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Wealth Creating System Step 7 - Grow Rich While You Sleep

Guest post by: Gary Baker

Article Overview: Welcome back to the 7th step in my Wealth Creating System - Grow Rich While You Sleep (please read the previous 6 steps first). Once you master the art of creating and adding value, you simply need to learn to exchange that value appropriately.

Wealth Creating System Step 7 - Grow Rich While You Sleep

Welcome back to the 7th step in my Wealth Creating System - Grow Rich While You Sleep (please read the previous 6 steps first). Once you master the art of creating and adding value, you simply need to learn to exchange that value appropriately.

Working For Your Money

This is another area where rich entrepreneurs do things just a little bit differently. Exchanging time for money is ultimately a limited game and according to Donald Trump "you are only truly wealthy when you are making money in your sleep".

No matter how you charge, there are only 24 billable hours in a day. But when you learn to charge for the value you are creating, there are no limits to how much you can earn. For example, what do you think is a reasonable mark-up on a product or service? Ten per cent? Fifty per cent? A hundred per cent? Could you justify a 1,000 per cent mark-up?

Financial Abundance

As you become more and more skilled at spotting opportunities to add value and exchange that value for money, you will begin to accumulate reserves of cash. If you use that "extra" money wisely, you can create a lifetime of financial abundance without having to keep working harder, longer or even more smartly.

After the BlackBerry was first introduced, a friend of mine demonstrated how he could keep track of how much money he was making while sitting at dinner. Although he started his life working in an office, he now travels the world and has made millions as part of a global network marketing company which anybody can join with a willingness to learn and a desire to succeed.

Money Working For You

This is perhaps the ultimate 'secret' to making money: don't put yourself to work for money when you can put money to work for you! The way you do this is by investing your time, energy and money in what are called "profit-generating assets" that put money in your pockets and not liabilities that cost you money every month.

What is a profit-generating asset? Anything you own that makes you money, whether or not you show up to work. This could be a rental property or a piece of intellectual property; a business, product or invention, an effective employee, an effective brand or even a network marketing company.

Assets vs. Liabilities

This is also one of the fundamental differences between how rich thinkers and poor thinkers spend their money: Rich thinkers spend their money on assets - things that will make them more money in the future. Poor thinkers spend their money on expenses and liabilities that cost them money now and pointless things that seem fun at the time but will cost them more money in the future.

This is also the crucial difference between using a job to make money and using an asset - the asset will continue to make you money long after you've stopped working. And these days, with the internet continuing to shrink the global market, creating and/or investing in profit-generating assets is easier than ever.

Have an awesome day and come back soon for the 8th stepin my Wealth Creating System - Creating a Financial Snapshot and please feel free to leave a comment and pass this on to others.

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Article Tags: assets, Creating Wealth, donald trump, financial abundance, financial snapshot, liabilities, make money while you sleep, Wealth Creating System, Wealth System



Related Forum Posts
Re: My 3 best business books - 1. Think and Grow Rich - Napoleon Hill 2. The 7 Habits of Highly Effective People - Stephen R. Covey 3. Permission Marketing - Seth Godin Think and Grow Rich seems more powerful each time I read it or dip into it. The 7 Habits not only offers some very effective ways to organize your life (which I have yet to master!), but also some great quotations and thought provoking statements including this by Nazi concentration camp survivor, Viktor Frankl: [i:2naxzsom]Between stimulus and response, man has the freedom to choose.[/i:2naxzsom] Seth Godin's Permission Marketing is a good read for anybody seeking to understand how to approach doing business on the Internet in the right way with regard to winning people's trust.
Re: My 3 best business books - It seems that Napoleon Hill works help a lot of business men. He had done a really good job. I bought Think and Grow Rich many times.
Think and Grow Rich - Hi Moira, What a great post! I completely agree with it and it really is too easy to underestimate those 3 points but once we learn to use them the sky is the limit. I am currently reading Think and Grow Rich by Napolean Hill. Have you read that book?
Re: Your choice between... - I will take the $100,000 and double it on it becomes millions before I spend it. Though I am crazy about information, yet I would rather take the money and turn it into a million before I spend a dime out of it. I will do it in 4 steps. Step 1 turn $100,000 to $200,000 Step 2 turn $200,000 to $400,000 Step 3 turn $400,000 to $800,000 Step 4 turn $800,000 to $1600,000. After getting the goal of step 4, I will spend the $600,000 on myself then continue to double the millions again. I could then by the book for $1,000,000
Re: 2010 - Big goals or scaled back? - I'm not in his league but I'm with Trent on this one. I have just pulled Think And Grow Rich off my shelf for this quotation: ** [i:3najfws9]The "depression" was a blessing in disguise. It reduced the whole world to a new starting point that gives every one a new opportunity. [/i:3najfws9]


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