I hope that you have had a chance to pick up your copy of my new book Forever Cash, available through many different websites and storefronts. However, if you haven’t read my book yet, you may not be familiar with one of the core tenets of the Forever Cash method – The Wealth Wheel. Let me take a second to explain the basics of the method to you, although Chapter 9 of the book goes into greater detail.
Basically, the Wealth Wheel Process is the total opposite of what I call the Hamster Wheel of Financial Hell, where you earn just to spend, which makes you have to earn even more, only to spend even more, ad nauseam. The Wealth Wheel Process is a series of steps that you take to increase the amount of money you have coming in each month through work and investments. Here is the basic outline:
1) Earn a little extra money outside of your job
2) Save a percentage of your current income for investment
3) Reduce living expenses where possible
4) Invest the money from extra income, % of paycheck, and reduced expenses into a cash-producing asset
5) Take the cash from the asset and put 95% of it in a special savings account to be re-invested
6) Repeat
This Wealth Wheel Process can help you to increase ever greater amounts of money in ever-better assets that will produce more and more cash flow each month. As you invest in better quality assets, you will soon find that all of your needs will be taken care of by your investments and you can stay at your job (if you really love it) or quit and focus on growing your wealth through more investing.
The Wealth Wheel Process is everything that the Hamster Wheel of financial hell is not – it earns you money and helps you get to where you want to go.