Earlier last week, I blogged on on the 6 key fundamentals that you need to acquire a multi-million-dollar net worth.
I gave you three, let’s recap.
1. Get to work an hour earlier and leave an hour later.
2. Master a financially valuable skill.
3. Earn more than you spend.
If you missed that article, which goes into length as to the reasons why these three millionaire traits are important, you can read that article at: http://fiftyfreeseats.com.
Here are the next three…
> 4. Invest In Real Estate
If you earn an above average income and don’t go crazy on spending it on the latest and greatest gadgets (that includes Plasma screens), you can build a multi-million dollar portfolio of equity via real estate in your spare ime.
It’s by far the best way I have ever encountered in creating and accumulating long-term wealth on a part-time asis.
In the 10-12 years I’ve been investing, it’s given me a much better return than the stock market.
What’s great about real estate, is that you don’t have to be that smart. You don’t have to watch it every day, it’s literally as close as you can get to a passive investment.
Even if you make mistakes and you just simply hold on, you’ll make money, and if you wanted to get a bit more active, you can quadruple your income within 12 months and become a full-time real estate investor.
So the bottom line is, even if you’re conservative, risk-adverse, a what I call, “chicken investor”, you can make a killing in real estate.
> 5. Start A Side-Business
Aside from real estate, starting and owning your own business has got to be the easiest and most lucrative wealth-building activity you can get involved in.
Here’s the best part.
The way the internet has emerged over the last 5 years especially, you can start a side-business for as little as a couple of hundred dollars initially that could potentially return you anywhere between $500 and $5,000 a month.
When I mentor clients, this is what I tell them to do first. Start a small business online. The skills that you will learn and the changes that you will make in your mindset will be so valuable when you decide to go full-time.
Most people don’t know this, but you can start a business online without a product and without a website. Impossible you say? A close friend of mine in Sydney has been doing just that for the last 4 years. It’s called affiliate marketing and it has to be the fastest way to get started today.
Now, my friend makes $200,000 a month in sales. He profits about 35% of that… So you do the maths.
No website, no products, no staff… Just him and his laptop.
But just a word of caution and warning. The word “affiliate” is a generic word and not all programs may suit you. So you have to be selective and just remember, it comes down to basic fundamentals of business.
Just an aside, if you’re interested in this type of startup opportunity, I’m preparing a program that’s going to be released shortly that has all the above attributes of affiliate marketing.
The best part, the market is absolutely red-hot currently.
> 6. Invest The Rest Of Your Savings Conservatively
You want to keep the money you have always working for you, but you always want to do is a fundamental principle of safe and secure.
I’ve seen this happen recently with many folk who could have some spare cash in the bank earning themselves 5.5% interest (not great, I know, but safe and secure for sure), give their money away to higher-yielding interest rates of 8% only to find that within 6-12 months they’ve lost most of their capital.
I’m referring to schemes such as Westpoint, Fincorp and the like.
No smart investor should ever give away control of their funds without completely understanding the risks involved.
Here’s what I think you should NEVER do… Especially when you’re starting out.
Never ever put your money into any offshore program that pre-ports to pay you 3-5% compound per month tax-free.
I say that because I’ve been caught out once, and once is enough, and I’ve spoken to several people of late who have run past me offshore investment programs.
Sure, there are legitimate programs out there, but here’s how I make my investment decisions…
I ask myself, can I afford to lose 100% of my capital?
What I mean by that is, if I lost all my money, would it ruin me? That way, I only ever invest a small amount and just see the returns as complete cream.
So there you have it… 6 ways that I believe are proven and worth-while paths to creating independent wealth. I’ve done them myself and I’ve taught them to others who have become rich by doing them.
…And now I’m teaching them to you.