Tuesday, January 28, 2014

How To Get Rich - Put Money In Your Pocket Now

How often do you think the wealthy see a pay check ?

Do you think they wait for someone else to determine this ?

Truth is, many see cash in their pockets each and every day !

Pay Me Now Not Later

What would your life be like if you could get paid every day? No more waiting around for your employer to pay you hopefully before your money runs out. I think you would agree, this would be a great way to live.

But how do you start changing your life towards achieving this goal ? Well, it won't happen overnight unless you win the lottery. But you can start working towards this goal today.

This kind of lifestyle is achieved by investing in financial products that pay an income as frequently as possible. Many quality investments will pay you an income each and every month.

How To Work Towards A Daily Pay Check

In theory, this strategy is quite simple. You start investing your savings in financial products that pay you a monthly income. These products will almost never pay their income on the exact same date as other similar products.

You work towards investing in up to 30 of these individual products that have different income payment dates. As I said, in theory this is how it works.

In reality, you may not get income each and every day, but you can come pretty close to it. In reality, some of your investments might pay income on the same dates. Your overall goal is to get paid as often as possible.

What To Do

Your plan for developing your own almost daily pay check starts by saving a portion of your current income. You can then invest these savings in shares of financial products that pay you a monthly income.

As your savings grow, you keep adding to the number and size of your investment holdings.

Depending on your current investment holdings and the amount you are able to save, you will some day start to see the power of this form of investment plan. As your savings and monthly investment income grows, so too will your financial freedom. The less dependent you become on your employer's pay check, the less stressful and more enjoyable your life will become.

As always, I welcome your comments and suggestions for future topics.

Tuesday, January 21, 2014

How To Get Rich - Learn To Say No

Do you often feel pressured to give money to something you don't understand ?

Does it seem like everybody wants a part of your wealth ?

These are common difficulties that those trying to build wealth often face !

Initiate, Don"t React

In today's high pressure world there are many trying to make a living on uneducated wealthy individuals. Requests for your money either by mail, by phone or email occur every day.

What do all of these requests have in common ? They are all uninitiated. What this means is that before opening the mail or email or answering the phone, you had no plan to give to the person asking. These people are highly trained to convince you to part with your money.

People that give their money this way are reacting. They are reacting to the persuasions of a smooth talker with a pitch that seems good. But is this the way to build wealth? No.

The successfully wealthy plan ahead with all their purchases, including their giving. They research all the charities and other causes they are interested in and choose which ones to support. They initiate the giving process and therefore can control their costs just like any other purchase. You can too.

Just Say No 

It is really quite simple to change your giving habits to one of initiating. Just say no to whoever calls, mails or emails. If something seems appealing, simply write it down and do your research on it later, in your own time.

Your time is valuable and this is something that no phone solicitor appreciates. They will almost always interrupt you at a bad time. They almost never apologize for the interruption. All they care about is making the most amount of calls in the shortest amount of time. This is what makes them money.

What To Do

There are many great causes to support and give your money to. But how do you really know how the money you give is used ? Simple, do your research first. You may be surprised at how little of your donation goes towards the actual cause.

Make a list of the causes you would like to support. For each one, research how much of your donation goes towards the cause and how much is wasted in overhead. Next, decide how much to give to each one that you still want to support.

Finally, stick to your plan and always say no to the uninitiated causes. This also applies to the follow up requests that always come when you make a donation.

It's your money and your future wealth that is at stake. Never let someone else persuade you to part with money you never planned to spend. It is really that simple.

As always, I welcome your comments and suggestions for future topics.

Tuesday, January 14, 2014

How To Get Rich - Be True To Yourself

Do you ever feel coaxed to do something that's not right for you ?

Do you feel everyone should be exactly the same in every way ?

Our unique differences is actually what makes life so interesting and challenging !

Power of Persuasion

I am sure that we have all felt at some point the powerful force of someone with a strong position on a topic. When this topic comes to money and finances, these individuals can actually do you more harm than good.

No one likes to feel they are being told what to do. When it comes to relationships, the person with the strongest personality and opinions can often persuade the other to think their way. The person with the weaker personality will often change simply to keep the peace.

As a financial planner, I have seen this situation far too often. Individually people will generally do whatever they feel is right for them. When left to discuss ideas with a partner, more times than not they will completely change their direction.

Be True To Yourself

When it comes to money and your financial future, you must stand up for what you feel is really the best for you. Do you really think you need that new car or to renovate your comfortable home for the third time ? Not likely.

Life can become very complicated and confusing and even more so when you have someone else to consider. If you feel you are always yielding to someone else's wishes, how can you possibly be happy and fulfilled in your life ? The simple answer is you can't. Freedom of choice is what creates true inner wealth.

As I have mentioned in other posts, wealth is not simply numbers in a bank account. Wealth is much more about living your life the way you want to live it. Be true to your inner self and do what you truly want to do.

What To Do   

If you find yourself in a relationship where you are always giving in to the other, you must seek the proper help. A healthy relationship is one that shares each others ideas and works towards the common good of the couple or family.

When it comes to finances, saving money and investing money is the only proven way to build financial wealth. Do not put yourself in a position where you are waiting for a big score to get ahead. In reality, this big score will always be sometime in the future and your precious time will be slipping away.

If you are contemplating a savings or investment plan, STOP ! Stop contemplating it and just do it and do it now ! Time is something you will never get back.

To become truly wealthy, you must first become true to yourself. Never let someone else tell you what to do. Your inner self will always tell you what choice is right for you.

As always, I welcome your comments and suggestions for future topics.

Tuesday, January 7, 2014

How To Get Rich - Reduce Your Cost of Living

Do you find that you have no money left over after paying your bills ?

Do you really need to spend so much to enjoy your life ?

Overspending is one of today's most troublesome addictions !

Know Where All Your Money Goes

One of your first basic steps to building a secure and wealthy future is to know how you spend your money today. A good way to do this is to write down every purchase you make over a one month period. When I say this I mean everything, even your morning cup of coffee or two or three.

By doing this simple exercise you will be making yourself more aware of where all your money goes. This increased awareness may be all it takes to identify what you spend too much money on.

Organize Your Data  

Once you have everything written down you need to add up all the different categories for the month. For instance, how much you spend on your morning coffee for a month. how much you spend for lunches, for dinners out, for movies and entertainment, etc etc etc.

If you add up all these purchases and it totals more than you bring home, you have a serious problem. If the totals add up to the same as what you bring home, this is still not good. Ideally, you should be spending less that 90% of the money you bring home. Preferably much less.

Look For Ways To Reduce

Depending on the results of your above exercise, you may have to make a few conscience decisions about ways to reduce your cost of living. You will not be able to survive too long if your expenses are greater than your income. Bankruptcy or financial despair will only be a matter of time.

If your expenses are greater than 90% of your income, you are treading on thin ice so to speak. If an unexpected expense should come along, this may do you in. What will you do if you have a major bill or obligation to pay ?

Reduce and Build

The way to build a secure financial future is to reduce your expenses to well below 90% of your take home pay. You can then save this difference in a bank savings account to build an emergency reserve. This will become your financial cushion to help offset any sudden unexpected expenses that always show up at the worst of times.

Ideally, your reserve should be build up to a value of between three and six months of your take home pay. This amount should always be maintained at this comfortable level. Once this is achieved, any extra funds can start to be saved for investing. These investments will some day give you even more financial security and provide you the opportunity to realize your dreams.

What To Do    

Reduce your cost of living to well below 90% of your current take home income. Save this difference to start building your emergency reserve. Once reserve is reached, direct all extra funds towards saving for future investments. Your financial security is really that simple. The hardest part is curbing your temptations for overspending. You must be determined in order to reach your financial dreams.

As always, I welcome your comments and suggestions for future topics.