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22 Tips
to Become Wealthy Fast!
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by:
Barb Garza
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1.
Trade your high interest credit cards for low interest credit cards.
Let's say that you have a $5,000 balance on your 17.6% interest credit
card. You'll pay $880 in interest in the next 12 months. By
transferring that balance to a 6.4% credit card, your interest would be
only $320 for the next 12 months. That's a $560 savings! It's like
finding over $500 in an old shoebox in your closet. Pretty exciting!
2. What's better than reducing interest on your credit cards?
Getting rid of your credit cards and replacing them with debit cards.
If you're low on willpower, this is a great way to discipline your
spending. A debit card instantly takes money from your bank account, so
there is no large bill at the end of the month. Just make sure your
debit card doesn't carry excessive transactions fees or other costs.
3. Hold a garage sale.
You can net hundreds of dollars by selling unwanted or unused items.
Plus, your house and garage will become neat and organized. If you're
not using your old stuff, you'll enjoy using the cash from selling it
much more.
4. Set a goal to be debt-free.
Paint a giant thermometer poster and put it on your wall. Put your
total debt at the top of your thermometer and adjust the height of your
debt as you pay it off. The poster is very visual and will remind you
to consistently stay with your plan.
5. Use coupons and keep track of the savings.
Then reward yourself by spending the savings on a luxury you like. Life
is boring without a little bit of fun. This will prevent your little
luxuries from adding on to your debts. Use or trade newspaper coupons
on foods, detergents, and the like. Some people save $10 or more on
their trips to the grocery each week and even more at stores with a
double coupon policy. If you're a moviegoer, try to go to the twilight
or reduced price showings.
6. Get paid for what you're already doing.
If you're not already collecting a network marketing check, arrange to
get one now. Go to our website or contact us for more information.
7. Education accelerates the wealth-building process.
Instead of paying for expensive financial courses, offer to be an
assistant for the course. The instructor might welcome free help for
registrations and other duties. You can get thousands of dollars worth
of specialized wealth-building education by offering to be a volunteer
for the program.
8. Instead of spending money shopping, why not build a stronger
relationship with your children?
The average time spent shopping is six hours a week. The average time
spent playing with one's children is only 40 minutes per week. Spend
the time with the kids. It's a great investment.
9. Did you know that if you had an $80,000 30-year mortgage, a $10,000
car loan, and $3,800 in credit card debt, you could be completely
debt-free (including the mortgage) in eight years, five months by using
the $300 you make each month from your network marketing business in a
powerful way?
In doing so, you would save more than $100,000 in interest! You could
then create more than $1.2 million in investments, earning you $10,000
each month in interest, in the time it would have taken you to pay off
your mortgage the traditional way? Find out more at our website.
10. Instead of paying to exercise at a local health club, mow your own
lawn or do your own painting.
If you feel like more exercise, you can earn extra money by mowing and
painting for a neighbor. It's much more fun to exercise when you are
getting paid for it.
11. Eating out doesn't have to be expensive.
Look for two-for-one coupons and make sure to take home a doggie bag of
all those extra large portions.
12. A small monthly residual income is more important than you think.
For instance, if you have $24,000 in a bank savings account earning 5%
interest, you would earn an extra $1,200 a year. That's $100 a month in
extra income. But what is easier to do? Is it easier to save $24,000
after taxes to get a $100 a month residual income -- or is it easier to
build a $100 a month residual income from a part-time business, a
network marketing bonus check, or other method that creates a monthly
check? Always concentrate on ways to build monthly residual incomes.
It's a faster, easier way to retire. Find out more at
our website.
13. A smaller home requires smaller home mortgage payments.
This will leave you with disposable income for your investment nest
egg. If you purchase the maximum home that you can afford, you won't
have extra money for college expenses, vacations, or to invest in
opportunities.
14. Purchasing "status" is expensive.
Designer clothes, designer options on your car, and other designer
purchases means that you are paying extra for "status". Certainly many
designer items have exceptional quality, but must every purchase be for
status? Your true friends will love you for who you are, not for what
you purchase.
15. Don't use debt to acquire consumer products that decrease in value.
For instance, if you purchased a $1,500 stereo with a credit card, your
total purchase price could easily exceed $1,800 with interest. Ask
yourself, "By the time I pay off this stereo, how much will my stereo
be worth?" If your stereo will only have a value of $1,000 or less,
that's not a good return on your investment. You won't get rich with a
negative return on your investments.
16. Open two savings accounts.
Use one savings account for your long-term investment plan. Use the
other savings account to accumulate money for your more expensive
purchases like an automobile or a vacation. By having a short-term
savings account, you won't be tempted to rob your long-term savings
account for short-term purchases.
17. If you have items of value that won't sell at a garage sale, or are
inappropriate to sell at a garage sale, consider donating them to
charity.
The tax deduction will mean your year-end tax bill will be less. Then
you can invest your tax savings in your financial plans.
18. Do you really need three telephone lines, two cell phones and a
beeper?
Do you need the deluxe extra channel package for your television cable
service? Many luxuries somehow become necessities in our minds. Look
closely at your "must-have" expenditures. Cutting out unnecessary
extras will not only save money, but may make your life simpler and
more enjoyable. Think of that the next time you see a fellow diner's
meal interrupted by a call to his cell phone.
19. Use more leverage in your day-to-day activities.
If you drive to work, could you take a passenger who would help pay for
your gas? If you paint for a hobby, would someone like to sell your
paintings on consignment? If you work out regularly, could you become a
personal trainer and work out with a paying trainee? What are you doing
today for free that could be an income source? Can your hobby be an
additional source of income?
20. Take your insurance agent to lunch.
You may be paying for duplicate coverages. Maybe you could qualify for
cheaper rates by changing to a similar policy or similar coverage.
Discuss the savings and risks from adjusting your deductibles. And
don't be afraid to take another insurance agent to lunch to double
check if you're getting the best deal.
21. Take your lunch to work.
If you pay $6 for lunch, that's $30 a week or over $1,500 extra a year.
As an added benefit, you can make your personal lunch healthier and
with more variety.
22. Take control of your investments.
Don't leave all your investment decisions in the hands of others. You
may have a special knowledge or talent that can give you 10%, 20%, 50%
or even a 100% return on your investment. For instance, maybe you can
turn $5 in yarn and beads into a $30 craft bargain. Maybe you can spot
great values at auto auctions. Or maybe you can turn $1,000 in building
materials into a $2,000 finished product.
About the author:
Barb Garza
President of Pinnacle Enterprises
Dedicated to helping you achieve health and prosperity.
http://www.ucansucceed.org
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