How To Build Wealth In The 21 Century
The July 2012 Money Magazine cites 101 ways to build wealth.
But they forgot one crucial way that some of the top entrepreneurs like Robert Kiyosaki, Donald Trump, Tony Robbins and Warren Buffet suggest.
Money Magazine does a great job of outlining where different age groups should be focusing their financial resources.
Great ideas on how to diversify you retirement portfolio between stocks, bonds, real estate and cash.
How to set goals, automate the process and develop tracking strategies that will get you the most when you retire.
The average American has at least 4 credit cards.
They suggest you cut them up or limit yourself to one.
It takes about 3 months to develop good habits.
Develop good savings habits by getting text messages from your bank or develop a rewards and punishment system for yourself.
Some, financial planners suggest you pay off your mortgage.
While others, insist you should maximize your mortgage for tax purposes and invest the money you would have used to pay it down.
If you do pay off your mortgage, you should continue paying the same monthly amount into a savings plan.
You can work for a promotion in your present job or look for a higher paying job.
You can work longer hours or take on freelancing jobs, after work.
Curb your enthusiasm, when it comes to making expensive purchases for your home or yourself.
Cut off your kids if they are still “mooching” off of you.
Or, maybe it’s your parents that are still “mooching.”
When family members need money.
Make it a loan with at least a 1.07% interest as required by the IRS.
Take advantage of all the tax trimming benefits the IRS has to offer.
You may want to increase your tax deductions to insure you get a refund at the end of the year.
You may want to sell off those dead stocks that have lost money.
Look for discounts, wait for sales, join a discount club to save on daily purchases.
These are all great suggestions but there is ONE that Money Magazine article did not suggest.
Build an online business!
As you can see in the video Robert Kiyosaki and many other successful entrepreneurs suggest developing as online business to reduce taxes and increase your income.
There is one online business that I recommend that will:
- Increase your monthly income;
- Give you a debt elimination software program;
- A business tracking tax system;
- Daily discounts on products you purchase daily;
- Identity theft protection;
- Discount travel prices;
- and language learning courses.
In addition, we have a team of professional online marketers who will train you on how to succeed on the internet.
The combination of having a good financial planner and an excellent business will accelerate your path to wealth.