The next 40 years saw the globalization, privatization, downsizing and outsourcing in various companies resulting in countless individual being jobless. This period of our history also ended the 40-40 Plan (40 hours of work per week over 40 years). The new economy has required a new mindset for wealth building and a totally new plan awaits to be implemented.
1. Income should be increased in a radical way. By radical, the figure should fall between 25% and 35%. This should be enough to cover two of the greatest threat to wealth building: taxes and inflation.
2. The skills for income generation should be mastered. The increase in income would need some money-making skill which should be mastered. The skill set would include product development, sales, marketing and investing. Any of these four skill set would lead to wealth building.
3. Keep some of your income for yourself. This habit dates back to the wealthiest men in Babylon. According to financial experts, this would amount to 10% of your income.
4. Pay all your debts and minimize incurring new ones. Debts can be a prison too difficult to escape from. As you increase your income, you create new money that should eliminate some old debts.
5. Create multiple streams of income. This creates some kind of freedom to fulfill the mission of your life. The idea is that the more you earn money, the more you have to spend to achieve what would give you fulfillment.
No time in history has given us the opportunity to create wealth as our time today. All you need is just mind conditioning and personal preparation to embrace a new paradigm. When you align yourself with the new economy, you also align yourself to financial freedom.