My Top Three Tips To Transform Your Wealth Tip No.
1 - Examine Your Expenditure The first thing to do is to look at your expenditure in detail.
Look at everything you're about to buy and just take a step back for a moment.
Look at what you are going to buy and ask yourself these three questions:
- "Do I really need this right now?"
- "What is my outcome for buying this given my circumstances?" and
- "What is my ultimate goal in buying this?"
If you really do need the item, it fits into your wider outcome and ultimate goal, then go ahead and buy it.
If not, don't.
It's quite simple.
Tip No.
2 - Pay Yourself First Secondly, I would suggest that you pay yourself first.
Whenever your salary comes in take 10 percent out and place it in an account where you won't touch it.
If you're self-employed, pay the tax first and put that in a savings account, then take 10% of the remainder out to pay yourself.
This is to get you in the habit of becoming a saver and not a spender and you never touch that saved amount.
You will get used to living on 90% of your salary - after a while this becomes normal and you'll be able to save each month.
Tip No.
3- Build A Rainy Day Fund The third thing is to build up a rainy day fund, as we financial advisors always say.
Before you start putting money into pensions, trusts or other financial savings instruments, you need to budget for things that go wrong.
Things can go wrong with the car, the house and other things that the insurance may not cover.
You just need a fund that is just there, as emergencies will always happen, which will help you out.
This one thing reduces stress levels so much.
So there are my three initial tips anybody can just take away and use.
1.
Evaluate each potential purchase 2.
Pay yourself first 3.
Build a rainy day fund If you only follow these three tips rigorously, you will find that you will be able to save and not spend all your income.
You will change your spending habits and adopt saving habits.
And you will be accumulating wealth for your future.