How To Attain Financial Success
It’s time to start living well and finding your way to financial freedom today. How do we do that? Let us begin by taking a short test shall we? Answer these questions independently of each other.
How often do you pay your rent?
How often do you pay your mortgage (if any)?
How often do you pay your utilities?
How often do you pay your grocery bills?
How often do you pay yourself?
Wait a minute-was the last question misplaced? No, it’s there for you to realize something. Think about it, when we begin making money, usually we pay everybody except ourselves. It’s because we believe that by the time we pay off everything we need to pay, almost none else is left for us.
This sounds reasonable, but let me tell you a better way to attain financial success-take a portion of the money you made and keep it for yourself. This has been done by the very wealthy for hundreds of years.
The ancient and very rich civilization of Babylon, have laws of financial success plan we can practice today and one of those is to pay yourself first. Take away at least 10% of your earnings and put it in a ‘financial independence account’ which is the first step in your wealth building-and only after will you begin paying off your debts.
A portion of this financial independence account should be used to make payments on your insurance premium. Insurance premiums are good investments that don’t require a lot from you. Save the rest of your money. If you don’t spend your savings and the interest it yields, you will have a considerable sum you can invest with soon.
Now, some of you might have some debts that need to be paid. How are you going to climb your way to financial freedom if you have creditors waiting to cash in your paycheck right? What you need to do now is create another account, the Debt Clearance Account.
To put it simply, your debt clearance account is 20% of your income; this is used solely to pay back all your debts gradually. Write a letter to the creditor and let him know your financial plans. Guarantee him that as you keep making money, you are allotting a certain figure a week or a month for him until the whole amount is completely paid off.
What you have now is a personal savings account, a debt clearance strategy and a clear financial picture of where you want to go. It is easy to begin and successfully pursue your wealth building plans now.
Learn more about buiding wealth in six minutes a day. Stop by Six Minutes to Success, and find out what it can do for you.
