Just like a foundation is required to build a house, same goes for wealth. In order to build wealth that will be sustainable, you need to lay the right foundation and one of such foundation is getting rid of all your debts. Debts is basically anything you owe to anyone. Debts keep you from achieving financial success. Your most powerful wealth building tool is your income and if you have it all tied up to repayment of loans, it would be extremely difficult to build wealth. so its important you concentrate your efforts on clearing all debts. if you have no payments, you can build wealth very quickly.
Second, you have to learn the habit of savings. Learn to pay yourself first from your income. save a minimum of 20% of your income on a monthly basis.
Next, Set a budget. This means planning your money and telling it where to go. your budget has to be a monthly exercise
Cut costs and eliminate all unnecessary expenses. Stop making others rich at your own expense. You don't have that type of money
Look for ways to invest your money. Money left in a bank account cannot make you rich, you need the right type of investments to help triple your funds. work with professionals who can help you.
Finally be a giver. Give to the less privileged. Give to those in need. Be a blessing to your community. Give in any way possible and you will never lack.
Have a great evening
Kind Regards
Adey
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