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Here's a real simple way to become wealthy.
Marty and his wife live at home with their 2 children. They own a 3 bedroom house in a middle class
neighborhood and try to live
within their means. Marty works full time in the Printing Industry, while his wife is in charge of
the home and looking after the children.
They've accumulated some credit card debt and have 2 years left on a car loan. They try to stay out
of debt as much as possible and together they've managed to contribute a total of $32,000 to their
own Retirement Fund. It is kept in term deposits receiving
5% interest annually.
Two years prior, the couple bought an older house that they fixed-up and rent out for $850 a month.
After paying the mortgage and taxes $300 is left over each month. This goes into their savings
account each month.
At Christmas, the family bought themselves a new computer and decided to start a home-based
business to become wealthy.
Things started out fairly slowly but
after 8 months they were receiving a steady check of $400 a month which also goes into their
savings account. This part-time business will continue to grow with the effort they dedicate to
it.
This business also offers them some very lucrative tax savings on their way to become wealthy. By
taking advantage of these Tax Strategies they are able to
save an additional $300 a month on tax that was normally deducted from Marty's paycheck at work.
This monthly income is
also added to the couple's savings.
Marty has just begun writing an E-book about his "production expertise" at work. His plan is to
market this book on the
internet for profit
Every Sunday the couple takes a drive to stay familiar with the Real Estate market in their area.
They're looking for another
property, a "handyman's special" to fix-up and rent out. They have saved enough for a down payment
and their credit with the
bank is well established.
The family's total monthly expenses are $2000. Now, here's the question:
Are they doing the right things to become wealthy?
To answer this question properly you first have to understand exactly what "wealth" means.You
achieve wealth when: *Your
Passive Income is the same or greater than your Expenses.* So what does this mean?
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