Increasing personal wealth begins with having the right “road map” when it comes to spending money. If your spending encourages personal wealth building and if you are consistent, you will start building wealth. If you think that this sounds too simple it might interest you to know that simple wealth building is the way that the super rich do it (just do some research on the Forbes 400).
Too many of us try to make personal wealth building too complicated, and end up dependent on the advice of people who do not have our best interest in mind. So let us start with three simple strategies for increasing personal wealth…
1. Get on the Right Side of Debt
Debt is a product which is sold for the same reason that any other product is sold: to make the seller (in this case the lender) rich and to make the buyer (the borrower) a financial slave to the lender. If you are borrowing money you are helping someone else to build their wealth by transferring your wealth over to them. This is why 75% of the Forbes 400, states the first secret to increasing personal wealth is getting out of debt and staying out.
2. Get on the Right Side of Selling
Getting out of debt requires you to start taking on the role of the producer and a promoter instead of a consumer and a buyer. As long as you love to buy, there will always be people who are willing to sell to you and build their own wealth in doing so. But on the bright side of this, if you learn to love selling and promoting, there will always be someone to buy and to help you increase your wealth. Which leads us to the final strategy for increasing personal wealth…
3. Invest in Yourself First
If you are going to invest any money in a company, it might as well be your own. Business owners have unique advantage of being able to invest money in their own wealth building assets AND to avoid paying taxes on that investment (aka deductions). Starting your own business might be a lot of work, but it will help you to get on the right side of selling and it will give you something to invest in which will pay YOU back for years to come.
Now copy this article, and put it…somewhere that you can review it every day. Then, get started as soon as possible on applying these strategies for increasing personal wealth.
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