First Steps to Wealth Creation
There are many thousand s of people that wonder how is it that some people find it so easy to create wealth or how people become rather wealthy.
Most people would look to try their hand a gambling with a hope that they land a lucky Big Win. The key word here is ‘Lucky’. Only a few people throughout the world are truly lucky to be a recipient of a lucky win. Most people end up squandering their money in these pursuits.
So, the question still remains, other than the few people that are lucky winners, how did the other minority happen to create wealth for themselves?
To help answer this question, we should ask ourselves, when growing up what were we taught?
We were taught to spend and have all the luxuries the money we earned could by for us.
Yes people, this has been the downfall to why we have not created wealth for ourselves.
It can be argued that there are other reasons that we would like to blame on the general norms of society. But, the main reason is we. We are our own worst enemy in wealth creation.
It is our want to spend ignoring the need to save that reduces our abilities in creating wealth earlier in life.
What Can Be Done
My suggestion would be to first create a budget on your monthly spending. In assistance to help create a budget take the following into consideration: -
1) Look at ways to reduce spending.
2) Expenses need to be on what is necessary.
3) Look at needs and not wants.
Eliminate all unnecessary spending.
Reduce Debt
Once you have created your budget and totally excluded all unnecessary expenses / spending; your next step would be to start reducing all debt.
There are two types of debt. Although I don’t think debt is good, we could assume that some debt is good.
For instance if you take a business loan; this is a debt that you are using for wealth creation. It could be a good debt if all risks are calculated correctly.
If you were purchasing a property and you took a home loan, this could be regarded as a good debt. You no longer paying a rental but paying what would have been rental towards something you will eventually own. This home will become your own asset.
For the purpose of wealth creation, having clothing accounts will be regarded as bad form of debt. Use what you have. Buy clothing cash and budget for this. You don’t need to buy every month, it’s not necessary.
In reducing debt, once you have created your budget, save 25% of any surplus cash.
Use the 75% of the surplus to concentrate on reducing and eventually eliminating debt.
To do this people could use different approaches. But, I suggest concentrate on elimination. Therefore, start with the debt with the smallest amount. Use the 75% of surplus cash to eliminate this debt or to start eliminating it.
By making the sacrifice of not spending the 75% of surplus cash, but using it to pay of a debt, it benefits you in two ways.
1) You have eliminated 1 of your debts.
2) You have now freed up additional surplus cash
And let’s not forget, you still have 25% of your monthly surplus that you are now saving. Let us not worry how big or small the 25% is at the start.
But, as you go along eliminating debt that 25% surplus will be increasing.
By eliminating your first account puts additional surplus cash in your hands. Apply the above method again. Start with the next smallest debt. Pay the additional 75% of your surplus into increasing payments to the next account and eliminate this account ASAP. This will ensure that your account is freed earlier by using your surplus cash to increase your repayments.
Again, once this account is freed it will ensure that more surplus cash is available to you.
If you have successfully followed the above, this is certainly an achievement on your part and needs a reward.
As normal, save your 25% surplus cash for that month.
Using the 75% surplus, spoil yourself. After your achievement your deserve this.
Take yourself to the movies. Have lunch. Get some new clothing. Whatever it is you want using the 75%. But, remember to stay within your budget. Only use the 75%.
Then repeating the 25% save and 75% payment method, work on eliminating more of your accounts if you have any.
The key is to stop spending cash you do not have. Learn or teach yourself to only spend what you do have. Learn to live within your means.
You will eventually eradicate all debt and be left with quite a substantial surplus of cash each month.
At this point you will need to adjust. Start increasing your savings with respect to the surplus.
You could save 50%.
Of the remaining 50%, you could use this to start spoiling your family and you. Remember to budget wants from this portion of the cash.
Also keep in mind that debt used up the greater part of your monthly income. By eradicating your debt it would now have left the greater part of income your hands. Saving the 50% will ensure that you grow your wealth quickly.
But, you are now at a point that you can start enjoying life once again. In doing so, never forget what misery debt had brought upon you. How debt reduced your actual cash flow just for not wanting to live within your means.
I wish you all the best and a healthy prosperous future!!
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