5 Things That Will Help You Grow Your Wealth
Financial freedom means having built up sufficient financial wealth thus creating financial security. This allows one to make life decisions without being overly stressed by the financial implications of those decisions. Learn to control your finances instead of them controlling you. The path to financial independence isn’t a get-rich-quick strategy.
1 - CREATE A BUDGET
It is important to understand your earnings vs your expenses.
2 - PAY YOURSELF FIRST
This starts with your Provident, Pension or Retirement Annuity contribution which are often perceived as a “grudge purchase”.
3 - CONTROL YOUR DEBT
Aim to be debt free as soon as possible. This means avoiding short term loans, unnecessary purchases and settling your most expensive debt first.
4 - MAKE SAVING A HABIT
Savings and investment should form part of your monthly expenses. Set up a monthly debit order as part of your expenses in order to create a habit of saving.
5 - INVESTMENT PLANNING
Create a plan and stick to it. The patient investor is the most successful, remember consistency is key. Start with two investment components: retirement (long term) and liquid savings (short term emergency fund).
By acting on these ideas, you can place yourself in the position of having the means available to create substantial wealth. It takes discipline and consistency to create wealth. Begin with your plan, be patient and start your journey towards wealth creation and financial freedom.
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