Do you want to be successful? Of course you do – but it’s easier said than done, right? This guide gives you five simple things you can do in order to build wealth and achieve your dreams. Follow these steps and see the difference!
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- Put at least 10% of your earnings into savings
Saving is one of the most important parts of building wealth. Set up an automatic transfer each month to a savings account to ensure you’re saving regularly. You can even set it up so that money comes out before your paycheck hits your bank account, which will make it more difficult to spend. This way, you won’t be tempted to spend what isn’t there! (I know... I used to do that all of the time!)
When it comes to spending, always pay with cash: One thing I do with my clients is require them to pay for everything in cash—that includes groceries and gas for their cars. This way, they can’t overspend or use credit cards to make purchases they don’t have money for. Once you see your hard-earned dollars leaving your hands, you tend to be a lot more careful about how much you spend.
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- Build an emergency fund
If you're saving for retirement, a vacation or a down payment on a house, then don't dip into those savings to deal with an emergency. Set up an emergency fund that includes enough money to cover three to six months of expenses. Keep it in a separate account so you won't be tempted to tap it when other needs arise. And try not to use credit cards as a substitute; they'll end up costing you more in interest payments than they save you in emergencies. Instead, set aside money from each paycheck toward your emergency fund until you've reached your goal. It may take some time, but you'll eventually feel secure knowing that your financial back is covered if something unexpected happens.
You can also build wealth by using a savings app like Digit , which automatically withdraws small amounts of cash (like $3) once per week. After 12 months, you’ll have saved nearly $1,000 without feeling it at all! The best part is that when your emergency fund is fully funded, they send you an email to let you know that your money is safe in their account. It’s a great way to stay on track with saving for emergencies or retirement.
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- Invest in yourself
If you want to build wealth, investing in yourself is one of the best things you can do. A formal education is an investment, as are skills that will help you command a higher salary. You don’t have to go back to school or take out student loans; there are plenty of free resources available online that can help you learn new skills. Check out websites like Khan Academy for math, writing, and other subjects. The more you know about what it takes to succeed in your career, the better off you’ll be financially. It might seem counterintuitive at first, but educating yourself can make you wealthier. In fact, research shows that spending on knowledge-based goods and services is strongly associated with greater household income levels. In other words, money spent on classes (and books) pays off. Just look at Oprah Winfrey, who became a billionaire after starting her own media empire by constantly learning new things and getting involved in different projects.
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- Learn about loans
In order to start a business, you might need to apply for a loan. Before applying for any type of loan, however, it’s essential that you understand how loans work. The best way to learn about loans is by taking out one yourself. You can get a small personal loan from your bank or credit union and use it as an opportunity to practice paying back debt over time with interest. As you do so, make sure to pay attention to all of the fees associated with taking out a loan in order to avoid surprises down the road. Then, when you are ready to take on a larger loan for your business idea, be sure to shop around between banks and other lenders. This will ensure that you find a lender who offers competitive rates and terms. If you want to further increase your chances of getting approved for a loan, think about ways you can reduce your monthly expenses. The more money you have available to put toward repaying debt each month, the better off you’ll be.
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- Understand your debt obligations
Too much debt can be detrimental to your financial health. Make sure you’re not over-leveraged by taking a hard look at all of your outstanding debts, from credit cards to student loans, and determine which ones are feasible for you to pay off in full as soon as possible. Be honest with yourself about what you owe and how long it will take to eliminate each one. You may need to make some sacrifices or cut back on nonessential expenses until you’ve paid off your debt load. But once you do, you’ll have more money to invest in building wealth. Achieving financial freedom is an important goal for many people, but it takes discipline and commitment to achieve. Just like any other endeavor worth pursuing, there are no shortcuts. If you want to build wealth and be successful, start today!
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