Posts Tagged ‘Empowered Wealth Quadrants’

“…our brains become magnetized with the dominating thoughts which we hold in our minds, and, by means with which no man is familiar, these ‘magnets’ attract to us the forces, the people, the circumstances of life which harmonize with the nature of our dominating thoughts.”

Napoleon Hill, “Think and Grow Rich”

I have been around people who just know something bad is going to happen and they keep their focus on the negative possibilities. Sure enough, what they focused on became true. This is a universal principle that affects every area of our lives. If we say to ourselves, “If I just look at sweets, I gain weight,” what is our mind telling our body? Is it no wonder we have a problem with our weight?

As you continue your journey toward success financially, this principle holds true as well. You must decide what you want when it comes to money. How do you define success financially? What does your lifestyle look like during retirement? You must begin to picture what you want without worrying about if it’s possible or not.

Day 3 of this journey was about deciding what you want. Hopefully, you included your financial goals in there as well. Here are a few goals that you can make sure you have written out:

  • I will have a net worth of $________________ by the year ____________.
  • I will earn at least $________________ next year.
  • I will save at least ______% of my income each month.
  • I will invest at least ______% of my income each month.
  • To become debt free, I will _______________________________________.
  • One area of financial wisdom that I will start learning right now is ________________________. (p 382 with some adaptation)

In order to get a good picture of what you will need to live the lifestyle you want in retirement, you need to research and find out what it costs to do the things you want to do. Write down what you will need to drive the car you want, eat where you want, travel to the places you want to go, the house you want to live in, and the giving you want to do for charity and family. Dig in and visualize your life and find out the costs.

You also need to be real about what you need for retirement. To stay above the average rate of inflation (roughly 3% on average), for every $5,000 a year in income you want, you will need at least $100,000 saved or invested. So if your desired lifestyle can be maintained with $50,000 a year, you will need $1,000,000 saved or invested at a minimum. Depending on your age right now and where you are financially, you may realize you are not on track. So take action today to begin doing something that will positively change your financial future.

As you shift your focus on where you want to go, be sure you know where you are currently. It is vital that you become conscious of your money. You should know the following things about your financial standing:

  1. Your net worth=your total assets minus your liabilities.
  2. Your need at retirement to have the lifestyle you want (only work with advisors who are helping you achieve your desired results).
  3. You need to know where you are spending your money. Track it for a month if you don’t know.
  4. You need to know about different financial concepts that will help you achieve your goals. Start a habit of increasing your financial literacy.

The bottom line is you will get what you focus on the most. The more you shift your focus to a prosperity mindset from a poverty mindset, the more likely you will be finding yourself achieving your wealth goals. Know what you want without limiting your beliefs as to whether or not it is possible. As you begin to focus on what you want, you will open doors to learn more of what you need to do to achieve your desired outcome.

One last thing, Jack shares some information from one of his master mind members, Lee Brower, founder of Empowered Wealth. Jack talks about the “Empowered Wealth Quadrants” that Lee uses to teach people how to deal with all of their wealth, not just the financial aspect. You can learn more about the quadrants from Lee’s website here.

______________________________________________

(Our daily journey of the last 64 days of 2011 is centered on the principles found in Jack Canfield’s book, “The Success Principles: How to Get from Where You Are to Where You Want to Be.” In his book, he encourages his readers to begin teaching others these principles. I would highly recommend that you buy a copy of the book and join us on a journey to a better you.)

Advertisements