5 Action Items to Make a Six Figure Income


by Ryan - Date: 2008-04-25 - Word Count: 421 Share This!

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.

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