wealthy mindset

Five Principles to Have a Wealthy Mindset for Success

There are five principles to have the mindset for success that MOST people simply don’t have.

Today you will learn about developing a wealthy mindset from where you are right now and start crushing whatever goals you have!

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Developing a Wealthy Mindset – The Five Principles

wealthy mindsetWe had a small mastermind/networking/event last night and it was a group of us that were discussing about the wealthy mindset principles. This would be good to get out to the market so that you can start implementing this in your business basically now.

There’s different definitions of wealthy and I’ll talk about this later in the blog, I think people think that wealthy is you got to have millions upon billions upon trillions of dollars and it’s not the case. I’ll explain in the video below what the definition of wealthy is and how it can benefit you.

1. Multiple streams of income. The average millionaire has seven multiple streams of income. The average person working has one stream of income, and that’s usually their job. They put all their eggs in one basket with their job and you do need a mainstream income but when companies start cutting back.

This is a technology age where technology is taking the jobs away from people. Having a job is not as secure as it was 40 or 50 years ago. If you only have a job as your income, you may want to look into some side hustles, so you can start generating some other income.

2. Ownership. As a business owner, you get write-offs that employees don’t get. Another benefit is you can sell your assets, which is your company or whatever you are building. As a business owner, you have an asset. You can sell it in the future.

If been building your company for 10, 15, 20 years, and it has its value and asset involved. You can sell it and keep the profits. As an employee, you don’t have that at all. You won’t ever be able to sell your position in your job.

3. Residual income. If you are not familiar with what residual income is, this is what actors, actresses, entertainers get paid for work they did once. For example, Will Smith, Fresh Prince of Bel-Air has been off the air since the ’90s. If you watch, what’s the TV stations like with TNT, TBS, Nickelodeon, every once in a while, they have it in syndication.

Every time that show runs, Will Smith gets a royalty for that. He did that work once and 20 years from now he’s still getting a royalty from that. That’s the concept of the residual income. Wealthy people understand this and is why they build companies to create that residual income. Five percent of the population has residual income coming. If you are not creating residual income for yourself, it’s something you want to look into.

4. Leverage over people. This is like the franchise business model. If you went to like a McDonald’s, Starbucks, or Burger King. The owners of these franchises are leveraging people. That’s why you see teenagers or managers running the business. Owners bought franchises then train teenagers how to make coffee, run the machine, etc. They pay those employees a wage and the rest is profit.

They don’t have to be at every single Starbucks, McDonald’s, franchise that they buy. When they buy a few, they have employees running those franchises, pay those employees, and the rest is profit.

5. Leverage over money. You become an investor. If you invest a dollar, you want to get $2 back. A great example of this is one of my favorite shows Shark Tank. What they’re doing is investing their own money in a business and make them more money than they invested. Their money is working for them. Shark Tank is a great example of leverage over money and its syndicated now too, which goes into the residual income too (Number 3).

Was this helpful? Know that so long as you have blood pumping through your veins, you can accomplish anything you set your heart to IF you truly embrace the five points I talk about above in regards to developing a wealthy mindset.

More Resources:

Passive Residual Income Vs A High Salary Job

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Jay-WarrenJay Warren’s MLM Blog
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Email: Jay@askjaywarren.com
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