The Way To Wealth
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By :
Darius H Clements
Submitted
2009-10-07 11:37:48 |
The Way To Wealth is all about finding ways in which you can personally grow your own personal wealth and security. Most people find building financial wealth is exciting, especially when the results start to mount.
By unlocking your hidden potential, you can achieve far greater monetary benefits and set yourself up for a more fiscally secure future.
Everybody (well, almost everybody) wants more cash and a greater level of financial comfortability, but many don't know what they can personally do to produce a life of monetary safety.
Most people need a solution tailored to themselves, but they don't know where to look or what their personal capabilities are - So they give up. It's a shame because there are many things your average person can do.
Here is how to grow your wealth...
What Are You Worth?
No, not metaphorically - Literally, what is your net financial value?
Is it $50,000 - $300,000 - $25 - $0 ?
The sum of your assets, investments and valuables minus all your expenses may shock you. For some you may find you are worth more than you had previously realized, but for some you may be worth far less than you thought.
At least now you have your base to start and you know how much equity you have to play with.
Net Saving Capacity
Your weekly income minus expenses will tell you how much you can save if you really, "really" want to. This is your investing money. With this you can steadily increase your investment profile and build up your equity.
Earning Capacity
How much more can you earn if you want? Do you have overtime available or extra shifts, do you have incentives or bonuses that you can be achieving? This extra money can help increase your net saving capacity. Sure, this isn't how to build wealth like warren buffett, but remember that everyone has to start somewhere.
Thrift Capacity
Can you cut back on spending? Can you save a dollar or 3 on everyday items - Check out the 100 ways to save money plan - this can help you shave a few bucks off your weekly expenses.
You can grow your wealth by spending less.
Other Work
Can you make a few dollars from home by building your own website and making some affiliate money or perhaps you could do a few surveys and make another $10 a week. This extra money all can go into the wealth fund.
Hidden Values
Do you have something of value just lying round collecting dust? Things like sports equipment, ex partner's jewelery, or any thing you have no intention of using are worth selling. Some stuff you have lying around the garage that you will never use goes down in value by the day so getting rid of it is smart otherwise you are just sitting on a depreciating pile of cash.
Many people find they have $500-$1000 worth of stuff lying round and enjoy having the cash instead of the dust and clutter.
Dig into all that untapped wealth!
Talent
Do you have a talent of salable value? How much money could you make on the side if you had your own website or little business venture.
By now you should have assessed your:
Net Worth + Hidden Values (NBV)
Net Saving Capacity + Earning Capacity + Thrift Capacity (NET)
Side Venture Earnings (SV) = ??????????
By doing the sums we can work out
How Much Are You Worth?
How Much Can You Invest Per Month?
How Much Extra Cash Can You Put In?
You could be sitting right there with the potential to invest another $500 a month in the right financial plan and build your portfolio up immensely.
Use Your Leverage
Your home, bank balance, investment portfolio and super plan may all be able to leverage you into further investments. By utilizing the assets you have, you can increase your overall worth.
Seeking high quality advice is essential, but many people do and find they can use their net equity to build wealth and create a financially superior position.
By using your equity and increasing your portfolio, you can also use your (NET) to increase your monthly balance and (SV) earnings can help contribute more.
To Conclude Our Financial Fun
The beautiful thing is your assets grow while you increase them and this gives you leverage to acquire even more assets - It's a virtuous cycle, but you have to get on the cycle to benefit.
Do your sums, seek good advice and increase your (NET) and you can be well on your way to a sound, secure and wealthy financial future.
If you want some really good wealth advice in book form then I thoroughly recommend the Andrew Carnegie gospel of wealth as a wonderful book.
Otherwise read some more of my articles.
The Way To Wealth by Darius H Clements
For more articles on building financial wealth, saving money and finance:
50 Financial Tips
101 Tips to Save Money
The Truth About Greed
Who Trusts The Banks
Great Service Is A Necessity
How To Get A Promotion
Honesty In Business
Business Success Factors
Dealing With bankruptcy
Easy Budgeting Tips
Money Myths
Starting A Business Tips
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