So far 2008′s been a bumpy year for my 401k It’s dipped to some of it’s lowest lows. The past week has seen a slow and steady increase back to the bottom of last year’s median range. I’d like to see it really take off this year, but what with economists saying there’s a 50-50 chance of a recession, I’m cautious trying to make any assumptions this early.
The most benevolent people in the world typically happen to be the most generous, and it’s no coincidence. Consider Carnegie’s wonderful contributions to libraries and Bill Gates’ donations to education systems and (inter)national disasters and you will instantly recognize the glory of shared wealth. These benefactors know part of money’s power lies in being distributed. There exists a supernatural force that returns that money in multiples to givers time and time again.
This wraps up the Money Skills shared in One Minute Millionaire.
Truly prosperous people have discovered the value of being able to protect their money. They go through great lengths to secure what they have earned. They use insurance, partnerships, corporations, trusts, and other methods to limit their liability. They know that their resources require shelter, and will do whatever is necessary to shield their money.
Using Multiple Streams of Income, wealthy people are able to earn more money at a greater rate. Having multiple streams of income frees a rich person or millionaire from having to rely solely upon one source of money. Being empowered by these cashflow creeks they’re able to continue to produce real wealth constantly and simultaneously.
Wealthy people have a system for investing. First, they use a system to create some savings for security, 3 to 9 months worth of expenses. They’ll have this money invested in an insured bank account that earns interest. They’ll then continue to use the same system to provide funds to investments, deciding which type of investments suits them best. Continuing to use this system indefinitely provides a continuous stream of cashflow.