Simple Wealth Building – Strategies

 

Building wealth is a simple consisted system that leads to your financial freedom. It’s a system which designed for debt-reduction and increases your saving ability. The steps to building wealth begins with a clear definite, intentional, and on purposes to attain it. It’s a deliberate process in which you continue to do to reach your goal. You can continue on your current path of debt and barely enough just to get by, and hoping one day your ship gone come in and then one day retire and collect Social Security. Or you can make a decision you are going to take charge of your finances. You can take action and develop a new mindset and habits to help you build wealth. You can develop the skills you need to become financially independent.

Habits of the Wealthy

Wealth starts with great savings habits and managing money. Money management skills are essential to building wealth. Develop healthy money habits and eliminate debt. Debt is a habit that must be broken it is consuming your wealth. It is taken money out your account and building someone else account. Break spending habit, when you have a desire to spend money on items which do not increase in value put it in a saving account. Accumulate wealth by saving 10% of all the income you acquire.

 

 

Make a budget and Set a Monthly Saving Goals

Pay yourself first and put it in a saving account or some type of saving vehicle like; money market account, money market funds, certificates of deposit (CDs) or a no load mutual fund, tax free municipal bonds and T-bills. I advise to seek a financial planner to help you develop a financial plan for you if you lack the financial understanding of some these saving vehicles. Collect all your bills and create a budget. Start by increasing the amount you pay on your smallest bill and pay it off. Then take the money you were paying on that bill and apply it to the next bill. Then take the money from that bill and apply it to the next bill until all your bills are pay off. Once you are out of debt increase your saving.

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Alvin Walker

Contact info (678) 572-9439

Life Coach/Motivational Speaker/Author
Author of From Pain to Passion: Living Life with a Purpose coming Spring 2015