| |
| |
|
|
Wealth Building Information |
|
|
|
The Philosophers Stone
"If you know how to spend less than you get, you have the philosopher's stone" - Benjamin Franklin Ok, so how do you do it? It seems like any time I try to spend less, a new expense comes charging (so to speak) through the door. Here are a few suggestions I've gathered: 1. Robert Kiyosaki, investor, entrepreneur, and millionaire, says in his book, "Rich Dad, Poor Dad," that one essential is paying yourself first. That is, determine what amount of your income you're not going to spend (i.e. you'll save or invest it instead), and then stick with it. Even if it's just $10 per payday, do not let anything force you to spend that money. 2. Raise your standards. Take a month and calculate the amount of money you spend on snacks, sodas, fast food, and other junk that doesn't last beyond the moment. As much as possible, dispense with frivolous spending, but at the same time don't be afraid to reward yourself with big things. By refusing to spend on cheap or useless "stuff" you'll have more available for things you really want. Rewarding yourself when you can accomplishes two things. It gives you a motive for saving and it gives you tangible evidence of your new found financial success. 3. Instead of thinking in terms of what you can afford, think in terms of what you really need. Don't take out a mortgage for the maximum you qualify for. Lower the limits on your credit cards. Pay cash whenever possible to avoid paying interest. Learn to practice "purchasing patience" - wait overnight or longer when possible before buying so that you break the habit of spending on a whim. 4. If you haven't already, create for yourself a financial buffer and don't dip into it except for extraordinary circumstances. Some say you should have at least one month of living expenses set aside. Some say it should be two. I even know some who aren't comfortable unless they have at least a six month cushion! These, and other simple strategies can help you keep more of your money in your own pocket and set you on the path to financial independence. Leonard Hopkins is an internet entrepreneur and small businessman. He edits two blogs, http://www.moneyrant.com and http://www.thedailygoodnews.com
MORE RESOURCES:
Wealth-Building - Google News |
|
|
|
RELATED ARTICLES
Surefire Ways to Attain Moneymaking Success You have probably heard other people say that "Money isn't everything" or "Money can't buy happiness." They may be right in some aspects; but it's not just about the money. Personal Finance Rules to Building Wealth Key 1 Pay your self firstkey 2 Saving is not a punishment. Its making choices about how you'll use your money. 16 Mantras for Building Financial Wealth Everyone wants to be wealthy, but most of us do not have anyone to guide us down this road. Even if we stumble upon a mentor, most of us may think it's a scam. Why You Need To Buy and Sell Gold Coins (Part 4) Top Investment PerformanceThroughout history, many coin collections have produced substantial long-term profits for their owners. This is particularly true for coin collectors of this century. Plan For Wealth One very important wealth creating habit is to set up a concrete plan that you can actually follow. You see, wealth takes planning, and is usually the result of taking a set of orderly, progressive steps from where you are now to where you want to be financially. Create Tax Savings And Transfer Wealth To Your Child With A Roth IRA Parents must give serious thought to protecting their family through estate tax planning. While life insurance and trusts should be a part of every plan, Roth IRAs can be a simple tool for passing money to your child on a tax-free basis. Residual Income - Part Three Finding Leaders In my last article on Creating Residual Income I mentioned that employees are a pain.That wasn't completely accurate. Who Wants To be A Millionaire? How many people search Google, Yahoo and MSN each day for the terms - make fast money online, get rich quick, or make money online? Or how about Who wants to be a millionaire?Thousands! Thousands upon thousands, each and every day.I wonder why?Well, I'll let you in on a bit of personal stuff here. What is Your Creative Retirement Plan? The idle are a peculiar kind of dead that cannot be buried." Oriental proverbOne thing is certain - when you do not have a creative challenge during your retirement years, the idleness and its accompanying despondency blots out any chance for happiness and contentment and can even encourage an early death. Gain More Control of Your 401k - What It Can Mean to Your Future Points to ponder as you consider what can be done to maximize your 401k returns:1.Are You Maximizing Your 401k Returns?2. Start A Cashflow Club The cashflow board games, Cashflow 101, Cashflow 202, and Cashflow For Kids, were designed by Robert Kiyosaki, best-selling author of the Rich Dad, Poor Dad book series.Robert is a fourth-generation Japanese-American who grew up in Hawaii in the 1950s. Turn That Fixed Rate Mortgage Into A Goldmine When you purchased your home, you most likely got a fixed interest rate mortgage with a 15 or 30 year term. These are the most popular mortgages in the industry. WARNING: The Biggest Lie About Compound Interest Have you wondered why financial experts only tell you certain things about building wealth? Do you think its in their best interest to tell you the absolute truth?LIE: The Magic of Compound Interest: Save $X per month and you can retire RICH.FACT : Compound Interest works only for the very few. Finding Financial Freedom Do you ever get this in your email box: Find Financial Freedom! Make $150,000 from home in the next 90 days! How about 10 times a day?Every time I get one of these, I think to myself, "Hmmm, Financial Freedom. I already have financial freedom, even though it doesn't look like what these emails promise me. The Financial Equation that Will Set You Free! I have a good friend who works in an area of the US that has more than its share of poverty. He called me the other day with a very broken heart. Creating Money, Prosperity, and Abundance Now (Part 1) I have given many prosperity lectures over the years and, in light of the current massive restructuring of all world and financial systems, I feel that now is the time for all of us to review our beliefs and refocus on manifesting prosperity and abundance in our lives. I do "walk my talk" and so I would love to share my experiences and knowledge with you. Your Money Or Your Life Have you stopped to realize that although you go to school to learn about important subjects, no one teaches you how to manage your money? Money is an essential part of life in our pursuit of happiness, yet very rarely will a parent sit down and tech their child how to handle their money. This is true in grade school, high school and worst college. You Can`t Cheat An Honest Man Author: James Walsh ISBN: 1563431696: Publisher: Silver Lake PublishingIn 1903 Charles Ponzi arrived in the USA with the aim of becoming as wealthy as Rockefeller. His modus operandi was based on the principle of robbing Peter to Pay Paul. Want Money? You Got It! Six out of six people who were asked to list their highest priority in life said, "I want money". Maybe not in those exact words, but that was the gist of the request. Build Wealth From Home As you sit in traffic, inching along between irate drivers, you think to yourself, "there must be a better way." You get to work, you endure another tirade from an incompetent boss, and you think, "there must be a better way.
|
| home | site map |
| © 2006 |