7 Wealth Secrets

Money is power; it can be a vital source of happiness and a paramount entity for some people. The gurus can give you hundreds of secrets to becoming wealthy. But, the catch to the “get rich soon” equation is simply a law of attraction. On the contrary, some people ruin their lives by becoming hungry for money that results in destroying and harming themselves and others.

Although, a healthy monetary asset is essential to survive in the world, which also demands a comprehensive understanding of how the money game operates. We leave you with 7 wealth secrets that will enhance your income:

Acceptance:

Firstly, to understand the game, it is vital that you acknowledge the universal truth, which is to acquire heaps of money. Once the mindset changes, you can strive to make your first million. Setting smaller and achievable goals can help you get focused.

Don’t be Negative about it:

Secondly, try not to utter phrases like “I am poor”. Picturing yourself to be rich can attract a lot of resources. It is vital to have an empowering mindset, which says; through my mental capacity and hard work I can achieve any task. The first person to convince in this situation would be you.

Taking your own wealth as a responsibility:

For instance, by creating wealth and jobs for others, you would create some for yourself. Not only that, you are also responsible for your family, stakeholders, and employers. A positive contribution to the society is only possible when you simultaneously have more than one income stream.

Find a mentor:

Stick with like-minded friends and family members who are equally passionate about wealth. Searching for an industry mentor is probably the best thing you could do. By far some of the best teachers of life lessons are these mentors. Making excellent friends allows you to create an aura of success around you.

Make an outstanding use of all the resources that you have:

Time is a virtually the best resource, it is an incalculable asset. Time is everywhere, you have a lot of it, but how do you spend it?

Financial resources are secondary when we talk about time, therefore we must not waste it. You can make principles for smart time management. If you work well in the morning, then allocate it to the time-consuming tasks.

Make a habit of saving:

Rest assured, the money that you earn will not last, so it is better to start investing in stocks, property, and gold. Hiring a team of financial advisors can be an option later on.

Make money flow from various sources:

Further, having more than one source of income would be a preeminent task. Once you have started to pay your bills and taxes, then you can focus on reinvesting the money into investment schemes. Opportunities would start to flow in your direction, with plenty of options as a backup.

By applying the rules mentioned above, you can achieve a sound financial independence. The law of attraction only works if you do. It clearly states that you can bring positivity in your life by focusing on positive thoughts. Likewise, remember, “What you seek is seeking you”.

Steps to Building a Strong Financial Foundation

Are you the master of your wealth? You should be!

In order to build a stable structure, you must begin with a heavy-duty financial foundation that will take care of you now while reinforcing your future goals. What do you need to do to put that structure in place? It is amazingly clear-cut. The tactics below will help to boost your monetary self-confidence and set yourself up for financial success.

Get Organized

Before you can proceed, you must be clear on where you stand financially right now. You can begin by developing a personal balance sheet. Make a list of each of your assets (what you own) and liabilities (what you owe). When you have gathered all your statistics this will give you a sense of your net worth.

Next, figure out your monthly cash flow and take a check of your credit. You can use a budgeting template like this one to help simplify the process.

Grow Your Net Worth

– Analyze your take home pay

– Make sure you are spending less than you earn. Keep track of your personal finances with a tool like Moneydesktop, which can empower you to take control of your finance and simplify your life.

– Manage your debt responsibly by making your payments on time and pay extra on all your consumer debt.

– Save money for your long-term goals. Open an employer sponsored 401(k) and make sure you take advantage of any employer matching programs.

Protect Yourself

Now that you are organized and following a growth plan you need to make sure you are financially safe. Try implementing these options.

– Build an emergency fund because life happens. It’s a must have to keep you financially viable – opposed to plunging into debt when you face an unexpected cost or other financial crisis.

– Check your insurance coverages. These types of policies will help to limit your out-of-pocket expenses when unexpected costs arise.

– Make sure you establish or update your estate plan. This may include updating your will, creating a living trust and instituting a power of attorney and a healthcare directive.

Prioritize Your Debt Reduction

Be conscious of over-extending by paying excessive interest on money you have borrowed. This can keep you from putting money toward your other financial goals. Debt repayment is a perfect way to start building your financial foundation. If you are interested in implementing a fast-tracked debt repayment strategy try the debt snowball method or another financial strategy to reduce your interest rates.

Define your financial goals

Now that you have put all the pieces together for your financial foundation it’s time to ask yourself what you want for both short and long term. Remember, your goals should be SMART: Specific, Measurable, Achievable, Realistic and Time-bound. Below are a few concepts to help you get started.

– Save for a down payment for a home

– Build retirement fund

– Save for children’s college

– Set up an emergency fund

– Save for bucket list vacations

– Become financially free

Now Let’s Make it Happen

– Be disciplined: Stick to the plan

– Maintain a balanced budget. You can’t be financially healthy if you are spending more than you earn.

– Automate your finances (regular money transfers from checking to savings, and online bill pay)

As you can see, constructing a financial foundation takes immense focus and determination. If you follow your step-by-step process you can’t help but see results. Most importantly you will begin to gain confidence in your capacity to create and stick to your new healthy financial life.

3 Ways a Teenage Can Acquire Wealth and Maintain Financial Sustainability

A man’s success can be recognized by the legitimate means in which he gains beneficial things. This might be as result of effort and self-determination. To some people, it is otherwise because they believe success comes from the approval of the Supreme Being. Wealth sometimes can be described simply as the ability for an individual to meet up with his/her desires without limitations.

Millions of people living in the world today believe in having hands on deck to achieve their goals and what matters is, do they really work for the sustainable goal?

Perhaps, about 5% of the people in this world acquire wealth to sustain and provide their demands at any given time. They are known to be the world’s most influential people. Their achievements might not really depend on the hardship but simply as a result of self-determination to produce services for the general population to utilize.

In this article, we provide three (3) ways to acquire sustainable wealth to suit people’s prospective desires. However these ways are categorized amongst three groups namely the inventors, investors and salary earning groups.

The Inventors group: This group can be found amongst popular artistes such as art celebrities, actors, musicians and inventors. They normally work for the passion which at later time, projects them to fame that attracts wealth for them. Sometimes, their wealth is not substantial because of improper management. Reason is because majority of people in this group are teenagers who doesn’t believe in seeking for job. They find it easy to go for their passion but lack of knowledge in the managerial aspect would eventually lead them to financial instability.

The Salary Earning Group: This people work for an agreed terms and period for their employers. When they meet their job requirements, they get paid for the specific job. Either as a government or a private sector worker, they are dependent on their monthly, weekly or daily salary which often limits them to their desire.

A teenage in this group sometimes find it difficult to meet up with their hastening needs as they end up seeking for leverages, loans and mortgages which results to debt. At most point they are caged for a fixed period in other to achieve their long term desires. Only 30% of people in this group step up to build other sources of income for themselves.

The Investors group: This set of people believes that every day to day activities of the world depends on business transactions and risks.

However not many of them succeeds in this path. Only few who believe that risk is a companion in every business dealings scale along through.

This group of people invests at a minimal rate and gradually attains a higher level of wealth. They focus on the long term goal which produces huge and sustainable wealth than other groups above. They are the owners and employers of people who make wealth for them on daily basis.

Attaining wealth depends on the variety of group you choose to belong. Any one of these groups can eventually land you to wealth but it takes wisdom and understanding to manage its proceedings in other to sustain it for the future.