1) Find out where your finances are right now: both assets and liabilities. Get your papers organized and your bookkeeping up to date. This will give you a snap shot of where you are at financially today.
2) Set up a monthly budget for expenses going out and income coming in. If possible, put away savings--even if it is a little bit. Remember, small amounts add up to big amounts over time, whether that be for savings (+) or for debt (-). Once you know your monthly expenses and your budget is balanced put some of your savings into your investments.
3) Find ways to eliminate debt. Do you have immediate debt to pay off? If you do, make a plan to put a certain amount of dollars on your debt. Even if you can get a lower interest rate to pay off a big sum of money at a higher interest rate, that will help to eliminate debt. Pay over and above the minimum payment to pay off your debt. Perhaps you can work at an extra part-time job or business purposely to get out of debt.
4) Go to work if you have a job and if you need a job find work. If you have a job, give yourself credit for getting up and going to work everyday. That is excellent. If you work on your own business, continue to do that. If you have a job but still need extra income start a side business. There is always something a person can do, whether that be selling items at home parties, making an income through internet marketing or doing a service for someone. Keeping a good attitude is half the battle in persevering in what you are doing.
5) No matter if you are working or not, start a business on the side. If you are working right now, a side business will help you gain back some tax money because of the expenses you will incur from your business. If you are not working and need income, and you cannot get a job, you can still start your own business, even if it's temporary. Once your basic living expenses are met, start thinking of ways to increase your income so you can use it to invest in savings, stocks or bonds, mutual funds, and/or real estate.
6) Continue to increase your education. I believe we should always be learning marketable skills. If you are in business, what course can you take to increase your skills? What course(s) can you take to make yourself more competitive in the market? What marketable skills can you do to make money that people will pay you for?
7) Always work on health and fitness goals. "What does health and fitness have to do with growing rich?" you might ask. Good question. Health and fitness has everything to do with growing rich. Having good health and fitness gives people increased energy, a creative mind, and overall enjoyment in life. Studies have shown that good looking people make more money than people who do not take care of themselves.
8) Everyone should be attempting to market something. Find a niche that suits you and start learning how to market it. For some, selling will come naturally; for most people, it is an acquired skill that you will have to learn. No matter where you are at, why it is important to be in the market place is because this whole world is based on buying and selling. "If you can't beat them, join them." No use always giving your money to someone else for something. Start acquiring money from others by selling something they want or need. Of course, keep it legitimate and above board.
9) Invest your money. Everyone has heard of investing their money, but a lot of people still do not grasp the importance of investing and therefore do not invest. Why is that? Investing your money simply means to allow your money to work for you over time and to allow your money to grow. All you need to do, is to go to a financial adviser that you trust, perhaps from your own bank, and learn what they have to offer. Go to 3 different financial advisers before you make a decision on how and what to invest in.
Many people say that they do not have any money left over, after they pay for everything they want, to invest with. That is the problem right there. They are looking for money left over to use to invest with. Instead, take a small portion of your money and invest first. Use the rest of your money for expenses and anything left over can be for "consumable goods" that you most probably do not need. Of course, I am not talking about consumable items you or your family needs, but there is a lot of consumable items you do not need that are purchased out of habit. Instead, this money could go toward investments, even savings investments.
Always follow your intuition on investing. If you have a bad feeling in your intuition about an investment, do not do it. Most financial advisers will help a person with their comfort zone as to the amount of risk they feel comfortable in taking in their investments, measuring it to the age of the investor. If everything looks sound and wise and you feel comfortable about it, then invest. Believe it or not, our mind, feelings and intuition can lead us to what is a good investment or not. Follow that.
Also, never underestimate the value of saving a little bit of money here and there over time.
10) Do not expect to grow rich overnight or to win the lottery. The proverbs say that gathering a little at a time is a good way to grow rich. This concept of gathering a little money everyday and putting it into an investment that grows a little at a time, almost always grows money without fail. Sometimes people do not gather a little money at a time because they think it is too minuscule and will not amount to anything-so why bother.
The problem with that type of thinking is that not investing anything will add up to nothing over time and that is what you are trying to avoid. It is better to invest a little at a time than nothing at all. If you have a big windfall of money, then invest that as well.
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