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Showing posts from December, 2011

Set Your Sights on How to Get Rich -Make it a Resolution

The end of the year is quite often the time when a lot of people make resolutions on how to improve themselves in the coming year. Some common resolutions are losing weight, taking a course, breaking a bad habit such as smoking or gambling, etc. What is your resolution this new year ? Whatever yours may be, I have another suggestion to add to your list. Why don't you make it a resolution to be wealthier at the end of next year than you are today. Let's look at some examples of how you could achieve this resolution. If you currently have any consumer debt (debt in which you cannot deduct the interest payments) pay off your highest cost debt first. This could normally be a credit card debt or other high interest loan amount. Save the lowest cost debt for last. This would be the most efficient use of your funds. Paying off debt will always increase your wealth. If you haven't yet started saving for your future, now is the time. Set a goal of how much to save during t

How to Get Rich - Make it Automatic

One of the hardest things to learn about how to get rich is how to actually save the money needed to ensure that someday you will become rich. As mentioned before, without savings, there can be no wealth. As anything, without input there can be no output. Yes, you can earn lots of money, but you will still have to learn how to save some of it. Just look at the many celebrities over the years who have earned millions of dollars and have still managed to blow it all. Hard to believe isn't it. They simply never learned how to save. Fortunately for the average person today, our banks have made it quite easy for us to set aside our savings. You can set up automatic pre-authorized payments into your savings account. What this means is that once a month or once every two weeks you can have your savings portion of your paycheck (hopefully 10% or more) automatically taken out of your checking account and deposited to your savings account. Where this type of arrangement works the bes

How to Save Money and Still Have Fun - Memories over Things

Please read this, just for fun. One misconception that many people have is that if you save money you won't be able to have any fun. I suppose that all depends on what your definition of fun really is. Does it mean spending all of your income to go to the movies, the bars, sporting events, eating out, vacations, or what have you. Or maybe it means to spend all of your income on the latest gadgets, gizmos and clothes. Or maybe it's a combination of many or all of the above. Whatever your definition of fun is, it will likely be different from anyone else. Everyone will have a different definition of what the word fun really means to them. Different strokes for different folks.                                                                 A Fun Exercise Make a list of what activities and what things are fun for you. Now rank your fun based on what you remember the most to least over the past five years. This will be your fun scale. If you are like most people, the fu

How To Get Rich - Overcoming Obstacles

The vast majority of the population will never become rich. In fact, a large number of individuals will never achieve any of their life's goals, getting rich or otherwise. There are several factors that are common with one's how to get rich goals and other life goals. First of all, not everyone wants to learn how to get rich. They want something to simply fall in their lap like winning a lottery. Just look at the number of tickets sold for the popular lotteries. The sad truth about lotteries is that the lotteries themselves are the ones getting rich. Extremely rich in fact.They play the numbers game always designed to make them the real winners. Their commercials try to make you think you actually have a chance to get rich.You do, but very,very,very slim. (probably not enough very's there) Their odds should have to be published in all ads. It's a crime really. One of the biggest obstacles to getting rich is that most people are just plain lazy when it comes to makin

How to Deal with Financial Advisers - Know Their Priorities

As your wealth increases, you will likely find that you are approached more often by someone who wishes to help you with your investing or retirement plans. Even your banker will want to help you more as your wealth grows. These people are generally referred to as Financial Advisers. Financial Advisers come in many shapes and forms (I don't mean just physically ).  They each have their own motivations and desires. They are all being paid by someone and that someone in the long run is generally you, their client. Many advisers work for a financial organization who market products and services. Their future in the firm will depend largely on how many clients they can accumulate as well as the total investment dollars they can bring into the firm. They can be paid directly by the organization or as a combination of commission and/or bonuses and incentives. One important factor to remember is that the more business they get from you the more it will benefit them. They are in busi

How to Increase Savings - Know Where your Money is Going

Have you ever woken up one day and wondered where all your money has gone ? I think we have all experienced this at some point in our lives. No matter how much income you earn and bring home it just never seems to be enough. First of all, remember that wealth is never measured by the size of your paycheck. Many high income earners are in debt up to their you know whats. Your income has less to do with building wealth than you may think. What matters most is how much you keep out of all that you bring home. Yes, savings. That's what builds wealth. A higher income should mean more for savings. However, this is not always the case. Many times a higher income means more spending as a reward for getting the raise etc. Instant gratification as opposed to long term gratification. It's just human nature.                                                               What To Do As mentioned before, you should be saving  at least 10% of your take home income. If you're not,

How to Start Saving - Block Consumerism

How are we to save money when there are so many things to buy ? This is the time of year that many individuals go deeply into debt to buy the perfect gift for a loved one. They listen to the constant bombardment of ads from retailers. They are made to feel that unless they spend lots of money on gifts they are somehow less liked. Wow ! Is society really that brainwashed into spending? I think the answer is yes. Does someone really care for you more because of the things that you buy for them. That shouldn't be. There is something very wrong with the way retailers try to run our lives. It's almost like they are bullying us into buying their products.                                                               How to Fight Back The good news is "you can fight back" . Block Consumerism. Ignore the constant bombardment of ads. Push the mute on your remote during commercials. Don't let them get their message through. Filter them out. Focus on your plan

How to Start Building Wealth - Become Motivated

How do you get Rich ? Well, that depends on where you are starting from, but unless you have inherited millions of dollars or recently won the lottery, you will have to learn to save money. A simple answer on paper, but far from a simple answer in real life. Saving money is the single biggest and the most simple tip you will ever learn about becoming rich. Then why is it that the simplest of things is never achieved by the majority of individuals. One reason is lack of motivation. They simply don't want to. The fact that you are reading this means that you are somewhat motivated to getting rich. At least enough so to read these few words of wisdom. If you were hoping for a magic pill or magic wand to give you instant wealth. Sorry. The truth is you will have to learn how to save money. Since you already want to learn how to get rich, then you have already crossed the first hurdle. You have the desire to improve yourself financially, otherwise you would have surfed elsewhere.

How to Buy Your Castle - Choosing Your Lifestyle

You do not have to be a king to live in a castle. Many individuals have placed a lot of their focus on their home. Too much so, actually. Their "Dream Home" has taken over their lives and become an obsession. There are many individuals that are what I call "Mortgage Poor". This meaning that they are living merely to support their chosen lifestyle. Their castle as it were. What happens to these individuals when there is a drop in real estate values ? What happens to them when there is an increase in interest rates ?  You guessed it. Foreclosure ! A harsh reality for many Americans today. Wherever you may live, it could happen to you as well. No one is safe from a falling Real Estate market and/or rising interest rates. Individually, we have absolutely no control over the markets. We are at their mercy unless we plan. All markets go up and all markets go down. Cycles. Nothing goes up forever. Nothing goes down forever. Real Estate is not immune to the above,