1. Come up with a primary income stream. For most people, this is a job. As I have said in previous articles, you should be aggressively moving towards owning your own business so that you have more control over your income and your time. Further, owning your own business is important from a tax perspective. When you are an employee working a job, you earn money, Uncle Sam takes his portion first, and then whatever is left over, you can use as you see fit. For most people, this means that they are in effect working for free for the first 3-4 months of the year. Not very smart! When you own your own business, you earn money, decide how it is going to be used, and then whatever is left, Uncle Sam can tax. This makes a huge difference in your ability to accrue wealth.
2. Give God his part of all your income.
3. Take another part of your income and put it into a wealth building account.
a. Most people say take a portion of your money and put it in savings. This is wrong. You aren’t looking to “save”. Saving won’t get you there because there will always be something that comes up where you have to tap into your savings. If you are saving for a rainy day, guess what you are going to attract into your life? That’s right, rainy days.
b. What you are looking to do is build your wealth. Instead of putting your money into “savings”, you want to put your money into a wealth-building account. When you put your money into a wealth-building account, guess what you are going to attract? Right again, opportunities to build wealth.
c. The amount you contribute to the wealth-building account isn’t what’s important. Developing the habit of contributing to the wealth-building account EVERY SINGLE TIME money comes to you is what’s important. Once it is a habit, the contribution amount will increase over time.
4. While you are building up your wealth-building account, start looking for investments that meet the following criteria:
a. You can retain significant control of it. The outcome of the stock market is not something you can control and so therefore, stocks or futures are not good investments.
b. It won’t take your focus away from your primary income stream.
c. At the very least, it will passively produce a significant return on your investment. That is, it should appreciate in value with little to no effort on your part.
d. Even better, it will become a passive income stream that requires very little of your time and produces money on an ongoing basis. Investments that produce ongoing royalties, commissions, residual sales, dividends, or rental fees are ideal.
e. You are able to develop a thorough understanding of it. Virtually all investment failures can be traced back to a lack of understanding on the part of the investor.
f. It does not violate or take away from other people.
g. There are few to no employees required and certainly, there are no “expensive expert” employees required. Here’s the thing, employees require “baby sitting”. As a Millionaire For Jesus, your time is worth at least $481 per hour which means if you spend an hour baby sitting an employee, you just cost yourself no less than $481 and possibly more. Further, employees always want “stuff” – not because they necessarily need it but because they feel gratification in spending your money.
h. It is something for which there is a high demand for it.
i. It is something for which you have a reasonable level of interest in it. Something that you have no interest in is rarely a good investment.
j. It is primarily a cash-up-front or cash-each-payment-period type investment as opposed to a “terms” business where you are always having to try to collect your money.
k. It is something which you can purchase outright from your wealth-building account. Many wealth guru’s would strongly disagree with this, but from a Biblical perspective, it’s not God’s will for His people to be under bondage of debt. The presence of debt takes away people’s ability to make the best choices in their lives because of the debt. In the absence of debt, a person is able to make choices and decisions based on what fits their life, their family, and their work for God rather than choices and decisions based on making payments on the debt. Bottom line, the Millionaire For Jesus makes small investments they can purchase outright that produce gains and growth that lead to bigger and bigger investments.
l. Real Estate is the most common investment vehicle because it fits all of the above criteria.
m. Business creation or purchase is the second most common vehicle. The most common types of businesses (due to their low-overhead and high-margin potential) include: information product providers, direct marketing companies, laundry mats, storage units, and vending businesses. There are many, many other wise investments besides these.
5. Once you have found an investment that fits all of the above criteria and your wealth-building account can fund it, make your investment.
6. Then, whatever money this investment produces should go right back into your wealth-building account. It’s important to remember that you live off of your primary income stream. A profit from your investment doesn’t mean “party time” or go spend it (blow it) on “stuff”. It means take every penny possible from the investment and put it right back into the wealth-building account so that you can make even bigger investments with even bigger returns.
7. Now, simply repeat this process over and over.
© 2010 – 2015, MillionairesForJesus.com. All rights reserved worldwide.
Permission is granted to reprint this article ONLY if a link is included with it as follows: