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Five Things To Do To Increase Your Personal Wealth

The hardest thing to do is save money. We all talk about it, but few of us actually do it. And living paycheck to paycheck isn’t really living, is it?


There are no fun vacations in the future, no bigger houses, newer cars, nothing because you couldn’t put a few dollars aside for a rainy day.

1. Pay yourself first

Right now is the time to change all of that. Go to your online banking account and open another savings account, if you don’t have one now. Start up an automatic payment plan to that account. Every payday put into this account for $25.00. If it’s an existing account, make sure only you can make any withdrawals from the report, even if it means taking your significant other’s name off it (which is why, sometimes, it’s just easier to open a new account!) so that the money saved can only be accessed by you.
  • Your money, your savings responsibility.
  • Your money paid first to you.
  • And a small amount won’t affect your daily life, will it? Right, you’ll do fine.

2. Setup a sensible budget and stick to it

The hardest part of saving money is first understanding where it all goes. You have money, you have a steady paycheck, but how do you end up with nothing just before the next payday? You don’t know… right?
  • So, then, from this moment forward, you will get a receipt for everything you buy, everything that you pay for, everything that lessens your wallet by a dollar, a dime, a penny.
  • You can’t save money if you don’t know where the money is and went, right?
  • Once you have 30 days worth of expenses, of money gone, you need to categorise your spending and start the real budgeting process.

The categories are:

  • Must Pay: utilities, rent/mortgage, car loan, cable/satellite/TV, food, clothes, phone, internet, etc
  • Daily Treats breakfast/lunch/dinner/snack foods, coffee/tea/drinks purchased outside the home during the day/night/work shift, newspaper,
  • Impulse Buys: gifts, snack foods, convenience items
  • Important Stuff You Can’t Do Without taxi/bus/mass transit

Add to these lists as you need to but do not lie to yourself about what belongs where. How much did you pay for coffee over the last 30 days? Or the daily newspaper? Or long distance phone calls? As the list grows, so does the money evaporate put on your wallet and savings.

3. Discover your eBay Potential

Like pack rats, we save old things that have no emotional value left to them, but we have this stuff just because we can.

Well, it’s time to dust off this hoard of stuff and sell it to the highest bidder. One man’s trash is another man’s treasure, and in this world of online, lightning fast transactions, it’s time to ship some of your crap to the far reaches of the planet to add some easy, laying around cash to your savings account.
  • eBay it all, and change your space-wasting junk into money.

4. Maximize Your Income Potential

Are you getting paid what you should be at your job? Do you even care that you’re underpaid? Now is a great time to check out similar positions to your own at online placement services and career classified ads. Prep your resume, updating it to reflect all of your current skills and responsibilities and take a cold hard look at your industry or classification. If you’re not above the median range for salary or dollars per hour, maybe it’s time to change workplaces.

Is your time well spent? Do you pursue your vocation with additional learning or are you wasting away your time in worthless pursuits? Are you maximising your potential earnings capability? Can you honestly say that you are doing what you can do to make the maximum income through time spent at work and play? These questions may spur you to look hard at your job and free time. So spend the time doing just that. Now.

5. Learn to invest in stocks and bonds

You earn your money, what does your money earn for you?

While being a significant stock player may not be in your future, once you’ve started saving some money, buying stocks in “solid” companies (the current downturn notwithstanding), and adding a little n=bit of stock ownership, company ownership, with your savings can significantly increase the income that your savings earn you. With caution and a minimum of exposure to loss, you can learn to invest in stocks, just as your savings is an investment in the place where you have the account.

Steps To Become the person you want to be in life is in your hands, Business, Education Money, Career

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