Friday, December 30, 2011

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

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