Wealth is a Choice – How to Get to be Wealthy?

<h1>Wealth is a Choice – How to Get to be Wealthy?</h1>Author: <a title="Bill Leahy" href="http://www.articlesbase.com/authors/bill-leahy/72749.htm">Bill Leahy</a>  

 
 
First you need to understand the definition of wealth that I use to relate to money. Wealth is a choice that you will need to make. I heard it from Robert Kiyosaki and I think he got it from Buckminster Fuller. It says you have to find a way to create enough passive or portfolio income to cover your monthly expenses. So let me break this down; the IRS says passive income is income created not by your labor, or your active participation in generating the income. I am not a CPA so do not take my word for this, but passive income started from real estate, like apartment complexes, that the rich could have someone manage. The excess cash flow that was produced after all the bills were paid would be passive income.
 
I do not know how it totally works on the Internet with the IRS codes. But with this simple definition I am going to give you a step by step layout of how you can do it online. Wealth according to this definition is creating enough income to cover your monthly expenses.
 
How do you get to this point?
 
Let me give you an example first; if the average household in America needs $2500 to cover their monthly expenses this is where we will start. So how do you figure out your monthly expenses; you break them down. At the bottom of this article there will be a link that you can grab a little workbook to help you do this. So now you have figured out what your phone bill, your mortgage payment or rent, your insurance, and car payment, your groceries and all those other things that make up your monthly expenses. You may be a little lower than the average but you have a number that is for you.
 
So now you need to start an <a href="http://runtuwealth.com/internetmarketingwealth.html">Internet business</a> or an auction site. I will be talking about how to do these things in other articles. Let's just take eBay for example; you find products that you can sell and make 50% on, let's say it's iPod's. So if an iPod sold for $300 and you make 50% of that you would be making $150 for each sale of one iPod on eBay. Let's say you sold one iPod a day and someone else did the shipping and and the customer pays the shipping.
 
That means you would have sold 30 iPods in one month at $150 profit; that works out to be $4,500 income in a month. Now eBay will probably have other costs related to all the sales, but if you're costs are $500 a month, which can be high, you still created $4,000 in 30 days. I will always recommend that no one quits their day job until they are making at least triple of what their expenses are, and I also tell them to try to catch up on all the back bills.
 
This is how to create wealth on the Internet. This is what I mean when I say wealth is a choice. You have to work on the numbers that actually apply. If you are making $50 on the sale; that means you need three sales to do the same thing. <a href="http://runtuwealth.com/wealthisachoice.html">Wealth is a choice </a>and this is how you can create it with an online business.About the Author: To receive a copy of my free ebook on <a>”Wealth is a Choice</a>, Click here: 
Bill Leahy is full time internet marketer; teaching people a simple way of understanding Wealth. 
 
 
 
Bill has been studying the difference between the rich and the poor. He could not realize that he would not have a retirement like most Americans; because the social security would not be around. The one big fact he has learned that it had to do with what we have been taught. Bill is sharing his knowledge though article and his web sites.Article Source: <a href="http://www.articlesbase.com/">ArticlesBase.com</a> - <a href="http://www.articlesbase.com/personal-finance-articles/wealth-is-a-choice-how-to-get-to-be-wealthy-519538.html" title="Wealth is a Choice – How to Get to be Wealthy?">Wealth is a Choice – How to Get to be Wealthy?</a>

First you need to understand the definition of wealth that I use to relate to money. Wealth is a choice that you will need to make. I heard it from Robert Kiyosaki and I think he got it from Buckminster Fuller. It says you have to find a way to create enough passive or portfolio income to cover your monthly expenses. So let me break this down; the IRS says passive income is income created not by your labor, or your active participation in generating the income. I am not a CPA so do not take my word for this, but passive income started from real estate, like apartment complexes, that the rich could have someone manage. The excess cash flow that was produced after all the bills were paid would be passive income.

I do not know how it totally works on the Internet with the IRS codes. But with this simple definition I am going to give you a step by step layout of how you can do it online. Wealth according to this definition is creating enough income to cover your monthly expenses.

How do you get to this point?

Let me give you an example first; if the average household in America needs $2500 to cover their monthly expenses this is where we will start. So how do you figure out your monthly expenses; you break them down. At the bottom of this article there will be a link that you can grab a little workbook to help you do this. So now you have figured out what your phone bill, your mortgage payment or rent, your insurance, and car payment, your groceries and all those other things that make up your monthly expenses. You may be a little lower than the average but you have a number that is for you.

So now you need to start an Internet business or an auction site. I will be talking about how to do these things in other articles. Let's just take eBay for example; you find products that you can sell and make 50% on, let's say it's iPod's. So if an iPod sold for $300 and you make 50% of that you would be making $150 for each sale of one iPod on eBay. Let's say you sold one iPod a day and someone else did the shipping and and the customer pays the shipping.

That means you would have sold 30 iPods in one month at $150 profit; that works out to be $4,500 income in a month. Now eBay will probably have other costs related to all the sales, but if you're costs are $500 a month, which can be high, you still created $4,000 in 30 days. I will always recommend that no one quits their day job until they are making at least triple of what their expenses are, and I also tell them to try to catch up on all the back bills.

This is how to create wealth on the Internet. This is what I mean when I say wealth is a choice. You have to work on the numbers that actually apply. If you are making $50 on the sale; that means you need three sales to do the same thing. Wealth is a choice and this is how you can create it with an online business.

To receive a copy of my free ebook on ”Wealth is a Choice, Click here:
Bill Leahy is full time internet marketer; teaching people a simple way of understanding Wealth.

Bill has been studying the difference between the rich and the poor. He could not realize that he would not have a retirement like most Americans; because the social security would not be around. The one big fact he has learned that it had to do with what we have been taught. Bill is sharing his knowledge though article and his web sites.

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Article Tags: Wealth, Income, Internet, Wealth Is A Choice

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