|By Marketwired .||
|July 3, 2014 03:01 PM EDT||
SEATTLE, WA -- (Marketwired) -- 07/03/14 -- Everyone seems to want more money, and many people would like to get rich, but there are steps that have to be taken to get from point A to point B. The steps below are no secret to success, but they are an essential part of the formula for getting rich. This summer is the perfect time to start down the road of getting the wealth that is both desired and deserved.
According to Creditnet, a leading financial site, getting rich may be hard, but it isn't impossible. By following this guide, any average consumer can work their way to wealth:
1. Get your personal finances in order
The first step in doing this is to make a monthly budget that is accurate and is adhered to. This means that no extra money is spent at any point during the month that is not allocated for in the budget. It takes discipline to do this, but financial discipline is an important element in getting rich. Once a person can stick to a budget, the next step is to begin looking for places to cut the budget. This includes unnecessary expenses. Part of getting rich is to sacrifice today, so greater rewards can come in the future. It is important to learn to live on only what you need in order to save money. Having extra money set aside is a key factor in becoming rich.
2. Reduce and eliminate debts
There are two types of debt: consumer debt and investment debt. Consumer debt should be avoided. If there are outstanding credit card balances, they need to be paid off. A credit card is a good thing to have in your wallet for many reasons, but a smart consumer will always pay off the balance each month. Other debts, such as credit cards, need to be paid down. Naturally, this does not include a mortgage. Paying a mortgage is considered investment debt, so it is only important to pay a mortgage on time to maintain a good credit rating. Once the credit cards are paid down to a zero balance, it is important to shop around for a credit card that has the lowest interest rates. Although interest rates will not become a factor when there is no balance, in emergencies, it may be necessary to carry a balance temporarily. It is also important to shop for a credit card that has the lowest annual fees, and most importantly, the best deal for cash back on purchases. Smart consumers will use their credit cards to take advantage of cash back, while enjoying the security that a credit card provides.
3. Begin to invest in a side business
Once a person has their financial house in order, extra money can be set aside for the purpose of investing in a business. This is the most important part of getting rich. Every man or woman that was poor or middle class and was able to get rich in their lifetime was able to do it through having their own business. No one ever gets rich by working for someone else. Although having a business is not a guarantee of getting rich, it is an important step in getting rich; therefore, an individual who wants to get rich needs to find a product or service that can be developed into a business.
4. Think about the type of business to start
People who have traveled down the road of getting rich have another common element; they have a passion for their product or service. In order to have a successful business that creates wealth for a business owner, it takes a lot of commitment and hard work. It is easier to achieve this when an individual loves what he or she is doing. Those who get rich with their business don't mind putting in the time needed for success because they enjoy the experience. The lesson here is for a person to think about what motivates them and what they are passionate about. People who have a business related to their passions will usually find success.
5. Keep your day job
It is always best to start a business on the side by working in the evenings and on weekends. In short, a part-time business while a person still maintains their full time job. There is less pressure to make a living, and fewer mistakes will be made without a financial burden hanging over the new business owner's head.
For more personal finance tips, check out Creditnet: http://www.creditnet.com/blog
Creditnet is an authority credit card comparison site that offers innovative comparison tools to help users find the best credit card for their needs. In addition, the Creditnet Credit Talk Forum is a community of over 100,000 members that discuss credit cards, credit, debt, and credit repair daily.
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