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Maintain your wealth





The only possible way to maintain wealth is to pick a specific percentage of your income that you will invest each year up front.

 Now, many people know this,we've all heard about the virtues of saving a minimum of 10 percent and investing it. But very few people do it- and interestingly enough, very few people are wealthy. The best way to insure that you'll be able to maintain your wealth is to have 10 percent taken out of your paycheck and invested  before you even see it.

 To maintain your wealth, you must take control of your spending. But don't develop a budget. develop a spending plan. Truly, if a budget is done effectively, it is a spending plan. It's a means for you - or if you're married, you and your spouse - to decide what you want to spend money on in advance rather than get caught up in the moment. Too often opportunities come up and out of a sense of urgency we make decisions that later  on we regret. 

 Unfortunately most people live far beyond their means. In 1980, most Americans owed over $54 billion on credit cards. By the end of 1988 the total had more than tripled to over $172 billion! This is a system that guarantees financial disaster. Be intelligent: spend less than you earn, and you will maintain wealth.

 You may ask, "But won't my investments cause me to grow?" Yes, but you"ll also have to deal with inflation.

 3) The third key is to increase your wealth :
                                                                  (to be continued)

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