Login
Password

Forgot your password?

The Success Snowball

By Edited Jun 28, 2016 1 1

The Success Snowball
We're all familiar with debt. And how it can slowly creep up on you. One unpaid bill, suddenly you miss another payment. Then, before long, you're in debt and it has completely snowballed, until you've basically put yourself in a position to paying a little bit to the credit card companies each month...for the rest of your life. But one thing you don't hear people talk too much about is the exact opposite side of the equation...The Success Snowball. This is probably due to the fact that only 1-3% of Americans can actually say they have the luxury of living this kind of lifestyle. But, it's very simple - let me explain how it works.

We'll Use the Celebrity Example

Let's say Jessica started out at the bottom - she's a nobody. She struggles as an actress who waits tables on the side while waiting for her big break. Eventually, after a lot of hard work, she scores a part in an independent film. From there, a director notices her talent, and she lands a spot in a larger movie. That movie does very well, and all-of-a-sudden she's on television, doing interviews, on magazine covers, and people want her autograph. Well, don't you think people pay her to be on their show or on their magazine cover? Yes! And there are all those other perks like free food, you don't have to stand in line anymore, etc. This is an example of The Success Snowball. When you reach a certain point or status, it's like it just happens - people all-of-a-sudden pay you and want to give you things for free, just because you're you! Isn't that amazing!

But that's just one example. Unfortunately we can't all be celebrities, but we can learn to manage our money wisely. Teach yourself to do what rich people do with their money - invest in assets (things that make you money). That's how the rich got to be rich. And you can start small. Most millionaires today are first generation and self-made. They started out at the bottom and worked their way up.

How to Start Your Very Own Success Snowball

Like most things in life worth doing, creating your own Success Snowball is very simple, it just takes discipline and patience.

Example

Let's say how have a minimum wage job. But you're able to pay your bills and put back about $100 each month. Well, in one year, you'll have roughly a little over $1,000 saved up. (Now if you're saying to yourself, "But I don't have anything to save." I'll tell you this - if there's one thing I've learned from observing people, it's that we always have enough time and money for the things we truly value in life. If you don't believe this, let me explain. Do you know anyone who can barely afford to pay their bills, but smokes a pack a day and goes out and gets drunk every weekend? Well, cigarettes and alcohol ain't free! Or have you heard of anyone who lives in a shack but has a $50,000 fishing boat parked outside? Maybe that person is You! If you really want something bad enough, then quit hoping and wishing it's going to fall into your lap and start putting forth some effort and working towards it. Take a portion of that money you spend on things that aren't increasing what you do have and put it towards your goal. If you like to eat out every night, cut back a little to just once a week. Put the money you would have spent into some sort of savings or holding place.

You then take that money and invest it in something that will in turn make you money, so that you can make your money back and, eventually, a profit. For this example let's say you were to purchase this Woodcarving Machine. With it, you could then make custom engravings, etc. for your family, friends or whoever. You could probably quickly make back your investment and probably a little profit too.

You then took the profit and could either put it towards some other venture which would increase your investment or you could put it back into your woodworking venture and expand. Maybe buy another machine, enabling you to produce twice as much a.k.a. twice as much profit.

You then would Rinse, Lather and Repeat this process until you're making as much money as you like.

Advertisement
Advertisement

Comments

May 24, 2011 8:07pm
dadbintheadmin
Good reminder. Sometimes we all need a little kick in the pants and stop to think if the things we buy are really for the long-term or instant gratification.
Add a new comment - No HTML
You must be logged in and verified to post a comment. Please log in or sign up to comment.

Explore InfoBarrel

Auto Business & Money Entertainment Environment Health History Home & Garden InfoBarrel University Lifestyle Sports Technology Travel & Places
© Copyright 2008 - 2016 by Hinzie Media Inc. Terms of Service Privacy Policy XML Sitemap

Follow IB Business & Money