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Money is one of the most important commodities for
every human being born on this earth. Becoming the one of the countable
rich person on this earth is probably one of the common dreams seen by
almost everyone! Hence, for all those who have that desire of becoming
rich, here are a few guidelines:
Form a healthy personal foundation. If one’s life is in turmoil, it is
very difficult to keep money or attract flow of money. In order to
acquire noteworthy wealth, it is very important to pay heed to one’s
attitude, one’s relationships, one’s ethics as well as integrity. Wealth
often tends to come to those who handle it in a proper manner.
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Make your mind up ‘ALL’ addictions. Overuse of a specific substance or
what we call substance exploitation will greatly reduce one’s capability
to attract or keep a large sum of money.
Expenditure should always be less than the spending. Have and use a
budget track your cash flow, decide what you need compared to what you
want.
Have some money you will never spend. Put some small percentage of your
money in some form that is hard to get back or that you would never cash
except in dire emergency. Again, if worse comes, you will be able to
live in your own house with your cash savings.
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We should always learn the rules on how to invest. Most colleges
have basic courses like finance, stock investment etc. to make an
individual aware on where and how to invest. Make a finance plan
accordingly. Review and refine the plan constantly as circumstances
change.
Broaden your horizons by spreading your finances in all fields of your
life. By spreading the finances, in times of economic meltdown also you
won’t lose everything. There is a simple fact that many people miss: you
will never grow wealthy if you spend everything you earn. Regardless of
how much money you earn, you need to put some aside in savings.
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One’s lifestyle should be such that it should fit within one’s budget
that comes out of the income alone.
Lastly set up a crisis fund this should have at least of three months of
living expenses. It would be very wise indeed to increase this to six
months worth of living expenses. One could set up a home-equity line of
credit (not loan) which you could tap into if the need really arises and
you need money for more than six months. |