Editor’s Note: Welcome back to “Wealth Week 2015.” Over the last several days, Mark’s led you through the best wealth-generating ideas of all time. Yesterday, he addressed how to live like a billionaire on $100K or less.
Today, Mark discusses the many lies circulating about wealth creation… and what’s really true. It’s all in preparation for his breakthrough wealth-building webinar tonight…
From Mark Ford, founder, Palm Beach Research Group: When I decided to get rich, I didn’t know the first thing about creating wealth.
I was an editor. I wanted to be a novelist. I’d never taken a course in finance or economics. Plus, I was broke.
But I had a great advantage. I was working for a human wealth machine—a man who, at 43, had already created three hugely profitable businesses.
He adopted me as his surrogate son and taught me everything he knew.
I retired 12 years later with a net worth well in excess of $10 million.
After two years, I went to work as a business consultant at Agora, one of the largest and most successful consumer newsletter publishers in the world. Agora’s founder, Bill Bonner, taught me everything he knew. As a result, my wealth has multiplied many times over.
I wrote about entrepreneurship for 10 years. I wrote close to a dozen books and thousands of essays. I adopted my readers as surrogate siblings, teaching them everything I knew about starting businesses.
At 60, I went to work for the Palm Beach Research Group. Since then, I’ve tried to tell you everything I know about creating wealth—which is a bigger and more complicated subject than entrepreneurship.
Let’s begin with some of the lies about creating wealth—the so-called “facts.” I’ve learned not to believe them, but they’re still perpetuated by the great, mainstream financial complex made up of the government, bankers, brokers, and the press:
- Wealthy people are stingy for a reason. The secret to becoming wealthy is to scrimp and save.
- The stock market is the most efficient way to invest. You can’t become wealthy unless you understand and master the stock market.
- There’s an inverse relationship between risk and reward. If you aren’t willing to take big risks, you’ll never enjoy big profits.
Do any of these “facts” sound familiar? If so, pay attention.
I’m not the only person in the world who went from broke to rich. There are many, many people who’ve done so. Some have written books about it.
I don’t read all of the popular books on wealth building. I’m comfortable with the system I’ve developed myself—through my own experience. I don’t follow the advice of others, except when it dovetails with my own experience.
That’s not to say my system is the only one that works. Nor is it the right system for you.
But you’re my surrogate sibling. I want you to succeed. The only way I can help you is to tell you what I know to be true.
And this is what I know—from my own experience—to be the truth about creating wealth:
Fact No. 1:
You’ll never get rich unless you understand some fundamentals about saving, spending, and investing.
Fact No. 2:
The most important factor in wealth building is your net investible assets—the amount of money you’re able to invest. It’s what you have left over each month after you’ve taken care of your regular expenses—your car, home, debts, and loans.
So, what should you invest in? I’ll tell you what I think… and what I do.
Fact No. 3:
Stock and bond investing is an inadequate strategy for building wealth. It won’t make you rich.
The best investment you can make is to acquire equity in a startup business. There are many ways to do this. The most common ways are downright foolish. But there are smart ways to do it, even if you’re a novice.
Next to entrepreneurship, investing in real estate can provide the highest return you can get from any financial endeavor… if you do it right.
Fact No. 4:
The most important factor in avoiding the spending spiral that kills wealth is to stay in the house you have now. Or downsize. Nobody else I know has made this simple point.
But I can—and will—prove to you it’s true.
Fact No. 5:
The biggest mistake retirees make is giving up their active income.
Yes, I know that’s exactly what you hope to do. But to keep your wealth for a lifetime, you need multiple streams of passive income. Your goal should be to build each stream of income to a level where you can live on that and that alone.
Do these statements make sense to you? If so, how are you doing?
Most of our new subscribers aren’t wealthy. They’re worried they don’t have enough money to follow the advice they’re being given.
It’s difficult to create wealth when you’re essentially broke, burnt out by following the “lies” I mentioned before.
That’s the reason I started the Palm Beach Wealth Builders Club.
The goal was very simple: I wanted a program that could help club members generate a seven-figure net worth in seven years or less.
That may seem like an impossible goal. But I assure you, it’s not. I’ve seen motivated, young, driven individuals do it time and again during the past 30 years of my career.
Some of our own team members are following my advice and documenting their journeys for readers.
Now, the Wealth Builders Club is a work in progress. We have so much more planned for it. But already, it’s much better—and much more comprehensive—than anything else I’ve seen.
Look at what some Wealth Builders members are saying:
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About 18 months after signing “the pledge,” my net worth is approaching $250,000. Without the club, I would not have this net worth! The Wealth Builders Club is changing my life. I’m receiving the support and guidance I needed… I honestly feel I’m being mentored personally by Mark. Thank you again for everything you do. Please know you’re changing people’s lives. —Club member Chad W.
I quit my day job last week to work full time at [my new online business]. Your newsletter inspired me. My sales are growing monthly. Thanks for the common sense you put out there. It’s made a big difference in my life. —Club member Marge B.
I’ve never seen anything like the Wealth Builders Club. It goes into so many aspects of wealth, and does so in a very thorough manner. Thanks for your help and the help of all the others who’ve made this possible. —Club member Bob T.
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If you’re not yet wealthy, I implore you to sign up for my free webinar tonight. You’ll learn more about the club. (Or write me a note telling me why you’re not interested, right here.)
But I urge you, don’t just read this and think, “I’ll take action later.”
Time passes quickly, and it accelerates as you age. Before you know it, another year will have passed. And then another.
I don’t want you to reread this essay several years from now and think, “Why didn’t I take action sooner?”
The time to step onto the road to wealth is right now. Not next month or next week. Not after you’ve finished some current project. Right now. Take action today!
Reeves’ Note: Mark believes anyone—with the proper mindset and the right plan—can become a millionaire in seven years or less. He details the exact way to do it in the Wealth Builders Club. He’ll share his favorite methods in the LIVE webinar he’s hosting tonight. It’s 100% free to attend.
And if you sign up before the webinar begins, he’s also agreed to send you several income-generating project ideas you can start implementing right away. To reserve your webinar spot, click here. But remember, the deadline to sign up is 7:45 p.m. tonight…
UPDATE: Mark’s live webinar has ended, but you can still gain access to his teachings inside the Wealth Builders Club. The Club is only open to new members (at a stunning discount) for a few more days…