March 21, 2015 Admin | March 21, 2015 Increasing your wealth can be done by ____________________________________________.
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You can increase your wealth by developing saving habits. If you save money every time you get paid and invest it wisely over the years you will be closer to becoming a wealthy person. You also need to become less materialistic, you cant let things deturmin your spending habits. You have to cut out useless junk from your lift. There is no reason to buy a new shiny thing when your old thing works fine for what you need it too. If you start saving young, invest wisely in no load index funds and cut out all the unnecessary things that people buy you are on your way to become a wealthy person.
A simple equation will help you with wealth creation. Money In (into your pocket) > (that’s greater than) Money Out. So (Money IN>Money Out).
If you increase the Money IN your wealth will build faster. A good way to increase money IN is to grow in knowledge. You can gain knowledge in any field that interests you. Another way to increase wealth is to decrease money out (through being less materialistic) you will also increase in wealth.
As you might imagine, there are multiple ways to answer this question. The two above will surely help a person better understand the issue. Here is more.
(1) Decrease your debt. Pay it down and pay it off over time.
(2) Buy appreciating assets (stocks, bonds, and income producing Real estate), while limiting your purchases of depreciating assets (stuff like cars, cloths, technology, etc.).
(3) Do these things at the lowest possible costs. This means owning no-load index mutual funds and identifying a long-term plan that pays off debt most efficiently.
(4) Stick with it. Time is on your side when you adapt the right habits (pay yourself first, live below your means, reject a materialistic life) and discard the wrong ones (spend first and save last, live for the day by chasing after the bigger, better thing, while ignoring the future).
(5) Hang out with people who have a similar attitude and distance yourself from those who don’t. Your mom was right. Be careful with who you hang out with. Hang out with the “right” people. Wealth can follow!