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Simple Equations For Building Wealth
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Simple Equations For Building Wealth

Since the downturn of our country’s economy in 2008 and 2009, making and keeping money has become every Americanâ...

Simple Equations For Building Wealth

Since the downturn of our country’s economy in 2008 and 2009, making and keeping money has become every American’s largest concern. Some people have found it extremely difficult to keep their jobs, while millions of others have had difficulty landing one in recent years.

 

With that being said, many Americans are looking to build their wealth so they can live comfortably and avoid any future economic hardships, but most people do not know the simple steps necessary to acquire wealth. There is a simple equation with 3 steps that can help you start building your wealth. All 3 of these steps involve the smart use of money and they are the following:

 

  • Make money

  • Save money

  • Invest money

 

Make More Money

 

The only way to make more money through investing and possibly business ventures is to have money to invest. For the vast majority of Americans, their primary form of income is through a job. The first step to making money is to have a job, and for those fortunate to have one, there a several ways you can make more money.

 

For example, if you have a hobby that you are great at, it is very possible that you can turn it into a form of income. Some people create wooden toys and sell them in various markets and even online. Others freelance as article and blog writers in order to supplement their income from employment.

 

One very lucrative, but lesser known way to acquire additional income is to sell intellectual property in the form of a book or a movie script. Publishing companies are often willing to pay big bucks for a hot new book, and writers can often get large amounts of royalty income after selling their book.

 

The bottom line is that before you can make millions from the stock market, or in real estate, you need a decent amount of cash on hand. Fortunately in our great country, there are several hundreds of ways people can earn an extra income. You just need to find what is best and most lucrative for you.

 

 

Save Your Money

 

Saving the money that you make is a widely known principle that many people learn from an early age. However, many Americans find it very difficult to save a significant amount of money from their income. The simple reason for this is because their expenses exceed their income.

 

Simply put, the best way to save money is to make more money than you spend (or spend less money than you make). Unfortunately, Americans often have several wants that eat away from their income. These include going out for various forms of entertainment, going out to eat, or buying gifts. All of these expenses eat away from your income and make it very hard to save money.

 

The best way anyone can work towards saving more money is to budget his or her expenses and never go over. In order to develop a budget, you need to track your spending and put a set amount of money towards your expenses. For example you might want to put about $100 a month towards gas money, and $300 dollars a month towards groceries. After you have developed a budget, it is of the utmost importance to stick to it.

 

The money that you don’t spend from your income, you can save and later invest or use to buy a home. Typically you want to save 10%-20% of your income. Eventually you will see your savings grow and eventually your investment opportunities too.

 

 

Invest Your Money WISELY

 

When you have finally developed a steady flow of income, and you are saving a good portion of it on a monthly basis, you can invest your money.

 

Investing, by definition, is the use of money to make more money. Therefore, with good research you may be able to find some very fruitful investments.

 

However, investing is not easy and is often very risky. All successful investors know that there is a strong possibility that you will lose money in an investment, but they all know there is a strong possibility of striking it rich with intelligent investing.

 

There are several investments that one can participate in in order to make more money. These include real estate, stocks, mutual funds, bonds, and small business ventures. There are several more that you can research on the Internet. The kind of investment is often not the most important aspect of an investment, but your knowledge of it is. It is important for you to learn as much as possible about the financial aspects of your investment, and the amount of risk you are partaking in. An investor without any financial knowledge of what they are investing in is a person looking to lose money.

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