Set Your Sights on How to Get Rich -Make it a Resolution

The end of the year is quite often the time when a lot of people make resolutions on how to improve themselves in the coming year.

Some common resolutions are losing weight, taking a course, breaking a bad habit such as smoking or gambling, etc. What is your resolution this new year ?

Whatever yours may be, I have another suggestion to add to your list. Why don't you make it a resolution to be wealthier at the end of next year than you are today.

Let's look at some examples of how you could achieve this resolution.

If you currently have any consumer debt (debt in which you cannot deduct the interest payments) pay off your highest cost debt first. This could normally be a credit card debt or other high interest loan amount. Save the lowest cost debt for last. This would be the most efficient use of your funds. Paying off debt will always increase your wealth.

If you haven't yet started saving for your future, now is the time. Set a goal of how much to save during the year and just do it. Don't spend this amount. Invest it for your future. This will increase your wealth.

If you already have a savings plan in place, great. Your wealth is already on track to improve by the end of next year. However, you could make it a resolution to add more this year if funds permit. You would be fast tracking your plan to be rich.

Wherever you are coming from and to wherever you want to be, now is the time to make your plan for the coming year. Make it a resolution to become wealthier next year. Make it a goal to improve your life financially and reduce your stress.

All the best in the new year. To your future success.

Happy New Year !

As always I welcome your comments and suggestions for future topics

Comments

Post a Comment

Popular posts from this blog

How to Get Rich - Use Other Peoples' Money

The use of other people's money, also called financial leverage, can be a great tool for speeding up your growth of wealth. It can also, however, be a huge disaster if not done properly and at the right times.As with most things in the financial world, become educated before making the jump.                                                                 What is OPM To use other people's money you simply borrow money from your bank etc. for a promising investment. The money the bank lends you is their clients' money that is invested in savings accounts, term deposits, etc.Hence the term "other peoples' money". Borrowing to invest can make a lot of sense, especially in today's extremely low interest rate environment. For example, if you could buy an investment that paid you a dividend of around 8% or higher and you paid an interest rate of 4% on your loan, you would then be making a net amount of at least 4% income on other peoples' money. That
Read more

How to Get Rich - Know Your Housing Market

Do you think you can get rich by paying too much for your home ? Do you think the wealthy ever get caught on the wrong side of a real estate deal ? The answer to the above is a resounding NO ! Your Home as an Investment A common phrase often heard is that your home is the biggest investment you will ever make. I am not sure how this old saying ever got started, but my money is on the banking or mortgage industry. They are generally the ones with the most to gain from you having too big a housing debt. First of all, the real estate that you live in is not really an investment. If you can't draw an income from it, then it is really just a place to live. I find it amazing how most individuals have been convinced to think otherwise. Why is it that everyone seems to be obsessed with buying a home well beyond what they can afford or even need? The answer is marketing ! From the banks, the home improvement companies, and yes the numerous reality tv shows. What a scam ! A Place
Read more

How To Get Rich - Learn These 3 Real Estate Myths

Do you know the real truth about buying revenue real estate ? Do you think all properties will make you money ? If you answered No, then you are honest and on track ! Myth Number 1 Anyone can be a successful Real Estate Investor ! Those who sell the numerous Real Estate courses want you to think this is true. They try to make you believe that anyone can be successful if they simply fork over the big bucks for their seminars and courses. All you need to do is ask yourself one question. Why are these people spending so much money and time trying to teach you to become a successful Real Estate investor ? Would they not be making more money by simply buying more of their own properties ? Truth is there is big money in seminars and courses. I'm sure there are some students that go on to great success. However, what is that percentage ? Myth Number 2 Real Estate has to go up in value because they simply aren't making any more ! Tell this one to all the investors who w
Read more