Saturday, September 22, 2012

Important Steps to Build Wealth

"The acquisition of money has always been a simple matter to those who can practice a little discipline and follow a few rules."

Q: What is the "secret" to creating personal wealth and achieving true financial security?

A: Making sure your income exceeds your outgo.

Sound simple? Yes. Hard to do? Yes, for most people it is.

One way to build wealth is to automatically pay yourself first. If you continue to think that you will save what's left over you will rarely save anything. Treat your savings as one of your highest priority bills that must get paid. Once you've established the habit of paying yourself first you will find more satisfaction in rationale saving than in irrational spending.

Another method of building wealth is to use debt and credit only for acquiring appreciating assets. Proverbs 22:7 says "Just as the rich rule the poor, so the borrower is servant to the lender." Do you really want to be in the servant role? Just like “Do It Now” conquers procrastination, "Pay As You Go” conquers the improper use of debt and credit.

Remember, no one cares about creating wealth and taking care of your assets more than you do...


Post inspired by the Ultimate Success Program and Og Mandino's University of Success.


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