Money makes the world go round, sorry for the clich©s, I hate them too, but this isn't one because it sounds good - it is a fact. Without it we can do and be nothing. We need it to eat, live get to work and get more of it That is why so much importance is placed on its management and its acquisition. I have worked out a little plan that is sure to improve your wealth over a period of time once the effort is put in. At the moment, I am in the process of resetting my finances as they are in a less than ideal state right now due to some decisions made when younger, however thanks to my various activities I have been doing both on and offline a lot of the potential damages have been averted. I am making money, thank God but had I not been in this position, I would have a lot more coming into my pocket and not going towards repaying debts. My income (both online and off) would have looked a lot much better had not had so many debts to service, it looks quite good on paper if you do not consider the debts and I that is why I am working so hard to rid myself of these debts so I can really get to enjoy the fruits of my labor and I am well on my way to doing so. Below is the little technique I am using to help me achieve a debt-free existence within the next two years.
This is a new plan that came to me on how to grow wealth on a very tiny income. It may seem like a waste of time first but all it takes is determination and in the space of 2 to 3 years you will see the sense in it. Here goes:
Step One
What I want you to do is add up all the money you make on average per month. This has to be average because we want to break ourselves in a habit of saving a fixed percentage over a period of time and after a while it will be second nature to you.
Step Two
We are then going to break up that total into a couple categories they are:
1. Savings
2. Donations
3. Investment
4. Take Home
Savings
Should be anywhere from 10% to 15% of your overall income, the higher the better but never below 10%
Donations
This can be anywhere from 5% to 10% of your overall income. I recommend 10% due to my religious background and the basis of tithing. If you are not into Religion then find a worthy cause that you love - or come up with one of your own. There are people and things less fortunate than us everywhere we look, it can be handing out cash to people, giving gifts to persons and purchasing well-needed stuff for people or things from time to time it isn't really set in stone, find a school and purchase stuff for that school, go to your local library and ask them what they need, find a pet shelter, find a church, a hospital etc. The possibilities here are endless.
Giving makes you feel good, helps with depression and motivates you to make more so your 10% is more - trust me on that one.
Investment
You cannot make more money by just sitting by and living off the money you make on a monthly basis. In order to become wealthier than you are now you have to diversify your sources of income. That is where this category comes in. You can put aside another 10% of your income here specifically for this. There are tonnes of ways you can invest your money. But the most important thing is ensure that you know what risks you are willing to take and what sorts of investments you are interested in. This amount should be one that you have no problem taking a chance with, we do so everyday when we use our money to buy fast food and other stuff that we have no immediate need for. Instead of using that money these ways, you can use it to grow more.
I'd say set this anywhere from 5% to 10%, 10 being the more logical amount. Follow me for various investing ideas from time to time.
Take Home
This is the amount you end up with after you have taken all of that out of your income to do the above, this is what pays the bills and get stuff done. Ensure that there is enough left after all the above has been taken out so you can get by, if that is not the case after you have done all the above, you will have to adjust the amounts allocated to those outlined above to get to a reasonable amount to live off of. In addition, you will need to explore other sources of income to supplement what you already earn.
Conclusion
Amassing wealth and increasing your income takes time and dedication is certainly not an easy task. I will not be the one to give anybody the impression that it is easy and will work for everybody. It does have that potential but is dependent on the amount of effort you plan to put into getting this done, in other words, how much you make depends on your goals and how willing you are to put in the effort required to do so.
For this and other similar articles you can visit my blog SEO Tips
This is a new plan that came to me on how to grow wealth on a very tiny income. It may seem like a waste of time first but all it takes is determination and in the space of 2 to 3 years you will see the sense in it. Here goes:
Step One
What I want you to do is add up all the money you make on average per month. This has to be average because we want to break ourselves in a habit of saving a fixed percentage over a period of time and after a while it will be second nature to you.
Step Two
We are then going to break up that total into a couple categories they are:
1. Savings
2. Donations
3. Investment
4. Take Home
Savings
Should be anywhere from 10% to 15% of your overall income, the higher the better but never below 10%
Donations
This can be anywhere from 5% to 10% of your overall income. I recommend 10% due to my religious background and the basis of tithing. If you are not into Religion then find a worthy cause that you love - or come up with one of your own. There are people and things less fortunate than us everywhere we look, it can be handing out cash to people, giving gifts to persons and purchasing well-needed stuff for people or things from time to time it isn't really set in stone, find a school and purchase stuff for that school, go to your local library and ask them what they need, find a pet shelter, find a church, a hospital etc. The possibilities here are endless.
Giving makes you feel good, helps with depression and motivates you to make more so your 10% is more - trust me on that one.
Investment
You cannot make more money by just sitting by and living off the money you make on a monthly basis. In order to become wealthier than you are now you have to diversify your sources of income. That is where this category comes in. You can put aside another 10% of your income here specifically for this. There are tonnes of ways you can invest your money. But the most important thing is ensure that you know what risks you are willing to take and what sorts of investments you are interested in. This amount should be one that you have no problem taking a chance with, we do so everyday when we use our money to buy fast food and other stuff that we have no immediate need for. Instead of using that money these ways, you can use it to grow more.
I'd say set this anywhere from 5% to 10%, 10 being the more logical amount. Follow me for various investing ideas from time to time.
Take Home
This is the amount you end up with after you have taken all of that out of your income to do the above, this is what pays the bills and get stuff done. Ensure that there is enough left after all the above has been taken out so you can get by, if that is not the case after you have done all the above, you will have to adjust the amounts allocated to those outlined above to get to a reasonable amount to live off of. In addition, you will need to explore other sources of income to supplement what you already earn.
Conclusion
Amassing wealth and increasing your income takes time and dedication is certainly not an easy task. I will not be the one to give anybody the impression that it is easy and will work for everybody. It does have that potential but is dependent on the amount of effort you plan to put into getting this done, in other words, how much you make depends on your goals and how willing you are to put in the effort required to do so.
For this and other similar articles you can visit my blog SEO Tips
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