Five Steps to a Wealthy Future
Making money is an important part of a career. However, it is not most important part. Many people make a lot of money, but are not able to keep it, and end up lose everything. Some other people are even less intelligent: they spend every single penny they make and still end up in debt.
To really become wealthy you need a strategy. A method to make money and keep it. I will share with you five steps that I believe are extremely important to make money and to keep it in your pocket.
Five Steps to Make More Money and Keep It
TIp #1: Start putting some money aside for the truly emergencies. You know, life has many turns. You should be prepared to whatever it throws at you, and the best way is to have some money put aside. As some people say, it is important to take care of the downside, because the upside takes care of itself. It works like this in business, so you should be constantly aware of the possibility of emergencies, and keep a cushion for when things happen.
An example of covering unexpected issues, is to have a bank account with a few thousand dollars parked for when you really need money. This is the thing that can help you when you really need.
Tip #2: Start saving money every month. You need to start right now to put money for your future. The reason it has to be now is that every moment you lose will reduce the power of your money. Money grows in power over time, so you need to put something together and let it grow. Do this as soon as possible.
Tip #3: Save money every month for the long term. Making money is like a long term sport. To win, you need to sustain your performance for long stretches, day in and day out. The best way to do this is saving money every single month, or more frequently, if you have the availability. You need to maintain your money compounding at a constant rate, and the best way to do this is saving at equal intervals.
Also, make sure that you save money before you do other, secondary things with money. For example, buying new toys for yourself is interesting, but make sure that the money for investment is safe before you do this.
TIp #4: put your money in investments with good return. Don't put your money into investments that pay too little. It is sometimes tempting to put the money in the bank, where it can make a few percentage points per year. However, this is a very inefficient allocation for your money. What is easy is not always the best. It takes a little to get used to other investment vehicles, such as bonds and stocks, but they are certainly better for the long term.
You have to make sure, for example, that your money is safe from devaluing due to inflation. Inflation is on average 3% per year, so if you get 3% or less in interest rate you are effectively losing money. Don't let this happen to you.
Tip #5: Learn about how to invest in the stock market. It may seem difficult at the beginning, but the stock market is really the place where normal people can have access to high return investments. If you want to make real money you need to learn to invest in stocks.
By buying stocks you are tacking ownership on one of the thousands of great companies in this country. These companies are where wealth is really created. You can participate in this economic boom by buying stock of one of these companies. It is the shortest path to wealth.
Making money is not difficult, but it takes some preparation. If you start saving and investing in sound opportunities, you will over time grow your saving up to large sums. And this is the secret of getting wealth, even if you don't win the lottery.
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