If you read my last blog post you will know that there are many ways to create consistent income. But, the secrets to prosperity with money takes more than consistent income. Acquiring real prosperity with money requires dedication and discipline as you will see in the 8 practical steps that follow.
Prosperity With Money
If you truly want to enjoy prosperity with money you have to have a strong desire to create prosperity from an abundant attitude of adding value to others. The common Law of Contribution applies here…the more value we add to others, the more prosperity we can create and expect to receive.
Of course Ms. Prudence would say, “spend far less than you earn” and be consistent in saving and investing money in a diversified portfolio of growth and income generating assets. Smart money managers know how to leverage and diversify their wealth. Don’t stress if you lack money-building and money-saving skills. I can help you with that. It’s really easier than you may think once you catch onto a few basic principles.
Except for the fortunate few second and third generation wealth inheritors, all self-made wealth accumulators have the commonality of a strong desire to be wealthy coupled with disciplined savings. If you are serious about building lifetime prosperity, here are 8 practical steps:
8 Practical Steps to Prosperity With Money
-1- A strong desire and firm commitment to be wealthy
You will achieve whatever dream in life you truly and passionately desire, confidently believe in and pursue with fervent intensity and persistence.
I paraphrased this prosperity secret from a well-known self-help book called Think and Grow Rich by Napoleon Hill. Actually, I think Hill got this powerful wealth principle from a scripture in the Bible that reads, “Whatsoever things you desire, believe you receive them and you shall have them.” (Mark 11:24)
Nothing is impossible to the person who confidently believes and expects prosperity to follow their belief.
-2- Build and hold a powerful image of prosperity into your mind
The image of prosperity that you hold firmly in your mind is a powerful attractor when it comes to prosperity with money. How do you see yourself? Do you see yourself living in a desirable home and driving a nice car or do you see yourself as barely getting by in life.
The image you hold of yourself is the greatest asset or deterrent to lifetime prosperity. Visualize yourself with an abundance of money. See yourself with cash on hand. Imagine multiple bank accounts with more than enough money to maintain your basic quality of life and reserve accounts to assure a comfortable retirement and enjoy leisurely vacations with family and friends.
What you visualize most often will fuel your “I Am” dimension. Seeing yourself as prosperous is a powerful secret to prosperity with money.
-3- Announce your decision to prosper with powerful “I AM” proclamations
Well-known success teacher and author of “Chicken Soup For the Soul”, Jack Canfield, says the two most powerful words in the world are, “I Am”. If you have ever studied human behavior you know that is true.
“I Am” is truly fundamental to our identity. Whatever we hear ourselves declaring often enough becomes our reality. We can literally empower or dis-empower ourselves with our consistent I Am proclamations.
The reason that is true is because the sub-conscious part of your brain is subjective. In other words, like a computer, it is subject to what is programmed into it. It will believe and act on whatever it is told to believe.
If you feed your sub-conscious mind with a steady diet of negative stimulus it will produce negative results in your life. If on the other hand you feed it with positive declarations like, “I am prosperous, I am wealthy, I am productive”, your subconscious mind will assist you in becoming whatever you proclaim.
-4- Get rid of a toxic, poverty mentality
Nothing is more detrimental to prosperity with money than a negative, poverty mentality. The spirit of poverty is pervasive. If it was not, there would not be so many poor people in the world.
The easiest way to rid yourself of a toxic mentality is to examine your beliefs. Make a list of the first thoughts that come into your mind when you think about money. Examine each one and notice how you feel as you read them. Do you feel joyous and hopeful or do you feel fearful, angry or resentful?
Begin the process of replacing negative mentality with positive mentality by reading books and listening to audio programs that are inspirational and positive. In time you will be able to rid yourself of a poverty mentality.
-5- Motivate yourself by what you can contribute to the world with your gifts, skills and experience
Nothing will contribute more to your prosperity with money than the success you have from contributing your gifts, skills and experience to the world. Your ability to create wealth is your greatest asset. You were born with everything you need to create wealth and prosperity. I guess you could say as Bob Proctor does, “You were born rich.” The problem is most people don’t realize just how rich they really are.
The key to success in life is to work from the strengths you have developed. Make a list of your talents, gifts and skills. These are your strengths.
From that list ask yourself how you can package yourself into a more valuable product. The world is always looking for value. The more value you provide, the more money you can make.
-6- Surround yourself with wealth-minded people
Everyone needs an environment that supports opportunity. Nothing is worse for an eagle than to be surrounded by chickens. Being surrounded by people who don’t think like us is scary for the chickens and the eagles; it makes everyone uncomfortable.
The best way to elevate yourself to the next level of financial prosperity is to find or create a master-mind of people with the same beliefs and desires about money. If your spouse or other family members are poverty minded and non-supportive, you don’t have to divorce them but you need to find another support group to empower yourself.
Join forums and social community groups that are supportive of your aspirations to accumulate wealth. Network with other independent wealth builders.
Here are a few groups to get you started:
-7- Focus more on investing than spending
Once the inflow of your money exceeds the outflow of your basic survival expenses, you are in a position to think about ways to save the excess. Finding ways to save and invest at least ten percent of your income is the key to accumulating wealth.
By utilizing the principle of compound interest, you can grow your wealth over time. Putting your money to work for you is called leverage. Just as you can leverage your time by delegating work to others, you can leverage your money to make more money.
Start with Investopedia. At this website you will learn about the basic types of asset classes and get a basic education of investment principles.
-8- Diversify assets into multiple streams of income.
Experienced money managers are quick to tell you that the best way to grow your wealth is to invest in multiple income streams. The basic principle comes from a common proverb, “Don’t put all your eggs into one basket.” Having multiple streams of income will help you build financial security over time.
I don’t want to get too detailed in this post but essentially there are three types of income, Active, Passive and Investment. When you work for money you trade your time for dollars to earn active income. Active income comes from your job or your labor in your business.
Passive income comes from the work you do one time which allows you to keep earning money 24/7 with little to no maintenance effort. An example of passive income is the kind of income I earn from affiliate income and the money I make from the sale of my books and other products. Learn how you can build a passive stream of income here.
Investment income from the management of your investment portfolio.
Examine the lives of the many famous self-made millionaires who have grown their fortunes into prosperity with money and you will also find that they often have multiple income streams…just something to think about.
Are You Ready To Explore the Next Step?
If you are ready to step into a lifetime of prosperity with money, I can help. Check out my coaching programs. Some are free and others require a modest investment of time and money. Start with my Free Breakthrough Coaching Session. I guarantee you won’t be disappointed.