How To Become Rich - Strategies, Not Schemes
- Date: 2009-12-15 - Word Count: 411
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Everyone wants to know how to become rich, the faster the better. Many people are frustrated with their current financial situation, but don't know what to do to change it. The first thing you must realize is that sound strategies, not get rich quick schemes, are the best and most sure way to build lasting wealth for you and your family. Many people also think that you have to be born into wealth, have rich relatives or make it big on the stock market or in Silicon Valley. These are also myths. Ordinary people can build wealth, maybe not overnight, but definitely in time to send the kids to college and retire comfortably, just by keeping a few simple strategies in mind.
The first step to learning how to become rich is to invest in you first, and pay bills second. Now, before you go out and buy yourself a Jaguar, think about the more practical application of this idea. Each time you get a paycheck, immediately divert some of that money into a 401(k) or 401(b) plan. If you've never taken advantage of the plans offered by your employer, now is the time to start. If your employer doesn't offer a retirement or savings plan, do a little research and open a high yield savings account that is separate from your other bank accounts. Online savings accounts like those offered by ING can be useful for this. The key to being rich is to start setting money aside as soon as possible and as consistently as you can.
Now that you're determined to start saving, the next step toward learning how to become rich is to pay those bills! Credit cards and other excessive, high interest debt is the first way to sabotage your efforts to become wealthy. Consider a lower interest debt consolidation loan that will allow you to pay back the debt with one easy payment each month and in a much shorter period of time than you would be able to making the creditor's minimum payments.
Investing wisely is another important step to learning how to become rich. Take the time to discuss your portfolio with a financial advisor and diversify your investments so that they can remain as stable and profitable as possible. If, unfortunately, the worse possible scenario occurs and your investments lose money, then you'll be happy you've been saving that rainy day money to cover your expenses while you wait for your portfolio to recover.
The first step to learning how to become rich is to invest in you first, and pay bills second. Now, before you go out and buy yourself a Jaguar, think about the more practical application of this idea. Each time you get a paycheck, immediately divert some of that money into a 401(k) or 401(b) plan. If you've never taken advantage of the plans offered by your employer, now is the time to start. If your employer doesn't offer a retirement or savings plan, do a little research and open a high yield savings account that is separate from your other bank accounts. Online savings accounts like those offered by ING can be useful for this. The key to being rich is to start setting money aside as soon as possible and as consistently as you can.
Now that you're determined to start saving, the next step toward learning how to become rich is to pay those bills! Credit cards and other excessive, high interest debt is the first way to sabotage your efforts to become wealthy. Consider a lower interest debt consolidation loan that will allow you to pay back the debt with one easy payment each month and in a much shorter period of time than you would be able to making the creditor's minimum payments.
Investing wisely is another important step to learning how to become rich. Take the time to discuss your portfolio with a financial advisor and diversify your investments so that they can remain as stable and profitable as possible. If, unfortunately, the worse possible scenario occurs and your investments lose money, then you'll be happy you've been saving that rainy day money to cover your expenses while you wait for your portfolio to recover.
Related Tags: home business, home based business, wealth creation, investment strategies, wealth building, get rich quick, investing strategies, finance strategies
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