The fast secret to building wealth is: There is no secret. It’s right in front of you and it is not fast.
If you have every tried to build wealth, you know it takes a long time (if done correctly) and it takes effort, restraint and strategy.
Here is our fast version:
1. Get organized. Find every bill and every expense. Review what you can live without. Eliminate it.
2. Build a proper emergency fund (15 to 18 months of expenses).
3. Reduce or eliminate interest rates in any way you can.
4. Reduce and then eliminate credit card debt.
5. Reduce and then eliminate all debt.
6. Set goals for short range, mid-range and long-term and stick to them.
7. Do everything you can to move money out of checking and into savings vehicles. We say it all the time:
Checking accounts are money laundering accounts for other people’s money.
8. Join your company 401k.
9. Start a Roth IRA or traditional IRA in addition to the 401k.
10. Negotiate on everything with everyone. Take the “savings” and SAVE IT. Move it to savings vehicles for every dime you save.
11. Engage and invite all your family members to join your quest to save and then invest to build true wealth.
12. Use coupons and coupon codes to save, but make sure the unit price means you actually save or you are only participating in marketing.
Get started now. Don’t wait! There is no time like right now to begin a savings program. Start small if you have to do so, but BEGIN.
You can do it!
CAN YOU TEACH MONEY?
We must teach our children about money, managing money, saving regularly (and automatically), compound interest and steady investing for a long-term future. As a parent, we are always concerned that they get a good education and go to a good college so they can make a lot of money or have a valued career path. The truth is that we could do our children the biggest favor and one of the best things by sharing with them sound saving and investing principles.
You can join our free Facebook group (or have your children do it, too) by searching in the Facebook bar on your “wall” for “Live The Lifestyle Your Family Deserves.” Click on “become a fan.” It’s free and it ties our free blogs into that group.
If you want to give your children the same information we are giving ours, you can purchase the only thing we sell on any of our blogs or groups. It’s called “How To Survive Any Financial Crisis” and you can get it for only $4.95 at http://www.middleclassmoney.com.
Thank you for reading our blog and good luck!