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The Top 10 Steps to Extraordinary Personal Wealth
I recently came across startling figures about the
average Americans 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.
- Develop a healthy awareness of money. Most of us
either ignore our cash flow and dont 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.
- 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 lifes dreams and
priorities. Having more of it increases your choices, and your responsibility.
- 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.
- 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.
- 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 youre living on credit, juggling one
card against another, get professional help!
- 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!
- Cut your spending by 25%. Thats a huge
amount! For most of us, its 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.
- 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! Were talking about investing, not speculating.
- 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.
- 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!
Phil, Mary, and the Staff at
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© Copyright 2003 by Philip E. Humbert. All Rights Reserved.
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