Money 6 Things Everyone Should Be Doing to Build Wealth

21:21  17 april  2017
21:21  17 april  2017 Source:   credit.com

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The idea of “ building wealth ” isn’t just for rich people. In fact, if the word “ wealth ” has you envisioning fancy people spending summers in Cinque Terre on their private yachts, it might be time to reconsider what wealth really means.

Find Out: 20 Things You Should Do in a Falling Stock Market. Not everyone has much money to invest. But you don't have to be rich to invest. Even if you can invest only a small amount, you can build wealth thanks to the power of compounding.

The idea of "building wealth" isn't just for rich people.

In fact, if the word "wealth" has you envisioning fancy people spending summers in Cinque Terre on their private yachts, it might be time to reconsider what wealth really means. Wealth, in general, can mean ensuring that you have enough to adequately cover what you need and to keep you happy while also possibly providing you with a little extra on the side for what you just plain want.

The best part is you don't have to be a financial planner to build wealth — there are some easy things everyone can start doing.

1. Know Your Net Worth

To build wealth, you need to start at the beginning. If you haven't already, take stock of your net worth (your assets minus your liabilities) and try tracking it for at least a couple months (the longer, the better) to see how it's trending. Obviously, it's ideal for your net worth to be getting larger rather than smaller, but if it isn't, step two will be important.

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Rule #4 – Be focused on building your wealth . ETR’s founder, Mark Ford, taught us to become wealthier every day, even if it is just by a few dollars. It’s almost equally as important to know — and avoid — the things you should not do .

Wealthy people go to church with other wealthy people. Related Topics. article. Church, things your church should be doing , God,Church

2. Keep Track of Your Spending

You can't really build wealth if you aren't sure where you're spending your money. Whether you use an aggregate site to track where your money goes out, an Excel spreadsheet, an old-fashioned checkbook or regular old pen and paper, it might seem silly to pay attention to every purchase you make, but only when you start to notice patterns in your spending can you really make cuts where and when you might need to.

For example, if you determine you're spending more than you're making, look for adjustable costs you could potentially reduce or eliminate immediately (cable, gym memberships, extraneous spending, etc.). If the problem is your larger costs — student loans, how much you pay in rent or your car payment — it could be time to consider reconsolidating your loans or potentially moving to a more affordable apartment, getting a cheaper car or opting for public transportation, if possible.

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This obviously depends on your field and career goals, but its something everyone should at least consider. None of us are going to build much wealth if we don’t do what it takes to get ahead at work. After all, a bigger paycheck means more money we have available for doing all the things we

Because I’m trying to build wealth for my family…and you should be too. For new investors, go with something a bit “safer” like a bond or a money market account (although do keep in mind that there are no truly safe investments and that everyone carries risk).

3. Make the Most of Free Money

Very few things in life are free, so when something is, it's foolish not to take advantage. If your company offers a 401K match that you aren't taking advantage of, you are leaving free money on the table. Talk to your human resources representative about your company's policy, and adjust your allocations if there is a match you aren't currently getting.

It also might be worth making sure your savings and checking accounts are the best options for you. If you're paying extraneous fees or think you could be earning more interest elsewhere, it's worth researching the best place to help your assets grow.

4. Get a Card With Rewards That Suit You

If your current credit card isn't cutting it, find one that is. There are great options out there for any type of reward that would be best for your lifestyle, whether for travel, groceries or cash back. Use this guide to help find a credit card that's right for you, or check out our roundup of the best credit cards to help you build credit.

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Only 20% of your energy should be spent doing your actual work. Very few people create true wealth . Even those who have high incomes are not truly wealthy . The truth is , everyone is highly dependent on other people to do what they do .

Should wealthy nations be required to share their wealth and resources among poorer nations by providing such things as food and education? Therefore, as a human everybody should try his/her best to do what he can to make the world a pleasant place for the others.

5. Think Ahead

It's not always easy to plan for the future when you're trying to scrape by day by day, but if you can think of any large expenses that might be happening later this year or next, you'll be ahead of the game. When you start planning for large expenses with enough time to save up, you'll be less likely to put them on your credit card and potentially have to pay interest on them.

You might want to consider any upcoming travel plans, plans to potentially buy a house or get married, health insurance deductibles for any planned medical procedures, potential taxes you'll owe, etc.

how-to-build-wealth © Credit.com Blog how-to-build-wealth

6. Save, Save & Save Some More

You need to have an emergency savings account. Experts recommend keeping three to six months of expenses in an easy-to-access account, just in case something pops up.

If you have started saving and you're serious about increasing your net worth, consider putting any tax refunds or pay raises directly into savings, or split them between savings and retirement accounts. If you already did your research from step three and found a good savings account, your pay raise will be even more meaningful when it's compounded daily with interest.

This article originally appeared on Credit.com.

7 signs you're not saving enough money .
Do these red flags look familiar?When it comes to savings, Americans are falling short. Nearly 70 percent of adults have less than $1,000 in their savings accounts.

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