Keys To Building Wealth
The keys to financial success can be found in some simple principles that help you control your money and get it working for you, not against you. While there are many other concepts of money management, these keys will work wonders to get you started.
1. Pay Yourself First
Paying yourself first is a good rule. This means putting yourself ahead of the cue - before your landlord, the phone bill, and all the other demands on your money. A standard rule of thumb is to save 10%.
2. Understand The Power Of Time
Time is the most underrated commodity of any financial plan. The only two things in life we are given are opportunity and time. Time is indeed one of life's most precious gifts. When building a financial estate, time, is without doubt, the most important tool you have. If you have time, even a disastrous financial setback can be put right. Time, combined with rate of return and consistency, is a powerful key to achieving financial security.
3. Learn The Power Of Compounding Interest
Compound interest is interest growing on top of interest. Which is different to simple interest.