|
Author: Matthew Keegan Article source: http://www.wealth.askaboutthis.com/. Used with author's permission.
Building wealth is as simple as saving a little bit here and a little bit there. You need not have great riches in order to accumulate wealth, but you need to have the drive, determination, and discipline to successfully increase your wealth. Let's look at 6 proven wealth building strategies you can put to use today.
1. Pay Yourself First. If you do not set aside money before you start paying your bills, chances are you will never save any many after you pay these same bills. If your employer has a 401(k) or 403(b) plan, enroll in it and set up a reasonable percentage to invest. The money will come out before you see your paycheck, therefore the "loss" of discretionary income will be less noticeable to you. Maximize your contribution if you are able, especially if your employer matches your contribution.
2. Save Now. The earlier you start to save in your life, the more you will have later in life. Of course, if you aren't able to save much until after your children are grown, you can step up your savings until you retire and still have a decent nest egg.
3. Get Rid of Debt. Even before you build up your savings it is best to get rid of your debt first before starting a wealth building campaign. If your credit card rate is 14% you will find it difficult to find any investment that gives you a return that exceeds that rate. It would be better for you to pay down your debt first and then implement an investment strategy.
4. Pick The Right Mortgage. If you plan on holding onto your home for a short period of time, select an adjustable rate mortgage as your rate will be lower than a fixed rate mortgage. Use the amount saved to pay down your mortgage quicker; refinance your home if rates begin to climb.
5. Build An Emergency Fund. Nothing wrecks the best laid plan more than an emergency, particularly one that costs you money. Set aside up to six months of your income to live on in case catastrophe hits. Without an emergency fund you will be tempted to take on debt, cash in your retirement accounts, and sell valuable investments. Try recovering quickly from this sort of hit to your wealth without an effective back up plan!
6. Protect Your Assets. You can have a healthy portfolio and see it disappear quickly if you are not properly insured. Make sure that your health/dental, homeowner, life, and disability insurance coverage is adequate to meet your needs. All it takes is one legal judgment against you to wipe out your assets.
Instance riches come to a few, but most riches are realized after careful planning and effective management of your resources. You can properly prepare for the days ahead by implementing these six proven wealth building strategies today. Matthew Keegan is The Article Writer who writes on just about any and every issue imaginable. You can preview samples from his high performing site at http://www.thearticlewriter.com
Using Traffic Exchange Programs Part 3
In the last article of the Traffic Exchange trilogy, I will conclude it with a case study on one of my list-building campaigns.
Health and Dental Insurance Quotes - Applying Online
Here are some tips to help you find the right health and dental insurance plan online for your needs.
7 Steps to Your Career Success
Don't know where to start when you need to change jobs or even your career? It's just a matter of following these 7 steps that will mean you know what to do and...
Homemade Hummingbird Nectar
Hummingbird Food - An educational and entertaining look at homemade hummingbird nectar and the reasons why...
2 Great, Free Techniques to Get Customers to Come to You, Not the Other Way Around
Do You want more customers? Ones who really want what you are selling? Sure you do. Do you want to have a flood of them and not have to pay a cent? Here's how t...
Double the Effectiveness of Your Company Brochure
Let's face it - most brochures go straight into the bin. But if you know the big mistake to avoid, as well as the secret to make people keep your brochure - and...
Write Without Editing
Too many novelists miss the chance to write powerfully, because they constantly stop to edit as they write. Learn to write without editing. Go back and edit lat...
Dealing With Negative People Made Easy
I was playing tennis today with one of my tennis buddies. We play once a week and we usually chat about work, professional tennis players and local news. Today...
Muscle Building Workouts at Home!
Most people make an excuse that they don't have time to workout, they are too lazy to spend any time on workouts. Whatever time they are left with, they want to...
Benefits of a Good Training Journal
Most of us have trained at one part in our lives. Chances are if you've ever taken your training seriously you've used a training journal or a training log.
Link Popularity and Your Add URL Page
With all the buzz going on about the importance of a site's link popularity, the "look and feel" of your Add URL page (or whatever you have named your add URL p...
Six Minute Abs
Six minutes out of your day. All you need is a level floor.
Watch Your Attitude
So many restaurants spend money on publicity and then practically chase customers away by the owner's attitude.
The Basics of Cigar Humidor Care
Whether it comes in the form of frequently changing the oil in a car, storm-proofing a rosewood deck, or seasoning a cigar humidor, without proper tending and m...
Tools for Constructing the Road to Success
Too many times in the pursuit of our dreams, we loose sight of the total picture and instead settle on a small piece of it. A job, any job, whether it is in th...
Ultram Story: Keeping Pain Control Under Control
It's surprising how clearly we can recall getting hurt. Years later, we can recount our first fall from a too-tempting tree, a bee-sting, the birth of a child. ...
Release from Google Sandbox Only to Search the Playground
Once a new website is released from the Google Sandbox, gains in page counts and
crawling behavior take on an interesting pattern. Contrasted by MSN and Yahoo ...
Two Myths About the Search Engine Listing
Some people are so obsessed with top search engine listing that they tend to undermine the importance of other web traffic generation techniques. These "trances...
Paddle Your Canoe
At some time in your life you have been on a river in a canoe and hopefully you had a paddle. You know about being up the creek without one.
Buying New Construction...How Do I Begin?
The prospect of shopping for a new construction residence can be quite daunting, but the rewards of owning a brand new home out-weight the disadvantages if you ...
Reduce Stress and Increase Energy with Your Point of View!
Watch your energy soar as you defend your point of view less.
Direct Sales and the Use of Clipboards
Do you ever feel that when you are doing direct sales you find yourself not getting respect from the local businesses? They are busy and you are an interruption...
Making the Invisible Visible: The WOW Behind the HOW!
Most people strive to live their lives demonstrating to others that they know, even if they don't. Most of our educational system is focused on teaching us to...
Why Your Ad Failed
So you spent good money on an ad, put it in a magazine or newspaper, and waited patiently for phone calls that didn't materialize. You're upset: you feel that y...
|
Print this page