Follow these three proven strategies and you'll be amazed at how quickly your fortune begins to grow.
Strategy #1 - Pay YOU first
Have you heard that before? Chances are that you have, and the reason is because it is crucial to create wealth. No matter what you currently make on your job, you simply can't afford to NOT pay yourself first.
Begin with what you have.
Take 10%, 5% or even 1% of your take-home pay and set it aside. Better yet, give it to someone you trust and have them hold it for you. Sacrifice as much as you can and then add a few more dollars to that (just to stretch your investing muscles).
The goal is to train yourself to not need the money. By doing so you'll quickly begin building a decent stash of money that you can then place in secure- and high-return investments.
Strategy #2 - Borrow as much as you can from as many people who will lend to you.
Call them partners if you must but the intent is to gather funds to begin investing. Borrowing $500 from ten different people will provide you with $5,000 to place in a high return, secure investment. Don't have ten people you can borrow $500 from? How about 20 people with $250? No? Then work with whatever you can get your hands on.
Family, friends and associates.
Try family first, then branch out to friends and associates. The idea is that you'll want to borrow the money at the lowest interest rate possible and then invest the money at a higher and secure interest rate. You will keep the difference between the two rates and begin building your own cash reserve that will allow you to eventually eliminate the need for outside money sources.
Strategy #3 - Give up something you can't live without.
Ouch! That sounds like a deal breaker, I know. What I mean by this is to cut back on some frivolous spending. Do you have $2,500 set aside for the family vacation this year? What if you took the family for a long weekend to a state park and camped out instead of going to that overpriced theme park for a week? You'll spend less than half that $2,500 by doing so.
Do you have weekly family nights out that cost you a few hundred dollars each time? How about having a few family nights "in" and save some money? Rent a movie, pop some corn and settle into some quality time.
Want more variety?
Invite older neighbors over for dinner and a history lesson for the kids. There's lots of fun to be had listening to first-hand stories from the "good old days."
Host a neighborhood game show. The choices are endless but you'll get the idea. Try your version of the popular kids vs. adults quiz show.
The point is to take what you would normally spend on more costly options and set that money aside for investing. The importance of doing so is that you need to begin investing IMMEDIATELY to get the most out of compounding interest, and compounding interest is key in order to create wealth.
Mike_Bridges
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