Have you noticed that everyone wants to be rich, but few people seem to want to build wealth the old fashioned way: step by step? If you have tried the lottery method and it hasnt worked out, read on for some tips on how you can build wealth for a better future.
Save Sooner, Rather Than Later. Attention, procrastinators: listen up! One thing you dont want to put off is saving for the future. The earlier you save in life, the more you will have later in life. Thanks to compound interest, the little bit of money you save as a 25 year old can become a lot of money by the time you are 60. Even if other responsibilities crowd out your personal saving plan [i.e., buying a house, expenses for the kids, etc.] you can step up your savings in your 40s and 50s and still come away with a decent nest egg.
Discard Your Debt. Before starting a wealth building plan, get rid of all of your unsecured debt [credit cards] and work toward paying off car loans and other personal loans. If you dont attack your debt, the interest you owe on your debt could effectively cancel out your savings. Better to get rid of your debt faster, than start building wealth.
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