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Building Your Wealth

If you track the stock market at all, there is a good chance that you have visited Yahoo! Finance before. I was on there today and found an interesting article: http://finance.yahoo.com/banking-budgeting/article/106361/How-Real-People-Grow-Their-Wealth.

 

What is good about this article is that it gives you a few different ways that you can work on growing your wealth. Whenever you are investing for the long term, it is about creating a plan and then working that plan. As one of the tips goes in the article, if you get a raise, sock the money away because you do not need it to survive.

 

The most important thing to remember is that it is not about how much money you make but how much money you keep. If you have a high salary and no savings, you are going to be in big trouble if you lose that salary due to a layoff. You have no cushion because there will be rainy days at some point. A cushion can allow you to sleep better at night because you know if there are problems that you have something there to protect  you.

 

Do you track your spending? Most people are not able to remember where their money went once it hits the bank account. Many authors throughout the history of the financial world have said it is not normally the big purchases which hurt us but the consistent small ones such as the everyday Mocha at Starbucks. If this costs four dollars a day and you have one everyday, you are spending over a thousand dollars a year for the little luxury everyday.

 

This article is meant for you to think through your life and see where you can lower your spending or be more frugal. It will make you happier in the end by doing some of these things

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  1. 1 Comment(s)

  2. By ArianaGync | Reply

    hi, thanks,The article was very well written, very helpful to me

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