Plan To Become Wealthy



Plan To Become Wealthy So As To Fulfill Your Destiny

It is only two things that are keeping you from living your dream and fulfilling destiny. They are TIME AND WEALTH.
Measuring Your Wealth
One standard measurement of wealth is a six-figure income, which pertains to the number of digits in your annual income. A six-figure income equals anything above $100,000 equivalent to N32, 000,000 (Thirty-Two Million and above)

The most recent data from the Internal Revenue Service, 2007 tax returns, show exactly where your current income places you relative to other taxpayers.

According to the IRS (Internal Revenue Service), an annual income of $32,000 (N10, 240,000) puts you in the top 50 percentile, and an annual income of over $66,000 (N21, 120,000) places you in the top 25 percentile. To reach that magical top 10% of all earners requires an annual income of at least $113,000 (N36, 160,000).

Wealth is defined as an income level derived from passive sources that allow you to live without depending upon a job.

Passive sources are any income source that throws off a positive cash flow, which you can bank or spend. For example, the cash left over from a rental property after all expenses are paid, is passive income. Likewise, interest from a certificate of deposit, or dividends from stock investments, are examples of passive income. Passive Income Divided By Total Living Expenses Equals Your Wealth Quotient. The ideal is to achieve a quotient of 1 or greater.

The key to long term financial success is to build passive income, and free you from the need to work or “earn” a living. In my opinion, when your wealth quotient reaches 1, you have achieved wealth.

Consider this example: If you had $1,200 per month in combined passive income from a real estate investment and your cash savings account, and $4,500 in monthly expenses to survive (house payment, household expenses, etc), your wealth quotient equals: 1,200/4,500 = .26.
Change the numbers and watch what happens:
3,000/4,500 = .66
4,500/4,500 = 1
6,000/4,500 = 1.33

Again, this concept of building passive income to create wealth is vitally important to your acquisition of wealth. Follow the steps of creating multiple streams of income that ideally throw off positive cash flow to your hip pocket with minimal effort.


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