Hi
Been awhile again. I have been working on my passive income plan when I can fit it in with my job and spending time with my family. I have been learning alot, and the more I learn the more I realize there is to learn. One important thing I have learned is the importance of the reason a person wants to be wealthy. I am pretty sure none of us aspire to be rich to own pieces of paper with dead presidents, and prime ministers printed on them. I thought about it, and for me it is the freedom money provides. I can decide when and where I work. Who my clients are. I free myself to be a better person and make a difference by not spending countless hours working at a job just to pay bills. I can take my family traveling to see and experience different parts of the world. Give back by donating to worthy causes like the Children's Hospital, which is dear to my heart. Help my family members reach their dreams. The list is endless for the good I can do with great wealth. I guess to sum what I have realized,is that with a big enough why to drive you,the how will come.
Monday, August 1, 2011
Sunday, April 24, 2011
Detour
Sorry I have not wrote in awhile, I have been super busy. I had to get a new job because I got a little behind due to all the time I took off when Madison was born. It was a hard decision because this new job is a lot of hours and takes away from my developing a passive income stream. But I needed to make more right now to get back on track otherwise I might have dug myself too big of a hole. So I found another job where I am working 12 hour days, do I don't get hone until late. I make more money but I get home, eat then go to bed. It does not leave much time for anything else. I still work on my passive income business every spare minute I have. I now it will take me longer now, but I will not give up, I will forge ahead. I just know that it will take me a little longer to get there with having less time to invest into it. Sometimes you have to do what you have to do. My family comes first and I need to provide for them first. So if it takes me a little longer to get there, then that's the way it is. A bit of a detour in my path to riches, I just need to insure it does not deter me.
Wednesday, February 23, 2011
Some Progress
After some reading and researching I have discovered the first thing I need to do. That is to build enough multiple passive income streams to replace my income. I have discovered a few different was to implement this idea. I am learning how to make money with pay per click at the moment. It will take some time to build these revenue streams working a full time job, but I am committed to doing it. It is my first step to financial freedom. Once I have replaced my income, I have the time to search out business and investment opportunities to grow my wealth.
Tuesday, February 1, 2011
It's all in the mind
Hi
Thanks to whoever has viewed my blog, I hope you will continue to enjoy it. The one neat thing about this blog, is that it tells the story before I know how the story will go. Most successful people write a book about how they did it, after they did it. So I have been searching, reading and thinking about how to become rich. I have found a few common themes that I can share with you.
You will have a hard time becoming wealthy by working for someone else. Well that is not totally true, it just takes a lot longer. You can invest whats left of your paycheck in something that will net you a decent return, by the time you retire you could have a million dollars. Of course it depends on how much you invest per year, and how early you started, the earlier you start stuffing it away the better. That is one thing I actually have put in a solid effort in doing, and have got results. I have ten percent of my income automatically deducted each pay check, and I put it into a RRSP. Now when I started a few years back, I would just invest in a fund my bank would suggest. Not a very worthwhile endeavorer, most times I would just beat inflation if I was lucky. So I read up on investing, and decided I would start buying and selling stocks on my own under a RRSP umbrella. What I mean by this, is that I have an account with money in it that is considered an RRSP, I buy and sell stocks on my own to grow the portfolio. I pay a fee every time I buy or sell a stock. I first started it a couple years back, and the first year I barely broke even. I did not give up, and this last year I moved all my mutual funds into this account, I averaged over 25% for the year of 2010. Now there are probably a lot of people that made way more, but I learned, and did it myself. I beat what the bank funds did. This is risky, unless you are going to take the time to learn, keep a close eye on it, and be able to take risk, and not get too emotional. But if you can handle it, it is a good way to increase your returns. The more interest you can make, the faster you can retire. Now this is all great, if you are not in a hurry and don't mind waiting until you are ready to retire to enjoy your million. The other problem most of us face, is finding enough money to invest after we have payed all the bills, put food on the table, and gas in the car. Another is the fact that most of us think we just need a little more money, but the more money we make, the more we spend. We need to work at reducing debt and increase what we invest, and invest in the right things. Taxes also take a big bite out of our income. The problem with a job is how it traps you, you make enough to pay your bills, your afraid to stop because you can't see how your going to pay your bills with out it. As you get older, you buy more and more things and you pile up more and more debt. Making it harder and harder to get out of the trap. We buy too many things with credit, rich people don't borrow money for luxury items, they buy them with profits.
So to become a millionaire you need to have a business, if you can start the right one, you could be a millionaire before you need to retire. You also pay a lot less tax with a business then you do with a job.
So the first step, and the hardest, figuring out what business to start, and how.
One other simple thing, think about what you want, and don't focus on what you don't want. Simple, I am sure you have heard it before, but it takes some discipline to implement, and I am trying.
Thanks to whoever has viewed my blog, I hope you will continue to enjoy it. The one neat thing about this blog, is that it tells the story before I know how the story will go. Most successful people write a book about how they did it, after they did it. So I have been searching, reading and thinking about how to become rich. I have found a few common themes that I can share with you.
You will have a hard time becoming wealthy by working for someone else. Well that is not totally true, it just takes a lot longer. You can invest whats left of your paycheck in something that will net you a decent return, by the time you retire you could have a million dollars. Of course it depends on how much you invest per year, and how early you started, the earlier you start stuffing it away the better. That is one thing I actually have put in a solid effort in doing, and have got results. I have ten percent of my income automatically deducted each pay check, and I put it into a RRSP. Now when I started a few years back, I would just invest in a fund my bank would suggest. Not a very worthwhile endeavorer, most times I would just beat inflation if I was lucky. So I read up on investing, and decided I would start buying and selling stocks on my own under a RRSP umbrella. What I mean by this, is that I have an account with money in it that is considered an RRSP, I buy and sell stocks on my own to grow the portfolio. I pay a fee every time I buy or sell a stock. I first started it a couple years back, and the first year I barely broke even. I did not give up, and this last year I moved all my mutual funds into this account, I averaged over 25% for the year of 2010. Now there are probably a lot of people that made way more, but I learned, and did it myself. I beat what the bank funds did. This is risky, unless you are going to take the time to learn, keep a close eye on it, and be able to take risk, and not get too emotional. But if you can handle it, it is a good way to increase your returns. The more interest you can make, the faster you can retire. Now this is all great, if you are not in a hurry and don't mind waiting until you are ready to retire to enjoy your million. The other problem most of us face, is finding enough money to invest after we have payed all the bills, put food on the table, and gas in the car. Another is the fact that most of us think we just need a little more money, but the more money we make, the more we spend. We need to work at reducing debt and increase what we invest, and invest in the right things. Taxes also take a big bite out of our income. The problem with a job is how it traps you, you make enough to pay your bills, your afraid to stop because you can't see how your going to pay your bills with out it. As you get older, you buy more and more things and you pile up more and more debt. Making it harder and harder to get out of the trap. We buy too many things with credit, rich people don't borrow money for luxury items, they buy them with profits.
So to become a millionaire you need to have a business, if you can start the right one, you could be a millionaire before you need to retire. You also pay a lot less tax with a business then you do with a job.
So the first step, and the hardest, figuring out what business to start, and how.
One other simple thing, think about what you want, and don't focus on what you don't want. Simple, I am sure you have heard it before, but it takes some discipline to implement, and I am trying.
Thursday, January 27, 2011
First day
Hi,
I am starting this blogg to follow my ups and downs on my way to achieving my goals. I came up with the idea one day when I was thinking of a good way to keep myself on track, or accountable. I have lots of good ideas and a desire to be wealthy, but I let life get in the way too often. I am starting from scratch, I have a good job, a house the bank owns,lots of debt, and some investments. My wife and I just had our fist baby, a beautiful baby girl. Pretty average situation for a young adult starting a family. The purpose of this blogg is for my readers to follow me through my journey, by following my story they can learn from it and help me. You the reader will be helping me by keeping me accountable, if I don't improve, I have you to answer to. Plus you the reader might have some helpful tips and ideas that could help myself and other readers. I have no Idea how I am getting there, I just know what I want. The first thing I need to do is start, and that is what I am doing by starting this blogg. If I never start, I will never get there. I am going to be wealthy, what I mean by wealthy is to be financially free. Meaning my house is payed for, support lots of charities, travel, my family has everything they desire, and enough residual income to support my family for the rest of our lives. The first thing I need to do is quit thinking like a poor person and think like the rich think. The first thing I am going to do is read lots of books to fill my mind with new ideas and a new way to think. This may sound stupid, but I actually googled how to make a million dollars. It was actually not a bad article and it suggested a few books to get started with. The first ones I am reading are "Rich Dad, Poor Dad"and "One Minute Millionaire". I will tell you if I learn anything.
I am starting this blogg to follow my ups and downs on my way to achieving my goals. I came up with the idea one day when I was thinking of a good way to keep myself on track, or accountable. I have lots of good ideas and a desire to be wealthy, but I let life get in the way too often. I am starting from scratch, I have a good job, a house the bank owns,lots of debt, and some investments. My wife and I just had our fist baby, a beautiful baby girl. Pretty average situation for a young adult starting a family. The purpose of this blogg is for my readers to follow me through my journey, by following my story they can learn from it and help me. You the reader will be helping me by keeping me accountable, if I don't improve, I have you to answer to. Plus you the reader might have some helpful tips and ideas that could help myself and other readers. I have no Idea how I am getting there, I just know what I want. The first thing I need to do is start, and that is what I am doing by starting this blogg. If I never start, I will never get there. I am going to be wealthy, what I mean by wealthy is to be financially free. Meaning my house is payed for, support lots of charities, travel, my family has everything they desire, and enough residual income to support my family for the rest of our lives. The first thing I need to do is quit thinking like a poor person and think like the rich think. The first thing I am going to do is read lots of books to fill my mind with new ideas and a new way to think. This may sound stupid, but I actually googled how to make a million dollars. It was actually not a bad article and it suggested a few books to get started with. The first ones I am reading are "Rich Dad, Poor Dad"and "One Minute Millionaire". I will tell you if I learn anything.
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