This is a guest post written by Charles from CreditDonkey.com. These are some great tips for building wealth, and if you follow these, you will no doubt see a substantial improvement in your financial statements!
Many businessmen who have successfully built current, and future financial
empires would probably tell you that they started from humble beginnings. First, by learning the age old adage that hard work pays off. It takes time, persistence, and a lot of effort to build up wealth. Where should you begin? With the basics. The following eight simple tips will help you on the road to a more successful financial future.
- Learn To Save Early On: The most basic, and simple principle for any financial determination is to learn the value of savings. Essentially, saving money is making money. Especially when it acquires interest. Learn to set aside at least 10% of your earnings every single month. That way you always have an emergency fund,
and money set aside for anything that may come your way.
- Be Persistent: As with anything, make your financial pursuits a habit. Persistently save money, pay off debt, and find ways to create wealth. Simply being content with the same amount of money every single year is foolish. Instead, constantly be searching for ways to increase your income.
- Stay Out of Debt: At all costs, do whatever it takes to stay out of debt. Not only does debt drain out your wallet, but it’s a huge stress factor. It is always better to avoid debt, so that it is not hanging over your head, and preventing you from pursuing other interests.
- Find a Mentor: Have someone that keep you accountable financially. Try to meet up at least once a month to discuss your progress, and seek wise counsel. That way you are always learning, and consciously know you will have someone to answer to when you are not making wise financial decisions.
- Set Financial Goals: Your goals in every aspect of life are important, including your financial goals. Without them, you will tend to lose track of your money, and lose interest in gaining wealth. Set new goals for yourself every six months or so, to keep your perspective fresh.
- Learn To Invest: Meet with your financial adviser, and start learning about different investment options. This is a great way to invest in your future. While it may take some time to learn, once you understand the basics, you can be well on your way to a solid future in investment options.
- Invest in Your Education: No, your education should not stop just because you graduated from high school. Invest in classes that can help you pursue better career options, advance the corporate ladder, and beyond. Take action, make mistakes and invest in yourself. A few dollars invested in your education can benefit you for the rest of your life.
- Own What You Buy: Buy only what you can afford. Pay off your credit card balance on time.
Overall these are basic steps that anyone can benefit from. By taking small steps at first, you can eventually advance to a more solid future, while building wealth. Be sure to plan your action out according to the above information, and you will never be sorry. Start today, to ensure a comfortable future.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.