Self Help | Self Improvements | Personal Development
 

Personal Wealth Strategies

As with any habit that you have and want to get rid of, it has to be your decision to make the changes to stop the behavior.

So if in this case you are good at spending and bad at saving, you need to break the spending habit and actually create the habit of saving. But it has to be your choice.

If you want to make money and find wealth then learn and use the following personal wealth strategies outlined in this article.

The first strategy is putting yourself in a situation where you can pay yourself at the very least 10% of your salary for your long-term goals.

If you can manage to take 10% of your salary and manage to earn 10% return, then you would, after 20 years, have a nice chunk of change. And by saving just 10% of your salary, and getting a 10% return you could, if you started at age 25, retire very comfortably by age 65.

If you care to look at it another way, you may spend 90% of whatever you make and still make money. So long as you get a return on what you save and never, ever use that money for anything, until you retire.

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The next strategy is to control your spending. This one is a tough one, because it means not spending more than that 90%. And it means no credit cards. And really if you think about it and look at your last credit card bill, how much of it did you use to buy things you really needed?

I would bet, not much. So before you buy anything, stop and decide is this something I have to have right now, or can it wait until I save enough, or until it goes on sale, or maybe I don’t need it at all.

Another way to control your spending is to write down everything, yes even the café mocha you bought yesterday, to see where you are spending your money. By seeing what you are spending your money on, you will also see ways that you can and should cut back on, like the café mocha. You should be using cash to buy what you need and you should be able to account for every penny you spend.

Also, never pay off debt by using another credit card. This is a sign of someone heading right into serious trouble. If you have credit card debt, start with the one you owe the least one and pay if off as quickly as possible, making only minimums on the others, then take the payment for that one and apply it to the next lowest card.

This is how you will pay them off the fastest and get yourself on the road to being able to save that 10%, getting a 10% return and start building wealth.

These strategies only scratch the surface of the many different strategies available to you to begin creating and growing your personal wealth. After reading this article you now have several personal wealth strategies to begin.

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