Everyday we make choices that affect our level of wealth, from our spending habits to our investment choices. We often blame our low pay or high bills for not being able to get ahead but the truth is that wealthy people usually have the same financial habits in common. These habits don't require a degree in economics in fact most of them are just common sense.
1. Spend less than what you earn
2. Save your money (aim for 10% of your income)
3. Invest wisely - make sure you get sound professional advice, most people are not stockbrokers.
4. Borrow wisely - make sure you have good debt (debt that is used for an asset) not bad debt.
5. There is no such thing as a get rich quick scheme - if it is too good to be true then it probably is.
6. Be patient - If you can't get rich quick then get rich slowly!
7. Insure yourself - no matter how clever we are with our money we cannot always control what is going on in our lives. Accidents happen and people do get sick and these events can mess up our plans, having a contingency plan in place to avoid losing your income or having to sell off your assets is just good sense.
If you follow these very simple rules you should be able to build your personal wealth, and while money is the most important thing in life it gives you a greater choice of what you can do in life.
No comments:
Post a Comment