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Wealth Building Strategies Which Can be Put Into Practice in Today's World

Jul 30, 2008
Building wealth can be as easy as having saved a bit there and a bit here. You need not be rich for building wealth. All you need is determination, drive, and the discipline for increasing your wealth successfully. Let some light be thrown on every effectively proven wealth building strategy, which can be put into practice in today's world.

Paying yourself first

If you don't set the money aside prior to payment of your bills, there are chances that you would never be able to have any money saved after paying the same bills. Speak to your employer and get enrolled in the plan which is best suited for you in terms of investment. This would thus be the first successful step towards making money. If you follow the track of investment, you would be in such a position that money would be coming out prior to you getting the paycheck. Maximization of contribution is advised. You should see if your employer is able to match your contribution. This wealth building strategy would definitely take you to the top in terms of building wealth.

Saving now

It's advisable to start saving as early as possible. If you start saving earlier, you will have more later. However, if you are unable to have saved much money till after the growth of your children, the savings can be stepped up till your retirement and you can still lead a decent and a self-reliant life. This wealth building strategy, if followed, can create wonders.

Obtain freedom from debts

Debts should be cleared much before you think of building wealth. If the interest rate on your credit card is around 14%, finding any of the investments which would give you the return exceeding this rate would be very difficult. That's why; clearing of dad debts is recommended; that too, long before implementing any wealth building strategy.

Picking the apt mortgage

If you intend to hold on to the home of yours for short time span, have a mortgage of adjustable rate selected. This needs to be done because you would have to pay interest at a lesser rate as compared to the mortgage operating on fixed rate. Make an effective use of the amount saved by you. It can be used for paying down the mortgage faster. You can even refinance the home of yours if rates start climbing. This wealth building strategy would have a positive effect if put in to action with sheer effectiveness.

Building funds for emergency purposes

Nothing can wreck the finest laid plan better than any emergency, that too, if it's related to spending of money. Let a major portion of income of yours be set aside for at least 6 months, so that you can carry on even if any catastrophe hits. In absence of the emergency fund, resisting the temptation of taking on the debt, or cash in retirement accounts of yours, and selling valuable investments would indeed be tough. So, do not ignore the importance and need of emergency fund. You can thus enhance your wealth building strategy by resorting to this method.

Protecting your assets

You might have one of the healthiest portfolios, and would see it disappearing within no time if proper insurance is not taken. Ensure that dental/health, disability, life, and home owner coverage is sufficient enough for meeting your needs. This is the safest wealth building strategy amongst the ones mentioned.
About the Author
The author Tim Jensen has always thought that there was more to life than working hard for his money so Tim and his wife Sam went in search of ways to create a lifestyle of abundance so they would have financial freedom to add value to society and people's lives. Joining the 21st Century Academy has given them the knowledge and education to achieve these dreams. Visit http://www.wealthywayseducation.com/ to find out how you too can gain your own financial freedom with a 21st Century Education. Order your free DVD http://www.wealthywayseducation.com/freedvd.html that helped Tim and Sam have wealth and abundance within their lives.
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