Everyone’s struggling with finances these days. With global economy in turmoil, people all over the world are tightening purse strings, are heavily in debt or worse, filing for bankruptcy.
Impossible as it may seem, there are ways to build your wealth even in these dire financial times. All it takes is a little bit of discipline and a lot of focus.
How to Build Wealth
1. Check and balance. How much are your monthly income and monthly expenditures? Based on your monthly income, do you have enough to pay all your bills, buy groceries and have a little stashed away for incidentals?
If your income cannot pay for all your monthly expenditures, see where you can cut down, i.e. groceries, dining out, take-outs and trips to the mall.
2. Credit cards. If your monthly income cannot pay for all your credit card bills, call your creditors and seek for a compromise agreement. Openly discuss your financial situation and let them know how you can afford to pay them on a monthly basis.
Be sure however, that once you’ve struck up a deal that you will honor this. It doesn’t pay to get on the wrong side of your creditors.
3. Save. This cannot be emphasized enough. No matter how small you are earning, make it a point to put a few dollars in the bank every month. Consider this as one of your monthly expenditures so you will always include this in your monthly budget.
4. Budget. This is one of the most important parts of building wealth. Once you have done your check and balance, and talked to your creditors, come-up with a sound budget and stick to it!
No matter how tempting that new gadget looks, do not fall into the trap. You will have plenty of time later on to spend on luxuries. Your focus now should be on saving and building-up a nest egg for the future.
5. Stay healthy. Health is wealth as they say and this even more true when you are saving up for the future. Getting sick means trips to the hospital and paying for medications. Even if you have a healthcare plan, you still have to co-pay most of the time and this means additional expenses.
These are very basic steps in helping you build-up your wealth. You may not see immediate results, but in a couple of years, if you stick to the plan and be really disciplined; you might be surprised at how much wealth you have waiting for you in the bank.