Pay Yourself First, Invest, and Build Partnerships

Pay Yourself First, Invest, and Build Partnerships

BY

Daphne K. McCorery

Hello and welcome everyone. My name is Daphne K. McCorery and I am an Author and Success Coach. My main focuses are mental conditioning, business and money, and general motivation. Recently I was confronted with the thought provoking declaration, “Either You’re Truly Building Wealth, or You’re Depleting it.” This eye opening declaration was made by Brendon Burchard, author of Life’s Golden Ticket. At the moment I read it I was also thinking about whether I should go shopping or save. It made me think twice about parting with my money.

I knew I really didn’t need another blouse or pair of pants. After a while of deep contemplation, I made the wise decision to put my $200 in my “Pay Myself First” cash box. I’ve been doing this for about three years now and I love it. I take up to $100 from every paycheck and loose change and put it in my cash box and then forget about it. It takes a bit of discipline because sometimes there is a temptation factor that pops up every now and then to go splurge, but I have been very good at using the money only when I have an emergency and that means not spending it on the fun stuff like jewelry or clothes. It gets spent on bills. Thank God I learned about this saving technique through Suzy Orman because my “Pay Myself First” fund has saved me more times tha
I care to admit.

Brendon says whenever he speaks to people about money they tend to offer the same old sad and worn out story that saving money is tough. They report either not earning enough money on the job or they have not taken the time to invest to create wealth. He feels this is a cop out, warning that if a person fails to do one or both, they will be headed towards financial doom and ruin.

So what advice did he offer after making such a bold declaration, having absolutely no shame quoting himself in a separate sentence under the title of his article as saying, “Playing small and being poor only limits your ability to give.” If a person wants to create wealth he or she must study how real wealth is made. It’s ok to set up an automatic program with the bank or a financial institution to take a designated amount of money from your paycheck every month and invest it in an instrument like a Roth IRA, but real wealth is built on leveraging a previously existing infrastructure.

I wasn’t surprised he said this since I had signed on with two network marketing companies who believed in the exact same philosophy and that this was the key to building successful businesses. You can leverage as an individual or small business by partnering with other people, groups or organizations that have resources you need in order to grow wealth. Make sure the partner serves your customer or target market, has figured out how to be successful, and has delivery/distribution and marketing platforms in place that will assist you in growing faster than you could alone. A good way to begin on the Internet is to become an affiliate and earn a commission on every product sold.

The bottom line: save, invest, and partner with others. This is the path to building wealth today.

Q and A Action Steps:

• If I do not take control of my finances today, in twenty years I’ll be….
• Who can I partner with today to build wealth? Who can help me with my finances?
• The reason why I have been ignoring or neglecting saving and investing is…