Posts Tagged ‘diversification’

5 Signs You Are A Money Magnet

June 10, 2009

Is money actually drawn to some people? Is it repelled by others?  Interesting thought isn’t it.  How is it that some people never want for money while others never have 2 nickels to rub together.  Which one are you?  If you’re interested in becoming a money magnet here are some traits that I think are necessary to attract money:

1) You know where your money goes.  It’s plain and simple.  People with money have a system wherewith they keep track of how it is spent.  Whether it be business or your own checking account, you must be a money tracker.  For many of these folks it means they have a budget (a plan).

2) You place high value on saving.  Money is attracted to people who respect it enough by saving some of it.  It’s not the spent dollar that makes you wealthy but the one you save that does the trick.  You can’t reap the benefits of compound interest if you never save or invest your money.

3) You seek wise counsel.  Nobody is ever successful with money without surrounding themself with competent money managers.  None of us were born with all the skills necessary to manage money.

4) They seek out profit not wages.  The wealthy aren’t concerned about how much they can make an hour.  Their focus is ROI – return on investment.  They seek out investments and ventures that promise great profits.

5) They value diversification.  The wealthy seldom put all their eggs in one basket.  They have a game plan that accounts for unexpected market movements.  When they suffer in one sector, the other portions of their portfolio fare well.

How many of these traits apply to you?  If you had a 6th sign to add to this list, what would it be?

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