March 23

Increase Your Income


Perhaps you have started this year vowing to grow personally, expand professionally, or simply grow up. 

Do you also want to grow your wealth?

While no two financial pictures are exactly the same, healthy portfolios do have similarities. 

Follow these 5 simple rules to building your wealth effectively.

Step 1. Make Enough Money- This step may seem elementary, but this is the most fundamental step.  Most of us have seen tables showing that a small amount regularly saved and compounded over time can eventually add up to substantial wealth.  But those tables never cover the other side of the story.  Are you making enough to save in the first place?

Step 2. Save Enough Money- You make enough money, you live pretty well, but you are not saving enough.  What’s wrong?  The main reason this occurs is that your wants exceed your budget.

Step 3. Invest Money Appropriately—If you want to build a sizable portfolio, you have to take some risk, which means you’ll have to invest in securities.

Step 4. Create a Dynamic Spending Strategy-Small changes in your spending can have a significant impact on your wealth creation.

Step 5.  Protect What is Most Important- The goal of creating sustainable, multigenerational wealth is to leave behind a legacy that supports the things an individual cares most about, such as family and favorite charitable causes.

Concluding- Don’t think that you have to do everything.  Instead, focus on a few things and do them well.  It all starts with investing in yourself. Listen to financial podcasts, read books on getting wealthy, and join others who have a desire to have financial freedom.


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