Ride Something to Wealth!

I am a Money Magnet! We are Money Magnets!

Ride Something to Wealth is secret no. 6 of Bo Sanchez' 8 Secrets of the Truly Rich!  In this chapter, Bo encourages us to ride as many vehicles to wealth.  We can choose to ride bicycles, cars, or even airplanes to wealth!  

By riding vehicles to wealth, Bo emphasized the importance of having multiple income streams.  It doesn't matter how small the income stream is as long as their is an in flow of cash.  Another point he stressed was the importance of profit over wages.  Profit, of course, is achieved by running your own business as oppose to receiving wages as an employee.  Continue reading for the rest of the article.

Bo used the analogy to going from one place to another to illustrate the importance of riding vehicles to wealth.  Let's say you want to get from point A to point B, one can either walk, ride a bicycle, ride a car, or ride an airplane to reach point B.  The difference is on how fast each alternative will get you to your destination.  Definitely walking will take you the longest time to reach your destination while riding an airplane will most likely get you there faster. 

In our case as money magnets, our goal is to become financially free.  We want to become wealthy enough so that in the future we do not have to worry on a daily basis about where to get money to spend for our daily needs.  On certain occasions, we may also want extra money for luxurious and leisurely activities.  Walking to reach our goal equates to leaving our money in regular savings accounts and time deposits.  Although our money earns interest, it'll take years before the earnings become meaningful.  On the other hand, Bo likened riding a bicycle to investing our money in Investment funds.  Investment funds can either be UITFs, Mutual Funds, or Stocks.  By investing our savings in Investment funds, we can potentially earn more and reach our goal faster.  

Faster than riding a bicycle is to ride a car to wealth.  Bo Sanchez likened riding a car to starting your own business.  He wrote that 74% of millionaires in the world are entrepreneurs.  He suggested using your core gift with passion and earning from it.  In order to figure out what your core gift is, try answering the questions: "What do you enjoy doing?" and "What are you good at?"  If you are passionate about your business, then the chances of it succeeding are much higher than when you just feel obliged to enter in to it because you think it's a good opportunity.

When your business or investment becomes big then it would be like riding a plane to wealth!  The bigger your money or investment is, the faster it is to achieve your dreams!  You've probably heard millionaires say that the first million is always the hardest.  That is definitely true.  The more money you have, the more money you can use to generate income, the faster it is to become wealthy.  Although it took 10 years to achieve your first million, the second million can come in a couple of years or even faster depending on how aggressive you are.  

A simple example I can give is my investment in Equity-based mutual funds.  Since I only had 100,000 to spare, I only invested that amount 3 months ago.  Now, the fund has produced a net return of 30%, which means my shares are now worth 130 thousand.  If I had 1 million to invest, then my shares would have been worth 1.3 million already.  It would have been almost halfway to another million in just three months.

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