Ten Secrets of the NEW Rich

When we hear the word “Rich” what normally comes to our minds are people who are financially abundant. Yes, that might be the case, but in Kevin Donaldson’s “Ten Secrets of the New Rich” book, he shares that not only we be rich financially, but in all aspects of life.

He also shares that majority of millionaires are entrepreneurs and how we can be entrepreneurs too without much risks and much capital.

Also called as the “safest way” in becoming an entrepreneur.

Today, let’s watch this 9-minute video below (credits to Practical Psychology) and learn the ten secrets of the “NEW” rich and how we can be too.

Ten Secrets of the New Rich:

 

In Summary: 

Secret 1: The fact about today’s millionaires

Only:

• 1% Celebrities and athletes
• 5% Salespeople
• 10% professionals

While:

74% entrepreneurs

Everyone can be an entrepreneur and that safest and fastest way is by being a home-based entrepreneur.

Why is it safest? Because you can quit your job only when your home-based business can comfortably replace your income in your job.

Secret 2: Take responsibility, take control

Complaining is unproductive. Take responsibility and take control. Find something to be grateful for.

Secret 3: Stick to your game

What can you see 5 to 10 years from now? Have a long-term vision for 5 to 10 years.  In setting goals, set long-term goal for 10 years and 90-day short-term goals.

Secret 4: Grow the wealth you already have

As mentioned, the NEW rich are not just wealthy financially but also in social, mental, relationship, health, and in all aspects of life.

Secret 5: Start your home-based business

The beauty with technology is that it has evolved a lot, that creating your own home-based business is now easy. Anyone can build a website or blog now without much technical know-how.

Thus, learn to fail fast and do it quick. Build a website since it is affordable, hassle free and a great marketing tool to what you can offer to the world.

Click here to learn how to build an online business

Secret 6: Expand your market

First, focus on a specific niche or a target market you want to serve. Then to attract more people, you give people a free offer (or a lead magnet in online marketing terms).

Giving people free offers are great because people come to the internet for information not buy your products. Build a relationship with your subscribers and sooner or later they will buy from you.

Secret 7: Build your business for success

It involves a lot of action steps to be done like plan your week, brainstorm ideas, give to charity, establish routines, take care of your body and many more.

Watch the video above to see all the steps.

Secret 8: Leadership and leverage

The new rich leverage other people’s time, money and ideas.

• Other people’s time (OPT) = they hire
• Other people’s money (OPM) = the borrow (loan)
• Other people’s ideas (OPI) = they learn (read, attend seminars)

They also build a team. If before a lot of people are self-made millionaires, today the new rich are team-made millionaires.

Secret 9: Manage your finances

All rich people are great money managers. They live below their means, set a portion to pay off debts and build emergency funds.

The spend on things that they need than wants. And they don’t put their long-term savings in the banks, rather put it in stocks, bonds or mutual funds.

Secret 10: Achieving work-life balance

One of the major reasons why we want to be rich is for our family.  What good is it to be rich but when we don’t have time for our family? That we become a stranger to our kids?

Thus, the new rich are people who have achieved the right work-life balance.

When asked:

“Do you love your work?”

20% would say yes. But the 80% would say, “Well, it pays the bills.”

The choice is up to you. 

So, will you be part of the NEW rich? Share your thoughts in the comments below.