Want to build your wealth stronger and faster? It all begins with a plan, consistently working that plan and some smart financial tips to boost your motivation and drive. Here are 25 wealth-building tips to help you on the road to excelling as a financially savvy woman.
1. Plan – It can’t be said too many times, you have to set goals and plan for the future. If you don’t know where you’re going, how will you know when you’ve gotten there?
2. Pay yourself first – Pay yourself 10% of your income first, before you spend it on anything else.
3. Get good financial advice – Hire a professional to help you plan for the future. They have the knowledge and experience to support your goals.
4. Talk to only people who have been there and done it well - For referrals and sound advice, only listen to people who have actually succeeded at what you are attempting to do.
5. Do your homework – Don’t be impulsive when it comes to your financial future. Take your time and learn all you can about money management.
6. Say “no” when it sounds too good to be true – Remember the old saying, “If it sounds too good to be true, it probably is.” Do your research and use common sense.
7. If you can’t afford it, don’t buy it – That sounds simple enough but often times it isn’t. Use the “sleep on it” rule – take 24 hours to sleep on it before making a decision.
8. Read everything carefully before you sign – Read the small print and ask questions if you don’t understand the meaning or the wording. Don’t sign anything that doesn’t make complete sense to you!
9. Begin a retirement fund as early as possible – No one wants to think about getting older but it is a fact of life. Being prepared will take the financial stress out of your senior years.
10. Stay positive and motivated about your financial future – Long-term goals are exactly that, long-term. It takes time and patient to make long-lasting wealth reality.
11. Diversify – Don’t put all your moneymaking eggs in one basket. Work closely with your financial advisor to make sure you have a diversified investment and wealth-building portfolio.
12. Pay off credit card balances every month – Avoid being charged interest by paying off the balance each month. This is a great way to stay within a budget too.
13. Understand what is happening to and with your money – Work closely with your financial advisor, accountant and tax attorney to make sure you thoroughly understand your finances.
14. Haggle and negotiate – Yes, ask for a lower rate or price. There is nothing wrong with asking.
15. Look at your insurance policies – As home values and car values decrease, shouldn’t you be taking a critical look at your insurance coverage?
16. Sell those things that are no longer needed – Thank goodness for Ebay because you can make money selling your unwanted items to people who actually want them.
17. Keep up the value of your home and other properties – Home values will rebound and it is best to maintain the optimal value on your property.
18. Residual or passive income – Develop additional streams of income so you can make money while you’re sleeping. Royalties, rental income, patents, etc. are all forms of passive income.
19. Have good estate planning – Your attorney and financial advisor can help you save money with well thought-out estate planning.
20. Develop an emergency fund – An emergency fund is money that will keep you afloat for twelve to eighteen months in case you are unable work.
21. Keep track of your money – Be proactive with your money management. Know how and where you are spending your money.
22. Budget – Yes, budget!
23. Get professional tax planning advice – Maximize your tax benefits. Hire a professional who knows what they are doing and follow their advice.
24. Vacation on extra money not on future money – Don't vacation on credit - it'll cost you in the long run.
25. Educate yourself – Knowledge is power and also peace of mind.
**Please check with a financial professional before making financial decisions. This article is not intended as investment or financial planning advice.**
I recommend David Bach’s Smart Women Finish Rich. I've included a link to Amazon.com: Smart Women Finish Rich
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