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18 Proven Personal Finance Tips to Build Wealth ( #8 Will Surprise You)



Financial Freedom and Wealth Creation Formula:  Discover How to Build Sustainable Wealth and Become Financially Free


Financial Freedom can be described as a mood that pull the conditions, circumstances and events that empower everybody to bring it into physical reality. Almost all wealth normally takes place as a result of what you actually ARE on the inside, NOT what you actually DO on the outside. Always feel wealthy, then you will get wealth.  





Achieving financial freedom and building wealth don't have to be very hard if you have the knowledge and the needed tips.


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1...Create your Wealth Map / Proper Financial Planning  

Having a financial plan is very important because it can easily assist you clear out your debt, prepare for a retirement that is enjoyable and then save for the things you really need. Now if you want to stop living from paycheck to paycheck, I believe it is high time to start following a financial strategy that is balanced.  



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There are some ways to financial planning: Budgeting and saving; investing; and retirement and estate planning. You must work on all these in order to have a good financial picture.

You have to know that there is no other way around it because even if you donít like the idea, one of the main things of managing your money successfully is budgeting. It is actually not the negative task which so many people think. It is actually not a financial diet and it isn't what relieves you of what you actually you want.

Budgeting assists you to see the way and where you use your finance. It will also help you with the right way to use your finance in order to get what you actually need. It can assist you to strategize your debt elimination and also start saving for the future.

When you use the right steps to budget, you are simply laying out the right strategy for your financial future. You are knowing what you have to save for and the right way to go about it. Now with a good budget in place you can easily start a savings plan that will assist you in meeting your financial goals on long term.  




The fact is with a budget, you will be able to know the place in which you can easily save money. You have the opportunity to enhance your financial situation monthly.

There are so many people who think that investing is not for them. However, investing is very important in starting your future. All you are needed to do is to just educate yourself and then start. You are not required to have so much money to start investing. All you have to do is to easily start investing and let your money grow little by little.

One of the best ways to get ready for your retirement is investing. If comfortable retirement is what you want then it is never too early to start planning. Everybody want to enjoy their life during retirement but without good planning, you will use most of your golden years working and social security will not be there when you finally get to the age of retirement, even if it is there, it definitely won't be enough to maintain the lifestyle you currently have.  




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With the right strategy, you can look forward to retirement. So along with retirement planning and putting yourself in order, you will need to have insurance which is good that will cover the right emergencies that may come up. The priorities here should be generous life insurance and good health insurance. Property insurance is also needed because it covers all the hazards in your area. Disability insurance is also a very good idea only if you can afford it.


2...Education is extremely important

Education is a must for everybody no matter where you are in the world because it is the process of getting knowledge. It is actually the way of creating a very civilized society. Education and Literacy are two things that are different. Education means the ability to reason and being literate means to be able to read and write. All countries around the world invest so much in making sure its citizens are educated. Education assists a person in becoming a better human being, earn a good living and live a very good life. You have to be aware that in every society after shelter, clothing, and food, education has become a necessity.

Education assists in growing a better society, because it shows man so many things like basic etiquette, rules, regulations and how to behave with others. It also assist in growing a society of people who are civilized and working for the good of each other. Citizens that are educated can easily differentiate between right and wrong. They know their fundamental duties and rights and also follow laws which govern the country.  

It also assist in making people earn a good living. Being educated when you have a business helps you think about the modern ways to move your business forward. Education also assists you to afford a luxurious life thereby offering you financial independence.

Education also plays a very good role in taking the economy forward. An economically independent and educated country is a big asset because it helps in building lots of self-confidence. It gives you the required ability to take informed decisions and also assist in communicating thoughts to other people in a very effective way.

The best benefit which education brings is to help people think against the illogical. It assists in fighting against the superstitions that so many people who are uneducated follow blindly. People who are educated normally think rationally and also make arguments which are based on scientific reasoning. Education also keeps you informed of all the new developments and happenings around the world and assist in keeping pace with the evolving technology.


3...Define your long-term financial strategy

A lot of people save so much money, or sometimes buy investments for the purpose of making money for big investments such as buying a home, future education or having a healthy retirement fund. Almost all of these things can easily be accomplished, if you know what to do, and the dangers to avoid.  






Now what is the end goal of your financial efforts? Letís say you have set a goal, what you will need next is to have a defined goal time to have it completed. Your goals need to be based actually upon common sense, and they also need to be very achievable. A good aim is to easily write those goals down, and also quantify them with a financial amount. You have to know that an example of this is to simply figure out the right amount of money you need for the down payment on the house? How much do you need to save for that college fund? Whenever you quantify your goals, then you will be able to take clear steps to achieve them.

Now if you begin your financial planning early, you will have more chances to make any changes and also to follow your investment plan very smoothly than anybody who starts out very late. You have to know that life brings many changes, and there is definitely going to be changes in our financial situation. But it's not a terrible thing if you start out late, just that you won't have as much room as any other person who started out very early.

Good and long term financial planning is all about setting the right financial goals you intend to attain at some point in the future and that will determine money habits presently. Long term financial strategy is what actually brings your current money management habits in compliance with your goals.

 4...Buy a property when you are financially ready

I know youíve probably dreamt of owning a property for a very long time now. But recently, your dream has become more like a driving force than a twinkling in the eye. Maybe all your friends are currently buying homes and also asking you to do same. Or letís say your rent was just increased again. Whatever the case is, you just canít wait for another year to purchase that much needed property. But currently the fact is you arenít quite sure if it is something you can easily afford now.

Now what is your financial situation like currently? Do you think you are on top of your bills? Have you cleared all your outstanding debt?

What if you are currently struggling financially just to pay off your bills each month, so it probably wonít be the right time to purchase a house? Just because you are no longer giving that payment to another person and instead putting it into an asset you actually hope to own soon doesnít mean you can easily make the payment each month. You need to make sure you have the right cash flow for the monthly payment, and also some to put aside for some repairs and maintenance in the future.

You have to be aware that, buying a property is not actually about the down payment and closing costs. Furnishing the home and filling it with the stuff you want is also needed to be taking into account. You also have to consider moving. Now all of these things cost lots of money. This is the reason itís very vital to have a very good amount of money put away to handle all of these expenses that will arise. You donít have to get into more debt because you want to purchase a property.  

How secure your job is and what you actually do for a living should play a very big role in your decision about buying a home or not.

Always give good and careful thought to your unique situation before you can make the right decision to buy. Because, you may not actually know what will happen in the nearest future, but if currently you donít have a secure job, then you probably arenít in the financial position that is good to purchase a home.


5...Pay off your loans and mortgage loans and be free

Student loans and mortgage debt are sometimes seem to be good debt because they are types of debt you take on in order to buy something that can easily increase your net worth. Some bad debt includes credit card debt, auto loans, and other consumer debt use to buy things that depreciate in value.

No matter the classification, at some point debt still needs to be paid off. And if you normally get a few extra money monthly, you can easily ask yourself: Should I make fast payments on my mortgage or student loans and which exactly should I choose to pay off first?  




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6...Reasons to pay off your debts early

There are a lot of arguments to be made concerning paying off your student loans and mortgage very fast. For instance, when you pay off your mortgage or student loans very fast, you will enjoy the following benefits.


        Less Risk. Are you aware that if you have debt payments, you must have income to cover them? Now if you are debt-free, a job loss, disability, or any other temporary loss in income wonít put you at much risk to ruining your credit or losing your home.

        No More Wasted Money on Interest. While you can easily take a deduction in tax for mortgage and student loan interest (if your income falls below a certain threshold), the deduction wonít cover interest costs completely. Money saved on interest gives a very good return on your investment while Money spent on interest is actually wasted.

        More Financial Freedom. You have to be aware that without a student loan payment or a mortgage payment, you can easily do whatever you want with your money Ė including saving for retirement and building wealth.

        Elimination of Non-Bankrupt able Debt. While bankruptcy can simply help resolve some debts as a last resort, student loans are not resolve in bankruptcy and also you canít clear your mortgage debt in bankruptcy, so if you really want to keep your house you will have to pay it off since you canít wipe out mortgage or student loan debt.






7...Avoid extravagant spending

We all have those spending habits that are bad which normally break the budget on a monthly basis. Maybe you are always needed to have the electronic gadget that is most up to date. It could be that you normally buy something thatís on sale, even if itís not what you budgeted for.

Now no matter what it is, you definitely know itís a big problem. If youíve made your income statement, then I know you have probably getting to see the dollar figures your overspending is associated with.

You have to know that what some people normally see as overspending may be right in line with you and your budget. You canít always go by those financial rules of thumb you hear about.

What I actually mean here is, if you have started cutting back on spending in some other categories so that you can always dine out four times a week, then more power to you. You already know whatís very essential to you and has made it happen by being frugal in some other areas.

Now if your budget is actually functioning well and you have started meeting all of your goals, then overspending in that category isnít an issue for you. Donít let anyone tell you it is.  

But what if that isnít actually the case here? What if you have planned to spend $100 dining out a month, but eventually end up using $400?

Now this is a habit that is very bad and itís actually time to face the issues and solve it until you it is fully under control. As you are aware already that itís making you not to save money or even worse, causing you to fall more into debt. Now thatís probably not what your goal is.


8...Have several income streams

Do you know that an average millionaire has 7 different streams of income?  According to so many experts, making money through different streams of income is a big factor when it comes to how successful financially you become.

Making money from a lot of source is one of the best ways to wealth, most especially when you are able to create passive income streams that donít need a lot of effort and time on your part.

Multiple Streams of Income is a method of making more than one type of income from more than one source.

The fact is it is very helpful when you diversify your income through many streams, because if one type of income close up, then you will simply have some other sources to help you keep going without taking a big hit to your financial situation.  



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If all your income is coming from one job, then youíre actually putting yourself at great risk because if your company decides to relieve you from the job, then you will have no income until you find and start another one. That means you have a very small control over that stream of income.

Now earning income from different sources assist you to be less exposed to some financial risk. But beyond that, when you have different streams of income, youíre much more likely to generate exponentially more income than when you only make money from just one source.

It helps you have more control over your financial life than when you make income from just one or two sources.


9...Invest in business opportunities

Business opportunities are very good when you know exactly what you are doing and also what you want. So many people let a very good business opportunity pass them by or they will sometimes jump into something when they actually don't know what they are getting themselves into. A business opportunity is only as good as the person who is actually investing in it. When you do things the right way then your business will expand and grow.

There a lot of things that you should keep in mind when you want to get involved in some business opportunities. Donít ever believe the claims that you can easily make money with little or no effort. Any business opportunity you will come across will require you to put in a lot of time and effort so that you can simply make the business opportunity work out. Because there will be no guarantee that the business opportunity will flourish if you are not willing to put in the effort.

If you see an opportunity and you want to start a certain business then you should get all the required details in writing before you commit to anything. If you are in contact with anyone who is selling a business opportunity or franchise, then you have to get all required details from them. These details should include any past financial information as well as some predictions for the future. Seeing all of this information written down can assist you to get a very good picture of what you might be getting yourself into.

You should always have it in mind that almost all business opportunities are not without their risks. Most times people invest thousands of dollars into a business opportunity or company and then are surprise when the company fails or does not live up to what they actually expected and they start wondering what they are going to do now because all their money is gone. So many people always forget that there is a very good chance that they will easily lose everything.


10...Diversify Your Investments

A lot of investments are very risky; you have to know that no matter the experience you have in investment it is always a very risky business.

The fact is there is nothing like a risk free investing, although some types of investments are actually more risky than some others. This is one of the reason, it is very necessary to have a stock portfolio that is diversified enough to offer some insulation from losing everything due to one bond, stock, or fund performing very poorly while so many others are doing very well.  

Diversifying your portfolio help in reducing the risks you take by investing carefully. "Donít ever put all your eggs in one basket". Your investment portfolio needs to be diversify so that one stock wonít make you lose all your investments. You have to feel very secure that your investments are somehow secured to some extent despite the many fears you will face. You need to have a sense of security so that you can continue building and investing in your financial future.

There are different types of investments, different sectors, different companies, different types of stocks, funds, bonds,  foreign exchange market, and others that has different types of risks each and also different type of security it normally depends on how you strategize your investment portfolio. Always make sure that your portfolio has a mix of high risk and conservative investments to ensure profits.


11...Have a Long-Term Perspective

It is very important that we always anticipate change and also build for some decades to come in all our different business. Because we sometimes mine natural resources in quarries that have long life spans. Therefore, we strategize on how we will use these resources to the best benefit of all the stakeholders. Now itís only when we do this, we can ensure a supply which will meet the needs of some existing and emerging applications. In the area of investing this is very true.

Diligence, time and patience are all investors' best friends. Long term investing always results in compounding effect in increasing the wealth. Compounding is a process where the interest is added to the principal amount which in turn makes more interest. So over time the startup investment multiplies phenomenally.

 12...Passive income

Passive income can be defined as an income which is gotten as a result of growth in capital or maybe in relation to some negative gearing. Passive income is normally taxable. Now from the above explanation, a recurring income usually comes from somewhere that is not important for you to even actively participate.

This means you can easily earn an income stream even when you could be out there having fun with your kids, partying on the beach, having fun with your spouse all day and be easily making money on autopilot.

Donít you think that sound like a very good lifestyle? These are just various methods you can use to make passive revenue online.


        Real Estate - Buying and renting out some rental property is a very good way to earn passive income.

        Online Store - If you have any type of internet business, you can simply earn so much money on autopilot by driving lots of traffic to your online store.

        Stocks - Now you'll have to reason with a broker to know what is the best stock option for you personally because in this instance what you are looking for are stocks that pay dividends.

        Free Reports - With this you are going to write a very quality eBook teaching people how to do something so you will have to put in lots of your time into this because you are expected to give away lots of value in the free report.


13...Put your money to work / start earning more money

Do you know that what actually differentiate the rich from the poor is just that the rich let money work for them while the poor work for money? If you seriously want to be rich, then you need to know how to get your money to work for you so that you wonít be the one working for it.

The more you put your money to work for you the less money you will need to be free financially free. Now how do you make your money work for you so you don't have to work?  

When you want to know how to make your money work for you the most important thing you have to do is increase your financial education. When you start increasing your financial education the greater return on investment you will attain and the less money you need to be free financially.

You can easily start by reading some finance books. You can also be a part of an email newsletter which gives advice and tips weekly on the best way to increase your financial intelligence. There are a lot of ways to easily learn about money, but the essential thing is that you start learning because the more you learn the better return on investment you will always get and then you will become simply free financially.


14...Stay out of debt

Money is a very simple idea. We can exchange money for the goods that we want and we can also use that money on anything else. Where it usually gets complicated is when I need some goods from you now but I do not have the required amount of money to pay you. This is how loans and debts normally come about.

Itís actually good to borrow some money today and then say I will pay you next month because I am expecting some money but what will take place if the money I was expecting does not get to me? This is exactly what happens when debt becomes an issue.

To get the money I will use in paying you I will need to lower my spending on any other thing. We have evolved a way of life that is dependent on borrowed money where we have things today and promise to pay for them next month or next year.

Now how can we manage to stay out of debt so that we can easily avoid all the issues it brings along? First all we have to do is change our philosophy because our parents and grandparents never got all the things they needed straight away. Whenever they needed something, all they do is saved up for it. Most times when they are saving, they will come to a conclusion that it doesnít actually matter and they will simply put the money to another thing which they really want.

We are normally used to getting all we want at the exact period we want it but the satisfaction we usually get from buying new things passes away soon and all that is left with us is just the debt. So you have to change the way you think and also reduce your spending on unimportant things and then start using cash to buy things. When you donít have cash with you just stop spending.

The truth is we will be better off emotionally and financially, if we learn to buy less stuff. You have to know that shopping is not entertainment. So if you really want to stay away from debt, you have to stop using money very rough and simply look for other things in life to enjoy that cost much less.  






15...Build wealth wisely

One of the common goals most people really want to accomplish is building wealth. But most issues along the road usually make this goal very unreachable. When you are face with so many problems in life; all you have to do is always ask yourself some questions which will assist you in solving the issue not question which will make you place your focus on the problems. You can start by asking yourself some questions, below are some questions which you can get started with.


        What skills do you have in money management?

        What is your current net income and what does it cover?

        What decision making skills do you possess when it comes to money?


After answering these questions, you will have to move to the next step which is to know the right way you can use in building wealth with your current income. There are so many books out there which teach how to build wealth wisely with the income you currently have. A lot of financial expert normally agree that "poor money management" is the most common issue which most people normally face and one of the problems of Poor money management is so many bills and just small money to clear them. You need to learn how to always hold yourself accountable on how to manage your money. Just do your best to strategize any expenses that is big and small which at the very end assist you in making very good decisions!  

Just ask any person who is wealthy how they made their wealth, you will never hear them say they had a good high paying job, or they sold few things and then became very wealthy. What you will always hear them say, is that a wealthy person is very smart with their investments and normally find a good way to generate a passive or residual income that keeps growing even when it is not being developed actively. One of the common mistakes most people normally make is thinking that their wealth will grow with high paying job alone.

Achieving wealth with the income you currently earn is very possible but you need to know the right way to make good decisions and keep an open eye for investment opportunities which can easily assist you grow the income you currently earn. All you are needed to have is a positive outlook by using your powerful mind. You need to trigger your sleeping brain so that you can make use of it.


16...Invest in great businesses for the long term

Do you know that long-term investment is the method of buying and holding investment securities that you believe might compound wealth indefinitely into the future? Long-term investing is all about depth of vision, character, and the cultivation of patience, about the person you are and who youíve actually made yourself to be.

The purpose of life is not to actually manage your investment because long-term investment needs less of your time. Your work is usually done when you purchase a high quality stock which you actually believe will maintain its competitive advantage indefinitely.

All you are needed to always do is easily check in on the company periodically to ensure it is very well. Now when exactly do you need to always check in?  Quarterly is usually good enough.

You wonít have to start looking for any other quality investments today, tomorrow, next week, next month or even next year because the money youíve already invested is compounding away safely.

The fact is long-term investing is always successful because of its benefits. If you actually invest for the long-term then you will need to focus on businesses which has strong and durable competitive advantages.  




17...Retire wealthy

So many people don't really think about the future so they don't plan accordingly. Research show that over 90% of the people currently working will retire without them having enough money coming in which they will use to maintain their current lifestyle. Almost all of these people will become very broke and just a little percentage will actually retire wealthy.

Most of these people who retire wealthy have some things in common and the first is that they all own their own home. It's very difficult to build a very big fortune if you are throwing money away towards rent every month. Another thing they all normally have is the fact that they own a business with a little percentage having a very good paying job. One other thing that is very common which they all have is that they saved and invested their money.  


18...Save Money and Own a Business

So if you actually take these 3 things: Save money, buy a home, and own a business, then you have a very good opportunity of retiring wealthy.

The truth is every one of us actually want to be very wealthy but the difference between those that have attain wealth and all others who have not achieve it yet lies in the various methods both the wealthy and poor respond to their doubts, strengths, beliefs, fears and weaknesses. The main reason you are still poor and average is because you normally fall back whenever things go in the direction which you did not expect; this is the time when fear of losing money comes in; and now what do you do? The most common thing people which are average do at this time is to look for security by giving up. Now you have to know that this is not a winner mentality, and if you must change from your present place of financial insecurity you must pay the price and chose freedom. So it is usually at this very point that so many people fail because they are normally faced with the very urge to go back to their comfort zone; which is usually their jobs.

So if you really want to take full control of what you do today in order to be able to change your financial standpoint tomorrow, you will have to review your current financial position and draw up a strategy of action to assist you reach your financial destiny.

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