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The Top 10 Steps to Extraordinary Personal Wealth
I recently came across startling
figures about the average American’s finances. Only 4% of us have significant
savings when we hit age 65, and a majority of Americans have less than $1000 in
savings. Perhaps even more troubling, nearly one-fifth of us have a negative net
worth, meaning that we owe more in debt than the total value of our combined
assets. In a land of wealth and opportunity, and in an age of unlimited freedom,
attaining wealth is primarily a matter of choice and determination. The
following are my suggestions for rapidly increasing your personal income and
wealth.
1. Develop a healthy awareness of money. Most of us either ignore our cash flow
and don’t have a budget, or we think of money as a "problem". Instead, begin
thinking of it as energy, as a resource and as a tool to be managed and used
wisely.
2. Develop a healthy desire for money. Money is neither evil nor the source of
happiness. It is a tool that can be used well or badly, but most importantly it
can be used to achieve many of life’s dreams and priorities. Having more of it
increases your choices, and your responsibility.
3. Develop a healthy personal foundation. It is difficult to attract or keep
money if your life is in chaos. To achieve significant wealth, pay attention to
your attitude, your relationships, your values and your integrity. Money tends
to flow to those who are prepared to handle it well.
4. Resolve ALL addictions. Substance abuse will obviously undermine any real
ability to attract and manage large amounts of money, but other addictions are
equally dangerous. Addictions to shopping, drama and excitement, to power or sex
or a need to have the newest gadget will all destroy freedom of choice, and your
ability to handle money responsibly.
5. Spend less than you make. An obvious point that most of us ignore. Have and
use a budget, track your cash flow, decide what you need compared to what you
want. Unless you use credit cards as a tool to monitor your spending, avoid
using them at all. If you’re living on credit, juggling one card against
another, get professional help!
6. Save a significant amount. Most experts recommend paying yourself first and
saving anywhere from 5% to 20% of your income. The amount or percentage that you
save is probably not as important as the principle. If at first you only save
1%, make that deposit every single week, do it without fail, and congratulate
yourself! Even 1% is a great beginning!
7. Cut your spending by 25%. That’s a huge amount! For most of us, it’s also
entirely possible. Take your lunch, buy less junk, rent a movie instead of going
to the theater, make a picnic instead of dinner at a restaurant, re-cycle and
repair rather than throwing things away and buying new. Live cheaper, simpler
and closer to the earth.
8. Learn the principles of investing. Most community colleges have courses on
investing in stocks, real estate, commercial property and even collectibles.
Pick your preference, study hard, buy smart, and let your money work for you
rather than you always working for money. But, never try to get rich quick!
We’re talking about investing, not speculating.
9. Develop long-term passive income. Whether this is interest from bonds,
profits from a business, or residuals from your last TV commercial, develop
assets that will generate positive cash flow for years to come, whether you are
working or not. Rental property has been a favorite, but so are stocks and
mutual funds.
10. Develop wealth consciousness! This is a conscious, specific desire to be
aware of money, to have money, and to use money to reflect your values and your
priorities. Some of us virtually choose poverty because of our refusal to take
responsibility for how we handle money. Others, live as misers and never use
money to expand their horizons and develop their lives. You can decide to have a
healthy, exciting and
profitable relationship with money. Choose wisely. Start today!
"Written by Dr
Philip E. Humbert, writer, speaker and success coach. Dr.
Humbert has over 300 free articles, tools and
resources for your success, including a great newsletter.
It's all on his website at: http://www.philiphumbert.com"
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