Millionaire Scope: Secrets of Wealth & Prosperity

By Martize Smith

This book outlines practical ways along with advice from proven methods that have helped ordinary people reach millionaire status as well as live a life of prosperity. Furthermore, things such as habits, routines, and actions needed to execute ways that help increase a person's net worth and improve one's entire financial environment will be included in this book. This book is meant to guide those in search of simple ways to get a quick start on working toward a better financial future. Methods in this book are universally sound and anyone of any social economic background can use this to get ahead in life. Additionally, this book also focuses on the approach to greatness, a person's vision, executing the vision, education, self-purpose, and having a major influence on others. Every concept or principal discussed in this book all lead toward wealth and prosperity. The number one way to increase a person's wealth is financial education, which is what this book delivers.

• Language: English
• Publisher: Martize Smith
• Release date: May 29, 2018
• ISBN: 9780463343654

Book preview

Table of Contents

Contents

Table of Contents

Success and Wealth Strategies

Approach to Greatness

From the Vision to Reality

Execution of the Vision

Importance of Education

Self-Purpose

Influence

ONE

Success and Wealth Strategies

Success is a series of accomplished events measured by wealth, influenced, and positive impact on society. Here, success can mean numerous things, but the main definition is that something has been accomplished or achieved. Taking it a step further, I see success as either loud or quiet. Examples of loud success include a football team winning a national championship, the first man to reach the moon, or a business making millions or billions through sales. Alternatively, quiet success includes achievements such as graduating from high school, overcoming drug addiction, or purchasing the right outfit at a clothing store. In the case of loud success, many people know about it, whereas in the case of quiet success, few people are aware of it. I acknowledge my views may be challenged. One can say for example, graduating from high school is not quiet success, but a big deal, but understand I am measuring on a broad scale. I ask whether others know of the success and, if so, whether it motivates them to succeed. Another arguable point, for instance, would be if someone makes a million dollars but no one knows except that person. Would that be considered a quiet or a loud success? The key concept here is the point of view. If no one knows of the success, it remains quiet from the standpoint of those who do not know. However, to the person who has accumulated a million dollars, this can be either a loud or quiet success, depending on how the person sees him or herself and how many others know of it. Both the result of success and the way it is approached are critical in assessing what type it is.

Case studies show many wealthy people do not showcase their wealth but rather live simply and in secret; this could be considered either loud or quiet success. For those who say if a person’s success is in secret then how is it considered loud? my reply is this. It depends on where it is coming from and the angle. The actual successful person if coming from them then it is loud if a person does not know they are successful then from the standpoint of the person who does not know the person is successful this means it is quiet success. The first step to becoming wealthy is to learn how to gain wealth. The most revolutionary way to build wealth is to take skills you already have or to gain skills and use and charge people for services or from a product you have made. To gain wealth, you must get out of the corporate mind-set of just always working for someone else. However, for those not interested in entrepreneurial aspirations there are still options to acquire wealth. Some people are not wealthy because they do not know how to become wealthy and have wrong perceptions of how to build wealth.

Martize’s Wealth-Building Technique:

Create a $1200-$2000 reserve account

Create a super reserve account (8 to 12 months of expenses)

Pay off all or the majority of debts, starting with the smallest and progressing to the largest

Once your debt is reduced by 45 to 70%, began investing in retirement accounts (10-15% of salary at minimum) while simultaneously paying down the remaining debts

Begin a higher education fund for your children (if any) while still investing pay off the mortgage, commercial or personal estate, or any such property

Aggressively invest, focusing on assets that generate cash –flow income so that if you ever stop working cash flow continues to occur

You may find similar recommendation offered by the well-known financial advisor Dave Ramsey, and I give him full credit for the technique. However, I have modified his method for a simpler approach to build wealth.

Wealth Building Technique 2:

This technique assumes you live with a partner.

With two incomes, live off one income and pay debt down with the other then begin investing

Wealth and Prosperity Secrets:

Get more hours out of the day than the average person by waking up super early

Take calculated risks in terms of investing and entrepreneurship

Work while you are working (while on your daily job also work on other ventures)

Read two to five books or more per month about success, finance, and wealth building

Have urgency and become quick to act on opportunities worth pursuing

Sacrifice your life, family, and friends (time spent with them may become less and less because of your vision that you are so determined to make a reality)

This is difficult to do but find a millionaire advisor

Join or start a group who are intending to accomplish similar goals

Do not stop working on something when you are exhausted rather stop when it is completed

Stay or become healthy as well as watch what you eat and exercise daily

Daily Routine of the common wealthy and more prosperous people:

Rise early in the morning, 5am or 6am, or two hours before regular wake up schedule to read the information in your field or about subjects related to where you are intending to go in

Make a list of everything you have to do that day

Prioritize the list in order of importance

Start on the most important thing in the list with concentration, focus, and discipline then go to the next one after completion

Listen to audio programs in car

After experiences ask the questions what did I do right? What would I differently next time?  Then write down how to improve

(Optional but is recommended) 20 point approach is a method used to maximize a person’s way to think through to finding a solution to a problem or to answer a question. Let us say the question is how do I double my income in less than 3 years? Write out 20 ways to accomplish this or solutions then act on them

The book, The Millionaire Fastlane, author MJ DeMarco shows five ways to earn large amounts of money quicker than average. Those five are the following: rental systems, software systems, content systems, distribution systems, and human resource systems. Briefly, I’ll explain them so that you can choose the best option for yourself. Rentals are money-generating activities that empower you to earn money from others renting your assets. The common example is real estate. If you rent out a home, apartment, or commercial real estate, your clients will pay you rent each month regardless of how you spend your time. Software systems accumulate money with code and often done over the Internet. This could be anything from financial software to an iPhone application. Content systems are the term used for selling information. Selling information could mean you run a newspaper or a magazine. It could also mean that you're an author or a blogger. Distribution systems are ways of delivering products and services to large populations. Some people desire to create the product or information while others desire to get it out to the world. A human resource system simply is having employees running the company for you.

As a person ventures into the journey of becoming wealthy it is important to mimic the practices of wealthy people. There are ways that the wealthy allocate their money that helps them build more wealth and sustain it. Tom Ferry, an expert money management professional explains the money patterns of three different groups which are the 80%, 15%, and 5% of the American population. The majority of people, around 80% of Americans, make money and it goes to their personal accounts, which in this manner has the highest tax rate on it. This is a quick sketch of the 80%:

Check

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Personal account(s)

The 15% group of Americans their money pattern is as the following:

Checks

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Home Account← Business Account(s) → Tax Account

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Business Expenses

The 5% and the wealthiest money patterns are as the following:

Checks

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Investment Account← Business Account(s) → Tax Account

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Business Expenses

Investment Account continued from the pattern above:

Investment Account is distributed to all of the below sections

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529 Account; Cash Account; Home expenses; Retirement; Market; Real Estate

So what does wealth look like? The goal is to produce income-generating assets that are more than your expenses. Wealthy people talk and behave in the manner of establishing and increasing their cash flow. What this means is wealthy people or people on the journey to wealth use their money to create or acquire instruments that produce passive income such as but not limited to real estate, personal business, stocks, bonds, mutual funds, and private investments. These financial instruments produce more money for the investor. When the person gets to a point, in monthly terms, where he or she is bringing in large amounts of passive income that exceeds their monthly expenses this is wealth. Another view but in the exact same manner wealth is when a person can stop working, while still have cash flow coming in, often from assets, that are enough to cover their expenses and have plenty more left over, that is wealth. The objective of creating wealth is to put your money into investment opportunities that make you more money and yield returns on your investments. Success can lead to wealth and often is the result of many failures in life. Another critical part of how to gain wealth is to understand the different categories of cash flow. Robert Kiyosaki, a financial expert and millionaire, mentions the people that make up the world of business which are the employee, small business owner, big business owner, and investor. So I remember this by the acronym ESBI. The objective is to move from employee to big business and investor. The United States dollar is losing value while the cost of living keeps rising. Therefore it makes not since