Wealth - 10 Basic Steps to Achieving It

Everyone wants to be wealthy. Only a few actually achieve it though so following these steps could help put you into that minority group of the rich.

Check out these 10 steps then apply them to your own personal situation:

  • Set down a plan and chart your course.
    You need a plan if you want to obtain financial independence. Be clear about what wealth is, as far as you are concerned, and what having wealth means to you. Take tangible action and steps to achieve success in your wealth program. The first thing therefore, is to set your course and stay with it.
  • Believe in yourself.
    Many people have low self-esteem. Others have very little confidence in their own abilities. Remember, everybody has been given the same amount of brain matter as well as the ability to think logically, in most situations. You have to believe you can achieve what you set out to do. Almost everyone has a gift or talent in some area. If you feel that you lack confidence, take a course to strengthen that weakness.

    If it is financials; if you do not understand finances, maybe a course in basic financial management and investment will help you. You may be good with your hands and feel that a course at night school, or some other institution, will help get you started. It doesn't matter if you make a few mistakes along the way because most people learn as they go. Don't write yourself off because most people can achieve what they set out to do - if they put their mind to it.

  • Keep away from debt.
    Debt can be like a millstone around one's neck. Debt can get you so deep down into a hole it is hard to dig yourself out. Debt is expensive. Debt will put you into bondage. You therefore need to get out of debt and stay out of debt. This should be a top priority. Be wary of people or companies getting you into debt because it suits their agenda or business. Try and maintain a good credit rating. If necessary, ask for a credit report and check if there are any inaccuracies that need correcting.

    If you have to get into debt make sure it is for things you need, rather than things you want. Even though you can use debt sensibly it is best to stay out of debt, unless there is an opportunity, which will result in growth of wealth. This debt needs to be controlled, e.g. if you need to borrow money for an asset that will definitely increase in value, as well as provide an income. This is termed a 'good debt' and should not be discounted - provided you do your homework before taking the debt on.

  • Take control of your spending.
    The latest government figures show that consumers' outstanding credit rose by 10% annually while the personal savings rate dropped to a new low, as consumer spending continued to grow. This negative savings rate implies that consumers finance their spending through borrowing, selling investments or other assets, or by spending past savings. With so many consumers living beyond their means, what can people do to rein in spending?

    It's simple - they need to sit down and figure out a plan to budget the amount they spend each week and then stick to it. Is that all it takes, then - a plan? According to the self-help books (of which there are shelves upon shelves in any bookstore), the first step to better personal finances is to know where your money is going and keep it under budget.

  • Watch your cash.
    Having cash available is more important than having a lot of assets. This simply means that our world today requires cash to pay for things. You need to watch your cash flow to ensure that you can lay your hands on cash when it is needed for an emergency. While it is good to build up your assets, if you have a cash emergency or cash crisis it is not always easy to realize or sell off assets and turn them into cash.

    Make sure that you have some cash away in a savings account for your immediate and emergency needs. The rest of your net worth can be put into assets and investments that grow. Always keep close to your cash flow to ensure your spending does not get out of hand, and that your spending is according to your cash budget. One of the biggest enemies of creating wealth is spending. Study the many tips available for saving money and keep good records of your cash payments so you can see where your money is going at all times. Wealth creation comes about because your cash going out is a lot less than your cash coming in - so maintaining a watch on your cash flow is critical.

  • Make sure your money is working for you.
    If you have spare money after meeting all your needs, make sure this money is working for you. This means investing in products that grow and produce an income. If your money going out is less than your money coming in you will end up with a surplus of cash. Make sure you set some of this aside for emergencies and the rest should be invested; to grow and multiply. The whole area of investment is complex and there is a lot of information available to help you to make decisions. You may need to talk to a financial planner or investment adviser because you should be aware of the risks, as well as the income and gains the investment products can produce.
  • Invest for Growth.
    You need to move from being a good saver to a wise investor. Do this slowly, after obtaining the right advice. It will be your first step on the road to building wealth. It's only by putting your money to work that you will get ahead in the struggle for prosperity.
  • Pay yourself first.
    This is a well-known principle of wealth growth. It simply means that when your income comes in, make sure you pay yourself first before paying your bills and other costs. This may mean paying yourself $50.00 a week before meeting your other expenses. The $50.00 will mount up each week in an investment account, growing and building in wealth. It may be a cash savings account, which will build up into an emergency fund to cover any unexpected costs, or it may be a set plan of investment along the lines of dollar cost averaging strategies that your investment adviser can tell you about.

    Dollar cost averaging is simply a process of continuously investing a fixed dollar amount into a fund specifically for the purchase of shares. The term 'dollar cost averaging' seems technical and complex, but basically that is what it is. Through a dollar cost averaging strategy you will actually end up buying more shares when they are down, and fewer when they are up. It becomes a compulsory savings technique and means that those extra dollars are actually working for you, rather than being frittered away.

  • Protect your assets.
    If you don't protect what you own - you are foolish. There are many ways to protect your family, your income and your possessions. You need to have the right insurance cover and you may need to introduce or create structures (such as trusts). The use of asset protection strategies is an important part of protecting your wealth. There also has to be a plan in place to meet your needs in case of accident, sickness or disability. This may require something as simple as an insurance policy. Also, protect your wealth by putting security measures in place, to cover yourself from theft, burglary as well as identity theft, which is a big area of concern these days.
  • Look to the future.
    Teach your children the principles of finance and wealth growth. If they are going to thrive and develop in the years ahead they must understand how money works and how debt can affect their wealth. They need to learn about finances and how to avoid financial mistakes. They need to appreciate that the cost of education is heavy and that they may have to contribute towards this cost by saving (on their own account) from money given to them, or income earned.

    Education is a key factor in obtaining the best job opportunities and earning more money, as well as developing the necessary skills and knowledge to create wealth. The end of the line is providing for future retirement and this could mean putting a retirement plan in place that will enable your wealth to generate income to support you and allow you to retire in comfort.

  • Copyright 2005 StartRunGrow

    StartRunGrow (http://www.startrungrow.com) is a global online information organization that specializes in creating, developing and marketing business help information specifically with the aim of "making business easier" for entrepreneurs around the world. The StartRunGrow objective is to become a dominant player in the business help arena providing end to end solutions for the millions of small and medium businesses worldwide who continue to struggle daily with the difficulties of starting, running and growing a successful business.

    Ashton group transportation logistics management ..
    In The News:

    The European Union has sent TikTok a "request for information" on the video sharing platform's newest app, TikTok Lite, under the Digital Services Act, with the aim to clean up social media.
    Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
    The FBI is warning the public about a recent phishing scam via text that claims its targets owe money in Pennsylvania for unpaid road toll charges.
    Your Apple Music settings may be revealing to your contacts what you're listening to. Kurt "CyberGuy" Knutsson explains the process to change those settings.
    Learn how to secure social media accounts, implement legacy contacts, and create a digital estate plan to protect your online assets from 'ghost hackers' after your death.
    A ported phone number scam is leading to more people having their identities stolen by sophisticated scammers. Kurt “CyberGuy" Knutsson tells you what you need to know.
    The Great Pacific Garbage Patch, a vast marine debris vortex, is being tackled by The Ocean Cleanup’s innovative technologies. Kurt “CyberGuy" Knutsson explains.
    Discover easy solutions to tame autocorrect frustration on iOS and Android devices. Turn off, customize and add personal touches to your typing experience.
    Kurt “CyberGuy" Knutsson reveals the six top things to do right now before it’s too late: Tech and life choices that can keep your safer on and offline.
    Kurt “CyberGuy" Knutsson shows you some simple steps to discreetly hide apps or an entire app page on your iPhone for decluttering or confidentiality.
    The ambient light sensors on smartphones may be turned into cameras, according to researches at MIT. This could pose a threat to people's privacy.
    The Autonomous Road Repair System from tech firm Robotiz3d uses artificial intelligence technology to locate potholes and promptly seal them.
    Scammers have stooped to using artificial intelligence to scan obituary websites to create fake obituary websites to target the grieving.
    Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
    A Mercedes-Benz Manufacturing factory in Hungary is using humanoid robots to help with human staffing shortages on the factory floor.
    Some video games act like unregulated banks, according to CFPB, which has begun monitoring the situation. The agency says children may be most at risk.
    Ascender the robot is capable of climbing stairs with heights up to 8.7 inches, and it can give every corner of your home a deep cleaning.
    Tax-return scams are on the rise, and one tax expert from a cybersecurity firm says filing your taxes on time is one way to avoid tax scams.
    The innovative XPENG Robot Unicorn is inspired by the mythical unicorn, and you may forget the robot is not actually a living creature.
    Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.
    The Federal Trade Commission, the federal agency to report scams to, is being impersonated as part of a new sophisticated phone scam.
    Eatrenalin is a restaurant in Germany with a Floating Chair innovation that makes the 17,000-square-foot venue feel like an amusement park.
    U.S. Air Force Secretary Frank Kendall met with the Senate Appropriations Committee on Tuesday and said he plans to ride in an autonomously-operated aircraft this Spring.
    Kurt “CyberGuy" Knutsson reveals advice from a reader who files debit card fraud claims all day. Here are eight do's and don'ts to prevent debit card fraud.
    Kurt “CyberGuy" Knutsson shows you how to update your password, PIN or pattern on your Android to keep your device safe and secure from hackers.

    Business Ownership, Cash in Your Pocket - Today!

    Yesterday we learned that 74% of all wealth is created... Read More

    How Should I Create Passive Income?

    If you're wondering where to create passive income, then you... Read More

    How to Save Money for Retirement

    Saving money for retirement can be easy or difficult depending... Read More

    Financial Planning for Beginners

    Financial planning at an early age may seem complicated, however... Read More

    The Top 10 Steps to Extraordinary Personal Wealth

    I recently came across startling figures about the average American's... Read More

    Saving Money - 35 Pieces of Advice to Save

    There are only 2 ways to grow your wealth -... Read More

    Lesson 1 - Why Arent You Wealthy?

    We will start the Financial Fitness System with the assumption... Read More

    Online Retirement Opportunity: Freelance Copywriting

    For most of us, the idea of retiring simply on... Read More

    Do You want to Live on Macaroni and Cheese when You Retire or Filet Mignon?

    How Much Money Will I Need to Earn to Retire?This... Read More

    10 Wisdom-Based Wealth-Building Strategies

    "It's the business of your life?and you're the CEO!" Gala... Read More

    Getting An Offshore Bank Account Via The Internet

    There is no need to use the many middleman websites... Read More

    Financial Freedom, Is It Only A Dream or Just Steps Away?

    Almost all of us go to work everyday and do... Read More

    How To Be the Ultimate American Consumer

    Feel like a lemming lately? Ready to follow the crowd... Read More

    The Financial Equation that Will Set You Free!

    I have a good friend who works in an area... Read More

    Lesson 2 - The Commodity Of Kings!

    What is "The Commodity of Kings""Power is simply "the ability... Read More

    Principles to Ensure a Fantastic Financial Finish

    Most people want to get to the end of their... Read More

    Who Else Is Tired of Life Punching Them in the Face?

    Remember the bloodied face of Randall "Tex" Cobb?He was a... Read More

    Residual Income - The Myth

    "Join our program and retire in 3 months..." yeah, right.We... Read More

    Dont Leave Your Financial Success To Chance

    Recently I was reading a book called The Millionaire Mind.... Read More

    WARNING: The Biggest Lie About Compound Interest

    Have you wondered why financial experts only tell you certain... Read More

    A New Paradigm Shift In Earthly Wealth

    Hello,If you dont understand this yet, or have not heard... Read More

    Uncle Sams Snake Oild

    Uncle Sam and his band of merry-men, better known as... Read More

    Tax Help - Girls (and Guys) Just Want to Have Fun by Using Tax Saving Tips

    In his best selling book, "Rich Dad, Poor Dad, Robert... Read More

    How to Make More Money

    When I was a student in London, I had a... Read More

    You Can`t Cheat An Honest Man

    Author: James Walsh ISBN: 1563431696: Publisher: Silver Lake PublishingIn... Read More

    group transportation logistics management Highland ..