|Individual wealth building strategies have never been the results of
accidental occurrences but rather through well planned and properly executed
ideologies. Increasing ones personal wealth always begins with a plan in
mind, and the simpler the plan is, the better your chances will be of following
through and making it happen.
There are too many people who started out motivated to make a change
in their financial life and have a super ambitious and overly complicated
plan. The problem with this kind of approach is that when things start
to get a little hectic (and in life, they do), a complicated plan is just
too hard to stick with.
So, why not create a simple plan for gaining control of your personal
financial life and start increasing wealth with these pointers
towards achieving financial freedom.
Financial Wealth Begins With Managing What You Have
One of the utmost step towards wealth building is to keep it simple.
That initial step is gaining control of your current cashflow by managing
what you already have. If you aren't managing what you already have well,
increasing financial wealth or cashflow won't help you. You are going to
find a way to get rid of the money that you have, no matter how much of
it you have coming in. So get started now by taking control of your spending
using the simple "four portion personal finance system."
Using the four portion approach, you dissect your spending into the
following four categories: 70% into expenses, 10% into giving, 10% into
investing, and 10% into cash reserves. Then you allocate your earnings
into each of these categories, starting with cash reserves (for emergencies),
then investing, and then giving. Pay your expenses last, with the remaining
70%. Believe me, you DO have enough money to do this, it's simply a matter
of disciplining yourself and giving
yourself a chance to move forward.
Using Simple Investing Plan to Increase Wealth
Many people don't succeed or ever get started with investing because
they over-complicate things. However, the most effective investing strategies
are always the simplest method. Choose an investing strategy: property,
stocks or mutual funds and stick with it until you are really good at it.
It does you no good to dabble in all three or more, until you've achieved
proficiency with one. However, if you have master and are really good at
one type of investment, you'll build the confidence and the momentum that
you need to adopt another.
Finally, reward yourself for being consistent in sticking with your
financial wealth building plan. Many of us are good at being hard on ourselves
when we mess up, but we stink at awarding ourselves. Set some landmarks,
for e.g. one month into your plan, six months, one year etc. and make it
a habit to reward yourself for sticking with your financial wealth building
Most important of all, enjoy the process.
Quotes for the day:
"Great things are not something accidental, but must certainly be
*-- Vincent van Gogh
"Nothing is really work unless you would rather be doing something
*-- James Matthew Barrie
"One person with a belief is equal to a force of ninety-nine who
have only interests."
*-- John Stuart Mill
Articles about being Wealth Conscious:
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The Key To Attracting
All of us at some point of time or the other
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And Tested Methods Of Creating Wealth
Generating wealth need not be an endless struggle.
Very often the thought of how to increase our wealth leaves us depressed
because we feel that we cannot do it. Many employees who want to