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Tips for Optimizing Personal Wealth

Guest post by: Robert Whipple

Article Overview: Most people believe you need to have a high salary in order to amass great wealth. This is not the case. Many people who make huge salaries are paupers, and many people with modest salaries are multi-millionaires. This article gives 10 tips on how to build a personal fortune.

Tips for Optimizing Personal Wealth

Believe it or not, ending up a rich person has more to do with personal habits than it does how much money you make. There are plenty of people who make multi-millions of dollars a year who are broke. There are also many millionaires who made only a modest salary all their lives. The difference is in having discipline.

I tell young students that if they can follow the following 10 rules all their lives, they will surely have millions of dollars in the bank when it comes time to retire as long as they remain employed for most years. Here are the rules.

1. Always save at least 10% of your salary - withhold enough to cover this plus your charitable gifts.

2. Participate in the 401K plan to the max but don't put all your eggs in your company.

3. Diversify your financial portfolio.

4. Study theory of investing or get a trusted advisor.

5. Act and think like you are poor and you will become rich.

6. Use credit cards that have a dividend and always pay full balance each month. If you can't pay for it this month, don't buy it this month.

7. Own your dwelling as soon as possible - rent money is lost equity

8. Think carefully about family size

9. Don't pay extra for frills you don't need

10. Buy medium price range items - low end is often junk - highest price often inflated

These rules require great discipline, but they are proven to allow individuals with even modest salaries the ability to amass great sums of money over a lifetime.

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Article Tags: discipline, fortune, millionaire, money, Wealth



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