It might seem logical that saving money would be the simplest and most direct way to building financial success, but if you study the wealthy, you will notice they:1. Focus on increased earnings
2. Invest to multiply the earnings
Notice there is very little attention to saving in order to create wealth. Regardless of what others might tell you, creating through expansion is the way to wealth, not contracting and conserving.
During this recent recession—which served as a green light for me to augment my own forces—I didn’t cut employees or promotional spending. Instead, I increased both. I didn’t try to save my way out I expanded while the world was trying to conserve and protect.
I actually increased my spending to increase my footprint, brand awareness, product line and take market share from other organizations that were retreating. It was risky to spend at a time when others were cutting but I knew from studying the wealthy this is how you gain ground.
True wealth is not created by saving, it is created by expanding and investing. By increasing your production in every area: phone calls, e-mails, social media presence, personal visits, speaking engagements, teleconferences, webinars, seminars and the like you will increase your income and have more money to invest!
My wife asked me what I was doing and I told her, “I would rather go broke in the expansion than fail in contraction.”
How do you build financial success?
1. Focus on production of income to earn at least what you spend after taxes.
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2. INVEST the remainder of money into investments that can provide you with another flow of income and long term appreciation.
Get off the sofa, out of your home and make your way into the marketplace where their is an abundance of money. You can only save so much and for most people that will NEVER create wealth. There is no limit to how much you can produce once you get in front of clients, seek out opportunities, and show that you want to and are advancing in the market!
Shore up your resources and remember your energy, efforts, creativity, and personality are worth more than the dollars that men create and machines print.
This is 10X, baby!