Are you looking to achieve financial success in the new year? Is building wealth one of your New Year’s resolutions? Do you want to become better at money management?
Many individuals start the new year determined to get their finances under control and prepare for the future, only to falter a few weeks or months later. This doesn’t have to be the case. Tips for wealth creation can help you achieve this goal, and following are a few that will be of benefit to anyone.
Money doesn’t motivate people, although numerous individuals think it does. Determine why you want to be in a better place when it comes to your money. Once you have this goal in mind, you can overcome any challenges that arise as you work toward the goal. For some, this goal will be a material item, such as a new home.
Other people, however, will find it is an intangible item, such as more time with the family. Regardless of what it is, make sure it is clearly defined.
Find an amount that you are comfortable with and put it in the bank. Only touch this money in a true emergency. Having this emergency fund gives you peace of mind, knowing you will not go into debt if an unexpected situation arises.
In addition, don’t spend as much as you make. Try to put extra money toward debt with every paycheck, as this not only helps to pay it off quicker, but saves you money in interest.
Head over to the library or look for free money management books for an e-reader. Study these books and learn how others have achieved financial freedom and built their wealth.
Learn from their successes and failures. In addition, when you falter in your plan (which you most likely will), don’t give up. Get back on track as soon as possible and move forward.
Anyone can build wealth, even those with little disposable income, using these tips for wealth creation. Make the necessary changes and keep moving forward.
With each success, you will become more motivated to continue on the path and before you know it, you’ll be out of debt and building wealth like those who make significantly more than you do on a regular basis.
Paul Baggetta is the Founder & Principal of Baggetta & Co. Paul Baggetta has been a Taxation Accountant for over 36 years, a Financial Planner for over 18 years and in 1993 qualified as a Real Estate Licensee, holding a Triennial Certificate (currently not trading), and operated his own Real Estate business for property investment clients for over 5 years as a second business.
Financial planning services provided by Paul Baggetta as an Authorised Representative (No. 261469) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services License No. 223135.
Taxation & Accounting services provided by Paul Baggetta as a Registered Tax Agent (No.61487008) and is a Member of SMSF Association, IPA & NTAA.
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.
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