Thursday, December 10, 2015

JOURNAL | How To Be Wealthy... Or At Least How To Try To Be One!

Here's a good read! A reminder to us all that financial stability should be one of our top goals.

How do you become wealthy?  Some would say pure luck, others would say inheritance or even intelligence. However, wealth is the result of a person's discipline and above all attitude. Attitude is the biggest difference between wealthy people and the rest of the populace. 

Here are some guidelines:

1. Spend Less than you Earn

Surprisingly many people who live in expensive homes and drive luxurious cars do not have that much wealth. They may have big incomes, but they spend it all. And those who have a great deal of wealth tend to adopt simple lifestyles. 

What most people do not realize is that wealth is not the same as income.

2. Emphasize Networth Net Income

Your networth is an important barometer of your financial health. It is the financial value you get after deducting your liabilities from your assets. If you keep piling debts, eventually you will become financially worthless because your asset won't be enough to cover all your liabilities.

3. Listen to Good Advice

Ironically, those people who spend so much on luxurious things tend to ignore good and professional advice. Wealthy people on the other hand are more than willing to spend money just to pay careful attention to important advice. 

4. Save and Invest Money

Many people still complain that their income just cannot make ends meet. So they get involved in other means of livelihood to augment income to the detriment of health and family relationship. Regardless of how much your paycheck is, you can still have money.

5. Prepare for the Unexpected

No one can predict the future- that is, no one can really tell what may happen to your job, health or family. And the best to deal with these unexpected events is preparation.

6. Consider Inheritance

Many of is would probably have some inheritance from our parents, grandparents or relatives. Because people die everyday, their states typically go to their children or grandchildren. Although you should never count on an inheritance to support your future financial goals, in reality, you may eventually inherit money or assets someday.

7. Develop Financial Goals

Wealthy people know what they want in their life and they work so hard to attain their goals. Some may wish to retire early, while others may want to travel or leave an estate to their children, but regardless of how they do it, they have one thing in common- to retire wealthy.

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