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Become Financially Stable

How to Build Wealth and Become More Financially Stable

How to Build Wealth and Become More Financially Stable
By Daniel Murphy

Know your income and your outgo

To successfully build wealth you must know where your money comes from and where it goes. This means you must track income and expenses. You can use simple paper ledgers if you wish, but for most people a computer program such as Quicken is easier to use and provides more useful data. Some banks offer the same types of accounting software on their on line banking services.

If you like to use cash you need to track how you spend your cash. For most people it is easier to minimize the use of cash and rely more on debit cards and checks. Unless you are confident you will not run up credit card debt that cannot be paid in full monthly avoid using credit cards.

Building wealth requires planning and you can neither plan nor implement a plan unless you know exactly where your money comes from, how much comes in, where it goes and in what amounts.

Create a budget and follow it

For most people it is easier to track and control spending if you use a budget. You can start with a simple budget but over time you will add to it. Again, most accounting software allows you to do this easily.

The most important part of using a budget is to do it consistently. Review your spending daily and weekly against your budget. It may seem tedious at first but in the long run it will pay off in savings and investments.

Pay yourself first – make it automatic

Probably the most important thing you can do to build wealth is to insure that every single month you pay yourself first. For almost everyone this is best done automatically because if it is not automatic you will either forget to do it or you will find reasons not to do it.

Set up an automatic withdrawal from your checking account or your paycheck which deposits directly into a savings or money market account.

If you are living at or beyond your means you will need to trim expenses and set aside even a small amount at first. Even if you only save $10 per month that is far better than nothing.

Build that savings amount. Save a part or the whole of every bonus, tax refund and any other windfall. Over time it will add up. Nothing feels better than reviewing your accounts at the end of the year and seeing a reserve built up.

Create Three Reserves

Create at least three reserves. You can set up separate savings accounts or just divide a savings account into three “pots” of money until there is enough to justify separate accounts.

Your first reserve is your long term savings. These are never touched. They are for retirement and investing over the long term.

Your second reserve is your safety net or emergency fund. This should be equal to something between six and 18 months income. This will allow you to weather a lost job or a financial crisis without going deeply into debt or invading your long term spending.

Your third reserve is for large purchases such as for a car, a down payment on a house or to replace necessary household appliances.

Begin by saving 10% of your income and divide that amount between the three reserves. Over time you can increase your savings and thereby increase how much you put in each reserve. A worthy goal is to save 30% of your net income and put 10% in each of the reserves.

You will eventually be able to pay cash for a used vehicle which will save you thousands of dollars in interest. Better to pay yourself the interest than a bank.

Create multiple streams of income

For most people serious wealth will not be created exclusively from a salary. You need to build additional streams of income from investments and one or more businesses. This may seem daunting at first but over time you can create streams of income, especially passive income, this will speed up your savings program.

Commit to continuous learning

The options and techniques used to save, invest and build income constantly change. There is a great deal to learn about these techniques. You must commit to continuously learn more about how to manage your money and build wealth to be successful at it over time.

Follow these steps consistently and continuously and you will build wealth. It takes time and discipline but it pays off. The time will pass no matter what you do or do not do. After the time has passed you can either be broke or have reserves and investments. The difference will be determined by whether you adopt and stick with these disciplines.

Daniel R. Murphy writes about success and building true wealth on the Creating True Wealth Blog. Read articles and book reviews of the best books on success, personal development and building wealth. Go to the now and sign up for a free weekly newsletter bringing you book reviews and other wealth information every week.

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The Wealthy Retiree – Is This A Good Time To Start A Business?

The Wealthy Retiree – Is This A Good Time To Start A Business?
By Linda Hampton

Did you know that many super successful businesses have been started during economic downturns? Hyatt, Burger King, IHOP, The Jim Henson Company, Microsoft, and even MTV was started during an economic downturn. These are very successful businesses that started on a wing and a prayer with low start up costs, even in the garage of a parent’s home, and are now recognized the world over just by their name.

Aside from these well known businesses, there have been solely owned and operated businesses owned by people just like you, who found a new and exciting way to support their families and themselves. They might not be multinational billion dollar corporations but they do quite well supporting their family and their retirement years. Contracting, consulting, and other types of “home businesses” or entrepreneurship have exploded during this last recession just as they have during every other economic downturn we have had in our country.

Many boomers are looking to start a business with low start up costs that they can start while still working another job, or that they can start without breaking the bank while their spouse works. Either way, there are so many different ways to use your skills today that there is certainly something that you can start part time and build to a lucrative full time income over time. The trick is to look at what skills you bring to the table now, what skills you may need to learn, and how you can put that all together to come up with a business you can be proud of doing.

With the uncertainty in the economy today boomers want to minimize their financial risk by starting a business they can do from home. Having a home office is no longer considered an unprofessional thing to do. Many people are doing it, successfully, every single day. With the technology available today, and the increase of broadband access and high speed Internet which allows a sole practitioner to outsource to others who are also working from home, there isn’t much you can’t do remotely while appearing to others as a huge corporation with an entire staff at your fingertips.

Opportunities are created by changes in the marketplace, it’s to your advantage to keep your eyes open to the needs that you can fulfill based on the skills and interests you have today. If you currently work in an office as an executive secretary, or a manager, you can turn these skills into working as a consultant or virtual assistant, or even a coach to help others find their way to starting a business. There are so many ways that you can help people from your home office or kitchen table if you just start looking at what benefits you can offer others. Right now is a great time to do it because many businesses cannot afford to hire you full time, so why not work for four companies 1/4 time each? You’ll likely end up making more money than you do now, as well as feeling more fulfilled. Because, when you are the owner of your business you become the master of your fate.

Small business expert and author Linda Hampton founder of “Attract Clients Out of Thin Air.” Linda teaches smart, simple ways boomer women can use their skills, knowledge and experience how to attract more clients, create profit-making products and services, make more sales and ultimately live the life they desire and deserve. To learn more about how to Attract Your Ideal Clients sign up for more FREE tips like these, visit her site at:

Article Source:—Is-This-A-Good-Time-To-Start-A-Business?&id=6799303

How to Get Rich – Legal Ways to Make Extra Money

How to Get Rich – Legal Ways to Make Extra Money
By Caolan Patrick

There are plenty of ways to make extra money legally. But you should have the right type of talent that the society wants to make use of generally.

Many people totally rely on their monthly paycheck from their day job and struggle to meet all their expenses. They earnestly look for ways to make extra money. People do not have to worry much anymore about looking for such ways. There are several legal ways in which they can earn fast and easy money through simple means.

In the case of people with government jobs as long as the government rules are not violated, earning extra income is not objected to. You can take up tutoring to coach students as one of the ways to make extra money if you are a subject matter specialist. Three hours per day and eighteen hours per week of this coaching schedule can fetch you a good fortune. If you are a sports person, say you know swimming; you can give a two-hour class on Saturday to train people to swim.

On the other hand, if you are a music oriented person, say a guitar player then you can teach guitar to a group of beginners once a week for two hours. This way you will be able to hone your skill by being in touch with your acquired talent and also make money. If you are a technician, attending to electrical works and building design work by way of preparing architectural drawings can be ways to make extra money. If you are computer software addict, then you can take up projects like creating websites, designing web logos, and rewriting poorly written ads. Businesses will pay you for such assistance to their projects.

If you think you have no special talents or education, you can take up newspaper delivery to homes, bakery products delivery to retailers, painting or lawn mowing or gardening work in neighboring houses etc. as ways to make extra money. As a freelancer you can take up article writing work for newspapers and magazines on current topics. This is a very satisfying and rewarding task. As a content specialist you can go through internet to write summary articles on a given theme. The list may appear endless. But with drive and willingness to work hard and by staying focused it is possible to make some extra money legally.

You can find further information online on the discussed ways and also on many other such ways to make extra money legally.

If you’re serious about How to Get Rich, creating wealth and achieving financial freedom then why not sign up NOW for more insider secrets on How to Get Rich at Make sure to download for FREE the 7 Secrets of Wealth Creation e-Guide.

Article Source:—Legal-Ways-to-Make-Extra-Money&id=5398828

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