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Showing posts from April 8, 2018

Increase your wealth

https://amzn.to/2IV4hQl 3. The third key is to increase your wealth.  How do you accomplish this? In order to become wealthy, you must spend less than you earn, invest the difference, and reinvest your returns for compounded growth. https://amzn.to/2IV4hQl Most people have heard about the exponential power of compounding, but very few understand it. Compounding allows you to put yourself in a position where your money goes to work for you. Most of us work our entire lives to fuel the machines of our lifestyles.Those who succeed financially are those who set aside a certain percentage of their money, invest it, and continue to reinvest their profits until they produce a source of income that is large enough to provide for all their needs without ever having to work aghttps://amzn.to/2IV4hQlain. We call this accumulation of capital that frees you from the necessity of work critical mass. The pace at which you achieve your financial independence is in direct proportion to...

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 peopl...