This is a six month plan to help you get rich.  You can condense it down to six days if you are creative, smart and in a hurry.  You are also going to need some money, at least $50 to begin.  So if you don’t have $50 to start your path to wealth, then you need to examine some aspects of your life, such as INCOME versus EXPENSE.

     Being Rich is amazingly SIMPLE.  Rule #1 of the rich club; your INCOME must exceed your EXPENSES.  You need to make more than you spend.

     Once you make more than you spend, you need to take that extra money and use it to make more money.

     Simple.

     Note I didn’t say EASY.

     Now the majority of Americans SPEND more than they make.  And then wonder WHY we’re in an economic quandary.  I’m not going to discuss politics here, suffice it to say that there are 24 million small business owners in America, so if the current President was really serious about any sort of economic recovery, he would slash taxes and increase credit to small businesses to encourage more hiring. If 24 million small businesses were to add just one job each, unemployment would shrink to below two percent.  There would be a “trickle-down” effect of more working people paying income taxes, and those same working people would then spend more money, which would ramp up the economy.

     All right, I’m off my soap box.  This is about you making more money so YOU can be Rich.  Then you can employ people and have the same effect our misguided leaders claim to be seeking.

     What follows is a six month plan to put you on the path to wealth.

     During the FIRST MONTH, put in some serious time Thinking about how you can add $500 per month to your income.  Can you take on a part time job, or turn your hobby into an income? 

One of the best things you can do is to sit down in a quiet place with a notebook and write down every single way you could make extra income.  From the silly to the serious leave no thought untouched.  Write everything down.  Then selectively narrow your list until you finally either have a second job or a second income.  Act on your thoughts and plans that you have created during this month.

     The SECOND MONTH is when you collect your extra $500.  While you are earning this month, you need to research and consider how you’re going to invest your extra income. 

The two things you MUST DO: Pay Off all bad debt.  Credit cards, cars, anything that is an expense other than a mortgage. 

The second thing you must do is to contact a realtor and start hunting for an income producing property.  It’s better if it’s a multi-unit, such as a tri-plex or quad, because this allows for higher profit after cost.

FACT: The rich do not finance cars.  The secret of the rich is to eliminate expenses.

FACT: The rich do finance Real Estate.  You can use other people’s money to generate income.  During this month you need to plan how you will use your extra income to eliminate expense and how you will invest that extra income.  And revisit your idea book to find your next set of income ideas.

     Because in your THIRD MONTH you need to add more INCOME.  You need to increase your $500 extra by at least ½ again.  Impossible?  No!  Think of it like this:  if you can decrease or eliminate expenses, then that money goes into your income column.

     How can you cut expenses?  Turn off the lights and adjust the thermostat to lower your electric bill.  Call your insurance agent to find out any discounts you may qualify to receive.  Can you cut back on driving and walk more?  If you find ten areas in your life to save $10 per month, you’re adding $100 extra to your income that you can use to invest. Make it a game.  It’s not so hard now, right?

     This is why it’s so important to eliminate bad debt.  Let’s say you’re paying $50 per month on a $500 credit card bill.  I’m not going to go into how much interest is going to cost you over the period of time it takes you to pay off the bill.  Instead I want you to focus on eliminating the bill entirely.  If you do, you will have an extra $50 per month to either apply to another expense or to put toward an investment.  Keep searching for more ways to increase income and decrease expense.

     By MONTH FOUR you should have an additional income of $1000. (You’ve accomplished this through adding income sources (jobs, monetizing hobbies) and by decreasing expenses.)  With an extra $1000 per month, you need to expand into either income producing real estate property or a second business.  Both of these are good ideas to introduce into your wealth building portfolio.

     FACT: The majority of the RICH own their own business.  Owing your own business allows you to deduct many business expenses.  A secret of the RICH is they deduct everything.

     One of the easiest businesses to invest in would be an MLM type, like Monovie.  A system allows a turnkey approach to building a business.  You could invest in any type of business however, but it needs to be one that can be run on the side.  A direct selling business can be a great side business and an income producer.

     MONTH FIVE is another planning month.  Never ever underestimate the importance of proper planning.  Review the business investment strategies you’ve put in place, review the potential money making ideas you have in your notebook and plan out the next six months.  While you are going through your idea book, you should expand on what you consider as possible.  If you are involved in an MLM business, you could pursue a speaking and training career as you learn more about it.  If you have a service business, you can expand on your product lines.  You can create partnerships and alliances with other companies or even start smaller companies under your own service business. 

A lawn maintenance company has a set client list:  a smart business owner could consider a monthly newsletter to that set market and hire a salesperson to not only find additional lawn accounts but advertisers for the newsletters.  Each staff member could contribute an article, joke or recipe and it’s written on a desktop computer in the office, and printed on an office printer. Don’t be tied into accepted dogma about the industry; look outside your chosen filed and THINK about how you can expand and grow your business.

     During MONTH SIX, double your income again to $2000 per month.  With $2000 per month in extra income you are now in serious contention for being Rich.  Take that $2K per month and build on your income opportunities.  You will find that the more money you make, the less you will have to spend to make more money.  It’s one of those weird rules of finance- everyone will loan you money when you don’t need it!  As your income goes up and your diligence in business building and investing begins to pay off, other people will give you money (loans, investments) to make more money.

     Your SIX MONTH plan to get Rich is very Simple.  Increase your INCOME and DECREASE your expenses.  For some people who have higher expenses, more debt or lower incomes, it may take longer than a six month time frame.

     But the principles are the same.  So what if it takes you two years to finally reach the $2000 extra income mark with zero debts.  You will discover more ways to leverage your new found wealth into a treasure trove of riches with the proper planning and education.  Good luck and happy investing.