Are You Wealthy and What Job Can Make You Wealthy?

rich manBefore you answer that, let me remind you that wealth is the number of days you can survive (your family inclusive) without working and still maintain your standard of living. It is measured in days and not in numbers. That is, how long and not how much. It is a condition not only of abundance but of selflessness, compassion and love.

Now, looking at wealth in this context, how many of us reading this article, believe they are wealthy? 10, 17 or 1,000. Well if you are, then congratulations. Otherwise, you still have an opportunity to learn how to become one. I believe that most of us are engaged in one form of work or the other. Be it a paid job or personal business. At least we are engaged in some productive ventures in order to provide food for our families’ need.

But Can This Job Make Us Wealthy?

I don’t think so. It could give us a measure of comfort but not wealth as described earlier. Most of us are working for money when we are employed. This is to assure there would be pension for us when we retire. But working for money can not make anyone wealthy. It is economic slavery. You might get fired one day when your productivity drops and lose your income source. That can’t make you wealthy. You become wealthy only when your money works for you.

Your money works for you when it is put into ventures that require little or no input on your part, except your initial investment and re-investment. These ventures could be in real estate, savings deposit or shares/stocks.

No paid job will ever make anyone wealthy. I have since realised this. Robert Kiyosaki said, “We all learn to work formoney, but it is the few who learn how to make money work for them that achieve financial freedom.”

3 Avenues Where Money Works For You Are When You:
• Invest in Equity/Shares.
• Invest in Real Estate.
• Operate a Savings/Deposit accounts.

I know you must have heard of these avenues before, but have you really given them more than a passing thought? You need to because, the moment I did, I observed a change in my life and income.

I am an advocate of the first two. Hey! I’m not saying that the third is not ok. On the contrary, the three are ok but the first two have more advantages than the third. But this is not the focus of this article……..it only complements it. Now the crux of this article is discovering the Secrets to Wealth Creation and Making It Last.

How To Erase Debt

eraseBecoming financially prepared for the future involves getting rid of debt. Many consumers wonder how much debt should be kept – and the answer is that if your debt is under thirty percent of your credit limits, than you are probably okay. Any number higher than thirty percent can seem to loom over your finances making every payment seem like a payment to the dark side.

To boost the health of your finances it is important to erase the debt that could so easily take over your finances. Here are some tips that you can use to erase the debt that you have accumulated.

Pay more than the minimum payment. Paying more than the minimum payment guarantees that a high amount of the payment will actually reach the principal of the credit card, as a significant portion of the minimum monthly payment is designed to cover the interest payments that have accumulated from the balance.

Create a budget that includes fifteen percent of the income for debt repayment. If fifteen percent of the income is allocated towards debt repayment, the consumer can easily repay their debt creating a repayment plan to get out of debt quicker than ever. It is important to realize that small sacrifices can be used to create changes within the budget that allow the fifteen percent for debt repayment to become easily attainable.

To avoid debt in the future use these tips:

Avoid using the credit card unless you can afford to repay what has been purchased within the same billing period. This can help to avoid interest fees, as purchases that are repaid within the grace period do not accrue interest. The grace period ranges from twenty to twenty eight days, depending on the credit card company that you deal with.

Don’t use buy now pay later plans. Many times, consumers will take advantage of these plans to save money in the present, but think about the money that will have to be repaid later! It is easy to forget that these payments are going to become due; therefore there are very few consumers that save for the funding of the purchase.

Live within your means. More than eighty percent of consumers are spending outside of their means and living above their income. This means that debt is used every single month to cover the shortfalls that exist within the income. The only way to truly avoid debt is to live within your means and if you cannot, than it is important to find alternate sources of income or lower the expenses within the household.

Establish a savings account. A savings account is often used as an alternative to debt and credit cards. A savings account is an essential way to prepare for the future and have this alternative to charging items or expenses that are required in the state of an emergency.

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