Rather than ask, "Why Can't I be Rich?" why not ask yourself, "How Can I Become Rich?"

Achieving financial wealth is a process of doing the right thing over and over. We all know intuitively what these "things" are, but to remind you, here are some things you can start doing today to achieve wealth:

1. Starting today, spend less than you earn. By that I mean, you have to discontinue or severely limit credit card use in any case where the balance cannot be paid in full each month.
2. Reduce or eliminate your consumer debt by paying off all your credit cards as soon as possible. 3. Begin to save a minimum of 10% of your income. 30% would be better, but is not realistic for most of us. Tuck 10% of your pay into a savings account to start building a nest egg.
4. Once your savings account, money market fund, or CD has reached a level equal to at least six months' worth of your living expenses, begin to invest in appreciable assets.

Those are the basic steps. They are deceptively simple, but when properly applied to your daily lifestyle, they can produce dramatic results.

a man once stated to me that if you lack the ability to save, you lack the ability to become wealthy. Quite simply, spending less than you earn and managing to move your surplus income into an asset (saving, investment, etc) that provides you with a passive income source is the foundation of any wealth creation system. In "The Richest Man in Babylon" expands on the concept of saving 10% of your income and illustrates how compounding interest has the capacity to create financial wealth. If nothing else, saving part of your income gives you a nest egg to fall back on during emergencies.

Since you are working on-line to learn more about creating personal wealth, you have the right idea of exploiting income opportunities. Expand on this. Start a home-based business and learn how to make money outside the typical second job routine. Do not use your extra income to buy what i call "doodads." Rather, use your extra income to fund investments in appreciable assets that provide passive or portfolio income.

Learn more about this author, Karen Lockwood.
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