever. Marry for love. Find a supportive companion and the money can come later.
- Prioritize your time. Make time to help those that are less fortunate than yourself. Be a mentor.
I hope this will help someone and I wish you great success.
rahulwalunje 