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Wealth Secrets of Millionaires: Become Wealthy By Not Repaying Your Debt
Wealth. Does that sound like a foreign word to you? If youíre saddled with loads of consumer debt the way so many Americans are, it is probably a very unfamiliar word. Commercial and consumer debts are the greatest barriers to wealth. And when youíre suffocated by thousands of dollars of debt, it may seem impossible to get out.
By using this system, your debt payments start to build as you pay of your creditors, all of whom have been listed in order of priority. Your capacity to pay off your debt accelerates quicker and it does require you to shave down unnecessary expenses, but not cut out everything you love. In short, itís realistic - and mighty effective. You simply have to commit to it.
But wait, thereís more to it!
Earlier I mentioned that you can pay off your debt and at the same time actively build your wealth. Remember that Wealth Cycle mentioned earlier? This is where it comes in.
The Wealth Cycle used by millionaires consists of 12 steps:
Itís okay if you donít know what each step means right now. The main thing to understand is that the key to success in using the Wealth Cycleô is knowing which steps to take, and in what order.
Everyoneís financial situation will require its own order of sequencing. A wealth mentor can help you determine whatís right for you. For some people, the first step is to develop the proper legal entities for their business and investments so as to maximize tax strategies. For others it may mean first
reallocating assets so you can bring in increased monthly income that enables you to start investing. This will in turn bring in passive income which will allow you to pay off your debt quicker.
Hereís an example of when entity structuring might be used first:
Letís say you have a graphic design business but itís not incorporated. This means your debt includes a lot of expenses -- cell phone, office supplies, postage, etc -- that you paid for out of your personal account. If you make your design business an entity, letís say a Subchapter S Corporation, then the portion of your debt that includes those items can now be transferred over as business expenses. Now you can write off that portion of your debt against your income, giving you more money at the end of the year!
The interesting thing about the Wealth Cycle is, as stated above, that you only focus on debt management after you develop a Cash Machine, the proper Entities, and engage in forecasting. Building wealth from a position of great debt takes courage, discipline, and positive energy. I realize this may seem a difficult scenario from which to create wealth, but my hundreds of successful clients prove that getting out of debt and building wealth is very doable. What it takes is a commitment to gaining awareness of your psychology, your finances, and a willingness to let go of old habits that no longer serve you.
About the Author: Recognized by her peers for her personal commitment to helping people create unimaginable success, and acknowledged by thousands of clients for the substance, insight and applicable value her programs provide, Loral Langemeier has emerged as one of the most successful business and motivational speakers to hit the lecture platform. For more information on uncommon wealth building strategies, visit www.liveoutloud.com or read her book, "The Millionaire Maker."