If you want to accumulate wealth you must first eliminate debt - when you constantly owe others, it very unlike that you can build a solid financial foundation. This is what I've been doing for the last few years. Eliminating those I owe. I've had to sacrifice many luxuries but my debt is down to less than what most people pay for their car. Mostly small liabilities like a student loans, doctor bills, etc.,
If you can get your liabilities in order, building wealth can surely be realized. Below, I have scratched the surface on the fundamentals to building wealth. These are the basic building blocks to obtaining your financial goals.
Wealth - Real wealth gives you options--for how you work, how much time you spend with your children & grand-children, where you travel, and when you will retire.
Actively manage your money by understanding the net-worth of your wealth-building process. Instance riches comes only to a select few, but most wealth building successes are realized after careful planning and effective management of their resources, having a goal, creating a plan, and are disciplined to execute the plan.
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Asset: Things you own (cash, bank accounts, 401k, investment, rental properties etc.).
Liability: Things you owe (a credit card balance, expenses, a car or mortgage note, etc.).
Net worth: The difference between the value of your assets and your liabilities.
Assets (own) subtracted by your liabilities (owe) equals your $$$net worth$$$!
Control spending: If you spend more than you pull in, say, per month this equals a negative cash-flow. Bad Budget! Budgeting your expenses gives you your 1st line of defense on where your money goes and can help you reach financial freedom. Whether you make thousands of dollars a year or hundreds of thousands of dollars a year, a budget is the first and most important steps you can take towards putting your money to work for you. Having a financial budget may help find that about 5-15% of your total spending may not be necessary .
-- Calculate what your income per month is.
-- Determine how much essentials costs monthly.
-- Determine & calculate your non-essentials monthly.
-- Spend every cent "on paper" before the next month begins
-- Give it 2-4 months to start working....starting a budget is tough if you are not accustomed to one. Save : 10% - 30% is a good place to start, but if you can't find a way to set aside 30% for your future, then start out smaller, maybe 10%, 8%, or 5%, or whatever you're able to do, but just start.
Emergency saving:
There will always be some kind of unexpected expense......ALWAYS. Car Repairs, Medical health care, etc.,
Be prepared!
This is why you want to start out at around 30% saving because you also will need to split that saving per month between these other categories.
Debt elimination: List all of your current credit cards & get them switch to the lowest interest rate you can find, consolidate if possible. But, beware you may trade lower rates for longer pay outs.
-- Negotiating with creditors for settlements is another option for debt elimination.
* Eliminate credit card usage if at all possible. *
-- Using a debit card instead of a credit card gives you all the convenience of a credit card but withdraws money immediately from your checking account, so that you do not keep digging yourself a hole.
--Talk to a specialists, such as credit counselors and financial management companies. Develop an investment strategy: When considering any investment, you should keep in mind the big picture. The objective is to ensure your financial growth and security over a long term period.
--Consult experts & do the research.
Continued growth,
Andrew Hayes
REAL TALK
"LET's DO THIS!"
Copyright © 2018 Andrew Hayes All Rights Reserved
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