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Online Home Based Business Opportunity | Three Steps To True Wealth

Posted by lingodan on October 20th, 2009

There is a misconception out there that being wealthy and being rich are the same thing. Sometimes, you can be wealthy and not be rich at all and others can be what you and I would consider very rich and not wealthy at all.

Rich is more of a monetary term. When someone is “rich” it is assumed that they have a great deal of money. Wealth is more of a lifestyle term. Even Wikipedia has a hard time defining “wealth”. Wealth is generally considered to mean having an abundance of possessions or resources.

Do you see now how the terms differ and you could actually be one or the other but not necessarily both. I like to think of the wealthy as those that possess enough time, money and freedom to basically do what they want to do when they want to do it.I recently went to a seminar where the speaker stated that true wealth cannot be achieved is you have a job and work for somebody else.
At the time, I wasn’t sure if I agreed with him or not. But, as I began to think about it, I determined that he was right. Well, of course he was because he was the speaker and I was just some schmuck in the audience.

So, here are some of the things I thought about. If you made 1 Mil a year working for a company 50-60-70 hours a week, you would be considered rich. Your family, if you still have one, may benefit monetarily from your position but, your time and freedom get lost in the mix.

If you run an online business from home, work 2 hours a day, and make 80k a year, you would not be considered rich. But, you just took your daughter to soccer practice, played catch with your son, sat down to dinner with your family and had Thursday night game night with the family.
Most people looking from the outside in would consider that a pretty “wealthy” lifestyle.There are 3 basic concepts, steps if you will, for creating wealth. Even the so called “rich” create wealth by doing these three steps.1. You must have an exit plan for your current 9-5 job (Just Over broke).2. You must create a source of residual/passive income.3. And you need to create multiple streams of income.I am not saying quit your job tomorrow but is that job of yours really going to create the wealth and lifestyle you desire. It may provide the money but are you trading hours for dollars and you don’t have any time. Is your current job really going to provide the retirement that you are dreaming of or are you counting on Uncle Sam to bail you out at 65. Wanting to continue to work during retirement years is different than becoming a greeter at Wal-Mart to pay your rent or but groceries.

Do you make money while you sleep? Most 9-5’s don’t pay to well if you are not at your desk or in your cubicle. You have to learn to leverage your time and create passive/residual income that will pay you when you sleep, when you’re on vacation, when you go fishing, or when you are coaching soccer practice and trying to stop the 5 year olds from chasing butterflies (I know first hand how well that works).Is your family’s only income source(s) from working for someone else? So what happens if that job isn’t there tomorrow, next week or next month? What happens if the recession continues and your once secure position is now not so secure? Do you have a backup plan? Do you have additional income that you can rely on?

If you cannot meet these three criteria, then you will never achieve true wealth. Yes, you may be considered “rich” and be able to purchase big homes and fancy cars. But, if you are never at the house to experience dinner with your family, or if your car sits in a garage and gets you back and forth to work everyday, or if your boat just looks pretty sitting at the slip in the marina, or the snow skis get brittle sitting in the corner of the garage what good is it.

Abe Lincoln once said “it is not the years in life but the life in your years that is important”.

Start creating wealth for yourself and putting the life back in your years. There is no time like the present to start.

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Doug Chaffin is a Home Business Development Expert and Professional Marketing Consultant. Find out how you can achieve more in the next 12 months than the previous 12 years and explode your Home Business empire by checking out his web page at http://www.dougchaffin.com or go to http://chaffinonlinesolutions.com to see how he creates passive/residual income and multiple streams of wealth.

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