The Rich and The Not Rich?

At lunch today we ( six of us) were talking about the differences between people with some money, and those people without money. Now, everyone at the table was fairly well off, so the conversation was not exactly balanced. Each of these people had made their own money, all of them were gainfully employed, more then half worked for themselves.

The conversation got started because someone asked about losses in the current market and everyone wanted to compare their losses verses the other folks losses. Even though some of the losses were close to a quarter of a million dollars no one was overly concerned, all trusted that a year or so from now it will come back and waiting was the correct action. I of course directed the conversation towards the differences between people with money and people living payday to payday. What with me always looking for Blog fodder about money.

We have the lunch get togethers every now and then with a group of six or so getting together to discuss what we are doing to make money now. Seldom can we do what the others are doing because each of us has different circumstances. But it serves as an encouragement forum and one good idea a year can make or save you thousands. Besides knowing others with the same mind set seems to help.

Back to differences between having and not having money. The conversations consisted of generalities , but everyone kept reverting back to how they got started to make their point. Basically they all at one time or another decided they did not like fretting over money or the lack there of. They decided that they did not want to be in that position five years hence. They each realized, in their own way, that they could not keep doing the same old thing if they wanted to be richer.

They each took different paths to changing their lives, going back to school, changing careers, starting a business and so on. But they all made life changes that pointed them in the correct direction. They read, they listened, they learned, they took action and they slowly got richer. So my question was. What difference did those changes make, that made you richer?

They each made improvements to their monthly income from employment. They each reviewed their available assets and in various ways put those assets to work to make other income. They each found ways to get money coming in not related to their jobs. As they worked at this other income, they each found ways to get even more monthly cash flow coming in. On thing building on another until they reached a point where the extra money was more then the earned income.

So! What was the difference between those who have money and those who just get by? Besides a difference in attitude about money, and having a positive out look on life, the Money part of the difference was, they had multiple sources of income. They each had from six to twelve sources of income.

How did they get there?

By implementing just a few cahnges over time.

• First; having a realization that they did not like living from paycheck to paycheck, and that they wanted more.
• Second; formulating an action plan, and putting that plan into action. They each, in their own way, made the needed changes to their lives that would eventually make them richer.
• Third; They all had created multiple sources of monthly or annual income.
• Fourth; Working at it until it became a habit, a way of life.

What where some of those sources of income? I thought you might ask. Here are some of the answers I got. Rental income of various types (rent house, cell towers, ranch land, vacation houses, RV storage spaces and more), salaries, bonuses, commissions, hunting leases, selling cows, honey lease, craft sales, Internet sales, side business, interest, investments, annuities, retirement checks, social security, royalties, and consulting.

What these rich people had developed was a long term outlook about money, and getting richer. They planned their lives, and the use of their time much more so then people without money. They thought about next month, next year, and five years from now. Most of us do not think, and plan long term on a consistent bases. This is one of the secrets of the wealthy, long term planning, and long term action plans. The place you work at does long term planning, if they did not, they would soon be out of buiness.

If you want to be richer, enhance your personal earning power, and acquire assets, and put them to work. Getting multiple sources of income will make you richer.

J. glasgow esq.