This is the first Adam Khoo book I’ve bought, and it really caught my attention. I have heard of Adam Khoo numerous times and wonder what he is like running some successful businesses making him a self made millionaire.
Adam didn’t immediately dive in to explain the methods he used to achieve 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 up to you and it is critical to building wealth.
The next key thing I learned from Adam about building wealth is setting clear financial goals. Every millionaire, billionaire in the world has decided at some point in their life that they wanted to be rich. From there, the wealthy will create high-level financial goals to achieve within a certain amount of time, and often a specific full figure is used as their target. Let’s say you want to increase your monthly income to a higher figure, you need to change your strategy.
With goals and objectives set, you create a plan and execute accordingly. If your goal is to achieve a specific portfolio, in your plan you will provide how much you need to save and invest each month along with the rate of return to reach your goal in the allotted time frame. If your goal is to increase your monthly income, your plan will provide methods to increase your primary source of income along with any other sources of income you need to start anew.
With the financial plan created, you will find that it is going to be quite an uphill task to achieve the goals set out in your plan. Many people give up without achieving their dreams. How can you increase your income at a rate that will allow you to reach your goals? That’s where Adam teaches us how to massively increase our income in any career along with building a home based internet business.
Increase your income on one side of the coin. The other side of the corner is to reduce expenses. Many people fall into deep debt no matter how much income they earned because they failed to manage their spending and spent more than they earned. It’s even easier to get into debt when bank salespeople are constantly pressuring you to sign your credit cards. Adam illustrates essential financial skills 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 of funds to work for us instead of just working hard and saving, which will not make us rich. Using the compounding theory, you can turn small amounts of money into a large amount over time with discipline. All rich people use investment vehicles to help them build their wealth, and the stock market is one such vehicle. They understand both the risk and returns of the stock market, which allows them to achieve returns in the 15% to 25% range.
Last but not least, we must know how to protect our heritage after spending so much time and effort to build it. Unforeseen circumstances can occur and wipe out our wealth if we are not prepared for it. The rich always hire experts to help them protect their wealth from unscrupulous people.
I highly recommend Adam Khoo’s The Secrets of Self-Made Millionaires if you want to learn how to create extraordinary wealth using multiple sources of income. Many areas of his book have exercises for you to practice what he has taught to accelerate your wealth creation. Get your book now!