Sometimes Vanila Wealth Creation is best of all
In today’s economy a person never knows when he will be breaking free from the 9 to 5. While it is a dream for many to not have to go into work everyday, the fact is that too often in this day and age people are laid off or terminated when they are not prepared for their dream to come true.
The fact is that many of us live pay check to pay check, thus not allowing ourselves the financial freedom to ever break away from the 9 to 5 grind.
However, we can prepare ourselves for the loss of a job or to live our dream by taking some simple measures for wealth creation.
Honestly Look at Your Finances
This may be the hardest part of the plan to follow, however, it is one of the most important things we can do. Sit down with your monthly bank statement. Take a look at what you are spending your money on. You might be surprised where your income is going.
Find Creative Ways to Lower Your Expenditures
While looking at your finances, you need to begin to make changes. There are lots of creative ways to lower your pay outs. Maybe you subscribe to cable or satellite for television. Can you watch your favorite shows via the internet? This maybe on area to reduce your spending. What about insurance costs? You may want to speak to a professional about your insurance and retirement plans.
There might be ways to save in these areas. Spend time cutting coupons and finding the best deals. There are lots of ways to reduce what we spend.
Sell Anything You Can
Do you have things lying around the house that are not needed? Notice that word ‘needed’. Sell everything you can do without. Old jewelry, furniture, even services. Anything that someone would pay money for and you can live without, get rid of it.
It may seem crazy to some, but you will be taking a step in becoming financially stable. Of course, the fact that you will also be clutter free won’t hurt either.
Don’t Spend Your Savings
This can be tough, but you want to save your savings. Sometimes there are things that come up that you have to dip into that extra, and if that happens that is okay. However, you will want to make up what you spent as quickly as possible.
When you have money set aside, this allows you to be prepared for whatever may come, and if you desire getting out of the 9 to 5 rat race, a savings account is a must.
Pay Off and Stay Out of Debt
Do your best to pay off all your debt. Breaking free of the 9 to 5 job can be all about getting out of debt. Once you don’t owe any creditors, you will experience much more freedom to begin your journey of breaking free.
Have a wonderful day
Cemil Ozcelikwww.EntrepreneursMindset.com © 2010
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{ 2 comments… read them below or add one }
Hello Cemil,
Very good point you underline here. But the most important of it is the fifth on your list…. get raid of your debt and stay out of it !
Easy to say but sometimes hard to do ! So at this point , why not consider a part time job or some kind of work from home job, you know, something like a Internet business in wich you choose and set your own hours. The hours spent looking sports on tv are lost… used them in a practicle and rewardfull way.
Many entrepreneur have started this way and today they don’t worry about money.
Keek up the good work
Claude
Hello Cemil,
Love your ideas about Simple Wealth Creation – especially about De-cluttering….need to think about when I can find the time to look around our house and have a huge gargage sale. We have so much that we do not need or use!!
Saving is a really important way to becoming rich. Safe at least 10% of your income and you will notice a difference with Wealth Creation.
Cheers
Lisa