Creating wealth in your life quickly and legally is a goal that many of us strive to achieve. We make promises and resolutions that this will be the year that we break through and start doing something to become financially independent. We want more out of life for ourselves and those we hold dear. We want our children to have a better life than we had. We want to be remembered as being someone that achieved greatness and cared about the people we loved. This is our nature and this is our calling.
Creating wealth quickly is a relative term but here lies the problem. Many people are so wrapped up in creating wealth quickly that they give up before they even begin. They see little or no progress because they are unwilling to commit to creating wealth in their life. They would prefer to sit on the couch at night, watch TV and dream about being wealthy. They are resistant to change, even if it is short term change to achieve a goal such as financial freedom that might be reached in a year or two.
Eliminating as much debt and wasteful spending as possible is the first order of business. Create a budget and stick to it. Pay off as much debt as possible as quickly as possible starting with your least expensive bill and then work your way up the list. Add the amount that you pay towards each bill that is paid off to the next bill in order. You will find that you will be eliminating debt and interest payments rather quickly when you use this method. The amount that you pay in interest might surprise you if you took a closer look and thought about it a little bit. This money is yours and you should be spending it on something that brings you joy as opposed to making some corporate fat cat a lot of money.
Time is an asset that we all have whether we want to admit it or not. Taking your spare time that is normally spent relaxing and enjoying life and turn it into money. Start a small business based around a hobby or passion that you have. By leveraging your knowledge, your interest and your time, you can turn this asset into money that you can invest in several different ways.
Perhaps you have an interest in cars or computers. You could turn this interest into a business by offering services or writing a book. Maybe you enjoy cutting grass and working around the yard. You could start a small landscaping business. You might say that you don't have the time for all of this or that you enjoy your weekends too much to give them up to build a small business. This is the common attitude many people have and all they can see is more work and the absence of freedom. Don't worry. The good part is coming.
While being a small business owner is wonderful and it comes with bragging rights, this is not your final destination. Your desire and your goal is to make some real money and generate real wealth. You can do this buy growing your business. How do you do that? It's very simple. Invest every penny that your new business makes back into that business, without exception. Put the money into advertising, educating yourself, trade shows and hiring some part time help. As your business becomes more successful you will have to hire more employees and at some point you will find either a manager or a business partner that you can trust with your business. With a partner or manager to take care of daily operations, you will be free to do what you like and still enjoy the pride of having your own business doing something that you love.
To further build wealth and achieve greater financial goals, you should look into investing your wealth. Burying it in the yard in coffee cans or in a mattress won't help your money to grow. Leveraging the money that you have saved and investing it in stocks, mutual funds, an IRA or precious metals will reap you even greater rewards in your life. Find investment vehicles that will give you long term gains as well as those that might be a little more risky but which offer short term gains. Think to the future and come up with an investing goal that suits your lifestyle five years from now, ten years from now and twenty years from now.
As you can see, by lowering your debt and creating more profit in your life over the next year or two, you can turn your life from one of existing into one of financial abundance. Be ruthless with yourself during this time. There will be days when you want to forget about this idea. It is those days when you need to be strong and stern with yourself. Your financial future depends upon it and the sooner you get to work the more quickly you are going to be able to create the kind of wealth you dream of.
Creating wealth quickly is a relative term but here lies the problem. Many people are so wrapped up in creating wealth quickly that they give up before they even begin. They see little or no progress because they are unwilling to commit to creating wealth in their life. They would prefer to sit on the couch at night, watch TV and dream about being wealthy. They are resistant to change, even if it is short term change to achieve a goal such as financial freedom that might be reached in a year or two.
Eliminating as much debt and wasteful spending as possible is the first order of business. Create a budget and stick to it. Pay off as much debt as possible as quickly as possible starting with your least expensive bill and then work your way up the list. Add the amount that you pay towards each bill that is paid off to the next bill in order. You will find that you will be eliminating debt and interest payments rather quickly when you use this method. The amount that you pay in interest might surprise you if you took a closer look and thought about it a little bit. This money is yours and you should be spending it on something that brings you joy as opposed to making some corporate fat cat a lot of money.
Time is an asset that we all have whether we want to admit it or not. Taking your spare time that is normally spent relaxing and enjoying life and turn it into money. Start a small business based around a hobby or passion that you have. By leveraging your knowledge, your interest and your time, you can turn this asset into money that you can invest in several different ways.
Perhaps you have an interest in cars or computers. You could turn this interest into a business by offering services or writing a book. Maybe you enjoy cutting grass and working around the yard. You could start a small landscaping business. You might say that you don't have the time for all of this or that you enjoy your weekends too much to give them up to build a small business. This is the common attitude many people have and all they can see is more work and the absence of freedom. Don't worry. The good part is coming.
While being a small business owner is wonderful and it comes with bragging rights, this is not your final destination. Your desire and your goal is to make some real money and generate real wealth. You can do this buy growing your business. How do you do that? It's very simple. Invest every penny that your new business makes back into that business, without exception. Put the money into advertising, educating yourself, trade shows and hiring some part time help. As your business becomes more successful you will have to hire more employees and at some point you will find either a manager or a business partner that you can trust with your business. With a partner or manager to take care of daily operations, you will be free to do what you like and still enjoy the pride of having your own business doing something that you love.
To further build wealth and achieve greater financial goals, you should look into investing your wealth. Burying it in the yard in coffee cans or in a mattress won't help your money to grow. Leveraging the money that you have saved and investing it in stocks, mutual funds, an IRA or precious metals will reap you even greater rewards in your life. Find investment vehicles that will give you long term gains as well as those that might be a little more risky but which offer short term gains. Think to the future and come up with an investing goal that suits your lifestyle five years from now, ten years from now and twenty years from now.
As you can see, by lowering your debt and creating more profit in your life over the next year or two, you can turn your life from one of existing into one of financial abundance. Be ruthless with yourself during this time. There will be days when you want to forget about this idea. It is those days when you need to be strong and stern with yourself. Your financial future depends upon it and the sooner you get to work the more quickly you are going to be able to create the kind of wealth you dream of.
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