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Ways To Become Wealthy – Part 4

Welcome to the latest series on the wildly popular JosephSangl.com – “Ways To Become Wealthy.”  In this series, I will share the ways that I have seen people build wealth.

Part 4  Reduce spending and invest the difference

If you have read this blog for any time at all or have participated in one of our classes or group studies, then you know that compound interest is a powerful tool that anyone can use to build wealth.

Let’s say that you are currently unable to save money with your current budget.  We know that saving and investing are absolutely critical and essential for building wealth, so a thorough review of the budget is conducted to identify potential ways to reduce spending.

Suppose the following items are identified:

  • Cable TV – $100/month (could lower service and save $40/month)
  • Home Telephone – $35/month (could eliminate and save $35/month)
  • Cell Phone Service – $100/month (could reduce service and save $10/month)

Total savings: $85/month

Using our free “monthly investment calculator” tool, we see that $85/month for 30 years at 12-percent annual rate of return will be $297,072!

Question: Is it worth it to reduce cable, eliminate home phone, and reduce cell phone service in exchange for nearly $300,000?  AB-SO-LUTE-LY!

ACTION QUESTION:  What are some potential reductions you could make in your own budget?

Review your budget and identify potential reductions.  Make the decision to re-allocate the savings to your investments!

Read entire series (available on 9/2/2011)

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Ways To Become Wealthy – Part 3

Welcome to the latest series on the wildly popular JosephSangl.com – “Ways To Become Wealthy.”  In this series, I will share the ways that I have seen people build wealth.

Part 3  Own A Business

Owning a business may not be for everyone, but this is one of the key ways that an individual can build wealth.  Think about this question for a minute – How much work can YOU physically do?  50 hours worth?  60?  80? 100?  At the end of the day, you only have two legs, two arms, and 24 hours to work.  Sure, you can increase your workload for a period of time, but eventually exhaustion will catch up with you.

A business system focuses the efforts of MORE people than just you!  The collective effort of many people yields far more than you can do on your own.  You can serve more people, reach further around the globe, and produce wealth!

I remember reading Proverbs 14:4 several years ago, and it captured me.

Where there are no oxen, the manger is empty, but from the strength of an ox comes an abundant harvest.” – Prov 14:4 (NIV:1984)

Think about it.  If you have no oxen, YOU have to do all of the work.  However, if you do have oxen, the oxen will do the work for you!  Think of a business as oxen.  The oxen will do more work for you that you simply do not have the capacity or ability to do!

ACTION QUESTIONS:  “What are your “oxen” that are producing wealth for you?  Do you even have oxen?  What can you do to get an ox?”

Read entire series (available on 9/2/2011)

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Ways To Become Wealthy – Part 2

Welcome to the latest series on the wildly popular JosephSangl.com – “Ways To Become Wealthy.”  In this series, I will share the ways that I have seen people build wealth.

Part 2  No decisions available; No choice involved; and Ridiculous Options

  • Be born into wealth  Of course, you can’t choose this option, but this is certainly one way to become wealthy.  If this is you, congratulations.  Commit to use that wealth to build more wealth and serve others in incredible ways.
  • Marry into wealth  You can choose this option, but a person is pretty shallow if this is the criteria for a spouse!
  • Win the lottery  Current odds of Powerball Lottery is 1 in 195,249,054.
  • Inherit money from a long-lost relative  Who knows?  You might be a descendent of a long-lost king!

ACTION QUESTION:  “Are your children being born into wealth?  What steps are you taking to leave an “inheritance for your children’s children?”

While this was a fun blog post to write, we’re getting serious in Part 3!

Read entire series (available on 9/2/2011)

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Ways To Become Wealthy – Part 1

Welcome to the latest series on the wildly popular JosephSangl.com – “Ways To Become Wealthy.”  In this series, I will share the ways that I have seen people build wealth.

Part 1  Introduction

Let’s face it, every person wants to win with their money.  When given the choice between poverty, able to pay the bills, and wealth, most people would choose wealth.  While we know that money does not buy happiness, we certainly know that money is necessary for providing basic needs for ourselves and those that depend upon us.

When it comes to money, I have two choices:

  1. Use it to invest in items that build and preserve wealth
  2. Use it to spend on items that do not build wealth

I’m choosing to invest in ways that build and preserve wealth.  My energy can be focused on learning more about how to use the resources I am blessed with or it can be consumed with attempting to distribute amongst all of the bills I owe because I never developed a plan for my money.  It’s the same amount of energy, but it is much more POSITIVE energy when I am focusing on leveraging my resources for the better.

ACTION QUESTION:  “Is this expenditure helping me build and preserve wealth or will it hamper, delay, or destroy my ability to do so?”

Read entire series (available on 9/2/2011)

Read recent posts by Joe