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Your Wealth Plan is Your Key to Riches

Having a wealth plan is almost like having a road map to get you from point A to point B. Without it, you wouldn’t have any idea how to do get there.

Your Wealth Mission Statement

Your wealth mission statement needs to be an outline of what you want to accomplish financially in life and what your goals are. You will need two different types of goals. They are life and financial goals.

Your Barriers to Wealth

These are liabilities that we are going to be going over in detail here. These are the things that keep you from becoming wealthy. These are typically loans that you have in the form of a mortgage, credit card, school loan, or a car loan.

How Do You Define Wealthy?

I think that anyone can be rich. I think that you have reached your version of true wealth whenever your desires in life have been met.

Measurable and Achievable Goals

Your first step is to get your wealth mission statement together. This will give you a guideline to follow each and every day when you wake up and before you go to sleep.

The Two Sides of Wealth

There are two sides of wealth that we will cover here and what to do with them. The first side of wealth is what we will call the supply side. This is the side of the money that comes to you every month.

Assessing Yourself and Your Wealth

You can be just about anyone and create wealth. There are all kinds of wealthy people. There are doctors, lawyers, stock brokers, school teachers, and salesmen.

Get Paid to Drive Your Car

The idea is pretty straightforward. You drive your own car, on which an advertisement has been placed, and receive payment for doing so. In some cases, you may even be provided free car, instead of having to drive your own car.

Do Dividends Matter?

Pretty much all finance students are confronted early in their educational career with the question of whether or not dividend policy matters to the value of a stock. Specifically, a paper written by Professors Merton Miller and Franco Modigliani argues that it does not matter. Without boring anybody with the gory details, it’s worth exploring what that means for investors.

Starting Your Comprehensive Financial Plan

Your plan should address each of the following areas, preferably in this order, although you will alter it to match your needs. Go back to your goals and take the most important to you at present.

Are You Aligned With the Truth?

Feeling financially secure can be sought after in a myriad of different ways, depending upon what you have learned and experienced throughout your life. Each one of us has our own criteria that we believe must be met in order to feel financially secure. The criteria is usually dependent upon a conditional reality, i.e., x dollars in the bank, job status, x number of high paying clients, debts paid off, etc.

Why You Should Build Income Sources Outside of Work

People are trained to go to school get a good job and rely on that job to take care of them for the rest of their lives. There’s only one problem with this, it’s stupid!

Assets and Liabilities in Comprehensive Financial Planning

Over time, we all build up assets as well as liabilities (debts). The general purpose of your financial plan should be to build up enough assets so that you can choose to live off them, to be able to fund your desired lifestyle, whatever that may be. In simple terms, your assets will be offset by your liabilities, but it can me more complicated than that.

Income and Expenditure in Comprehensive Financial Planning

One of the most vital parts of your comprehensive financial plan is the relationship between your income and expenditure. Put simply, your income is what drives your lifestyle; your expenditure is what drains your lifestyle (although of course, this funds your everyday living). This article should help you to understand this relationship.

Ways to Get Rich Fast

People often seek different ways to earn money, and everyone tries to find the best way so that he or she can get rich fast. When we see the world from one point of view, it seems that there is a huge race going on to get rich fast, but leading this race or even staying in the race is not an easy task.

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