Top 7 Strategies for Building Sustainable Wealth
By Socorro Curiel
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When most people think about wealth building, they imagine achieving overnight millionaire status. They donít really understand wealth building, so they create a fantasy to make it more comprehensive. One way to achieve that fantasy is to buy the winning lottery ticket or to get on a lucky winning streak in Las Vegas. However, that fantasy will be short lived because wealth building is not a get rich quick scheme.
For those of us who have studied wealth building, we understand that this is the science of creating sustainable wealth. There is a foundation that needs to be laid out and a sequence of events that need to happen in order for wealth to begin its accumulation.
Here are 7 strategies for you to begin the journey to building sustainable wealth.
- Know what you want and believe that you can have what you want. The clearer you are about what you want, the easier it will be to stay focused on that target. Have faith in yourself and your ability to attract all the wealth you want.
- Know your starting point and your destination. Figure out what your monthly cash flow is and what your total net worth is today. You cannot map out a journey if you donít know your starting point. Then, decide on a destination point. How much cash flow do you want to generate? What is the net worth you are striving for? You cannot map out a journey if you donít know where you want to go.
Create a wealth plan and follow it. The journey between the starting point and the destination is the map to your wealth. This is the path to financial freedom. Learn to put your wealth plan together at http://www.WealthLive.com.
- Manage your lifestyle. Understand your true motives for overspending and learn to live within your means. Learn to curb reckless spending habits and learn to create new wealth habits.
- Handle your debts automatically. Create a debt reduction plan that will allow you to pay down your debts without having to focus all your energy on that debt. You will make better progress if you're able to focus your energy on attaining wealth instead.
- Get educated about investments and open a wealth account. Investing without education is called Gambling, so get educated first. Learn to create new streams of income through a new business, an invention or an investment. Also, start putting money aside today for these future investments.
- Surround yourself with good people. Wealth building is a team sport and you should always look for great team members. Learn to find, interview and hire people and/or companies that will support your cause.
Socorro Curiel is a successful real estate investor and has been teaching wealth building for over 8 years. She offers training and coaching to people looking to build wealth and improve their financial situation. Register to learn proven wealth building techniques at http://www.WealthLive.com
Article Submitted On: February 05, 2008