Some Practical Steps To Become Financially Wealthy

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By Ray Badger

  1. Always live on less than you make.
  2. Avoid interest and work hard to be debt free. The average American spends $ 280K during his lifetime on interest. In contrast 1 in 3 American’s has less than $ 5,000.00 saved for retirement.
  3. Budget your money. Keep track of what you spend and how you can cut your costs. If you don’t know what you spend you can’t understand where you can save money.
  4. Invest in yourself. If you can learn a skill that lets you increase your income it can pay off well.
  5. Invest your money. Try to develop multiple streams of passive income. Stocks, real estate and a business (even a side business) are ways to do that.
  6. Learn to understand money. Learn to make your money work for you. Learn your numbers. Know what you spend and how your income matches up to your expenses.
  7. Read books on money management and finance. Books like Rich Dad Poor Dad, the millionaire next door, listen to programs like Dave Ramsey. Become financially literate.
  8. Work to develop relationships with people who can help you. Harvard grads do well because of the people they know as much as what they learn in their studies.
  9. Give your best at work. People who are smart and productive get raises and management positions. People who only show up are the ones that may get laid off.
  10. Time can be your friend. If you start investing at age 25 and save and invest $ 100.00 a week you will retire with 1.2 million.
  11. There are many people who had an average income and saved their money and became millionaires. There are lots of people who made millions, tens of millions and even hundreds of millions and ended up broke. The choice is yours.
  12. Specialize: becoming a specialist will give you an edge and doors will open.

Source: Quora

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