Penny Stock Trading

10 Wisdom-Based Wealth-Building Strategies

“It’s the business of your life… and you’re the CEO!” Gala Gorman

Imagine that you’re Noah and God is telling you that you need
to build the ark. You might suspect that Noah was a bit
skeptical. Could it actually rain for such an extended period
of time that a small ship would be required to survive the
storm? According to the Bible, the answer is “Yes!”

So, when I suggest you build an ark of your own – one of the
financial variety – how much convincing will you need?
Fortunately, this ark won’t require a that you assemble a
seemingly useless structure in your backyard and it won’t
require a 1,000 year flood to come in handy either. This ark
will be something you can be proud of and it will provide you
with financial security every day of your life.

While any approach to creating financial security must suit the
values and needs of the individual, these are the Top 10
Wealth-Building Strategies that I believe will ensure that you
can weather any storm life sends your way.

1. Use the A-R-KTM Technique.

A. A is for Accumulating Assets. This may seem like a simple
concept but in today’s challenging circumstances it is much
too easy to spend everything you make and more.

B. R is for Retiring Debt. Debts aren’t called liabilities for
nothing. You need to work towards reducing and eliminating
debt when everyone else is focused on using every ounce of
equity.

C. K is for Keeping Commitments. Once you make a commitment to
yourself to apply the A-R-K TechniqueTM, you need to keep it!
You build confidence in yourself and others this way.

2. Prepare for the inevitable rainy day.

A. Understand life’s cycles. It is a fact of life that you will
experience challenging times – in a way times like these are
meant to adjust your course. Life’s challenges are much easier
to face with financial security.

B. Maintain a positive AND realistic attitude. It might not
seem like positive thinking to plan for a rainy day. I believe
planning and preparation are the most valuable tools you can
use to deal with life’s problems.

C. Develop plans for your A-R-K. You need a plan. God gave Noah
a “blueprint” to build from. You need a financial blueprint.
What will your ark look like when it’s completed?

3. Acknowledge where your wealth comes from.

A. GUS is the source. Some call it “God”, some “Spirit”, others
“the Universe”, and still others have developed their own term
to relate to. The acronym GUS (God`s Universal Spirit) honors
all the wisdom traditions.

B. Give back to those who gave to you – spiritually and
otherwise. You might consider this tithing. Tithing is your
way of demonstrating your faith in an endless supply.

C. Subscribe to the Universal Law of Use. This universal law
applies to every department of your life. Get rid of clutter
and anything else that isn’t serving a purpose. One person’s
junk is another’s treasure.

4. Develop sufficient liquid resources.

A. Cash is King! I can’t stress enough the value of having
funds readily available that can be accessed without a
significant reduction in value. This is the “hull” your ark
is built on.

B. Calculate your cash reserve requirement. Do you know how
much you would need to meet your minimum financial
responsibilities for a period of six months?

C. Define “liquid”. Liquid resources are assets that can be
converted to cash without penalty or market fluctuation. You
need a six month cash infusion plan that is easy to execute in
an emergency.

5. Understand real estate investments.

A. Own your home “free and clear”. Mortgage brokers encourage
you to borrow every dollar you can – especially with interest
rates at historical lows. With this approach, you’ll forever
make house payments!

B. Use conservative values for planning purposes. With real
estate, values can fluctuate dramatically based on factors
completely out of your control. How much would you realize if
you HAD to sell?

C. Are you prepared to run a business? Owning real estate
(unless it’s your personal residence) requires you to run a
business that you may not consider a valuable use of your time.

6. Understand equity market investments.

A. Evaluate your risk tolerance. Investment advisors typically
discuss the concept of risk with their clients, but don’t face
reality. Investments come with a significant chance that value
will decrease significantly.

B. Accept that the stock market is illogical. There are many
“systems” available today that purport to make the market
predictable. The truth is there isn’t much logic behind market
values.

C. Fund managers are paid even when they’re wrong. Most mutual
funds underperform the market by 3%. This is in part due to
the fact that fund managers are paid handsomely whether they
perform well or not.

7. Know the value of your income stream.

A. Build a sellable business. When you’re ready to “retire”
will the work you’ve done to build your business have lasting
value, with or without you there? With proper planning, your
business is a valuable asset.

B. Create lasting value from your career/job. If you aren’t
working in your own business, you can make the most of the
income stream from your paycheck and benefits. Take advantage
of employer-sponsored programs.

C. Supplement with investment income. Your investment
strategies can generate additional cash flow if required.
Depending on the phase of your financial plan, you have the
option of adding to useable resources.

8. Limit your “use” assets.

A. Depreciating assets are necessities or luxuries – maybe both.
In most geographical locations, a vehicle is a necessity.
Does your vehicle meet your transportation needs or does it
satisfy a desire?

B. Know the hidden costs of expensive “toys”. We all have them
– assets that are nothing more than grown-up toys. You need to
know what those toys really cost to maintain.

C. Money buys experiences. When people are surveyed about what
makes life more satisfying, the answers vary. Consistently,
people agree that they enjoy traveling, dining and the
outdoors. It takes money to have fun!

9. Set goals.

A. Have a target you’re moving towards. Without a comprehensive
plan, you will have difficulty adjusting when you face life’s
challenges – financially or otherwise.

B. Define your wealth-building strategy. Once you know where
you want to end up, you can determine which strategies should
be implemented to meet your goals.

C. Embark on the journey. Just get started! Realize that you
will have setbacks, but you will never get there unless you
start rowing in the direction you’ve determined you want to go.

10. Protect what you’ve built.

A. Buy insurance for predictable losses. Property insurance
protects some of your assets, but you should also consider the
risk of losing your income stream. Life and disability
insurance can provide added protection.

B. Add layers of protection for unpredictable losses. There are
many ways to protect assets from the uncommon disaster – a
lawsuit or other occurrence. Asset protection tools can help
you rest easy.

C. Create a succession plan. Whether you own your own business
or want to provide for your family in the event you are unable
to do so, any effective financial plan should consider
succession.

You might be feeling like a sound financial plan leaves no room
for fun or enjoying life’s pleasures. On the contrary, your
plan should serve your individual needs and put you on the
path to financial freedom. If you dream of driving a luxury
vehicle or taking a cruise around the world, your plan should
factor in the costs so you know you are creating a financial
future that is real and lasting – not just a “mirage”.

Albert Einstein (1879 - 1955) called compounding interest the
8th wonder. It can work for you, or against you. When you
invest it works for you. When you borrow it works against you!
There is a reason God told Noah to take a male and female of
each species aboard the ark…to multiply. That is what
compounding interest does for you and your financial ark.
Creating a wisdom-based financial plan can help you put the
8th wonder to work for you.

The Top 10 Wisdom-Based Wealth-Building Strategies have been
developed from the A-R-K TechniqueTM (ARKTM) which is at the
center of Gala Gorman’s Wealth Management services. Your FREE
ARKTM Assessment is available at www.GalaGorman.com
(www.GalaGorman.com).

Gala Gorman, PhD CPA CFP is committed to assisting
entrepreneurial individuals in building and managing their
organizations and wealth. Gala is a certified public
accountant, certified financial planner, published author,
executive development coach and business consultant with over
25 years of experience.

Call today for your FREE initial consultation to discuss how
Gala and the A-R-K TechniqueTM can help you build and manage
your wealth.

For more information, contact Gala Gorman between 9:00 a.m. and
5:00 p.m. Pacific Time at:

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E-mail: DrGala@GalaGorman.com (mailto:DrGala@GalaGorman.com)
Web site: www.GalaGorman.com (www.GalaGorman.
com)