10 Secrets to Creating Lasting Wealth A Comprehensive How-to Guide
Author: Patrick Correya
Table of Contents About the Author .........................................................................................................................................4 Psychology of wealth ....................................................................................................................................5 Why Psychology Ma8ers ..........................................................................................................................6 Physical wealth .........................................................................................................................................6 Emo=onal Wealth .....................................................................................................................................6 The Wealth of Rela=onships .................................................................................................................7 The Wealth of Time ..............................................................................................................................7 The Wealth of Work/Career/Mission ...................................................................................................8 Financial Wealth .......................................................................................................................................8 The Wealth of Contribu=on & Celebra=on ...............................................................................................8 Financial discipline .....................................................................................................................................10 Budge=ng ...............................................................................................................................................11 Saving .....................................................................................................................................................12 Security Bucket .......................................................................................................................................14 Growth Bucket .......................................................................................................................................15 Dream Bucket .........................................................................................................................................15 Vehicles to Create Wealth ..........................................................................................................................16 Shares .....................................................................................................................................................16 Property .................................................................................................................................................18 Managed Funds .....................................................................................................................................18 Business Venture ....................................................................................................................................18 Internet Based Business .............................................................................................................................19 Internet Marke=ng .................................................................................................................................19 Online Auc=ons ......................................................................................................................................19 Affiliate Marke=ng ..................................................................................................................................19 Risk Management ......................................................................................................................................20 Insurance ................................................................................................................................................20 Ten Secrets to Create Lasting Wealth
Page 2
Personal Insurance .................................................................................................................................21 Business Insurance .................................................................................................................................21 Hedging ..................................................................................................................................................21 Business Systems (MLM's) ..........................................................................................................................23 Alterna=ve Income Genera=on Strategies .................................................................................................25 Build the Right Support Team .....................................................................................................................26
Ten Secrets to Create Lasting Wealth
Page 3
About the Author Patrick Correya is an authorized representa6ve of Mortgage and General Financial Services AFSL No. 247413. Patrick is passionate about helping people have peace of mind whilst building a sustainable porJolio of investments that generate an income for life. Using his exper6se gained by being an investor for the past fiNeen years has helped Patrick create a program that helps investors create a comprehensive wealth crea6on plan that keep them focused on achieving their financial goals. This ebook captures the philosophies and mechanics that can assist in crea6ng mul6ple streams of income.
General Advice Warning The informa6on provided in this ebook is general in nature only and does not cons6tute personal financial advice. The informa6on has been prepared without taking into account your personal objec6ves, financial situa6on or needs. Before ac6ng on any informa6on in this ebook you should consider the appropriateness of the informa6on having regard to your objec6ves, financial situa6on and needs. It is important that you get professional help before ac6ng on any of the concepts discussed in this ebook.
Ten Secrets to Create Lasting Wealth
Page 4
Psychology of wealth Mo6va6onal speaker, Anthony Robbins, says that real wealth isn’t only about money. It is 80% psychology, and the rest is mechanics. Once you have the right psychology then the mechanics become easy to handle. It is about staying the course and having a disciplined outlook through market cycles that sets you up for financial freedom. But it took Tony Robbins a lot to find this out. He was broke, overweight and washing his dishes in a bathtub while working as a janitor before he stumbled on this piece of wisdom. We are glad you are much be\er-‐off than that! For the last 30 years, Anthony Robbins has devoted his life to help people ge`ng rid of their life challenges. His vast experience in dealing with other people’s problems helped him to come up with the strategies that are extremely beneficial in improving the quality of life. He says problems are giNs from God. We choose to grow with it and become a be\er person or we succumb to being a vic6m and playing the blame game. To quote Robert Kiyosaki in his book Rich Dad Poor Dad. He says the keys to success is having two key skills and they are Emo6onal Intelligence and Financial Intelligence. Unfortunately these skills are not taught in our schools and universi6es. The Money Mindset All of us have a unique way of thinking about what prosperity and wealth represent. For many of us, money is the ul6mate objec6ve, and that is because of our belief that it can solve all problems, clear all issues and make us happy forever. On the other hand, there are those who hide behind emo6onal or spiritual curtains to avoid addressing financial issues.
Ten Secrets to Create Lasting Wealth
Page 5
People then act according to these mindsets, which is probably why many people can’t find sa6sfac6on even though their financial goals are being accomplished. Why Psychology Matters When you have significant assets, it can have a profound effect on your family and your lifestyle. Money is something to be enjoyed, but it is also a great responsibility because it is easy to get carried away and forget what’s really important. Yet a rich life doesn’t mean a huge bank account to everyone. So, for you, your family and your life, you need to be able to differen6ate between the different types of wealth. Just remember that each of these is important in its own way. To be able to lead a fulfilled life, all of these are equally necessary. Read about them and ask yourself how you can create all of them and add new dimensions to your life. Physical wealth Physical wealth means a healthy, fit body that lets you enjoy all the blessings of a rich life. But physical fitness doesn’t necessarily mean being a\rac6ve or thin. It implies having the energy to face the challenges of life with enthusiasm. If you wake up in the morning and can’t wait to take on the hardships of the day, then you are physically wealthy. The best part is that achieving physical wealth is just as easy as achieving financial wealth. It’s quite similar to when you save a li\le everyday by pu`ng it into your re6rement account. Well, similarly you just need to exercise regularly. And with an investment of half an hour daily, you can have the health, alertness and energy that everyone needs to achieve their dreams. Physical Wealth is the op6mal health that makes you want to do everything that’s possible! Emotional Wealth Human beings are emo6onal by default. Ten Secrets to Create Lasting Wealth
Page 6
Everything we do is governed by emo6ons. If the stock market goes down, fear and greed are the dominant emo6ons. Similarly, if you have a child graduate recently, pride and joy are the emo6ons you will be engulfed in. Having emo6onal wealth is to be able to acquire posi6ve personal traits. It is an a`tude that leads to success. These traits include self discipline, intelligence, and, of course, a posi6ve a`tude towards life. Saying this may be a cliché, but a`tude determines al6tude! If you don’t have the correct emo6ons and a`tude for each situa6on, then you are lacking emo6onal wealth. If you have never felt gra6tude, love and joy, then you are missing something. If your dominant emo6ons are fear and frustra6on, then you haven’t been able to acquire emo6onal wealth despite all the opportuni6es offered to you. The Wealth of Relationships Our rela6onships are the quiet, li\le investments that always give spectacular returns. If you have loving parents, a caring spouse and children who adore you, then you might just feel like the richest, happiest person on earth! When you have the wealth of rela6onships, you know that no ma\er how poor you get, you will always have people who will welcome you with open arms. But like everything else, you need to work on your rela6ons. It’s all about giving, but the good news is that what you get back is always ten 6mes more! The Wealth of Time Time is precious. People with enough money to spend life comfortably don’t know how to find 6me or worse, how to spend whatever 6me they do have. Many of us spend 6me doing things that really don’t ma\er. Family comes first, and then comes work, but “self” never comes at all. This is a really bad u6liza6on of 6me. It’s a fact that if you enjoy what you do, you will always find 6me for it. Ten Secrets to Create Lasting Wealth
Page 7