Do you find yourself clicking on links to earn $35,000 a month? Yearning to be one of those “wealthy housewives” on television? If so, you are like millions of Americans, craving wealth without knowing how to accumulate it. Unfortunately, many individuals who feel they “deserve” that lifestyle go the exact opposite way to earn it by spending exorbitant amounts of money on designer bags or other unnecessary image boosters. There are ways you can actually build your wealth in a sane manner, included here are a few tactics to get yourself on the path to greater financial security.
Invest in Silver
Do you find yourself with very little extra cash at the end of the month? You may be unable to invest in large stocks, but the entry level cost to silver investing is incredibly low, currently under $20 per ounce. This is not a way to “get rich quick” but accumulating silver slowly over time can help build your wealth and financial security.
Pay Off Debt
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By far the best way to accumulate wealth is to rid yourself of debt. Getting rid of credit card debt, car payments and mortgage payments can put you on the fast track to having more spending money. Becoming wealthier in life is all about decreasing your monthly payments and expenses so you have more money for investments and recreation.
If you are wasting 10% on interest each month, investing elsewhere for any interest returns less than 10% would be a loss. And remember, the benefits of paying off debt do not include the income tax charged on incoming interest payments. So you can easily be giving yourself 10% interest each month by paying off those debts first.
Invest in Tangible Items
Increasing your quality of life while increasing your wealth is the best way to go. This means investing in collectibles like antiques and artwork to better your home environment while also giving yourself tangible investments that you can later sell.
Purchase Land or a Home
This choice can be dependent on what area you live in. Often, it is more cost-effective to buy a home than to rent even with a loan with bad credit. If you know you will not be relocating for at least five years consider sinking your cash into a real estate purchase. Choosing a foreclosed home with an FHA loan can cost you as little as 3% down. If you choose a place that is less than one year of income for you, it can easily be paid off quickly.
Invest in the Market
This is a far less stable means of investing and should only be considered if you have established a safety net for yourself. If you are wanting to invest be sure to go with established companies when they have a low buy-in amount. You can often buy stocks for a measly $10 or less apiece and if they go under you will lose nothing but your stake amount.