1. Note Your Incomes and Expenditures
You should know exactly how much you’re making, spending and saving each month, and these numbers should be at the forefront of your brain whenever you’re facing any kind of financial decision. You can’t be afraid of your bank account balance when you’re trying to turn green into gold.
2. Know the Lingo
It doesn’t matter if you’re a small-town retiree or a big-city broker: You can always increase your financial education. Read books about wealth management; take workshops and seminars that focus on personal savings and retirement plans; become a regular on Wall Street blogs. The more you surround yourself with the workings of the industry, the greater understanding you’ll build of it.
3. Network, Network, Network
Having the right connections can get you far in any industry. Your friends will offer referrals and references; your acquaintances will let you know about opportunities before anyone else. Networking has played a large part in the success of many “greats.”
4. Take Calculated Risks
Misers never make any money. If you want to succeed in building your own personal fortune, you have to be willing to take chances with stocks, bonds, investments and other professional opportunities. Just look at someone like Stephen Wynn: He invested in the Las Vegas Strip when it was just a bunch of buildings, and now he’s worth billions.
5. Fix Your Credit
If your credit score isn’t what it could be, now is the time to tackle it head-on. Pay off your debts; make payment arrangements for your existing bills; take steps to have old and unfortunate details stricken from your record. You never know when you’ll need to borrow money for a business opportunity, and you want your credit report to be squeaky clean when you face lenders.
6. Increase Your Deductions
Do you run your own business? How much are you writing off each year for tax purposes? You can claim everything from your car to your computer as a work expense, and what’s more, you can do this every year and continually rack up savings. Talk to a professional tax consultant so you can figure out where and how to deduct.
7. Join an Investment Club
If you’re unsure about investing on your own, consider joining a group of like-minded people in an investment club. Not only will it give you connections, education and valuable experience in the world of investing, but you’ll also gain confidence with each successful venture.
8. Start Today
Many people let opportunities pass them by with the promise of “I’ll do it tomorrow.” Guess what? Tomorrow never comes. If you’re serious about building and maintaining a personal fortune, it’s absolutely imperative that you stop procrastinating. Don’t wait for a sign. Make your own sign by starting today.
These are just eight tips for securing yourself a prosperous financial future. Remember, it doesn’t matter if you’re a first-time investor or an experienced businessman looking for new ways to save. Wealth can be created by anyone with enough knowledge, dedication and hard work.
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.