or Starters
Whatever the method, it all
serves one main purpose - to take
When asked to name an your money and make it theirs.
effective way of obtaining
wealth, a common answer is: Unveiling the Mystery
"Invest". What is the problem
with this answer? Well, the So with all those statistics and
majority of respondents have very all that advertising, how in the
little or no money in their world is it possible to build
savings account. I see the wealth? Well consider yourself
beginning of wealth building in a ahead of the game already. By
different light. A saying that reading this article you are
almost everyone knows but nearly opening your mind to ideas and
no one applies is: "A penny saved concepts which could help you to
is a penny earned". In today's begin the process which is more
culture it is definitely much than can be said for most people
easier to spend money than it is out there. A house starts with a
to save it. The average American single brick and the same is true
is exposed to 247 advertisements with wealth building. You have to
in one day! Less than 5% of start with what you can and keep
Americans have at least $3000 in adding to it.
savings and no debt. It is no
wonder that most consumers Why not jump in to stocks, mutual
struggle with saving money or funds or other investments right
grasping the concept of building off the bat? Life will continue
wealth. We are mentally flogged to happen whether you plan for it
with television and radio or not. So plan for it. You must
commercials, newspaper and start with a lump sum of money in
magazine ads, billboards, signs, your savings account which has
posters and even conversations. been referred to as an "emergency
savings". A good figure for this account. If you have one, find
is $1000. You MUST pay your out what the interest rate is.
savings first, before anything Many have something like 0.25% to
else. If you do not, your savings 1% (WHOOPEE!). Remember that you
will not grow (or it may not are not trying to make all your
happen at all). This extra money money in interest right now but
will act as a soft landing for since the money is going to sit
any financial falls that can and you may as well look around. It
will occur while you pay down is possible to land up to a 3-5%
other debts that are road interest rate. Another option is
blocking your way to building a money market account to get a
wealth. You must realize though; good rate although restrictions
this money is first priority but sometimes apply for things like
can not be touched - ONLY for early withdrawal fees and keeping
emergencies. a minimum amount in the account
at all times. Secondly, as I
By following these 2 steps: stated earlier, take your savings
off the top on payday. You have
1) Stocking up your savings with to make a painful change as well
$1,000 and then though. You may have to sacrifice
2) Eliminating extra debts (with some things to get that initial
great fervor), you will prepare $1,000.
yourself for a much easier road
to building wealth. This could mean no eating out or
temporarily cutting out an
Making it Happen expensive hobby. You also might
want to try changing your phone
You have to take action now or company or downgrading your cable
this whole savings thing will not package. I hate this next idea
happen. First, get a savings but it is for a good cause: Drop
your credit card payments below even, a setback occurs and sends
the minimum (JUST FOR NOW). everything spiraling downward.
Anyway, you get the idea. Cut This is the hard part of building
some here - cut some there. Now, wealth and it is just the
take all the figures you cut and beginning (the first brick).
add them together. However, without this extra money
in savings you will tread water
This is what you will put in to until you eventually drown, so
your savings account until you stop thinking about it and start
reach $1,000. See, when the acting on it today.
average person feels like they
are getting ahead or even staying
About the Author:
Tom Justice is the webmaster for Clean Credit Online and does all the designing, marketing, SEO and maintenance for the site. He has a passion for personal finance and how the economy and consumers are affected by money. To see how you can use Clean Credit Online to help you with your personal finances please visit http://www.cleancreditonline.com
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