Not only is health wealth, but financial wealth is very important too.
Here’s the deal: If you do these things you will win with money and build wealth. Period. It doesn’t matter if you’re 15 or 72, these truths are foundational and constant at any age.
Depending on your income and the challenges you’ll face throughout your life, it might take some folks longer than others. But the fact is, you will get there if you do these things over and over again.
Here are WillPower's Top 3 Tips To Wealth Creation
1. Never Spend More Than What You Earn
If you spend more than what you earn, you will never be able to start on your wealth creation journey. No matter if you are rich or poor, we are all tempted to spend on expensive items like the latest iPhone, an expensive watch, the new Play Station, a vacation home, and so on. But this type of conspicuous consumption might not add any value to your life, while adversely impacting your ability to save money.
2. What is You Why? Motivation For Wealth Creation
Trying to generate wealth simply because you want to be richer might not be the best motivation. In fact, if your sole motivation is to make more money, you will find it difficult to stay focused and grow your wealth in the long term.
The long-term focus and motivation required to ensure you achieve your wealth creation goals will be possible only if you internalize your goals. For example, you will be more motivated to pursue your wealth creation goals if you have a clear target in mind. Such targets can include saving up for your retirement or saving money for a new car.
Other motivations for staying on course to achieve your wealth creation goals can include pursuing an educational opportunity, sponsoring a charitable cause, etc. Having a clear goal and motivation can help you overcome the various distractions that life throws at you so that you stay on the right path to achieve your wealth creation goals.
3. Make The Money Work Hard
All of us work hard to ensure that we make more money. Earning more can help us save more so that we can create more wealth. However, having a secondary source of income by wisely investing our savings can help us realize our wealth goals sooner and with greater ease.
5 steps to Building Wealth
Eliminate credit card debt.
Participate in your retirement plan at work.
Build your cash savings to a good level
Invest in a deductible IRA and/or deductible spousal IRA
Create and fund a taxable investment account and continue to add to the account monthly.
Let's Build Wealth!
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