All posts by Alex Blouck

Money

A Plan For Wealth That Makes Sense

Even though most people would readily admit that they wish to become wealthy, not many actually have a plan for creating wealth. You might dream of having enough money to pay all your bills and have enough saved to live well off of your investments but are you serious about becoming wealthy? Being rich doesn’t have to be a dream and creating real wealth isn’t impossible.

There are different stages of creating true wealth. These stages include making money, saving that money and then investing that money so it multiplies. If any of these aspects of wealth creation are missing or if there are problems in any of these areas, the entire plan will fail. Without investing you must continue to work and innovate to create wealth. Without a plan to save some money for investing you are living on the edge of possible financial catastrophe. While you might wish to focus on income first, having these other aspects of your plan thought out beforehand is important. This is your first step to financial freedom.

Building wealth and creating money out of thin air might sound like a dream but this is going to be your first step. There is a very good chance that you have knowledge or a burning desire that draws you in one direction. It might be a hobby or interest or a natural knack for something. You have an inborn skill that once it is cultivated can and will be used to provide value to others. Perhaps there is something that comes naturally to you. There is a topic or area that you have a natural ability for that you can use to solve a common problem that people have.

There’s a good chance that you are making someone else very wealthy right now by working a full time job. You are exchanging your time for money and someone else is leveraging your knowledge or expertise to make more than they are paying you. If you enjoy what you do for a living right now then your goal should be to put that specialized knowledge to work for yourself. There is also a good chance that you have other interests that you enjoy more. Maybe you love fly fishing and you’re good at catching trout or tying flies. You could become a fishing guide or write a book about trout fishing or sell your own brand of flies to upscale fishermen like yourself. Or perhaps you love the serenity of gardening and making things grow in your garden using organic methods. You could write a book on organic gardening or start your own organic farm. Now is the time to decide what direction you wish to go in. What makes you happy and what would you like to do with your life? What topic would you enjoy becoming an expert on? Begin to educate yourself as if you were going to become a world renown authority on this subject.

Time is always short in life. We all have only so many days on this earth and we all have 24 hours in a day. Often we get bogged down with the little things in life that we would be better off allowing someone else to do for us. This is called outsourcing or delegating. Anything that robs you of precious time during your day or week, hire someone to do it for you. If you grow resentful because you have to cut the lawn every week, hire a high school student to cut your grass. If you find you’re spending too much time cleaning the house, hire a maid to come in once a week to clean for you. You will find that the payoff is that by paying someone to take care of these chores, you become more profitable.

Now, if you are someone that has a difficult time with controlling these aspects of your life then you have two choices. You can either let it go completely or you can tell yourself that this arrangement is only temporary. If you become stressed because the person you hire to clean the house doesn’t put the glasses in the cabinet the way you like, you can either ask them to do it differently or you can simply deal with it. If the boy that you hire to cut the grass misses a few spots, you can tell yourself that there will come a day when you will be able to hire professionals to come and do your landscaping. Try to put a positive spin on all of this and understand that all of this is for your own good. Forget about these little things in life and concentrate on creating wealth.

Another important aspect of wealth creation that you need to keep in mind is diversification of your income. While you might have only one main interest or project that you want to work on at one time, diversifying your income by being a part of two or three different project can minimize your risk as you build wealth. This can easily be accomplished by being a part of a group or team of friends or investors with different interests or projects.

You might have a few close friends that share the same dream of becoming wealthy. You could create a group and work together on projects while still being independent. Maybe you have a friend that is a carpenter and another that is a computer programmer. You could all work together on three different projects and share a portion of the profits as your businesses grow. You could encourage each other, hold each other accountable and lend a helping hand on different projects as the need arises. Think about this for a while and your mind will find others in your circle of friends who also have the entrepreneurial spirit within them.

These three aspects of focusing on a skill that you have or wish to cultivate while adhering to strict time management techniques and minimizing your risk of failure will bring you the kind of success you’re looking for. Creating wealth doesn’t have to be difficult. It requires careful though and a desire to help others to solve problems. Having fun while doing something that you find enjoyable and rewarding is the biggest benefit from this kind of arrangement. Working on something that doesn’t feel like work makes creating wealth simple and entertaining.

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Money

Creating Wealth Quickly And Easily

Creating wealth quickly and feeling the freedom that comes from abundance is probably something that you think of often. The desire to have all your bills paid, money to do what you desire as well as know that your financial future is secure is something that we all want. We want things and we want to give the people that we love a better life and a bright future. We want to leave something behind to be remembered by whether it be a charity in our name or children that have grown up to be strong and wise. We all want a better life for ourselves and the ones we love.

Creating wealth might not be a problem while creating wealth quickly is relative. Often we desire riches as soon as possible when the need is dire. When it is simply a dream of ours to achieve greatness, that desire is not so powerful. The dream is often forgotten or left to ponder another day since there’s something good on TV and we had a long, hard day. Change is also very difficult for many of us and we can often find fault in any plan that comes to mind that involves changing even if the outcome is pure financial freedom. For those with a desire and determination, financial independence can be brought about rather quickly.

Eliminating as much debt and wasteful spending as possible is the first order of business. Create a budget and stick to it. Pay off as much debt as possible as quickly as possible starting with your least expensive bill and then work your way up the list. Add the amount that you pay towards each bill that is paid off to the next bill in order. You will find that you will be eliminating debt and interest payments rather quickly when you use this method. The amount that you pay in interest might surprise you if you took a closer look and thought about it a little bit. This money is yours and you should be spending it on something that brings you joy as opposed to making some corporate fat cat a lot of money.

Leverage your time to start a small business. This time spent creating a business and executing that plan will pay you huge dividends in the future as your business grows. All of us have skills that we can make profitable. We all have interests that with very little effort can be turned into a marketable asset for you and your family.

Perhaps you have an interest in cars or computers. You could turn this interest into a business by offering services or writing a book. Maybe you enjoy cutting grass and working around the yard. You could start a small landscaping business. You might say that you don’t have the time for all of this or that you enjoy your weekends too much to give them up to build a small business. This is the common attitude many people have and all they can see is more work and the absence of freedom. Don’t worry. The good part is coming.

While anybody can start a small business and make it somewhat profitable if they are talented at the business that they are focused on, growing a business is often another story. Being able to grow your business so it provides a substantial income requires diligence and strength. You will be tempted to spend the money that you make. A wise investor and businessman invests his profits back into his business. Investing in advertising and hiring some part time help, at first, will help you to quickly scale your business into a thriving monster in no time. Soon you’ll need more help and employees as your business grows exponentially. As your business grows you can either bring on a partner or hire a manager to take care of running the business when you wish to enjoy life or live that life of financial freedom that you dream of.

Diversify your income by further investing your profits into different traditional investment vehicles. There are many options here when it comes to investing. There is short term investing as well as long term investing that can make the money that you have grow until you need it several years from now. If you have an interest in investing presently then take a portion of your profits and invest it in the vehicle that you feel the most comfortable with, whether that be stock, precious metals or dabbling in foreign exchange currencies.

As you can see, by lowering your debt and creating more profit in your life over the next year or two, you can turn your life from one of existing into one of financial abundance. Be ruthless with yourself during this time. There will be days when you want to forget about this idea. It is those days when you need to be strong and stern with yourself. Your financial future depends upon it and the sooner you get to work the more quickly you are going to be able to create the kind of wealth you dream of.

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Money

Tips To Accumulating Great Wealth Quickly

How badly do you want to become wealthy? Many of us say that we desire wealth but few of us are willing to take the steps to achieve that status. If you have the desire and determination to accumulate wealth then you have completed the first step toward becoming truly wealthy. But what can you do in your every day life to ensure that you move towards that goal of being rich?

Keeping your dream of financial security is important to your success. This should never be underestimated. There will be times when you might be tempted to live like your friends or extended family but staying on course and remembering your goal should always be in your mind. If necessary, reminding yourself that without wealth, the final years of your life might not be so pleasant. Every penny saved and earned today is a dollar that you can enjoy later. Scare yourself into following these secrets to building wealth and you will find success sooner than you think.

Your first real step in achieving great wealth should be to live your life by spending as little money as possible. Live like a pauper, if needed. You might not know this but most wealthy people know the value of a dollar. They might spend large sums of money on one area of their life but they are actually very frugal in other parts of their life that you might not see. They might pay top dollar for a set of golf clubs yet buy they will be very tight with their money in all other areas of their life.

You can also live frugally by being aware of what you’re spending your money on. Check the unit pricing on foods. Eat more meals at home and reserve dining out to special occasions. Bring a bag lunch to work instead of spending large sums of money every week on eating out with your friends and keep track of what you spend your money on. Once you become aware of where every dollar goes you will find that you feel guilty for spending money on frivolous things. As a result, your spending goes down and you have the ability to save more money.

Avoiding debt and the interest paid on most types of debt is the next thing that you can do to curb your spending and increase your savings. Credit cards are one area that most people waste a lot of money over a year. High interest rate credit cards or revolving debt should be curtailed at all cost to reduce your yearly spending. Take a look at the amount of interest you pay in a year and imagine that money as yours. Think of that money as savings that you have been throwing away every month.

Instead of buying goods with a credit card, set up a budget and save for those items that you simply need to survive. Buying a used car for cash will often save you hundreds if not thousands of dollars. While having a credit card is always good in case of emergencies, only use it when you know that you can pay off the balance immediately. Perks and dividends that you might accumulate by using a credit card are rarely a good deal and this is why many credit card companies offer them. They know that they will make money from you in interest since most consumers might have the best intentions but they lack the discipline to pay off a credit card every month.

Expanding your earnings by working a second job or a part time job at night or on the weekends is another way that you may have thought of earning a little more money. While this is a great idea and by saving that money and investing it you can quickly achieve your goal, most people don’t think of the down side of this arrangement. Working nights and weekend will have its affect on your morale as well as your family’s morale if you are gone all the time. If you have a family, remember that they need to spend time with you.

A good compromise or a different way of making some extra money to boost your savings and investment potential would be to do small jobs that you enjoy. This phenomenon is catching on and is proving to be highly lucrative for some who hope to achieve financial independence. Maybe you have a hobby or skill that you enjoy that you could turn into a small part time business. A few hours worked at night or on the weekends can add to your bottom line and you might even enjoy this work more than you do your full time job. Offering tutoring services or resume writing services are popular small business ideas that you might want to consider or think outside the box and come up with a unique idea that is all your own.

Remember that many people say that they want to become wealthy but few are willing to endure the small discomforts and saving that is necessary to build a nest egg that you can invest. Living on less and taking the savings and leveraging that money to create more money is the only way you’re going to get ahead. You can wait for some windfall to come out of nowhere or you can take action starting today and make yourself wealthy in the near future. You might feel that retirement is many years away and tell yourself that you’ll worry about it later but life moves very quickly and before you know it you’re facing your golden years with very little in terms of retirement wealth to enjoy.

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