Tag Archives: saving

6 Must-Do Practices To Reach Millionaire Status

This blog was written by Matt Reiner the CEO of Wela, a digital financial advisory service.

You don’t have to be the next Mark Zuckerberg or CEO of Apple to reach millionaire status. In fact, we’re seeing the “millionaire next door” mindset pushing more people into this status at retirement, but it’s still taking a lifetime to reach this goal. What if we told you that you could do it sooner? Maybe even as soon as your 30’s? Combine some ambition and perseverance with smart financial decisions and you could have what it takes to be a millionaire…before retirement.

The road to prosperity is paved with good business strategies and responsible financial choices. Check out these simple but powerful practices you can apply to your day-to-day life that may help increase your wealth enough to reach that seven-figure mark.

1. Develop Multiple Streams Of Income– Find an opportunity where you have the ability to increase your income. Making more money is easier said than done, but if you can find several ways to rake in some extra cash it can help you grow your net worth more quickly.

In a five-year study of self-made millionaires, author Thomas Corley found that most of them had three or more streams of income.

After doing some research and consulting with a financial advisor, you may want to start investing in the stock market. The stock market has many ups and downs so think long-term when you ride out the waves.

Or if you’re the entrepreneurial type, start your own business on the side and work on projects you’re excited about. If you develop a product you love which you’d use yourself, create an online store or sell your products through other vendors.

2. Focus On Your Overarching Goals – When you start making some extra cash and increase your savings, you may be tempted to buy a new luxury car or designer clothes. Although these purchases would be a nice treat, it could spiral into blowing all of your savings for the future. Don’t let all your hard work vanish after splurging on a few big purchases. People who are determined and focused tend to attract (and keep) more money; so make sure you are respected for your work ethic, not the extravagant items you buy.

3. Put Your Savings To Work By Investing – Consider increasing your savings by investing. Put your money in an investment that you can’t easily access. You can start by contributing to your 401(k)and taking full advantage of your employer’s match program if they offer one. Once you’re taking advantage of any free money your company is offering, consider adding money to a traditional IRA or Roth IRA.  Jason opinion “For this part I don’t recommend investing in 401(k) or IRA, don’t rich doesn’t do this and why should you. You need you saving working hard for you right now and right away. If you ever get fired from that job you will need to transfer those funds to something else and then you will get very little returns anyway. Plus a lot of people withdraw money and they usually buy a boat, car, or a down payment on a house.”

4. Keep Learning – The safest investment to make is in your future. Build a plan, set goals, read books, blogs and listen to podcasts. Expand your mind with good information that will help you reach your goals sooner and more securely. Be willing to learn and talk with others about multiple subjects. By furthering your education and professional development, you are setting yourself apart from others. You don’t need to be the smartest person in the room, just try to be the most prepared.   Jason – “never stop learning, so much info out there”

Don’t let mistakes paralyze you from reaching your goals. Invest time and energy to plan for the future and learn how you can improve. There are multiple paths you can take to achieve your goals and being versatile will lead you to the quickest solutions to your problems.

5. Shoot for $10 Million, Not $1 Million- People often believe that becoming rich is out of their control, but the rich understand that by committing to their financial goals and continually working towards them, their financial future is in their hands. When you change your mindset about money, you may begin to see a clearer path to that millionaire title.

If you believe you’re thinking big, think bigger. To get and stay rich you should make it a priority. Those who strive to be successful and have a positive mindset are more likely to reach their financial goals. You don’t want to be thinking back on what you could have done.

6. Associate Yourself With People Who Inspire You And Have Similar Goals

If you are around people who discourage you from going after your big dreams, you have to learn to ignore them. Prove them wrong, but be humble about it. Your results will speak louder than words.

The truth is that millionaires think differently than most about money, so surround yourself with hard workers who have a similar vision. We become like the people we are always around, so steer clear of the doubters and nonbelievers.

Matt Reiner is CEO of Wela. As a founding partner and Portfolio Manager, Matt also coordinates the Investment Committee and translates the decisions into trades and allocation adjustments within the Wela Models. Matt also serves as a Partner for Capital Investment Advisors (CIA). Matt uses his experience and education in Financial Services to craft the digital advisor experience to bring users the same level of personalization they would receive from a traditional financial advisor. 

 

For more info check out similar post and other information. Great info.

http://financialplan.about.com/od/savingmoney/fl/6-Must-Do-Practices-To-Reach-Millionaire-Status-At-A-Younger-Age.htm?utm_content=7199855&utm_medium=email&utm_source=cn_nl&utm_campaign=moneysl&utm_term=

 

Tips on improving your Credit Score

Tips on improving your Credit Score

Key to having a great credit score is to make your payments on time, esp credit cards.

Your biggest ally (healer) is TIME! Time heals all with credit scores but you need to make payments on time and above the minimum balance.

Ways to improve your credit score:

  • Get a credit card and have it link to a bill like a cell phone and/or gas bill, and only use that credit card to pay that one bill. Set up automatic payments so that the monthly bill will automatically charge your credit card on file. Don’t use the card for anything else lock the credit card away in a lock box or desk. Every month as you making payments your score is going up. – Don’t abuse those credit card keep those balances low
  • Debit cards from your bank that you use with a pin number do not count towards your credit score because this money is coming directly out of checking out and no line of credit is giving to you. So debit cards do not help to improve your credit score.
  • Try to get another credit card and repeat the process this time use a different bill like car insurance and gas, and think of this credit card as vehicle only use. Gas / Car Insurance / Repairs – you will need a minimum of three credit cards.
  • If you have a family member with a great credit score and is welling to add you to their account and the family member can hold on to the credit card to be on the safe side to make sure the card is not being miss used.
  • When you are about to buy a house do not make a large purchase like a car, because now the bank has to redo your file, and now you bought a car that has no credit history, no payments, and is a full balance, another thing to remember once the car loan is paid off the account will close and the payment history will close with it, and over time the credit score will drop. So that is why it’s a good idea to have three credit cards on file.
  • How do companies fix my credit score? They sent out 100’s of letter asking to prove that discrepancy on the account and if they can’t prove it by responding to all 100 letters than they have to remove the discrepancy on your account and they process repeats, sometimes this take months to work.
  • Mortgage Companies take the middle of the three credit scores from the credit bureaus = (Equifax, Experian, TnasUnion) // Car Loan Companies usually only go with just two bureaus and use the better of the two.
  • Don’t forget to check your credit score by getting your free credit report

Why do people don’t invest.

Why do people don’t invest

I have been asking people for years why they don’t invest, besides the fact they don’t know what to invest in or they don’t know where to begin, not those people, but the people that don’t invest period even if they know what to do and still don’t want to invest, and one of the problems they tell me it takes to long to get some kind of return on your money and start enjoying your investments. A lot of people want to see results right away and start seeing returns asap, so they can enjoy the money now and not when they retire years later. These people are usually investing in the wrong things to begin with and have not learned of other investment vehicles

Why do people don’t invest.

I have been asking people for years why they don’t invest, besides the fact they don’t know what to invest in or they don’t know where to begin, not those people, but the people that don’t invest period even if they know what to do and still don’t want to invest, and one of the problems they tell me it takes to long to get some kind of return on your money and start enjoying your investments. A lot of people want to see results right away and start seeing returns asap, so they can enjoy the money now and not when they retire years later. These people are usually investing in the wrong things to begin with and have not learned of other investment vehicles