Getting to the first actual step of building wealth is half the battle. It takes not only the best personal finance strategies, but it takes self sacrifice and willpower to save. No matter your financial position, everyone should be saving up an emergency fund. Unfortunately, to many people don’t have this one step completed because they are too busy trying to afford life.
Yes, it’s expensive, but think about how much ‘stuff’ you buy. Sure it’s nice to treat yourself once in awhile, but just think over a whole year if you really operated on a budget, and ask yourself this question: Could you really be saving more money? For most people, the answer is obviously going to be yes. You must have a personal financial budget, and you must be making sure you stick to it completely.
Like I said, all of that is half the battle. Once you’ve been able to save money and not do deep into debt, it’s all about where you put your money. A good money market account isn’t what it used to be, is it? The stock market seems to be doing quite well, but most everyone remembers that near crash almost a decade ago.
I am a confident investor in the stock market because I enjoy doing it and feel I can pick good investments. I go with blue chip dividend stocks, a spec stock or two, and a few other different ones, spread across several sectors. I buy into 14 different stocks as a basket, and many of them pay dividends.
What are the best tips on building personal wealth? As you can see, you have to do what you’re comfortable with, all while employing the right fundamentals. The best tips on building personal wealth are partially built as you learn more about investing and business.
To learn more listen to Rob Domanko HSBC
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