Monday, June 11, 2007

The Fastest Way to Build Wealth

The fastest way to build wealth is to have a written plan. Many people wish they could increase their wealth but they stop there. Just by writing out your goals and plan on paper you make your dream more concrete.

If you don't have written goals you need to start right now, especially when it comes to your personal wealth goals. It has been proven time and time again that people who have written goals achieve more than people who only have them in their minds.

To create your wealth plan you need to start off with where you are at. To figure out where you are at you need to know your net worth. Your net worth is just your assets minus your debts.

Next figure out what your goal is. If your goal is to get out of debt, set a specific timeline with specific steps needed to get out of debt. When I was in debt I bought a large dry erase board and wrote all my debts on it with the % interest.

Seeing it written everyday helps you stick with your plan. Now that I am out of debt I am trying to accelerate my wealth by trying to increase my income.

My written goal is to be financially independent by creating income equal to my salary at work. By knowing my goal I know how much income I need to create each day, and it seems much more manageable.

For example if you earn $40,000 a year you just need to earn $110 a day. When you break down large goals like that they seem very manageable.

Start right now by figuring out your personal wealth plan. You deserve the best that life has to offer. Remember life was not meant to be a barely get experience.

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