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11
Feb
2013

How to Create Spending Power

Posted by frederickj

Personal wealth building success starts and ends with your spending habits. The wealthiest people in America (the Forbes 400 that is) all have one thing in common when it comes to their financial habits: their spending is always directed towards financial freedom. This is why you never find rent to own stores, title loan companies and stores that sell 60 different kinds of lottery tickets in the wealthy neighborhoods. All of these are things which people spend money on which help someone else to become wealthy. This is why the practice of “Powerspending” is one of the most important strategies for increasing personal wealth. {Read More}

Posted in: Creating Wealth, Developing Wealth, Power Spending
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28
Sep
2012

Your Simple Plan for Increasing Personal Wealth

Posted by frederickj

Increasing personal wealth always has to start with a plan, and the simpler the plan is, the better your chances will be of following through and making it happen.

Too many people start out motivated to make a change in their financial life, and have a super ambitious and overly complicated plan. The problem with this approach is that when things start to get a little hectic (and in life, they do), a complicated plan is just too hard to stick with. So here’s a simple plan for gaining control of your financial life and increasing wealth. {Read More}

Posted in: Personal Income, Power Spending
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26
Sep
2012

How Simple Is Your Personal Investing Strategy?

Posted by frederickj

Is your personal investing strategy simple enough to where you can explain it to another person so that they understand it? If not, it might be time to reconsider your approach. Most people’s success in increasing personal wealth is equally proportionate to their ability to understand their investing plan.

Let’s face it, most of us aren’t financial experts and there’s no point in becoming one in order to succeed with increasing your personal wealth. Instead, you need a simple plan for personal wealth building and a strong desire to make it happen.

Let’s look at one of the simplest and most effective options you can start with…

The Foundation of Your Personal Investing Strategy

The foundation of any successful strategy for personal investing is to manage your existing cashflow. Believe it or not, every time you spend your money, you’re investing in something. You’re either investing in building your financial security or building someone else’s.

This is why the focus of Powerspending is to spend in ways which will add value to your financial future instead of taking value away from it. This is the first thing to do, before you start investing in real estate mutual funds, stocks or other types of investments.

So how can you start doing a better job of managing your current cashflow? Easy, you can layout a simple plan which will also prepare you for investing your money in things which will yield you a percentage in the future. My personal favorite is the four bucket approach to managing your cashflow. With the four bucket system, you prioritize your spending in these four categories and by these percentages:

1. First 10% to investing

2. Second 10% to giving

3. Third 10% to cash reserves (for emergencies and pre-planned spending)

4. Final 70% to paying your expenses

Notice that the first thing you do is invest, before giving, before paying expenses and before setting aside cash reserves for emergencies and planned purchases. Even if you don’t think you have the money to start investing, start anyway.

One thing you’ll find that marks a profound difference between those who enjoy financial freedom and those who are broke is this: if you invest first and then pay bills, you’ll succeed at personal wealth building.

However, if you pay your expenses first and invest later, “that later” may become never. Most of us are capable of living on only 70% (or even less) than our income if we just make the decision to do so.

Start your four bucket personal finance system today, whether you’re ready or not. It’s simple, and you’re more ready to get started than you probably think.

There is more…Click here to receive your free ebook on Personal Wealth Building and learn more…

 

Posted in: Creating Wealth, Developing Wealth
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31
Aug
2012

Is it a Good Time to Get Started Real Estate Investing?

Posted by frederickj

Many people who were once considering real estate investing for the purpose of personal wealth building are now afraid to mess with it, at least until the economy recovers. However, is it really a good idea to wait or are there still plenty of opportunities for personal wealth building by investing in properties?

Believe it or not, now is as good a time as any to invest in properties, it’s simply a matter of how you go about it…

Why Real Estate Investing Will Always be Safe

People will always be buying houses…at least as long as we remain a civilized species that lives in houses. I suppose that if we went back to being hunter gatherers that the real estate market might suffer, but I wouldn’t bank on that happening any time soon. Nope, as long as people are living in houses, real estate will be one of the most practical and effective strategies for increasing your cash flow or for your wealth building.

This is not to mention that even if you end up with a house that you can’t sell (without taking a huge loss that is), you can still use that property for creating a monthly cash flow by renting it out. Then you simply collect that cash until the market recovers and the opportunity to sell it returns. The great thing about real estate investing is that it can never go to zero and that it can NEVER become completely profitless.

However, you CAN fall flat on your face with investing if you don’t know what you’re doing. This is why there are a few things you need to do if you want to succeed…

Neutralizing Your Risk in Real Estate Investing

Anyone who is interested in property for increasing personal cash flow or for personal wealth building needs to do three things to get started:

• Get a mentor

Just get one, never mind the money you might invest in it. The money that you’ll save in learning by the “school of hard knocks” will be well worth it…and then some.

• Prepare your credit

Unless you plan on paying with cash for everything, your credit will be one of your most important tools for real estate investing. So before getting started, check your credit report (not just the beacon score) and do what you can to get anything removed which might cause doubt for a lender.

• Get control of your finances

If you don’t yet have control of your cash flow in regard to your current income and expenses, real estate investing is not a good idea…or any new financial endeavor for that matter. Use the four bucket financial system approach to get your spending in priority, then you’ll be much better prepared to execute your investment program.

These three things will help you get started with one of the safest and most practical strategies for personal wealth building.

Act now to receive your free ebook on  and learn more.

Posted in: Creating Wealth
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20
Jul
2012

Not All Dollars Are Created Equal

Posted by frederickj

Personal wealth building isn’t as hard as many people might think, but it does require a completely different set of habits that most of us are already used to. Many people don’t realize that it doesn’t take any more energy to succeed in building financial freedom than it does to fail. However, achieving this freedom does require smart investing and good wealth building habits, and those are not common knowledge.

In this article, we’ll be looking at some of the wealth building habits which are common to people who already have financial freedom. As you develop these habits, you’ll find that not all dollars are created equal. Instead, you’ll find that the value of a dollar areas depending on whether or not it’s being used by someone who understands smart investing and good money management.

Three Smart Investing Habits

There are three Smart investing habits which are common to anyone who succeeded in personal wealth building:

1. Simplicity

Smart investing plans are never overly complicated or sophisticated. Instead, smart investors only invest in things which they understand; this way they can effectively manage their risk and their emotions. When you over-complicate your investing plan, you have a harder time understanding the ebb and flow as you watch your returns fluctuate. This makes it tempting to bail out of the investment early, which is one of the reasons people don’t achieve long-term success with their investing.

2. Consistency

The popular financial coach and radio personality Dave Ramsey said: “a little bit of consistent effort equals a lot of results, while a LOT of inconsistent effort doesn’t equal much.” This is certainly true when it comes to investing. The more consistent you are in making investing habits, the easier it will be for you to stay committed and to achieve results. This is where the third smart investing habit comes into play…

3. Patience

One of the leading reasons why people fail to achieve such freedom is they expect results too soon. They want a lot of return in exchange for a little bit of effort, and thus they get involved in overly complicated investments or they change their investing plan too often to master any one type of investing.

If you want to get the most value out of your dollars and achieve in accomplishing financial freedom, you must adopt the wealth building habits which have made others successful: simplicity, consistency, patience. These are the foundation of effective personal wealth building and the keys to your success.

Before you spend any more money, download this FREE wealth building report.
Discover the simplest way to achieve financial freedom through the use of Powerspending.

 

Posted in: Developing Wealth
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09
Jul
2012

Personal Wealth Building – It’s Not Rocket Science, So Why Does it Seem So Hard?

Posted by frederickj

Personal wealth building isn’t nearly as complicated as some of us make it out to be. This is especially true when it comes to many of the financial experts out there. I always advise that if you sit down with a financial advisor and they can’t explain something to you well enough so that you understand it, then it’s time to find another advisor.

Personal finance doesn’t have to be complicated, and the simpler you make it, the more successful you’re going to be.

So why do so few people succeed when it comes to personal wealth building?

The Secret to Personal Wealth Building Success

The biggest secret to success with personal wealth building is that there is no secret. The wealthy and financially secure uses very simple and easy principles to achieve their success. However, as the personal development expert Jim Rohn said, the things which make a person successful are easy to do…but they’re also easy not to do. This is why so many people aren’t successful in their financial life.

It’s easy to invest the first 10% of your income every time you get paid, but it’s also easy not to do. Also, since the impact of this small decision isn’t noticeable right away, it’s easy to just say: ”No big deal, I’ll do it some other time.” This is because we assume it’s “not that big of a deal” and that the real “secrets” of personal wealth building must be more complicated and reserved only for the super smart.

If you think this sound crazy, here’s something to think about: real estate investing is the safest, simplest and most practical method for building wealth. Using real estate investing alone, you can create an enormous amount of wealth, and without taking a lot of risks (provided that you know what you’re doing).

However, more people choose the complicated methods like day trading, options and other methods which they barely understand and which therefore end up costing them a LOT of money. We have this idea that if something is too simple that there must be some other secret.

So What Can You Start Doing Today?

If you’re still searching for the “magic beans” for financial success, here’s something more important to do first: start using the knowledge that you already have, and start right now.

Ask yourself, for example;

  • Is there one thing you can start doing to improve your financial life?

 

  • What about one thing you can stop doing?

 

 

  • What program or system do you have already that you have failed to use as instructed to improve your financial situation?

 

 

  • What’s the point in searching for more knowledge if you’re not using what you already have?

 

So find the simple things you already know to do for personal wealth building, and get started right now…whether you’re ready or not.

Act now to receive your free ebook on Personal Wealth Building and learn more.

Posted in: Personal Finance, Preparing for Wealth
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06
Jul
2012

How the Rich Become Rich

Posted by frederickj

Personal wealth building is more about how you handle the financial challenges in your life than about how you handle prosperity.

If you look at the people who became wealthy after the Great Depression, you’ll find that all of them leveraged the sudden boost in the economy which came after the depression. These were the same people who continued to work and to plan with the understanding that prosperity WOULD return.

In fact, during the years of the Depression, JD Rockefeller said: “Prosperity will return, it always has and it always will.” This is a far cry from the mindset of the average person who thinks: “I’ve just got to make it through this.” Or worse, the fear as to whether things are even going to get better at all. It’s this distinction which makes the difference in whether someone becomes wealthy off of a recession or merely survives it.

The Value of a Recession

A season of economic scarcity is a time to sow and to continue to invest in your plans for creating wealth. You know what happens when you’re sowing seeds? Try it someone time, plant a seed in the ground, water it every day and check on your progress. What you’ll find is that for many days, you’ll see NO results at all….so why not just give up?

Because you have an understanding that if you continue to take care of that seed that it WILL break ground and that it will grow. However, even after it does, it will take a whole lot more care before it bears fruit. This means weeks of pruning, watering, fertilizing and waiting. However, if you don’t give up and if you continue to invest effort and patience, the harvest will come.

What Does This Mean for Your Personal Wealth Building?

Do you have a plan for managing your cashflow (even when it’s just a trickle) and for investing in your personal wealth building? If not, then you’re not planting any seeds. You’re simply relying on prosperity to return again and praying that it does soon. However, a written plan gives you something to tend to and to invest in when it really matters: when things are tough.

Think about this:

the time to repair the roof is when the sun is shining, but you do need a blueprint. This is why the four bucket system is one of the most important parts of your plan for increasing personal wealth and for achieving financial security. It gives you a simple blueprint for keeping committed to your wealth building plans. When you have this, even the toughest economic times become an opportunity to grow your success.

Act now to receive your free ebook on Personal Wealth Building and learn more…

Posted in: Creating Wealth, Developing Wealth
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27
Jun
2012

How to Stay Committed to Wealth Building in Tough Times

Posted by frederickj

Personal wealth building during tough times can be very difficult and most of the time it’s far easier to just say: “I’ll get back to my wealth building plan when I get back on my feet again.”

However, the more you get into the habit of saying this, the more often you’ll find yourself HAVING to say it. Building wealth isn’t easy, and that’s why so few people succeed with it.

If you want to be someone who succeeds, you have to stay committed rain or shine. Here are a few things to do which will help you with your building plan during tough times.

Never Put Your Wealth Building on Hold

No matter how slow you’re moving, it is important that you KEEP moving. When it comes to wealth building, this means that if you can’t invest your standard 10 to 20% without getting behind on your monthly bills, save 8% or 5%.

What’s important is that you do at least something and that you refuse to give up. Never, ever put your wealth building plan on hold. Even if you’re only earning $100 a week and you’re investing $1 of it.

Stay committed. Remember the Tough Times, Even When They’re Over

The more wisely you invest your money when times are good, the less often you’ll be met with times that are tough. The problem is that when the tough times are over and prosperity (or at least an increase in cashflow) occurs, we become overconfident and start spending money carelessly again.

Remember, it wasn’t raining when Noah built the arch, so be sure to be mindful of the tough times and use the times of prosperity to prepare yourself.

The more you do this, the more you’ll have to get you through the times of scarcity. To illustrate this, remember the story in Genesis of Joseph ruling Egypt. He received a vision that there would be seven years of plenty followed by seven years of famine. So during the years of plenty, he stored up food for use during the years of famine.

Because he planned this way, everyone came to him during the years of famine and he became the wealthiest and most powerful man in Egypt. However, this was only possible because he accepted that the tough times WOULD come….and they will, so remember them.

This ought to give you an idea of how valuable it is to plan for the economic seasons in your life and to stay committed to your personal wealth building, rain or shine.

Act now to receive your free ebook on Personal Wealth Building and learn more.

Posted in: Developing Wealth, Preparing for Wealth
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25
Jun
2012

Your Success Plan for Becoming Debt Free

Posted by frederickj

One of the most important steps in personal wealth building is getting yourself out of the bondage of debt!

Do you find this is easier said than done?

Are you asking?

  • What’s the quickest and easiest way to get out of debt?
  • How do I get started when I barely have enough money to make your minimum payments right now?

This article will give you a simple strategy for getting out of debt so that you can focus on your personal wealth building.

The Foundation of Personal Wealth Building

The foundation of personal wealth building always starts with making your financial freedom a priority, even over your living expenses. Of course, you still have to make sure that your living expenses are paid.

Have you ever tried paying the first fruits of your earnings towards achieving financial freedom? Before you pay any of your bills, pay a certain amount of extra money towards your plan for getting your debts paid down.

If you wait until you have enough money left over after paying your expenses, you’ll never get started. So the first step to personal wealth building is making it a priority.

Before you start Getting out of Debt

Before you start putting the first fruits of your earnings towards paying down your debts, set aside $500 to $1,000 dollars just in case you have an unexpected expense.

This is key to getting out of debt because most people get into debt as a result of financial emergencies. So before you start paying towards your debts and make a commitment to stop borrowing money and going into debt, make sure you have a cushion to cover you if something comes up.

Once you have this, you’ll feel more comfortable putting the first fruits of your earnings towards paying down your debt.

Treat Getting out of Debt Like Investing

One of the biggest mistakes that people make when they’re getting out of debt is trying to invest money AND pay down their debt. This reminds me of the old saying: “If you chase two rabbits, you’ll lose them both.”

Think about this, if you’re paying off a loan (or a card) that has an 18% interest rate, what’s the point of investing money and earning only 12 to 16%? Paying off debt at 18% is actually just as good as investing your money at 18%, because you’re avoiding paying the 18%.

So make getting out of debt a priority, set a cushion for yourself and make it your investment plan. Once you’re done, you can focus all of your energy on personal wealth building.

Find out about forming good cash managing habits…

Act now to receive your free ebook on Personal Wealth Building and learn more…

Article Source: http://EzineArticles.com/?expert=Frederick_James

Posted in: Personal Finance, Personal Income
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19
Jun
2012

Personal Wealth Building Starts With Paying Yourself First – But How?

Posted by frederickj

Personal wealth building starts with paying yourself first, and by now you’ve probably figured out that there’s no way around that one. However, this is much easier said than done isn’t it? It’s easy to tell someone to pay themselves first, but what if you hardly have enough to get by right now and you just CAN’T take the first step? Let’s look at a simple and practical way to make this whole “pay yourself first” personal wealth building strategy work in your life.

Personal Wealth Building Takes a Shift in Your Physiology AND Your Thinking

You’ve probably already heard about how you have to make a shift in your thinking so that you make it a priority to pay yourself first. But that change of thinking does very little when you still feel afraid of not having enough. This is why you have to make a shift in your emotional state (which is caused by physical sensations in your body) so that you can make the shift of thinking real. Try turning the fear around on itself by increasing your awareness of what will happen if you don’t start paying yourself first.

Will you have to work until you die? Will you be stuck in a job that you hate until you retire? Will you be suddenly faced with the possibility of bankruptcy if you get hit with a financial emergency? Lay out all the reasons that you NEED to start paying yourself first and start focusing on those instead of what you’ll lose short term. This will empower the shift in your physiology that will spur you to action.

Give Paying Yourself First a Try

Even if you don’t think you can afford to start paying yourself, you never know until you actually take it for a test drive. Agree to set aside 10% of your income into an emergency fund to begin with. Do this before you pay any of your expenses and put the 10% into a saving account where you can get it out if you don’t have enough to pay your expenses. What you’ll find is that the 10% will be left after you’ve paid your expenses and that no harm is done.

This will build your confidence that you CAN pay yourself first, then you can start moving the 10% towards investments which are harder for you to “take back.” Just do this for a month and remember to change your physiology by focusing on all the reasons why you need to pay yourself first. Before you know it, you’ll have plenty of momentum towards your personal wealth building plan.

Find out more…

Act now to receive your free ebook on Personal Wealth Building and learn more.

Article Source: http://EzineArticles.com/?expert=Frederick_James

Posted in: Personal Finance, Personal Income
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17
Jun
2012

3 Steps to Setting Your Goals For Personal Wealth Building

Posted by frederickj

Your success in personal wealth building will be largely dependent on your ability to set the right goals.

Goal setting is one of those things which seems simple enough until you actually try to do it. Then you realize that it’s easy to overshoot or undershoot a goal, or to have your plan fail or your motivation to run out within just a few weeks.

As a part of your aspiration to succeed at personal wealth building, let’s look at a simple method for setting and achieving your goals…

Step One: Setting a Goal

The first thing to do is to set a goal, any goal…it doesn’t have to be perfect and you don’t have to even be that specific. You also don’t need a plan as to how you’re going to achieve it. Just set something down, and you can get to the details later. Most of the time, people don’t even set goals because they don’t know how they’re going to achieve them.

If you knew how to get something, you’d probably already have it. You don’t need to know how your goal is going to work or even when you’re going to achieve it by. Just set one, and move on to the next step.

Step Two: Take Whatever Action You Know to Take

If you have a goal written down, chances are you know at least the first step that you need to take. Go ahead and take it, even if you have no idea what you need to do afterwards. There’s no point in knowing the next step if you haven’t taken the first one. However, once you take the first step, your creative imagination will automatically start looking for how to take the second one, and you’d be amazed at how resourceful you’ll become in finding it. Think of it like climbing up the floors of a building, the only way you can see the set of stairs that leads to the third floor is by climbing those which lead from the first floor to the second.

Step Three: Course Correction and Goal Refinement

This third step is a continuous habit that you never divest yourself of. Anyone who is really good at getting what they want is always refining their goals and the timeline of their goals according to what they learn from consistently taking action towards achieving them. Notice that the keyword here is to refine your goal, not to change it. Personal wealth building is a process and if you want to succeed at it, you have to get good at that process.

So set a goal, and start taking action, whether the goal is completely clear or not. It will work out as you progress towards your goal. Have much success with your personal wealth building. Get started NOW…

Find out more by getting your free ebook on Personal Wealth Building and learn more…

Article Source: http://EzineArticles.com/?expert=Frederick_James

Posted in: Creating Wealth, Preparing for Wealth
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