5 Action Items to Make a Six Figure Income
Studies show that 95% of people that attend wealth conference and purchase "how-to" books are in the same spot they were a year after they made a commitment to change their lives and get a handle of their money.
The only thing holding you back from being right in the same place you are now in one year is not taking action. If you don't take action, it is likely that nothing will change. Here are five things you can do right now to do something about your current situation and improve whatever situation your finances are currently in.
Here's what you need to do Today to Get Going on Producing a Six Figure Income:
Create a Budget: Use an online budgeting system, such as Mint.com, to manage your finances and create a budget. Analyze your income, the amount of money you are spending, and what you are spending it on. Figure out how much you can feasibly save a month.
Create a Debt Paydown Plan: Take the maximum you can save a month to payoff your loans. Use the Dave Ramsey debt snowball method to get out of debt as quickly as possible - paying the minimums on all of your credit cards except for the one with the greatest balance. Put as much money as you feasibly can to paying that one off, then move to the next one.
Open a High-Yield Savings Account: Once your debt is manageable, you need to create an emergency fund or you risk ending up right back where you started. One unexpected medical bill can drive you deep in debt, but not if you are prepared for these circumstances. Put this money in a high-yield savings so you earn a decent interest on your non-invested cash.
Start Investing: Now that you have paid off your debts and created an emergency fund, it's time to start accumulating more wealth. Continue saving as much as you can so you can put that money to work for you in an investment account. As a result of investing in a diversified stock portfolio, your money will turn into more money. Not sure how to invest? No problem. Just simply invest in a life-cycle fund that is targeted to your expected retirement date. It will manage itself for you.
Build Additional Income Streams: In addition to keeping debts down, managing money, and putting their money to work for them, millionaires are skilled at producing several income streams. Look for small ways that you can boost your income. A little here and there will quickly add up.
Related Tags: get rich, make more money, become rich, increase income, increase wealth, six figure income
Learn more about wealth investing from Ryan Taylor by visiting Millionaire Money Habits at http://www.mmhabits.com.
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- Current Affairs Articles - Obama on Ground Zero Mosque: Rights for Muslims, Tough Luck for Americans
Only a few short months after snubbing the National Day of Prayer President Obama continued his war - Spiritual Articles - After Armageddon
When we look back through the smoke filled skies of a nuclear winter where all is gone except the fe - Current Affairs Articles - America and the Doctrine of the Last Chance
The History Channel cooks up a nice pot of Nostradamus and eschatological soup with their multi epis - Video Games Articles - A better way to get the most value for your used games.
As players, we usually trade-in our used games in store (Gamestop/EB) and buy used ones from them. - Business Articles - Know About Different Benefits of Sharepoint Administration
Share-point is a platform where people can work together very easily. By using sharepoint administra - Current Affairs Articles - Obama Courts Latino Votes at Arizona's Expense
Every time the President speaks, makes another appointment or ramrods a new bill through the democra - Spiritual Articles - Are You Religious Bigot? Take the Quiz!
This quiz is for fun, and although some of the questions will make you stop and think, please don't - Import - Export Articles - How to get Windows XP driver updates-5
Getting driver updates for an individual's laptop or computer with Windows XP operating system const - World News Articles - HGH Facts - Health benefits and also Side Effects for HGH
Human growth hormone is really a normal occurring hormone that's made within the body which controls - World News Articles - Finding A Thinning Hair Treatment That Works
Trying to acquisition a abrasion beard analysis that re-grows new affection beard is appropriate up
Most viewed articles in this category:
- Doughnut Hole Expected to Grow
A recent report in the USA Today, reported that the gap in the current Medicare coverage commonly re - Human Globalization
Activity in the sense, the central component of globe, we humans have been showing activeness bo - Writing Abilities Development
It has been proved that writing abilities can be developed together with inspiration. A thought - Snowboarding Tricks 101
I like the floating feeling you get on quarterpipes, it feels like you're hanging in the air and you - Russian Expansion To The Middle East
The period of the Cold War created an excellent opportunity to expand Soviet Union influence. On - Girl Tattoos Tell You Lots About The Girl
How often, when admiring girl tattoos have you said - It suits you? It happens a lot with girls - How to support charities In your Local Area By Getting Involved
Charities are created to help people find ways of dealing with situations that can't be solved i - Christian Sex - 7 Barriers to Fulfilling Married Sexuality
Many Christian married couples have yet to experience a fulfilling sexuality. Yet, it is an essent - Tales of New York
A Bronx Tale deals with bringing up children in a big city, dangers of gangster life, and stereo - Universal Civilization
Early civilizations of the world were divided and isolated by geographical locations and boundar