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You may have heard the phrase ‘building wealth’, but not feel quite sure what it means. Building wealth is more than just making money. Making money usually means going to a 9-5 job and swapping your valuable time for money. Building wealth means swapping less of your time while building the money in your bank accounts. It means having enough money to pay your bills, unexpected expenses, and even for your meals out and entertainment, not having to worry about debts.
If you want to begin building wealth before it’s too late, read on for 6 steps to take now.
Start by looking into passive income streams so you can continue making money while you sleep. There are many out there, so choose one that resonates with you and try to master it before moving on. Some take more startup capital than others, others may take more time. Eventually though, you should be able to get to a place where you’re barely doing any work and still making money. See if you can make enough money monthly to pay just one bill to start with!
You should invest as early as possible. It’s never too late, though, so dedicate a little bit to investments even if you only have a very small amount. This will still add up over time and make a difference to your overall wealth. Many people say they are going to wait until they have more money to invest, but this isn't a good idea. It’ll never happen! Invest a small amount now, educate yourself, and gradually increase if you are able.
If you’re owed money, don’t wait around. Go and get it. If a friend owes you money, tell them that you need it. Don’t be wishy washy about it. Contact a maritime accident attorney if you had an accident that you’ve been putting off taking to court. It can be difficult to take actions like this, but it’s needed if you’re going to take control of your finances.
An emergency fund is absolutely critical to your financial health. If your car were to break down, where would you pay for the repairs? If an appliance broke, how would you buy a new one? Many people would need to take out a loan or use a credit card, and this can later lead to unhealthy spending habits and lots of debt. An emergency fund can eradicate these issues. Even having $1000 can help, but many experts recommend 6 months off living expenses.
Don’t wait to pay off your debt, especially the high interest debts. Aggressively paying them off now will give you more money to put towards your business ventures and investments later on.
What future goals do you make an emotional connection with? Buying a house? Paying for a wedding? A financial plan will help you to prepare!
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