What is the best strategy for creating income AND wealth?
cherubiceric asked:
I say that income is short term money and wealth is more long term. What is the best way for me to create both? I’m 28 and have a slightly below average FICO score.
Create a video blog…instantly.
I say that income is short term money and wealth is more long term. What is the best way for me to create both? I’m 28 and have a slightly below average FICO score.
Create a video blog…instantly.
Wealth
You create income by earning an honest living and by living below your means. Don’t get into credit card debt.
You create wealth by investing at the very minimum 15% of your income in a well-diversified portfolio consistently over all the years of your working life.
This is a very simplistic answer, and you need to see an investment professional so he/she can analyze your needs and your situation and prepare a plan for you. Find a fee only certified financial planner. Ask people you know for referrals. That’s the best way. Interview several before you make a decision.
Caffeinated Content
Educate yourself.
Start by absorbing books on wealth:
The Bible (Proverbs)
Think & Grow Rich - Napolean Hill
The Science of Getting Rich - Wallace D Wattles
(I like the updated version - The S.O Getting Rich Book)
The One Minute Millonaire - Robert Allen/Mark Victor Hansen
The Automatic Millionaire - David Bach
&
Get a mentor.
Website content
Hi,
If you visit the following site it contains tips advice and resources to help manange you’re finances and create you’re wealth.
Thanks
Create a video blog
First pay off debt
second spend money to earn money
(cds,stocks,houses,
forex,businesses)
third reinvest the profits
if you do not need them.. if you
need them you can spend them but
DO NOT SPEND THE ORIGINAL
MONEY… profits only
as you accumulate more money
add to existing money to earn money
Live off the earnings
live modestly
spend wisely