Faithin Omaha eBook Collection

Download or read book Seven Steps to Seven Figure Net Worth written by Liberius Totus and published by . This book was released on 2017-10-02 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is not a get rich quick scheme. Neither above-market returns, nor high income, nor good luck, nor inheritance, nor anything extraordinary are prerequisites to attaining seven-figure net worth. Such things help, but they are not essential. By following the seven steps in this book, which almost anyone can follow, you will reach seven-figure net worth and become financially independent within a reasonable timeframe. These seven steps will counter the most common obstacles preventing most people from reaching financial freedom. Some fail to educate themselves. A sound education is needed to acquire the necessary skills to make a good income. Continuing education is also a prerequisite for adapting to this ever-changing world in which we live.Some fail to secure a well-paying job. Although a very high income is unnecessary, a very low income, say below $12,000 annually, makes it very difficult to arrive at seven-figure net worth. Some fail to save enough. They try to keep up with the Joneses and fall into the trap of hedonic treadmill: allowing expenditures to increase as incomes increase, without any lasting gain in happiness.Some fail to invest prudently. They fail to take full advantage of tax-sheltered investment accounts available to them. They do not allocate enough to stocks but park too much money in "conservative" investments like money market funds, bonds, REITs, and commodities, which do not work hard enough for them. They pay too much in fees. They speculate and trade excessively. They lose too much of their return to taxes. The list of investment sins goes on. Some are too conservative with leverage. They avoid debt like the plague and insist on becoming debt-free before they invest. Thereby they lose the crucial time element of investing requisite for compound interest to work its miracle. Yet others expose themselves to excessive financial risks without adequate safeguards in place. They lack adequate insurance against major financial shocks or fail to diversify widely enough.The seven steps in this book will help set you on the right path and steer you away from these pitfalls. This book is best read in your teenage years, old enough to comprehend the concepts in this book and young enough to have time on your side to derive the maximum benefit possible from applying these concepts. But if you are older, be not dismayed, for this book will still benefit you greatly. It is never too late to start on your journey to seven figure net worth.Here is a bit about myself. I went from zero to a seven-figure net worth after seven years of full-time employment. During this time, my salary ranged from a low of $44,000 in 2010 to a high of $148,000 in 2016. I saved over 90 percent of my after-tax income. My returns were comparable to the market, and I have not been the beneficiary of extraordinary good fortunes. You can follow my journey at journeytototalfreedom.blogspot.com. If I can make it to seven figures, so can you. It might take you longer or shorter than seven years, depending on your circumstances. But you can get there. Let's begin!