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A Five-Step Action Plan for Building Wealth By William R. Patterson

No matter where you are starting from, you can begin to turn your life around or dramatically improve your financial situation using THE BARON SOLUTION™ 5-Step Action Plan for Building Wealth. It is important to learn disciplined strategies of sound money management, investing, and business administration. The more you learn about these areas, the more confident you will be in selecting advisors, making investments, and handling your business and financial affairs. You can easily move forward on your journey to financial success by taking these five simple actions:

Step One – Pay Down Your Debt. It is extremely difficult to build wealth when you are paying 20-30% interest on credit cards. You should begin consolidating your debts and negotiating with creditors to lower your interest rates when possible. For some, credit counseling, debt management plans, or debt negation plans may make sense, but be careful because there are some unscrupulous services out there. You can use the Resources section of BaronSeries.com to obtain your free credit report and find the fastest and cheapest way to pay-down your debt.

Step Two – Begin Building a Cash Reserve. Calculate your monthly expenses and strive to stash away at least six-months worth of savings for emergencies and to take advantage of investment opportunities that present themselves. This calls for a lot discipline, but as the old African proverb says “Save your money, and one day it will save you.” Through the free Resources section of BaronSeries.com, you will be able to find many of the highest interest rate checking, savings, and money market accounts in the country to help you fight inflation.

Step Three – Develop a Long Term Investment Portfolio. By taking advantage of the power of compounding, you can earn hundreds of thousands of dollars, if not millions, by the time you retire. Use the free BaronSeries.com investment calculators to find out how much money you will need to invest in order to reach your financial goals as well as how long your savings will last. Keep in mind, you should never invest money that you cannot afford to lose, or invest in things you do not understand or feel totally comfortable with.

Step Four – Create a Cash Flow Portfolio. It is important to learn to generate income from your investments rather than your physical labor. This will enable you become financially free long before retirement. Rental real estate, business and insurance income streams, and royalties from intellectual property such books, music, inventions, etc., are great way to go. Mastering these areas may take quite a bit of work up front, but are well worth it on the back-end. When it comes to cash flow strategies, think “outside of the box.” If a particular strategy won’t work in your area, than think nationally or internationally and establish local partnerships.

Step Five – Start Your Own Business. It has become essential for individuals to not only diversify their investments, but also their sources of income. Since wages increase at about 3.4% and expenses rise at a much faster pace, the average person today is working harder and getting poorer. Every person has a great untapped business idea that can generate millions of dollars if properly executed. You just need to leverage THE BARON SOLUTION Four Keys for Building a Successful Business: a proven business model, experienced management, access to capital, and strategic partnerships.

Remember, becoming wealthy is not difficult; it just takes time and focus. Unfortunately, most people do not focus on becoming wealthy, until they do not have much time. Know that you can always change the condition of your life financially; you just have to be willing to think differently, more creatively, and strategically.

William R. Patterson is an award-winning lecturer and co-author of the national best-selling business and personal finance book, The Baron Son. He is Chairman and CEO of The Warcoffer Capital Group, LLC, a financial holding company. His ethical guidebook to wealth, power, and success, The Baron Son, has been translated around the world and featured in the Forbes Book Club. For more information on The Baron Solution Strategies for Wealth and Business Success, visit http://www.baronseries.com.

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Consider the following elements on your quest to getting out of debt into financial independence:

• Review how you got into debt in the first place.
• Analyze your current credit status
• Make a quality decision to get out of debt
• Set attainable goals
• Renew your mind with God’s word
• Move from being a consumers to becoming a producer
• Develop your skills
• Increase your giving regularly
• Be a tither (if you are a Christian)
• Become an investor (money, talent, time)
• Spend less than you earn
• Create multiple streams of income and,
• Declare war on the spirit of poverty.

The simple rules for achieving financial independence by anyone interested in bringing changes to their economic status can acquire a doable and complete understanding of them. To get where you want to go, you need to know where you are.

• Complete your own financial statement. This is your first step in taking control of your financial future. How much passive income do you have today?
• Spend less than you earn and save or invest the difference
• 10%, 10%, 80% rule, Save 10% of your income, tithe 10% of your income and the remaining 80% is yours to spend.
• Pay yourself first
• Resolve in advance to prefer financial independence to status
• Practice frugality in all your financial decisions.
• Develop the quality of patience long-time perspective, in becoming wealthy.
• Your income can grow only to the extent you do
• If you want to change the out-formation you will have to change the in-formation.
• If you want to change the visible, you must first change the invisible

Financial independence is possible for anyone who takes the time to diligently develop the right financial mindset, make the necessary lifestyle changes that could sabontage the efforts and following action plan consistently and not haphazardly. Jim Rohn the America philosopher said that for things to change you must change. Lets go to work on you and you will find that the benefits are immeasurable.

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“Make all you can, save all you can, give all you can.” John Wesley

To achieve financial independence, you have to reprogram your mind from being poverty-minded to having a wealthy mentality. Both poverty and wealth are the result of your mental state, and you become financially successful in your thinking long before you achieve it in reality. Hence, having a sound mind is relevant to you financial future. If you can settle this issue in your mental faculties, you certainly can settle it in your checking account securing a stable financial future.

Most people want to get out of debt and be financially independent, however, desire, although a necessary element for becoming wealthy, is not enough by itself. You need information, self discipline, action plan and goals towards which you must take steps. It is also imperative to deal with certain aspects of your life, such as your spending habits, “living like the Joneses”, lack of frugality and other dysfunctions that could militate against financial future.

Your most important responsibility as an individual is to achieve financial independence for yourself, family and your community. The Bible lets us understands that “A good man leaves an inheritance (not debts and the fear of creditors) to his children’s children” (Proverbs 13:22a author’s words in parenthesis). Your financial prowess will enable you provide basic amenities and infrastructure such as pipe borne water, schools, recreation centres and good roads for your community as you are your brother’s keeper.

You are responsible. The most important personal decision you can make is to accept complete responsibility for everything you are and everything you will ever be. Financial freedom is only possible when you accept complete responsibility for your financial situation. The acceptance of complete responsibility indicates your refusal to make excuses or blame others for your current financial dilemma. You refuse to criticize others for any reason or to complain about your financial predicament but must accept full responsibility for your current situation before any meaningful and lasting changes can occur financially or any other aspect of your life for that matter.

The acceptance of responsibility is the foundation of high self-esteem, self-respect and personal pride that are necessary ingredients for goal setting and the momemtum needed to drive you toward that goal. Financial independence begins with specific, attainable goals and definite plan for carring out your desire. You must decide exactly on the amount of money you intend to acquire, state the time limit for its acquisition. Then, you must describe clearly a detailed plan of action through which you intend to achieve your financial goals.

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“You know that those who are regarded as rulers of the Gentiles lord it over them, and their high officials exercise authority over them. Not so with you. Instead, whoever wants to become great among you must be your servant, and whoever wants to be first must be slave of all. For even the Son of Man did not come to be served, but to serve, and to give his life as a ransom for many.” (Mark 10:42-45)

Henry Fosdic said, “One of the most amazing things ever said on earth is Jesus’ statement ‘He that is greatest among you shall be your servant.’ None have one chance in a billion of being thought of as really great a century after they are gone except those who have been servant of all.” You cannot separate leadership from servanthood just for the simple fact that leadership is really all about service.

It is usual that we refer to men and women in public offices as civil servants. But is that really the case? What strengthens servant leadership is the motivation behind their actions as leaders. If personal desire was the sole factor then in most cases these individuals will serve their own interests and not the interests of the people they represent as it is often depicted in our world. In most cases leadership is habitually looked upon as having great titles, lots of subordinates and being served by others. The real definition of ‘leadership is servanthood’ is the motivation to employ talents, skills, gifting, influence and resources at their disposal toward serving others.

Effective leadership make things happen whether on a personal or corporate echelon. There are those whose voices will never be heard both personally or professionally, who are on the verge of giving up their purpose and destinies, those marginalize by the circumstances of life and the list goes on. These plights are part of the problems that motivates leadership to serve and helping to make these individuals relevant to their spiritual and socio-economic environment.

Those great among us are the servant leaders who have sought service over self-interest, to make impact in someone’s life and make certain that other people’s highest priority needs are being served. Are you a leader who is being served or one that serves for the common good of others? The impossibility of ‘Leadership is Servanthood’ is that you cannot serve and not be served in one-way or the other. Serving others is one of life’s most awesome privileges.

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Speaking at TED in 1998, Rev. Billy Graham marvels at technology’s power to improve lives and change the world — but says the end of evil, suffering and death will come only after the world accepts Christ. A legendary talk from TED’s archives.

You are currently travelling around locally and internationally conducting seminars and conferences and now you are looking for how to conduct your trainings, seminars or presentation without leaving the comfort of home and loved ones. You are about to love what I’ve got to share with you because now you can do all of that from the comfort of your home or business offices. That is conducting seminars, presentations, having bible studies and facilitating business meetings. You can also create special webinars for your down line, customer base or clients and stay in touch with them on a regular basis.

What can HotConference do for you

• Automate support for your client base
• Run a variety of daily live seminars covering topics of your choice to an unlimited audience in real-time audio and video
• Live pre-sales
• Promotions or fire sales
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• Talk to anyone anywhere in the world for an unlimited amount of time…for free
• Send documents, files, and other applications instantly to anyone anywhere in the world
• Improve collaboration, employee training and customer service
• Build and maintain valuable customer relationships

Don’t lose sales because your phone number costs your end-user money. Even if you already have an 800 number it probably doesn’t work outside the country. Even the inconvenience of your customer picking up the phone can cost you thousands of dollars. With HotConference.com, your customers can talk to you with 1 click without even having to close their web browser.

All you need to do is download a piece of software to your desktop and you are readiy to go. Go ahead and check it out

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Examine your liabilities—maybe you can convert them to assets, even if it’s just a basket at a time.

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