This is the first Adam Khoo book I bought, and it really caught my attention. I have heard of Adam Khoo on numerous occasions and surprise what he is like running a few successful businesses making him a self-made millionaire.
Adam did not closest dive in to explain the methods he used to unprotected to great wealth. Instead, he explained how self-made millionaires think which allows them to see opportunities where others see problems. Once you adopt the habits of a millionaire, a whole new world will begin to open to you and is basic to wealth creation.
The next basic aspect I learned from Adam about wealth creation is to set crystal clear financial goals. All of the millionaires, billionaires in the world have at some stage of their life decided that they wanted to be high. From there, the high will create high level financial goals for themselves to reach within a certain time frame and a specific whole figure is often used as their target. Lets say you want to increase your monthly income to a higher figure, you need to change your strategy.
With the goals and target set, you create a plan and execute it consequently. If your goal is to unprotected to a targeted portfolio, in your plan you will provide how much you need to save and invest each month along with the rate of returns to reach your target in the allocated time frame. If your goal is to increase your monthly income, in your plan you will provide the methods of increasing your dominant income source along with any other income source you need to start anew.
With the financial plan produced, you will find that it is going to be a steep uphill task to unprotected to the targets set in your plan. Many people give up without achieving their dreams. How do you increase your income at the rate that will allow you to unprotected to your targets? That’s where Adam teaches us how to massively increase our income in any career along with creating a home based internet business.
Increasing your income in only one side of the coin. The other side of the coin is to reduce expenses. Many people get into serious debt no matter how much income they earned because they failed to manage their expenses, spending more than they earn. It is already easier to get into debt when salespeople from edges regularly push you to sign up for their credit cards. Adam illustrates the basic money skills you need to have and how to reduce expenses without lowering your current standard of living.
When you increase your income and reduce your expenses, you will have surplus funds. We have to put this surplus funds to work for us instead of just working hard and saving alone which will not make us wealthy. Using the theory of compounding, you can turn small amounts of money into a huge amount over time with discipline. All high people use investment vehicles to help them create their wealth and the stock market is one such means. They understand both the risk and returns of the stock market allowing them to unprotected to returns in the range of 15%-25%.
Last but not least we need to know how to protect our wealth after spending so much time and effort to build it. Unforeseen circumstances can happen and wipe out our wealth if we are not prepared for it. The high always include experts to help them protect their wealth from unscrupulous people.
I highly recommend Adam Khoo’s Secrets of self-made millionaires if you want to learn how to build extraordinary wealth using multiple supplies of income. Many areas of his book have exercises for you to practice what he has taught to accelerate your wealth creation. Get his book now!