Wealth Generation - Are You Going to Thrive in 2005?
Welcome to 2005! Is this the year that you are going to financially thrive? If you are a subscriber to The Network Journal, you are in a financially successful demographic. The average TNJ subscriber has an income that places him or her in the top 30 percent of earners in the nation and the top 15 percent of earners in the African-American community. Subscribers hold at least one college-level degree, own a home, own a car, most likely have some very nice clothes and comfortably vacation once, if not several times, a year. Most important, the average subscriber lives in the United States, which means that he or she does not have to live on $2 a day or less, as more than 2 billion people living in developing countries have to do. If you subscribe to The Network Journal, life for you is outstanding by any measurable standard.
But are you thriving financially? Sadly, from a wealth standpoint, you likely are not. According to the U.S. Census Bureau’s 2000 Report on Asset Ownership of Households, if you are African-American or Hispanic American, there is a 55 percent to 60 percent chance that your total net worth (assets minus liabilities or debts) is between $1 and $100,000 and a 27 percent to 29 percent chance that your net worth is zero or less. This means that if you stopped working today and had to live on the interest or capital appreciation from all of your investments, there is a very high probability that you could not enjoy your current lifestyle. You could not pay your mortgage or rent, pay your car note, or take vacations as you do today.
Take a quick test to see if you are thriving. Write down an estimate of your entire asset base and then subtract your debts. Now, multiply this number by 0.05. Then, take this number and divide it by 12. This will give you the expected monthly income that your net assets will generate for you, tax-free. Can you live off this amount each month? If not, you are not thriving at the level that you should be. So, what do you need to do to thrive financially in 2005? The most important thing you need to do is establish a solid, wealth-oriented belief system! According to Brian Tracy, noted success speaker and chairman of life coaching company Brian Tracy International Inc., your beliefs are the key to determining your ability to thrive financially—regardless of your current financial condition.
The Law of Belief states: “Whatever you believe with conviction will become your reality.” Tracy provides further clarity when he writes, “You do not believe what you see; you see what you believe.” What you believe is your outcome, will be your outcome!
Answer yes or no to the following questions to test your belief system:
Do I truly believe that I am built for success?
Do I truly believe that I am a genius at something?
Do I truly believe that I cannot fail?
Do I truly believe that I am manifesting “existing” success?
Do I truly believe that nothing can stop me but me?
Do I truly believe that I can live my dreams?
If you cannot answer yes to at least five of these questions, you likely do not have the belief system needed to truly thrive. Without a solid belief system in place, your actions will produce a lot of motion, but not a lot of progress! What are you producing, motion or progress? Let 2005 be the year that you make the decision to develop a solid belief system. Write down your saving and investing goals, and commit to achieving them regardless of your financial circumstances. Commit to working with a financial consultant who can help you translate your goals into a financial success plan. Commit to eliminating any negative people from your life in 2005 and surround yourself only with those people who are positive. Finally, commit to eliminating any doubt in your mind that the wealth you desire is waiting for you, is accorded to you and has already been set aside for you.
David Hinson is founder of Wealth Management Network in New York City, 646-375-2388, www.wmnllc.com.
By By David Hinson