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June 23, 2016

Build Your Wealth - Three Great Tips


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I bookmark everything. If you're looking for parenting advice, tips on growing zucchini or how to make McDonald's signature sweet tea at home, I can help with that! One blog entry I recently added to my collection was "3 Utterly Obvious Ways to Build Wealth". In a nutshell, here's what Jeff Rose at Credit.com has to say about building wealth.

1. Say "NO" to Debt

Saying “no” to debt is truly a behavior at the heart of so many wealthy individuals. Why? It has something to do with interest rates. Student loans, credit cards, personal loans, car loans, and many other types of debt all have interest rates. Some of these rates are higher than others, but one thing is guaranteed: You will pay a lot more money than necessary if you make minimum payments on a loan, and the interest rates will slowly drain any wealth you do have.

2. Practice Discipline and Invest for the Long-Term

The media continually reports on this or that “new hot stock.” Don’t fall for it. We all know it’s better to diversify your investments and not get carried away by the allure of quick wealth.

3. Stay Frugal

Remember, you can only build wealth by saving money, not spending it. Sure, you’re going to have to spend some money, but you don’t have to inflate your lifestyle. It’s better to stay frugal, build wealth and have a firm financial position rather than squander your money on things that you really don’t need – especially over the long-term.

If you're into bookmarking too, you may want to hang on to this one. It's a great read and certainly some great advice!