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5 Ways for Entrepreneurs to Build Wealth Faster

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Financial Success and money decisions

Most people today spend more than they earn and also have credit card debt that is spinning out of control.

As an entrepreneur, it’s especially easy for expenses to spin out of control and cause instability in your personal life. No matter what kind of business you own, and how much money you already earn, its always important to go back to the basic principals of building long term wealth.

Many times, the process doesn’t even involve as many difficult sacrifices as people might think. It can require some patience and a little planning, but with these five tips any person can find themselves on the road to building a strong foundation of wealth.

 

1. Save More

This tip should come as no surprise. If you want to have more, then you have to save more. The goal should always be to save 20% of the money you make every month. For some people, this simply is not possible, so shooting for 10% (or even less and than scaling up each month until hitting 10%-20%) is acceptable.

Remember to be conservative both in your small and large purchase decisions. The old idiom to not be penny-wise and pound-foolish is very important for business owners. It’s an easy tendency to look for the hardest bargain on paperclips and office supplies while recklessly spending larger amounts of bigger expenses before they are even necessary.

Wait 30 days to make a large purchase and this will give you the best clarity in your decision making.

 

2. Invest Right Now

Saving money is a great first step, but no one becomes wealthy from putting their money into a savings account. As soon as you set money aside for the month, invest as much of it as you can.

The sooner you start earning returns on your money, the faster you will build wealth. Invest in a variety of different assets, and create a diversified portfolio.

Also, never spend your investment principal.

 

3. Pay Off That Credit Card Debt, Now

Credit card debt means lots of credit card interest. Many times that interest is as high as 21%. Avoid the damage this high interest is likely doing and start paying off your credit card debt as fast as possible, and keep your charges to a minimum.

It can really add up over time.

 

4. Track Your Expenses… And Take Time To Review Them

Write down every expense down to the penny. Do this every day, and at the end of the month take the time to review it. You may be surprised to see how much you are spending on things like eating out or shopping.

For some, these expenses can add up to more than their ‘big items’ like utilities or mortgage payments. Look at areas you can cut and think about places where you are spending money wastefully.

A few simple cuts here and there can really go a long way.

 

5. Set a Monthly Goal, and Stick To It

At the beginning of every month, you want to set what is known as a “wealth goal” for how much money you want to have in your savings and investment portfolio at the end of the month. Write it down somewhere where you will see it and look at this goal every day. Put in the work, hustle and do what it takes to meet that goal.

At the end of the month, you will love the feeling of satisfaction you have over meeting your goals and will find that you are quickly building up a great deal of wealth.

 

Don’t forget!

These tips are changes that any entrepreneur can easily make to their lifestyle to start multiplying their wealth and running a more profitable business. But they don’t work unless you do the work, so start implementing now!

Paul Scolardi is a millionaire stock trader, financial educator and the CEO of Super Trades LLC. Widely known as the “Superman of Stocks” on Twitter, Scolardi is known for his preternatural ability to spot momentum before it appears on nearly any other radar. His twitter handle @super_trades was named one of The Top Ten Traders to Follow on Twitter. Visit him at http://www.super-trades.com

Life

5 Ways To Invest In Yourself and Change Your Life

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Warren Buffett once said, the best investment you can ever make is in yourself. Time and money spent on bettering yourself are never considered a waste. Whether it’s through learning how to make money online, exploring new ways to increase your financial security, or watching TED talks to expand your knowledge. Do not be stingy when it comes to self-improvement because it will definitely pay off in the end. 

Need some ideas to get started on your journey to becoming a better you? Here are 5 ways to invest in yourself and transform your life. 

1. Change Your Self-Concept

Having a negative self-concept can have a tremendous impact on your life. Limiting beliefs and self-doubt are some of the main reasons why many never achieve or attempt to pursue their dreams. Take a moment and think about all the negative thoughts you have repeated to yourself throughout your life. How have these thoughts impacted the way you live life? From now on, create a new self-image by turning these negative thoughts into positive ones and appreciate your good qualities. 

2. Sign Up For An Online Course

If you’ve been wanting to brush up on your Photoshop skills or learn how to code professionally, this is the perfect time to get started. As long as you have a stable internet connection, you can access an endless amount of valuable information online. For example, sites like Coursera and Youtube are both awesome resources for online learning. With a few search strings and clicks, you can find all the information you need. 

“Investing in yourself is the best investment you can make. It will not only improve your life, it will improve the lives of all those around you.” – Robin Sharma

3. Learn From a Mentor

No matter which stage of your life you are currently in, working with a mentor can help you stay motivated and focused on your goals. Not only can they guide you in the right direction, but also transform your vision, provide you with new insights, and connect you with amazing resources. If you’re feeling unmotivated or unsure about what you want to do in life, consider finding a mentor to help you navigate this process. 

4. Start A Side Hustle

The salary from a 9-5 job would rarely allow you to reach your maximum income potential. Why not achieve financial success while pursuing your passion by starting a side hustle? Whether it’s through starting an ecommerce business, freelance writing on the side, or starting a Youtube channel. There are infinite numbers of ways to make money, and there is bound to be one out there that fits your passion and skills. 

5. Nourish Your Body

As many may say, “health is the new wealth”. Without a healthy and functioning body, living a fulfilling and comfortable life becomes difficult. To take care of your body and prioritize your wellbeing, start with small habits such as eating healthier foods and exercising regularly. Bike or walk to work instead of taking the car, and opt for a healthy protein bowl instead of greasy burgers at Burger King. With time, these small habits can make an incredible difference.

Check out the infographic below, to see more ways you can invest in yourself:

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Life

How to Turn Inward and Detox Your Mind

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When we are overwhelmed by confusion, our psyche tries to establish certainty to alleviate our discomfort. This is usually accomplished by mentally imagining and acting out a plot. Unfortunately, much of the time, we mentally visualize pessimistic (or worst-case scenario) scenarios to provide certainty. (more…)

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12 Things to Give Up if You Want to Be Productive

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It’s almost euphoric, the feeling of ticking away boxes on the to-do list, at the end of a long day. It’s like you have seized the day or something. With cell phones buzzing every minute with notifications or ringing with a large number of versatile options, it can be hard to maintain focus on your work, and be productive. Luckily with a little determination and following some tips, you can be productive, provided you either cut down on certain things or give them up altogether. (more…)

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Life

5 Tips to Stop the Snowball Effect of Negative Thinking

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Humans are full of complex emotions, but it’s what makes us us. We go through good times and tough times and still keep our heads held high. Life is all about experiencing different things and making memories. Constant change and new experiences are what keep us growing as a person. However, sometimes when we face hardship, it can be hard to move on from it. (more…)

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