Top 10 Tips to Crack 2022 and Build Wealth
Have you ever wondered how the rich get richer well Jim Parker is about to embark on a year long quest to show everyone how. To get started here’s the Top 10 tips to crack the code. You can follow his media channels at the links below. So lets dive right in:
- Never spend it until you get it:
Remember it’s not available to spend until it’s hit your bank.
- The 40% rule – 40% tax, 40% investments and 20% spend
It takes real discipline to crack this one but if you can over the medium to long term, you’ll set yourself free.
- If you can’t write it off, don’t buy it.
Check to see if your purchase can be tax deductible. For example, the use of a laptop or a car for your business.
- Rent and lease, don’t own.
Buying for cash might cost you a lot more than an asset that loses value very year if you can lease for a small amount per month and use the initial capital to invest in something that can produce more money.
- Stabilise and grow your first flow. Don’t spread yourself too thin. Concentrate on getting the first income producing machine up and running before jumping onto another.
- 40/7 Rule
If you’re going to spend 40 hours working for someone else, then at least spend 7 hours a week investing in yourself. It could be earning extra money to save over time, doing a course to increase your skills to get a better paid position, starting your own business part time in the beginning. The list is endless.
- Always stay broke
Even though you can buy the most expensive gifts, don’t! Stay hungry every day because that’s where you get your energy from. Invest the money instead and make it work for you.
- Never lose money
It speaks for itself. There have been times though that I’ve bought stuff I really don’t need and effectively I’ve lost money.
- You want cashflow not cash.
Cash is trash it doesn’t do anything for you. It’s a piece of paper that until spent or invested adds or subtracts from your wealth. Cashflow is the life blood of investing and creates wealth.
- Never quite until you achieve your financial goals.
Write your goals down and keep them with you. Even if you don’t hit them the first time keep swinging for the fence every day. Every now and again you’ll hit the ball out of the park.
I’ve been doing this for 30 years now and these 10 core values have seen me achieve phenomenal success and wealth creation. All I did was, have faith and follow the pattern. Did I ever doubt myself? Absolutely but I learned to get back on track to set myself free and you can too. Tune in every Monday night on our media channels at 6.30pm to learn more:
Facebook: Jim Parker
You Tube: Fife Properties
LinkedIn: Jim Parker
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