If you are not yet enjoying “the wealthy place,” then it may be because you haven’t taken enough actions in the right direction. Here are some simple wealth actions that you can begin right away.
Action 1: Get out of Debt.
Deuteronomy 28:12–13 tells us that we are to lend to many nations and not borrow. This is one of the ways God promised to make His people the head and not the tail. List all your debts and come up with a plan for paying them off rapidly.
Action 2: Open a storehouse account.
It’s all right to have a bank savings account, but don’t expect much increase there. They will loan you money for a high percentage, but when you loan them money (by keeping your money in a savings account), they will pay you hardly any interest at all. It’s better to get an account with Fidelity, Schwab, Vanguard, or some other trusted brokerage.
Action 3: Use legal tax shelters.
Some people are afraid of tax shelters, but Congress created them to meet specific needs in the country. When the need is no longer there, they will build different tax shelters. The IRS isn’t out to “get you.” They want you to take every legitimate deduction and deferral within the framework of the law. But they want you to comply with the laws. That’s their job.
There are more tax advantages you can enjoy on certain select investments, but they change so often, you should check this out for yourself, rather than take a chance on getting some outdated information from me.
Action 4: Make small corrections along the way.
The best pilots have something in common. They have a firm fix on their destination, and they make small corrections along the way. You can do that in your investments, also. Sometimes you’ll want to own domestic stocks, sometimes you’ll want international stocks, and sometimes you’ll want both. But you’ll always be making small corrections here and there along the way to the “wealthy place.”
You can check your investments virtually any time you want on the internet. You may have the computer savvy to use an Internet brokerage company. Schwab, Fidelity, Vanguard, e-Trade, Ameri-Trade, and others offer Internet trading services, making it easy for you to make little corrections along the way.
Action 5: Don’t count on Social Security.
The Social Security System was not designed to be a retirement plan, but a supplement. The maximum annual benefit to recipients in the year 2000 was $12,663. Can you live on that? Don’t even try. Plan ahead by funding your storehouses and letting God bless them.
If an 18-year-old person saves just $1 a day with an average 15% return, he will have a little over $2,646,156 by the time he retires. If he saves $2 a day, it will come to over $5,000,000. Most people, however, are currently putting a pile of their money into interest payments so that they will suffer in the years ahead.
If you invest in just eight of America’s finest companies, it’s possible to double your money every five years. $100,000 will go to $200,000 in five years. Bill Staton, “America’s Money Coach,” has some excellent audios on subjects like this: Seven Secrets to Becoming a Multi-Millionaire. Bill became a millionaire investor by the age of 35. Bill and his wife Mary are my friends and both have spoken at our Club 52™ events.
Action 6: Protect your assets.
Don’t go “hog wild” with insurance, but you do need to protect your family.
Make sure you have a will and a trust set up properly. This step is invaluable in protecting your assets after you’ve gone to Heaven. You’ll need to find a good attorney who handles things like this.
Action 7: Warning!
Don’t throw money into speculations on commodities, precious metals or options, unless you have a clear word from the Lord and you know what you’re doing. Many people lose their proverbial shirts on these investments.
Don’t buy investments on “hot tips.” You will usually find a bankrupt brother-in-law who knows everything about the next big winner. Right! Never buy on “hot tips.” And don’t buy because of a phone or internet pitch from some broker or dealer. Investigate all your investments yourself. Buy when they are low and sell when they are high.
Action 8: Bring your tithes to God’s house.
Don’t even think about robbing from God to begin your storehouse accounts, or to add to them. Give your radical offerings and keep making those supernatural faith promises. God will make it all up to you and more by commanding blessings on your storehouses. You don’t want your finances under a curse, so be sure to make your principle investments into God’s Kingdom.
Now it’s time to take action! Write out your vision and commit yourself to get knowledge, both spiritual and practical.