Tuesday, January 28, 2014

7 Surefire Keys of How to Enrich Your Empty Wallet or Bank Account

The year is still a toddler which makes it easy now for you to begin to start putting things in place for all round new beginnings and wealth. Last week we had "Plan and Set Goals to Enjoy a Better Life" here, so today we are going to looking into "7 Surefire Keys of How to Enrich Your Empty Wallet or Bank Account".
Well, I had a great last year but the coming days, weeks, months and years must be greater. So, that is why I want to you to digest this wonderful post and put to practice all that will be shared in it. Don't be too busy to read or share this post with your families, friends and colleagues. Lets get started right away before I change my mind about sharing these tips.
7 Surefire Keys of How to Enrich Your Empty Wallet or Bank Account
Probably less or more, but I have put these 7 together for you and I to start filling our wallets or bank accounts from henceforth. Listed below are the 7 surefire keys of how to enrich your empty wallet.

1. Save 10% of your monthly income: This is the most important and one of the ancient secrets of amassing wealth. Once you start saving one tenth of  your monthly income, your wallet will begin to get fat. If you crave to build a fortune for yourself, will it not be wise to start by utilizing the source of your income which you have already established?

Truth is always simple, so don't disregard this key. It is said that money easily comes to those who keeps and does not spend some part of their income, while money stay away from those who spend all. This simply explain why the rich gets richer and the poor gets poorer. The first surefire key is saving 10% of your monthly income for future investments.

2. Don't spend more than 70% of your monthly income: The honest truth here is that you have to control your expenses. You can't enrich your wallet or bank account if you buy everything you see. What you call necessary expenses will always grow to equal your income unless  you stand your ground. Do not confuse your necessary expenses with your desires. Everybody is filled with the more desires they can gratify. There is a saying that weeds grow in a field where the farmer leaves space for their roots, therefore desires grow in us whenever there is an opportunity of being satisfied.

Cultivate the habit of always writing down all the things you desire to purchase. Select those that are necessary and other that you know that your 70% can accommodate, strike out the rest and consider them as part of the long desires that will go unsatisfied. Budget the necessary expenses, keep working on the budget and adjusting it. Mind you, remember not to touch the other 30% and only spend 70%, not 100% or 90% of your income.

3. Find a profitable investment: A man's wealth is not in the money he has is his wallet or bank account. It is the income he builds, the golden stream that continually flows into his wallet. The 10% you are saving must be put to work and start laboring to produce more earnings. Any investment you are looking at must be the one that provides security for your principal. Investing in real estate, bonds, stocks or its other kinds is quite safe. Finally, putting your money in a bank will not grow your wealth, unless you find a profitable investment for it.

4. Protect your money: The first principle of investment is security for principal. It is said that misfortune likes a shining mark. This is why it is wise to first secure small amount of money and learn to protect it before you start handling larger ones. We are tempted by opportunities that seems to provide huge return on investment, but 90% always seem to have not too good experiences. Study the investment carefully before parting with your money, and also find out the dangers which are involved. Don't be too confident in your own knowledge of the investment.

Guard your money from loss by investing only where the principal is safe, where it may be reclaimed when desired, and where you will not fail to collect a fair profit. Seek the advice of those who are experienced in such investment, so that their wisdom can help you protect your money.

5. Live in your own house: It is recommended that every man should live under his own roof, in order to reduce the cost of living of his family. The fifth surefire key to enrich your wallet is for you to own your house, even if it entails taking a loan to build it and pay back with the same method you employ in paying your rent.

6. Secure your future: Make reservations for the future for family and you, when you are no longer able to earn. When you acquire surplus money, you forget to remember keep money for the future. For this purpose, you can buy houses or lands because they don't depreciate in value. The six key is that you must provide in advance for your future needs and the protection of your family.

7. Increase your chances of earning more: As you grow in age, you must as well grow in your qualifications if you  have a paid job. Every year you must make sure you are on a higher level. Attend courses and seminars, apply for professional qualifications, buy life changing books(the more wisdom you know, the more you may earn). You should always set aside 10% of your monthly income for this purpose. More interest, more concentrate, more persistence must be put in all that you do in order to make that you have an increase in what you are earning. If you are a trader, seek better goods that can be purchased at lower prices.

In summary, I would recommend that you divide your income into four parts 10-10-10-70 all in %. The first 10% for paying yourself, the second 10% for your the payment of your tithe to the place of your worship, the third 10% for improving yourself or chances of earning more like buying books, attending seminars and courses, upgrading your qualification, etc and the last 70% for your other expenses. I really commend you for getting this far with this long helpful post, so you now know the 7 surefire keys of how to enrich your  wallet or bank account. I have started to apply all these keys, I would really love it if you do too and I  am sure you won't regret it. Also,  you can make additional tips using the comment section below.

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