Friday, October 28, 2011

The Golden Rule for Building Wealth

There are many important things you must do to ensure your financial future will blossom. However, without the following Golden Rule for Building Wealth, you will not be able to employ any of the other techniques.

The golden Rule is - you must learn to live on less than your current income!! What this means is that you must save a portion of everything that you earn. It's that simple.

Most people will probably find this to be a difficult discipline to follow because most people are currently spending more than they earn. A scary thought and not a good plan for their future.

The simplest way to achieve the Golden Rule is to pay yourself first. Set aside a percentage of your paycheck, say 10%, and learn to live on the rest. This will likely mean cutting down on some expenses, but most of us will find that we can live without some of our current so called needs.

I welcome your feedback to this concept and look forward to providing further wealth building tips in future posts.