Personal Wealth Building

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Personal wealth building isn’t so to say climbing the ladder to a higher paying career.  It is about how you invest your money to build wealth.  Personal wealth building should start young, and the following tips will help you to grow your money to secure a financial safety net. 

 

 

Tips on Personal Wealth Building

  • Creating a budget and sticking to it is essential, and your budget should be a significant amount lower than your monthly income. This will allow you to save and invest.  Without living well below your monthly income, you won’t be able to grow your money and build a nest egg.
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  • Spending smart is essential, and in today’s day and age, there is hardly a reason to pay full price for anything. Think before you buy.  It’s wise to get into the habit of shopping with a list and not purchasing anything that isn’t on the list.  Personal wealth building does mean sacrifices at times, but you will benefit in the long run.
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  • Convenience purchases are great, but most can be performed by you to save money.  For instance, cutting your own grass, cleaning your own house, washing your own car, and so on.  All are conveniences that you can do without.  Learn the value of your time versus the amount of money you spend on these conveniences.  Do you have time during the week that is free time?  Think of what your time is worth.  If you are interrupting hours making high dollars, then it likely is not worth performing the work yourself.  But, if you have the time over the weekend, then doing your own chores are a place to save.
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  • You should strive to keep enough money in your savings to cover expenses for at least three months.  This should be your first goal in saving to build wealth.  Once your savings begin to grow, you then want to make it earn.
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  • Always reset your budget when you have major expenses or anything else that changes your situation.
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  •  Never dip into your emergency fund unless it is an actual emergency.  If you must dip into the fund, then write a promissory to yourself to pay the money back.

 
To grow personal wealth you must save.  Little things such as daily lunches add up to $50 plus a week.  At that price, you could make your own homemade gourmet lunches each week.  Start with a budget and stick with it.  Within a matter of months, you will begin to see your money grow.

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