How do I go about getting rich? Sitting around and thinking about it won't get me very far, that's for sure. Still, there is an inner component to getting rich. Lately, there's been a lot of talk about the Law of Attraction as made popular by the movie The Secret. Some reject it as new age snake oil. I admit that, for a while, I rejected it as a slick marketing vehicle. When I finally sat down and watched it, my opinion changed significantly. But this is not entirely about The Secret.
In his book, The Millionaire Mind, Thomas Stanley looks at the characteristics of Millionaires. Working hard was fifth on the list of success factors. Making wise investments wasn't even in the top ten. The top three factors, however, were honesty, discipline, and sociability. Others like Napoleon Hill and T. Harv Eker seem to agree Their writings focus on the inner elements of wealth.
Beyond the inner game, there are the practical steps of getting rich. Let's assume that I'm interested in real wealth, as reflected on a balance sheet, not just income. That would mean I can increase my wealth by lowering my liabilities (debt) or increasing my assets (wealth). Let's also assume that only legal options are on the table. Those could include increasing income from work or business, investment income, winning the lottery, or anything else of that sort.
That leaves me three areas of focus:
- Inner Game
- Debt Reduction
- Income Growth
Those are the three areas for focus right now. I'm a pretty visual thinker, so I need a structure like that to serve as a map for what is to come. This will probably evolve, but it's a good start for now.
