Millionaire Secrets - Multiple Streams of Income

What are the Millionaire Secrets? How can one obtain Multiple Streams of Income?

Welcome, and thank you for joining me. May this be an exciting journey for us. Most want to be wealthy, and not worry about were money is coming from for bills. (And even have some for "playing") We work and work, and seem to never get ahead. Or, just when you think you see the light at the end of the tunnel, WHAM! something comes along and puts you right back where you started, or further behind. Sound familiar? Or is this just happening to me??? Nope, didn't think so.

Life isn't a "get rich scheme" (unless you win the lottery), but we have all heard the saying, "slow and steady wins the race". For me, this seems to be working. Bit by bit I am seeing my NET WORTH increase. This is a GREAT feeling!

This is going to be an exciting journey as we explore the endless possibilities which are out there. Just waiting for us to grab and embrace. Are you ready?

First, I would like to share with you why I am here and what got me started. My life was in a rut and I wanted out. Either change my attitude or stay stuck spinning my wheels. So I'm getting out. It sure isn't easy, but, IT IS WORTH IT.

I read a book by Richard Paul Evans called "The 5 Lessons A Millionaire Taught Me". It was simple and easy to understand and it got the "thinking" juices started. I was not happy where I was. We had money coming in, BUT . . . where was it going???? Has this thought ever crossed your mind?

In a nut shell, these are the 5 Lessons:

1. Decide to be wealthy.
2. Take responsibility for your money.
3. Keep a portion of everything you earn.
4. Win in the margins.
5. Give back.

Sounds simple, doesn't it? Don't let the simpleness trick you. The simplest things usually cause us the most grief. WHY? Because it is simple and we don't think it will work.

A few years ago I was in my late 30's, three small children under the age of 10. Working 2 part-time jobs which turned into full-time. My husband also working 2 jobs, and NO money!!!! What was wrong with this picture? Ever feel like you are spinning your wheels and going nowhere FAST? Stress was taking it's toll and had me headed for somewhere I did not want to be. I decided I needed to educate myself. So, I started reading.

The above book was one of the first. I started implementing some of the principles. (I will go into each one in more detail in coming days) For now: lets just start with #1 and #2.

1. Decide to be wealthy! - Period. I made up business cards with the words, "TODAY, I DECIDE TO BE WEALTHY!" I put them all over the house where I could see them. In my wallet, so when I went to spend money this card was staring me in the face. (Sounds crazy, but it worked, I didn't want to spend) Every morning when I wake up, and throughout the day I say, "TODAY, I DECIDE TO BE WEALTHY!" (it's one thing to just say it, it has more meaning and power when you put FEELING into it.) Feel the words, and internalize them. Feel them as you are saying them, and breath slow, and deep.

2. Take Responsibility for Your Money! - Have you ever heard parents say to their children, "Take responsibility for your actions". Or maybe you have even said it once or twice. Don't feel bad, I say it to my children ALL the time. It's the same with money. It's your money, your choices. If it is leaving your hand, then at least know where it is going.

With this I did two things.

First - I started tracking daily what I was spending, where, and how much. Also keeping track of what was coming in. I've been doing this since September, and it is scary seeing where the money is flying out the window. I didn't realize how much we were spending on JUNK! Now I think twice before I spend. I asked myself if I really need it, or do I want it.

This is simple: get a piece of paper at the top write: Money Coming In, have a few slots, so any money coming in, goes in there.

Then, either down the side or across the top, write your most common expenses. IE: Bills, (I just clump all the bills in this category) Entertainment, Food, Gas, Insurance, Take Out, Savings, Misc. Then every day, I write down what I have spend under the headings. At the end of the month, I total all the columns. Then I subtract my total spending from my total earning and hopefully my earnings are greater.

This way you can track your spending and make adjustments.

Second - I started with my Net Worth. I made two columns. One for Assets and one for Liabilities.

Column One:

ASSETS: Cash on hand, checking accounts, savings accounts, any money owed you, Stocks, Bonds, GICs, etc.
FIXED ASSETS: Home, vehicles, furniture, jewellery, tools, etc.
DEFERRED ASSETS: Any RRSP.
I then totalled these all up.

Column Two:

LIABILITIES: Credit cards, Insurances, Property taxes, Lines of Credit, phone bills, energy and power bills, etc.
LONG TERM LIABILITIES: Auto loans, leases, RSP loans, mortgages, etc.
I then totalled these all up.

Then you subtract Total Liabilities from Total Assets and this . . . is your NET WORTH!

I have been so excited doing this over the past year, to see our Net Worth constantly GROW! There is just something about seeing my money grow, that gets my blood pumping.

Thank you for letting me share these simple ideas with you today. Even if you use one idea, it is worth it. We will continue on, on this journey of "Millionaire Secrets, and how to obtain Multiple Streams of Income". Also applying the "Law of Attraction" as well.

Thank you for joining me. In the mean time check out these sites, they are phenomenal.