Wealth Building

Wealth Building Strategy

Wealth Building Strategy
By Alvin Narsey

There are many of us who are working on our wealth creation strategy. Wether it be working another job, starting a small home based business or seriously building knowledge on the share and property markets, those that are serious are looking.

Many wealthy people we read about seem to have a certain skill for creating large amounts of money. Many in this group of wealth builders follow a few simple rules in their wealth development strategy, and I have listed some here.

Learn to work with people

The biggest fortunes are made when people work with a group talented people. Knowing which group to work with and how to work with people is one of the most important tools in your wealth building strategy.

Persistence

Often the difference in creating wealth is a few more hours, days or weeks of work. Those in the wealth creation group never give up easily. They pursue their wealth creation strategy until they achieve it! Don’t give up!

Make decisions quickly

“He who hesitates is lost!” Sort through the facts and make a list of pros and cons and evaluate that list. Speed every decision you make and then you will be training yourself to take advantage of wealth creation situations before somebody else can.

Seek new ideas

Utilise every task you perform to seeking new wealth development strategies. Study financial pages for hints that may lead you to create wealth. Jot down these ideas and review them regularly. Opportunities to create wealth will suddenly appear from everywhere.

Take risks

The more risks you take as part of your wealth creation strategy, the greater the chances of you building your wealth. Look at speculative ventures and invest a portion of your funds. Risk taking is an integral part of a wealth building strategy and will put you far in front from those playing it safe.

Borrow money

The largest fortunes are built on borrowed money. Understand how to use credit and other people’s capital to expand your profits and leverage your investments in your wealth development strategy.

Time is money

Be conscious of your time in your wealth building strategy. Evaluate your time in terms of the financial return to you and don’t procrastinate or spend large amounts of time on non wealth creating tasks.

Learn to be creative

Developing your creative powers is an excellent strategy to create wealth. Start doing activities which may be outside of what you usually do, learn some creative skill, like learning how to paint or sketch. This will give you ideas to think outside the square in which you can develop to create wealth.

Alvin Narsey uses a unique wealth building strategy utilising cutting edge AUTOMATION SYSTEMS and Resources which allows him to put his business on AUTOPILOT. Take a F-R-E-E TOUR to learn how YOU can use this wealth creation strategy the same way. CLICK HERE FOR FREE TOUR! http://www.parttimeincome.org

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Wealth-Building Strategies That Work

Wealth-Building Strategies That Work
By K.C. Moore, RPh

Wealth-building is NOT rocket science. It can readily be thought of as being a very logical step-by-step process. Continuity and persistence are the keys!

Starting Early:

Giving yourself plenty of time is the surest way to end up in the top rankings of folks who are actually ready for the ‘de-cumulation’ years. That is the time when people transition from the years of ACCUMULATING to the retirement/spending years.

Mathematics:

If people in their mid-twenties would begin a savings and investing program BEFORE spending habits become entrenched look at what can happen:

Let’s say that a couple just starting out decides to set aside 1/4 of their earnings and put those dollars to work at even a modest (safe) rate of return. By the time they reach their retirement age, they will have in the bank EVERY penny that ever passed through their hands!

The key to starting early is to begin the savings habit immediately (BEFORE taking on all those obligations and mortgages that are so easy and attractive). Saving money truly is simply a matter of habit. It can be a little painful at the start but after a few months of your new mind-set you will realize that the new reality is that you are doing just fine living on fewer dollars.

It’s very important to also put in place insurance and other ‘fail-safe’ measures to deal with the unpredictable. The comfort and peace of mind that accompany your new reality are immense!

Starting later:

If you cave in to the promise of short-term rewards, starting the savings habit is both more difficult to do AND more painful. Still… really worth it although the rewards will be worth LESS! (unless you win the lottery along the way)

NOT Starting at all:

I really hope this will not be your scenario. However, the sad fact is that this is where most people find themselves. Currently, the mean value for savings portfolios in our country for folks age 65 and older is $54,326. If they don’t continue to work for the indefinite future, these folks will soon outlive their money! A fate I would love to see you avoid!

If you are at or near the age where this sounds like you, your only alternative is to keep working (I hope you love your job). That, or develop some new marketable skills. Of course, people end up in this boat I’m describing through misfortune and such rather than not planning. However, lack of planning is the biggest culprit!

Make it a strong point to put yourself in control and start preparing for the older version of yourself that you will be meeting down the road sooner than you may think.

To your health and wealth,

K.C. Moore, RPh

K.C. Moore is a pharmacist with a long-running interest in various entrepreneurial pursuits as well as interests in medicine, prevention and health and wellness.

From time to time he will acquire a product in a variety of niches to study, evaluate and publish a report.

Products of interest include self-improvement courses and practices, high-tech gadgets and more.

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How to Build Wealth by Saving Thousands on Your Mortgage

How to Build Wealth by Saving Thousands on Your Mortgage
By Cheree Miller

Buying a home is one of the best investments, and also one of the biggest expenses you’ll have in your lifetime. If you aren’t careful, you can lose hundreds of thousands of dollars in the process. If you’re smart, you can save thousands and use that money to build wealth.

Should I get a 15-year or 30-year mortgage?

You know that you can lower your monthly payments by extending the length of your loan. But, do you know what that costs you in interest? On a 30-year mortgage, you will end up paying roughly double the cost of your home in interest payments. The first several years, the interest will be the bulk of your monthly payment. If you haven’t purchased a home already, and you can’t pay cash for it, get a 15-year fixed rate mortgage instead of a traditional 30-year mortgage. Yes, the monthly payments will be higher. But, you’ll own your house in half the time and save thousands of dollars in the process.

Should I refinance?

There is no doubt that interest rates are still very low. Refinancing could be a good idea for you. If you have an adjustable mortgage rate, then you definitely should refinance. If you have a high interest rate on a 30-year fixed mortgage, you should probably refinance. But, if you already have a good interest rate on a 30-year fixed mortgage, you may just want to increase the amount you send on your principal every month. Generally speaking, if you can lower your interest rate by 2% or more, then refinancing is a good idea.

What about a second mortgage?

If your second mortgage is big–say, as much as your annual income–then it might make sense to refinance if you meet all of the other criteria. But, if it’s less than half of your annual income, just treat it like any other debt in your debt snowball plan and get it paid off as quickly as you can.

How much should you pay down?

If you aren’t paying cash for your house, you want to have 20% for the down payment. I know it’s possible to get a loan for 90% or even 100% of the mortgage, but the problem with that is PMI (private mortgage insurance). Most mortgage lenders will require PMI to protect them in case you default on your loan. Mortgage insurance will increase your monthly payment and you will have to pay it until you build up enough equity in your house to have it removed. The automatic amount when it PMI is terminated is when your equity reaches 22%. But, you can request that it be cancelled when you reach 20% equity. These amounts are based on the original property value, and your payments must be current in order to qualify. If you’ve been late within the past year, you will be considered “high-risk” and your PMI may continue despite that fact that you meet the equity requirement.

The monthly amount of your PMI might not seem like much, but it comes to thousands of dollars over the life of the loan.

Just by following these few guidelines on your home mortgage, you can increase the amount of money you have available to save and build wealth by many thousands of dollars. Don’t forget the magic of compound interest. In the case of a loan, it works against you. In your savings, it works for you.

My name is Cheree Miller. I’m not a financial counselor or legal advisor. In fact, I’ve made some poor choices in my life. I’ve been broke, with creditors calling, writing, and sending court summons. I’ve had my bank account garnished and wondered how I was going to feed my family. But, I can tell you that you can learn to make good choices where your money is concerned. You can get out of debt if you remain focused on the end goal instead of wallowing around in a pity pool feeling sorry for yourself. Better yet, you can retire rich if you start saving for your retirement now!

Life was meant to be enjoyed. For more resources on getting out of debt and living debt free, visit http://www.imdebtfree.net. While you’re there, sign up for my free newsletter with more tips on how to get and stay debt free, and receive my free report “101 Powerful Tips for Legally Improving Your Credit Score”.

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To Truly build wealth, people need to have good credit because good credit is needed to use as leverage to start the wealth-building process. The article below will provide the necessary information needed to build and maintain good credit.

6 Reasons Why Your Credit Score Change

By Glenford Robinson, CLS(ASCP)

Many consumers do not realize what cause a change to occur on their credit report. It is paramount to having good credit. Good credit can be the difference between owning a home and not owning one. Some jobs will not hire people with delinquencies on their credit reports; the FDA is a prime example. The agency screens potential employees for many criteria and one of those requirements is delinquencies on credit reports. Therefore, it is very important for people to know what changes can affect their credit FICO score. The FICO scoring system is the method used by credit reporting agencies to calculate credit scores.

There are two primary consequences that can occur due to changes on a credit report. They are upward or positive, downward or negative changes. An upward or positive change occurs when an account is in good standings and payments are made on time. An account is paid on-time when the payment is made no later than 30 days past the due date of the account.

Creditors will always report a delinquency in 30-day increments. Never will one see a delinquency of 15 days or 10 days on a credit report. One will only see delinquencies of 30 days, 60 days, 90 days, 120 days, and so on.

A downward or negative change occurs when an account is in negative status. This means that the account has been delinquent for 30 days or more, in increments of 30 days. In such a circumstance, an individual is unable to make a payment on an outstanding account balance. However, the moment a payment is made, the credit report begins to change upward in a positive direction, say from 580 to 581 for instance.

The Overall FICO Score Ranges for the 3 Credit Reporting Agencies are as Follows:

  • Experian FICO:        250-900
  • Equifax FICO:          300-850 
  • TransUnion FICO: 336-843

 

Above, the lowest scores exemplify the poorest credit, and the highest scores exemplify the most excellent credit. Below, we will discuss ways in which we can maintain our scores closer to the top of the FICO score ranges.

Now that we have shown the different changes that can affect a credit score and the actual ranges that we should fall between, we will focus on ways that we can improve our credit scores.

  1. Make payments on loans before they are 30 days past due: This shows creditors that one is able to pay his or her debt on time. Creditors will only send negative reporting to the credit reporting bureaus when an account is 30 days past due. So, one can be late without being reported so long as the lateness is less than 30 days. A credit report will have the phrase: “paid as agreed” as current status when a payment is made, even if a person was late on the previous payment.
  2. Do not pay off all debts: One should not necessarily pay off all debts because doing so will not build credit; building credit is the process of displaying to creditors that one is able to maintain in good standing, a loan that is revolving or continuous. However, one should not have too many open loan lines. This will display to creditors that one has too many loans and is therefore a great risk to take a chance on. Having too many open loan lines also lowers FICO scores. So, the less open loan accounts people have the higher their FICO scores, Experian Credit Reporting Agency.
  3. Increase or raise credit limit: People can ask their creditors to raise their credit limits just for the purpose of improving their credit scores and not necessarily for borrowing more money. Doing so will induce the same effect as paying down a loan balance to less than 35% of the loan limit. For example, instead of using a credit card that already has a manageable balance it is advisable to use cash so that the credit card balance does not get too close to its limit.
  4. Remove errors that are derogatory: To find out if information on a credit report is accurate, one should request a free credit report from anyone of the 3 major credit reporting agencies: Experian, Equifax, or TransUnion. By law, everyone is entitled to a free credit report annually. So, do not become a victim to misleading information that says otherwise. If errors are found on a credit report, these errors should be disputed immediately. This can be accomplished by calling the 3 credit bureaus. They will provide information of how to get the process started. Please note that a particular creditor may not use all 3 credit bureaus to report credit information. A creditor may only report to one or two of them. So, people should make sure that they review credit report information from all 3 credit bureaus.
  5. Call creditors and tell them to report positive activities on credit report: For example, if a person has recently paid down a loan to an amount well-below the credit limit of the loan, that person can call his or her creditor and request that this new information be reported to the credit bureaus as soon as possible. Most creditors will do that right away or within a couple days while others will only report new information at a given time, say at the end of the month, for example.
  6. Pay down debts: The less that is owed on a debt the higher the FICO score. For example, if one owes $100, it is advisable to pay 90% of it, meaning that 10% or $10 should be the remaining balance that is paid-on every month. The rule of thumb is always to keep loan balances to less than 35% of loan limit according to TransUnion; creditors will be happy to lend money to anyone whose credit report reflects these activities.

 

By following the 6 credit-improving rules above, one can be assured that his or her credit report will be in good standing when it comes time to buying a home or getting that dream job.

 

This article can be republished, provided that the author’s resource box remains intact. Please do not change or edit this article in anyway. Glenford Robinson is a Clinical Lab Scientist, author, entrepreneur, and founder of MSTARDOM, INC.; If you would like to contact this author, please post a comment in the comment box below.

Glenford Robinson

I am a Clinical Lab Scientist, entrepreneur, investor and trader (stocks and Forex). I enjoy writing and publishing articles online.

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