WEALTH BUILDING TIPS AND TRENDS

Do you think the world's wealthiest individuals did it all by themselves without the guidance of others ? Many have admitted the fact that they have gained their inspiration and guidance from others that have been successful in their lives. They have then patterned their lives around these individuals teachings. Today, the average individual has such a great opportunity to gain knowledge through the internet age. Previous generations had to look a  lot further and dig far deeper to find the information that was needed for them. It used to be a very discouraging task which led many to give up trying. What To Do You now have the opportunity to simply Google the type of information you want. You can sort through search results and research the most promising leads in a matter of minutes.You should filter out the ones that look too good to be true and focus on the ones that have a proven track record. There is a lot of  free information on the internet but not all of it...

Are you afraid to make a change that will effect your future ? Do you expect to become wealthy without working for it ? If you answered YES to either of the above questions, chances are you will never become truly wealthy. Conquer Your Fears The first step to taking on any new venture is to conquer your fears. You will never be successful at anything if you are too afraid to take that first step. To conquer your fears you must first learn all that you possibly can about what you are planning to do. Learn from those who have done what you want to do. Follow in their footsteps and avoid the mistakes they made before they were successful. Fear will keep you frozen in place just as the deer in the headlights on the highway. You all know what happens to that deer. Control Your Greed We all want to get rich now, not later. Look at all the programs that are trying to sell you on the fact that you can get rich fast. Sure it can happen, but not that likely for the average indivi...

Have you ever wondered what it would be like to see into your future ? Unless you are a fortune teller or have a magical crystal ball in your closet, chances are you will not be able to actually see into your future. Why not then do the very next best thing. Visualize the future you would like to have. Imagine Yes, imagine being in a place you want to be and having everything you want to have. This is a fun exercise that everyone should try. It won't cost you anything except a little bit of your time. Write down everything you would like to have in your life right now. Also write down where you would like to be spending most of your time right now. Now write down all of the activities you would like to be doing right now. These three lists now represent your future life that you would like to have according to your current state of mind. Of course these lists could change in the future, but for now let's start with what you want right now. Focus The next step is...

Debt is a very ugly and scary word for many individuals. As mentioned in a previous post, there is good debt, bad debt and really ugly debt. Review my previous post "How to Deal with Debt- - The Good The Bad and the Ugly" to refresh your memory. This post will concentrate on the Good Debt, the debt that can be used to help accelerate your building of wealth. Good Debt My definition of Good Debt is simply a form of debt that allows you to deduct the interest on your income tax. Most commonly this is debt that is used in order to purchase an investment that earns you an income. Some jurisdictions allow you to deduct the interest on your mortgage for your principle residence. This is still good debt, but not as good as debt used for investment purposes, because it discourages you from building equity in your principle residence. Building Good Debt The first step for most individuals is to pay off all debt that you cannot use as a deduction on your income tax. Nex...

When you work for an employer, how often do you get paid ? Most of us would say every two weeks. Some would say twice per month. Which of these two payment options would be the best for you ? Yes, once every two weeks is better. This is because you have your money sooner and can spend it on whatever you need to or want to much sooner. If you have a regular savings plan you would be depositing funds more often (two more deposit per year actually) which will grow your savings at a faster rate. Why Does This Matter The same principle should be used when choosing your income investments. Given two equal quality investments, choose the one that pays out income more frequently. As long as this income is reinvested right away, you will make more money in the long term. This is called compounding and the more often your money is paid out and reinvested the better. To illustrate this, go to the tools page on this site and type in a savings plan. Now, change the frequency of the compo...

Would you like to know everything there is to know about investing and the world of finance? Of course you would. We all would. But in reality, you will never know everything there is to know. The reason, of course, is that in the world of investing, things are constantly changing. What worked last year, last month or even last week, may not work this week. You therefore, must be constantly updating your knowledge with new trends and ideas. In essence, to become truly wealthy, you must never stop learning.   Open Your Mind A person who is open minded about new ideas and concepts will usually do much better than the person who thinks they know everything. The mister know it alls of the world, aside from being very boring to talk to, do not usually do as well as the open minded individuals. The reason being they are not open to new ideas and concepts. They become trapped in their own delusion that they know best. No one person can possibly know everything there is to kno...

Do you think you are smart enough to get rich ? I have seen individuals who feel that getting rich takes a lot of smarts. They feel that you must have an I Q above a certain level for instance. They feel that financial topics are very complicated and impossible for the average individual to thoroughly understand. It is true that our financial industries have developed products and services that have become quite confusing to understand on your own. You are therefore told that you should use the services of one of their financial advisers. This is the only way to sort through the muddle and find the best solutions for you. Totally Not True If you are able to read through and understand all of the principles in this blog site, then you are truly smart enough to get rich. Getting rich takes a general understanding of all the necessary components along with the desire to reach your predetermined goals. Aside from that, it takes one other very important ingredient. ACTION. Witho...

The B Stuff ! Budgeting that is. The most important part of any financial plan. Without a budget, or guideline, nothing can be done in order to create wealth and ensure financial freedom. It takes time to initially develop a budget as previously described in my post entitled " How to Start Saving - Time for the B Word " If needed, review this previous posting before proceeding. Take Time Time is a commodity we only have so much of. We often find ourselves short of time and always in a hurry to maintain our everyday lives. There is so much to do with such little time to do it. Sound familiar ? When it comes to your finances, take the time to book an appointment with yourself (and your partner if applicable). Book an appointment and call it a "Financial Review" . Allow for a full hour. At first, you may want to book an appointment once per week. This will enable you to review your budget and see how you have done during the week. It is also a good time to...

Many people go through life being comfortable. They don't want to step outside their so called comfort zone to take a chance on improving their position. I suppose it's human nature that we all take the path of least resistance in everything we do. We don't like confrontation or others challenging our way of life. We have a tendency to go with the flow so to speak. Toss the Comforts In order to truly get what you want out of life, you have to sometimes step outside of your so called comfort zone and take a chance.This is true in many aspects of our lives including relationships, social networking, etc. The building of true wealth is no exception to this rule. We must go beyond what is familiar to us and learn new ways to increase our wealth. To boldly go where no one we know has gone before. I realize it is not as scary as space exploration for instance, however, it is still scary in a sense that it is new to us and we are unsure of the outcome. To take a chance ...