Feed Your Wealth Account
By Loral Langemeier (as seen on the Dr. Phil Show and website)

If you've seen me on Dr. Phil or read much of my writing, you've probably heard me refer to a 'Wealth Account'. Let me explain how this works in more detail.

Your wealth account is like a savings account - but with a single, special purpose. This account is only used to hold cash between making investments. That's it. Nothing else.

Here are some examples of what it does and does not do.

Your wealth account DOES…
  • Receives regular deposits of cash earned in excess of living expenses
  • Receives the cash proceeds of asset sales
  • Funds your investments in additional assets
Your wealth account DOES NOT…
  • Does NOT pay your bills
  • Does NOT serve as your emergency cash reserve
  • Does NOT buy things like vacations, new cars, or other lifestyle wants.
This is the account you grow to buy assets that generate more cash, which goes back into the wealth account, which buys even more assets, etc., etc. It's the key to the Wealth Cycle™.

I think the best way to grow your wealth account is to pay yourself first. That means that you decide how much you will save in your account each month. Put that into your wealth account at the start of each month-before you start paying other bills and spending PAY YOURSELF. This takes discipline but will soon break the "living paycheck to paycheck habit," if you find yourself caught in that trap. This is how to break free from that once and for all!

I recommend your wealth account be an interest earning account with no fees and free checks. This could be a money market account or a savings account with online banking capabilities. You'll want easy access to the funds when it's time to make your next investment.

Also, if your account is close to or over $100,000, I strongly recommend you open more than one account at different financial institutions. With the number of banks expected to fail over the next couple years, having FDIC insurance on your funds (which is capped at $100,000 per person, per bank) provides extra security for your money. Protect your money!

Ready GO!

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