Business, Investing, Making Money, Saving Money, Self-Help

Smart Wealth Building Tactics

Have you noticed that everyone wants to be rich, but few people seem to want to build wealth the old-fashioned way- step by step? If you have tried the “lottery method” and it hasn’t worked out, read on for some tips on how you can build wealth for a better future.

Save Sooner Rather Than Later

Attention, procrastinators: listen up! One thing you don’t want to put off is saving for the future. The earlier you save in life, the more you will have later in life. Thanks to compound interest, the little bit of money you save as a 25-year-old can become a lot of money by the time you are 60. Even if other responsibilities crowd out your personal saving plan [i.e., buying a house, expenses for the kids, etc.] you can step up your savings in your 40s and 50s and still come away with a decent nest egg.

Discard Your Debt

Before starting a wealth building plan, get rid of all of your unsecured debt [credit cards] and work toward paying off car loans and other personal loans. If you don’t attack your debt, the interest you owe on your debt could effectively cancel out your savings. Better to get rid of your debt faster, then start building wealth.

Rainy Day Funds

Life’s emergencies can cause you to plunge into debt faster than you can even imagine. Set aside 3 to 6 months of your annual salary in a special account and only draw upon the funds in an absolute emergency. If you think you’d be tempted to plunder the fund, establish an account with an online institution such as TD Ameritrade, to make it difficult to get instant access to your money.

You Get Paid First

If your employer has a retirement plan such as a 401k or 403b, sign up and set a realistic amount to invest. The funds will come out before you even see your pay stub, therefore the “loss” of discretionary earnings will be less obvious to you. Increase your contribution if you can, especially if your company matches your contribution.

Find the Right Mortgage

If you plan on living in your residence for a short amount of time, then choose a variable rate mortgage as your rate will be lower than with a fixed rate loan. Use the monies saved with a variable rate mortgage to reduce your mortgage faster; refinance your residence if interest rates begin to surge.

Asset Protection

Your robust portfolio can evaporate swiftly if you are not suitably insured. Make certain that each of your homeowner, life, health, dental, and disability insurance coverage plans are enough to meet your needs. A lone legal ruling against you can wipe out your assets in short order.

Quick riches may come to a few, but most wealth is generated through careful planning and through the efficient managing of your resources. You can properly prepare for the days ahead by implementing these proven wealth building tactics right away.

In Pursuit of Wealth: What You Need To Know! by Malia May Johnson – https://www.mastersofmoney.com/inpursuitofwealthwhatyouneedtoknow/

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About mastersofmoney

Masters of Money, LLC., was founded by Michael "MJ The Terrible" Johnson, to create and sell how to information, to people looking for ways to make and save money. The goal of Masters of Money: Provide the tools, resources, and strategies, to help anyone who wants to be more successful, create the life of their dreams. Masters of Money's products and services list: Opt in email marketing - Online advertising - Social media marketing - Content creation - Content marketing - Internet marketing - Public relations campaigns - Web design - Direct response marketing - Copywriting - Company and / or product branding campaigns - Fundraising - Lead generation - Company and / or product launches - Business consulting - Partnering for profits campaigns - Blogging - Content library development - Content library maximization marketing - Multi-channel marketing creation and consultation - Ghostwriting - Ebook creation - Company continuity programs - Ezine creation - Ezine marketing - Digital newsletter creation - Digital newsletter marketing - Content trading - Information brokering - Company and / or product endorsements - Guest blogging - Business opportunity offers - Create and sell making and saving money strategies and information Company contact information: Foreign Corporation (LTD) AG. d/b/a Masters of Money, LLC. 3839 McKinney Avenue Suite 155-2281 Dallas, TX 75204 Phone #: (512) 297-3535 Fax #: (512) 599-5958 Email: info@mastersofmoney.com Website: www.mastersofmoney.com Blog: www.mjtheterrible.com
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