7 basic rules to building wealth

7 Basic Rules to Building Wealth?

1. Consistent discipline and attention to wealth

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Learn The Powerful Formula To Achieve Your Financial Goals

If you use a hit and miss approach to managing your wealth you will never build significant wealth



You must know how much return you get from investments as well as how much you are spending on everything to control those things



2. Never pay your bills first



. The only way to insure that you will save is to do so before you pay the bills and to do so automatically and every month.



The amount you save every month is not as important as how consistently you do so.



3. Avoid consumer debt



There are two kinds of debt: investment debt which builds equity or wealth and consumer debt

which builds nothing.

If you incur debt to build a successful business or to buy a home you are building wealth over time.

If you borrow to buy consumer items such as cars or furniture or clothing you build no wealth.



4. Learn from successful people



Many people have built great fortunes having started out with nothing. Learn from them. Read books about them and by them and learn how they did it



5. Learn about taxes



Read books and consult with experts on how to minimize your tax burden.



6. Avoid unnecessary expenditures



Always give yourself a time period between your first impulse to buy and the final decision. AA



7. Build a Business



Most wealthy people own one or more businesses.




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7 basic rules to building wealth

Economy & Finance