My friend Loral Langemeier has helped a lot of people build seven-figure wealth and I found this excerpt from her last newsletter to be “spot on,” as my U.K. friends would say.

The Vision Thing

An important step on the path to becoming a millionaire is to create and refine your vision, which is a description of what you want your life to be at any given moment. This may seem like a superfluous task but it’s really not since it concerns the financial infrastructure that supports your ultimate goals. Describing your vision should make you excited and proud. What does yours look like?

Become A Landlord

If you like being a homeowner, then you may love being a landlord. In addition to tax deductions for mortgage interest and property taxes, owners of rental property also enjoy deductions for homeowner’s insurance and property depreciation. Bottom line: you get a steady stream of income on an appreciating asset, pay less in taxes and keep more of your income.

Get A Mentor

Why would someone want to mentor you? Maybe they wouldn’t —but you’ll never know unless you inquire. At the very least, a potential mentor will be flattered you asked. Moreover, enlightened professionals understand that it never hurts to make an ally, even a newcomer to their industry. Plus, it could be the start of a lucrative referral source for both of you. After all, everyone has a specialty. For example, lawyers are often the best source of referrals for other lawyers.

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This entry was posted on Sunday, February 11th, 2007 at 10:59 pm and is filed under Seen Elsewhere. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.