Morning Vibes With Dr. Jerry - the First
Hello and welcome to
#MorningVibesWithDrJerryTheFirst-Episode 301
Title: 7 Tips to Being Wealthy
Building
wealth doesn't require an individual to have extraordinarily high income, but
diligence, patience and realistic financial goals.
Creating
an executable financial plan is critical to building wealth.
Most
people become wealthy over time by following steps within their financial
strategy.
There is
no magic formula for accumulating wealth, but certain tips can put you on the
right path.
1. Live
Within Your Budget
Creating a
budget helps you gain control of your finances.
You don't have
to guess where your money is going every month because it is outlined in your
budget.
To gain
wealth, you must live within your means.
Your budget
should include your income, necessary expenses, discretionary expenses and
retirement and savings contributions.
2. Save
Money Regularly
Another tip to
becoming wealthy is to save your money on a regular basis.
An easy way to
implement this step is by signing up for an automatic savings plan with your
bank.
The way it
works is that your bank takes out a pre-determined amount of money from your
checking account on the same day every month. This makes it easier to save
because the process is automated.
3. Invest
Your Money Wisely
Building
wealth is about making your money grow.
One way to do
this is by investing your money in profitable assets.
A retirement
account allows you to invest your money while deferring taxes.
You can choose
underlying assets for your retirement account that fit your risk tolerance,
such as stocks, bonds, mutual funds and exchange-traded funds.
Outside of
your retirement account, you can invest your money in the financial markets.
Wise investing
stems from performing adequate research of investment options.
4. Increase
Your Income
In some
instances, you will have to increase your income to build wealth.
If your
necessary expenses do not allow you to save and invest money, you must earn
more money to do so.
However, it is
important not to spend your extra income on unnecessary items. The main purpose
of earning more money is for building wealth.
5. Decrease
Your Expenses
If possible,
eliminating unnecessary expenses will make it easier for you to accumulate
wealth.
Review your
budget to see if there are discretionary expenses that you can reduce or
eliminate.
Although
cutting certain expenses is not enjoyable, you are delaying your immediate
gratification to enjoy success in your future.
6. Stick
to Your Plan
Having a
financial plan is great, but it is only effective if you implement it and stick
to it.
You may
experience some financial setbacks on the road to building wealth, but try to
avoid taking money out of your long-term investments to get through those days.
Saving your
money on a regular basis will help you continue to pay your bills if you
experience financial hardships.
7. Start
Building Wealth Early
The earlier
you start implementing your wealth-building plan, the greater your chances are
of reaching your goals.
One reason for
this is that your investment portfolio has more time to recover from down
markets.
Another reason
is that you will make more monthly contributions in a lifetime than an older
person and you have more time to benefit from compound interest.
Until I come your way
again, this is #MorningVibesWithDrJerryTheFirst
Keep it coming!!!
Like us on Facebook and follow our broadcasts there
#DrJTF
PS:
This Program is powered by Topitup Media & Communication Nigeria.
This Program is powered by Topitup Media & Communication Nigeria.
All
rights Reserved (c) 2018
Source: Ehow
Comments
Post a Comment