Back in August, I wrote an article entitled, "MY TOP 5 WEALTH BUILDING STRATEGIES." I really liked that article and I thought it gave a very simplistic road map to getting on the road to wealth. Apparently, no one liked it.
People read, like, and comment all the time on my articles. That specific article got just 3 likes. Yes, 3!
Now at this point in my writing career, we usually have between 200-300 people read my articles each week on DonnieMasters.com. For 3 people to read that article and "like" it was eye opening. Apparently, I am not getting your attention! Well, believe me, I got the message loud and clear.
I am going to amend that article now to include one more thing that really matters to your long term financial health, buying assets. I realize that I neglected to include that as one of the main "wealth building" strategies that I personally use. Not a good look for me I am afraid.
The larger point is, I am learning new information all the time. I just spent hours at a seminar learning about fractional reserves and the United States banking laws. You should be learning new stuff all the time too!
If you are not actively changing your opinions, beliefs, and actions based on new, relevant, and pertinent information, then you have no right to complain about your spot in life. Go read someone else's blog that has tissues on stand by for you. You and I don't have the time to sit around and whine about what is happening! Do something about what is bothering you or move along.
So with that said, here are my "6 Amazing Strategies For Building Long Lasting Wealth". These strategies, if applied to your current financial situation, will improve the quality of your life immensely. You will make better decisions, and you will have opportunities come your way.
PAY YOURSELF FIRST, EVERY TIME. Treat yourself as the most important bill to be paid. Aim for 30% of your take home pay to be saved each paycheck. You can start at 5%, or start at 3% of your pay. Just freaking start putting some money away! Somehow you always manage to find the money for the phone bill, the rent, and so on. If you want to change your life, you must pay yourself first. This money management decision is life changing as it will lead to financial independence.
BUDGET/KNOW WHERE YOUR MONEY IS GOING. It is important to stop the financial leaks in your life. Until there is more money coming in than you know what to do with, you need a budget. We all know what it feels like to have money draining out of our accounts. It is important to pay attention to your spending patterns. It can be very helpful to record all your expenses for a set period of time (60-90 days) just so you know where your money is going. Prepare to be shocked! Most people have no idea how much money is being lost each month to unnecessary expenses and miscellaneous garbage. Once you know where your money is going, you can control your expenses.
GET RID OF BAD DEBT IMMEDIATELY. Before you can begin to build up your emergency fund savings account, it is important that you get rid of any bad debts first. The best return you can make on your financial future is to pay off any credit card and auto loans as fast as possible. Consider selling your car, or getting rid of a car completely.
HAVE AN EMERGENCY FUND IN PLACE. Once you have paid off all the bad debt, your "pay yourself first money" money goes into a quickly accessible savings account for your emergency fund. Nothing will wreck your best laid plans faster than an emergency situation. Make sure you set aside 3-6 months worth of expenses to live on just in case a financial catastrophe should strike your house. Without an emergency fund in place you will be forced to take on bad debt again, or even worse, cash in your retirement accounts to make end meet. In order to survive the hard times, you must have an emergency fund in place once you have the bad debts out of your life.
BUY ASSETS/USE MONEY FOR THINGS OF VALUE. So many people spend money on items that have no lasting value and provide no lasting benefits. Many of this spending is at the expense of your financial future. Spend your money on the good things that will really benefit you in the long run such as owning property, funding your retirement, and precious metals, such as gold and silver.
ALWAYS PROTECT YOUR ASSETS. Make sure that you are always properly insured while going through life. You should always have good health insurance, dental insurance, home owner insurance, car insurance, long-term disability insurance, and a proper life insurance policy. Having these policies in place, will not only protect your assets, but it will make sure that you can recover from any financial catastrophe.