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May142014

02:56:10 am

How Can I Really Become Rich? - Five Principals to Get Wealthy

The first step I took was to look at my spending habits and tried to slash as much of the expenses as possible, I knew that the more I cut now the more wealthier and richer I would be in the future, for me the car went, the phone contract went, the excess spending on clothes and food also took a big hit, it was a struggle at first but for the first time in a long time I actually had some surplus income.

#4: Invest Your Money

#5: Keep Your Dream Alive & Live Frugally

I really believe that if I can learn and emulate the performance then I can make my money work hard for me, the blog aims for a 12% return on investment or 1% per month by selling out of the money puts, if you're not assigned you keep the premium, the site only recommends quality stocks which are technically and fundamentally strong so even if you're assigned you earn a dividend and then sell covered calls to make more money. The truth is that taking the fast route does not guarantee success, you've seen so many washed up celebrities or inventors or people with so called talent just waiting for a break that never comes.

The truth is you can become rich, the quicker you start the greater your accumulated wealth will be. I am now currently practicing by virtual trader and the results look promising, if you're looking for a really safe strategy which gives small returns that you can compound monthly with excellent rescue strategies to recoup your capital if things go wrong then I would definitely suggest this site.

What does it take to become really rich and prosperous, what does it take to become wealthy? There are quick ways to become rich but this only happens to a minority few who have either won the lottery, have a great talent, or have a product like the iPod or service that really takes off. If you hate losing capital and only want to make modest gains then this will really work, I'm really starting to believe.

The mistake I made in the past was using financial advisors to manage my investments, most of the time I would hear excuses about the markets and when there was a profit the charges would bite hard. I love reading personal finance books and am passionate about personal finance blogs such as the Simple Dollar which offer excellent advice to its readers. Within a space of a few months I went from saving nothing to having a surplus income of 1000+ per month, it really is possible if you think about #1 day in day out.

#2: Bolster Your Income

Previously when I had any savings I just left it in my current checking account which was earning me next to nothing, if you really want to get rich and wealthy you need to invest the money and make it work as hard as possible, don't take any losses, just look to make it grow and use the forces of compound profit to make the balance grow year in year out by looking for the best return. Every penny you save is getting you closer to your dreams, every moment you spend learning about ways to make, save & invest money as opposed to watching TV is helping you reach your goal even faster. After crunching all of the information I've come up with five principals that really contribute to wealth and riches, if you can practice these principals religiously, passionately and renew them daily then you will get rich eventually.

#3: Bank the Excess by Getting the Greatest Return

Become a true investor, don't hand your money over for others to lose instead immerse yourself into books about personal finance and investing, get to know your tolerance to risk, find a strategy that really works for you and one that shows consistent profits, really believe in the investment methodology and practice until you become proficient.

When I couldn't slash my costs any further I looked to increasing my income, I sold stuff on Ebay.com, I wrote articles online, I started tutoring and even took a part time job at a local supermarket to increase my earnings, I also looked to see what I was entitled to, as I had a family I was entitled to Tax Credits and Child Benefits. By religiously practicing these five principals and always keeping them in your mind and renewing them every day will get you closer to wealth and riches.



This may sound like a no brainer but how many people you see actually living these habits on a daily basis? You can take these habits as far as your passion and belief takes you. Life was hard when I was living pay check to pay check, I was concerned that I had no savings and any disaster would plunge me further into debt, I finally succumbed to the sleepless nights of worry and was determined to do something about it. I've probably spent a good proportion of the last three months just reading and learning from these people who have got their finances in order and are on the road to compounding wealth and riches. I came across an excellent personal finance blog called FullyInformed.com run by Teddi Knight and I immediately clicked with the principals, ideology, and methodology. The investor really made sense. I am currently saving my money in a 4% fixed deposit account which I can roll every two years, whenever I reach 10,000 I quickly set one of these accounts up and tie the money away.

It's easy to give into instant gratification especially if you've been use to for a long time; you have to remember that every penny you spend needlessly is stopping you from reaching the goal you've set yourself. What if you don't have a great product, or don't have subordinate talent Leadership Traits or can't think of the next product or service that will revolutionize the future, what then, what chance do we have to become rich beyond our wildest dreams?

#1: Decrease Expense


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