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Monday, April 12, 2021

5 ways to build personal wealth

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You can build personal wealth and a greater sense of financial well-being, but it begins with imagination.

Take a moment right now and close your eyes. Imagine what it would feel like to be financially free – no debt, house paid for, plenty saved, good income, and no financial worries. A good feeling, indeed, isn’t it?

For most Americans, the idea of financial freedom feels elusive – like a far-off dream too distant to attempt. But challenge yourself to dream a bigger dream, and take steps to bring that dream to life. 

Answer these questions for yourself: do you know how much you’ll need for retirement? Are you on track to get there? If you lost your job or business dried up, how long could you pay your monthly expenses without borrowing? How about debt? If you have it, by when will you eliminate it? Have you even imagined the prospect of having no debt?

Whether the dream of financial freedom is three years away or 30 years away, wouldn’t it be worth it to start doing the things today that will leave you and those you love wealthier tomorrow? Here are five ways to do that:

(1)  Envision yourself financially free.

It begins with imagining the possibility. With God, all things are possible. Rather than beating yourself up for mistakes or missteps, learn from them. Write down your money goals and post them where you will see them often. You need a financial vision.

(2) Stop letting your emotions rule your money.

Do you spend to feel better? Out of guilt? To keep up with the Joneses? Emotional spending will curse your finances, as you dig a deeper and deeper hole of debt.

(3) Invest in more than a job.

Invest in education and knowledge that maximizes your earning potential. But also invest in opportunities to create passive income by considering a business or real estate that can help you build recurring income over time.

(4) Choose experiences over things.

Research shows that spending money on experiences with people brings more happiness than money spent on things. Think about the next time you think you just have to have the latest gadget or new car.  Building emotional wealth reaps meaningful rewards.

(5) Save consistently and unrelentingly.

While the amount you save is important, even more important is the consistency with which you save. Set up automatic deductions from your paycheck or checking account so you don’t have to think about it. Learn to live on a smaller percentage of your income – just pretend you make less – and save the difference. Over time, you will see your wealth grow.

 

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