5 Super Wealth Building Tips Pave The Way To Financial Freedom



5 Super Wealth Building Tips Pave The Way To Financial Freedom

5 Super Wealth-Building Tips Pave the​ Way to​ Financial Freedom
There are so many things involved with building wealth that it​ would take much more than one article to​ explain it​ all .​
So, we've put together a​ simple five-step guide to​ help you get a​ great start in​ building wealth for​ a​ lifetime.
Step 1: Set Specific Goals
Goal setting is​ a​ task that can be easily put off - especially when you are extremely busy in​ day-to-day activities .​
However, goal setting is​ the​ first and​ one of​ the​ most important steps you'll take to​ achieve wealth .​
Set both short-term and​ long-term goals .​
Short-term goals may be daily, weekly and​ monthly goals .​
These should reveal where you would like to​ be financially by a​ certain time in​ the​ near future .​
Long-term goals include the​ amount of​ wealth you would like to​ accumulate within a​ year, two years, or​ maybe even five or​ ten years .​
Both types of​ goals are necessary to​ build wealth .​
Without goals, you are wondering blindly with no care or​ thought of​ what's ahead .​
This pattern of​ life is​ sure to​ leave you empty-handed!
Step 2: Create a​ Business Plan
Every successful business from the​ past and​ today started with a​ plan .​
Your business plan should illustrate where you are now, where you plan to​ be in​ the​ future, and​ how you're going to​ get there .​
Write these few notes down on paper .​
Then, fill in​ the​ blanks to​ create a​ rough business plan .​
It's easier than you think .​
*Your current income
*Business profits and​ expenses (if you already own a​ business)
*Business budget (or personal budget if​ working for​ someone else)
*Capital needed upfront to​ promote and​ operate business
*Plans to​ acquire the​ capital needed (source of​ capital)
*Spending plan (promotions, supplies, inventory, online expenses, etc.)
*Expectations (What results do you expect from your initial efforts?)
Creating a​ business plan is​ a​ necessary step to​ build wealth through your own business .​
Even if​ you don't own a​ business, you should write down a​ similar plan to​ reach your personal wealth goals.
Step 3: Avoid Harmful Debt
Debt is​ the​ one of​ the​ key reasons many people never accumulate wealth .​
But remember, there are two types of​ debt: harmful debt and​ necessary debt .​
Harmful debt is​ the​ debt you create for​ things you do not need such as​ excessive shopping, luxury items, expensive cars that you can't afford, etc .​
Necessary debt is​ a​ debt most people must have to​ live, such as​ a​ mortgage, car loan (affordable), medical, college, etc .​
These debts are a​ part of​ life for​ most families and​ will be for​ many, many years .​
However, even these types of​ debts should be kept well within your income limitations .​
If you can only afford a​ $250/month car loan, then shop around until you find one at​ this price .​
Don't give in​ to​ the​ temptations and​ pressures to​ buy the​ fancier, more expensive car with a​ $450/month payment .​
It's not worth the​ risk!
You may ask, I​ thought these steps were for​ building wealth?
As it​ happens, debt is​ the​ opposite of​ wealth .​
the​ more debt you have, the​ less wealth you will accumulate .​
You can't save money or​ invest money that belongs to​ someone else .​
If you earn $3,000 in​ income this month, but owe $2,000 in​ loans (before everyday living expenses), you can't possibly have extra money to​ save .​
You must either earn more or​ sell some items to​ pay off your debt .​
You should avoid this debt trap if​ you intend on building wealth for​ the​ future.
Another type of​ debt is​ one for​ your business .​
You may take out a​ small business loan to​ get things started or​ to​ promote your business .​
If you are uncertain about whether the​ business will bring profits, try to​ avoid business debt until you have tested it​ a​ while.
Step 4: Develop a​ Personal Plan
Above, you developed a​ business plan .​
Now it's time to​ create a​ personal plan .​
What tasks will you do daily to​ build wealth? Put yourself on a​ schedule and​ a​ strict budget .​
Work toward your goals daily by making a​ list of​ things to​ do and​ marking off each item on the​ list as​ you complete the​ tasks .​
In your budgeting, include a​ set amount of​ money you will put away in​ savings (savings account, IRA, stocks, bonds, etc.) if​ you plan to​ invest, be sure to​ diversify your investments .​
Choose only one or​ two high-risk investments and​ several safer investments such as​ mutual funds or​ bonds .​
Step 5: Stay focused on the​ Goal, not the​ Circumstances
No matter what circumstances you find yourself in, keep your eyes on the​ wealth-building goal ahead .​
Even if​ sales are down in​ your business, don't stop dead in​ your tracks .​
Remember, businesses have ups and​ downs .​
If you remain steadfast toward your goal during the​ slow times, the​ busy times are bound to​ be much better than ever .​
Your income will grow and​ you will have the​ extra money needed to​ reach your wealth-building goals.
In a​ nutshell, building wealth does not happen over night with one get-rich-quick program .​
It happens with consistent labor toward the​ goals and​ tasks you have created .​
You can build wealth for​ your future if​ you do not waver from these basic truths that have worked for​ millions of​ others!

5 Super Wealth Building Tips Pave The Way To Financial Freedom





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