Monday Morning Coffee | October 26, 2009
WHERE DO YOU INVEST?
Several business books suggest three ways to become financially independent. It is said that these three methods of building wealth create "multiple streams of income" - a never-ending financial source that continues to grow. So - what are the three "magic beans" that, when planted, yield wealth?
They are: 1) investing in real estate, 2) investing in the stock market, and 3) running your own business. To achieve excellence in any of the three, you must have extensive knowledge, be willing to take risks, and have a passion for achievement.
First comes knowledge. Who do you think might have the best grasp on the ins and outs of real estate - a doctor or someone in the real estate business? An understanding of contracts, real estate law, pricing and values, marketing, financing and math would all be vital, wouldn't they?
Risk-taking does not come easily for most of us. Unless we put our money at risk, however, we cannot expect a favorable return. If you don't believe that, just take a look at what your checking or savings account is paying right now!
Finally, we must have a passion for achievement. That means a burning desire, not a lukewarm, milquetoast attitude. Anything less will leave us in the dust of others who display that desire.
Wealth, a.k.a. financial independence, does not arrive on our doorstep in the form of a visit from Publishers Clearinghouse. Nor does the lottery or an inheritance often pay us a visit. We are able to achieve wealth only by choice. It comes slowly at first, and then builds to a crescendo beyond our wildest imaginings.
It's the "at first" that will govern the final result. So, then, it's your choice - real estate, stocks, your own business, or all three!
INSPIRATION FOR TODAY:
"He is not fit for riches, who is afraid to use them." ~ Thomas Fuller