Building Your Wealth Cycle Foundation

Reprint of original article posted on Liveoutloud.com

You are committed to setting aside that Lifestyle Cycle and exchange it for a more profitable, more ultimately rewarding Wealth Cycle. You won’t be disappointed! Nothing feels better than the feeling that you have some control over your financial destiny, rather than letting destiny control you.

So, what exactly do I mean when I say a “wealth cycle”?

I have defined a wealth cycle as the first step in the process of paying yourself first. When you pay yourself before you pay anything else, you are establishing a habit that gives you the ability to accumulate assets. Once you have begun to accumulate assets, you will then have the opportunity to invest in order to create passive income. Passive income is where your money is now working for you, creating more money. This is where you want to be!

By setting up your wealth plan to automatically allocate money into your asset column, you create a foundation that allows for your overall wealth plan to stay activated and funded. This foundation provides the structure from which you will build.

In regards to wealth, I believe that it is not a one-time deal, that you just set up an account and don’t worry about it for another five years. In creating the type of wealth that you dream about, you will need to play an active role, leading your wealth forward over time. Creating wealth is a personal vision that you hold, and you need to be an active participant in achieving that vision.

Your vision of wealth can never mean any more to anyone than it does to you, so plan on being there and involved for the duration.

Here is your mantra for the week: “PAY MYSELF FIRST.” One year from now, you will be so glad you did.

About Loral
Loral Langemeier, founder of Live Out Loud, is the best-selling author of, The Millionaire Maker: Act, Think, and Make Money the Way the Wealthy Do. A team made multi-millionaire by age 35 she actively invests in business, the stock market, multiple real estate ventures and more. Through her diverse experience, she developed the concept of a Financial Wealth Cycle which is the core of her coaching programs. President of several companies, Loral is a nationally known speaker, coach and author.