5 Ways To Increase Your Wealth

Sunday, June 10, 2007 at 11:00pm by Site Administrator

Some people become entrepreneurs because they know that the potential for becoming wealthy exists – something they feel isn’t possible with a “regular” job. However, one thing I’ve learned the hard way, and also from studying other entrepreneurs is that wealth is both a process and a frame of mind. That is, you don’t necessarily have to be entrepreneurial to eventually find wealth. (Though it probably helps.)

That said, here are some thoughts about increasing wealth, whether or not you’re an entrepreneur.

  1. Earn more by:

    1. Getting a second job. It can be from home, online. This might be a safe way to start your career as an entrepreneur.
    2. Selling off items you own but don’t need. Your source of startup capital?
    3. Upgrading your skills/ education and getting a promotion. Do you know what you’re getting into? Are you prepared?
  2. Spend less.
    Double think all your medium- and big-ticket items. Be a bargain hunter. Frugality is a characteristic of successful entrepreneurs.

  3. Pay off your debts.
    If you continue to use credit afterwards, pay off your balances each month. This is part of slicing out unnecessary expenses. Credit is good if you use it wisely. After making in mistakes in this regard, I’ve learned to pay off my debts monthly.

  4. Save your money.
    In CDs (Certificates of Deposit), Treasury Bills, or interest-bearing accounts such as online savings accounts.

  5. Save for retirement.
    Protect some of your savings against income taxes in a registered retirement savings plan. You can have money deposited periodically and directly from your  bank account.

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