Tuesday, 22 March 2016

A Simple Rich Guide

Who wants to become rich? This is a question of a priest during the mass I attended years back in Norway and from the audience no one raised their hands except "ME".

Many are afraid  to show to the world their dreams of becoming rich. The first step is to accept that you have a desire of becoming rich. Rich in my context is not only usual measurement which is size of bank account instead rich in 6 aspects of living, Spiritually, Family, Relationship, Health, Finances, and Community.

This post is to share with you a simple rich guide in your Finances;

First, Automatic savings. You will not be able to invests unless you know how to save. Saving at least 20% of your income monthly will give a better future.

Make this habit automatic, set aside 20% from your paycheck and put it into investment account. Check out this budgeting app for alert notifications of overbudget; https://itunes.apple.com/us/app/iprosper/id1064831808?ls=1&mt=8

Second, Spend less and Earn More. This step depends on your earning capability. You should earn job promotions, work smarter than harder, doing extra jobs or sidelines and don't spend more than what you earn.

Third, Invest the extras. Start looking for a viable investments. Research and study different financial instruments such as stock, mutual funds, bonds, real estate, etc. etc...


Fourth, Make it Passive. This morning, I received this email: 



Payment from Google AdSense coming from my blog, this is more or less 10k.

Finding different sources of passive income should be a task especially if you are an OFW. Earning while sleeping should be a goal,you can retire early.

Fifth, Start Investing for your Retirement. Many delay this part because their reasons " I'm Still Young, I have more time later". Why not take advantage of power of compounding interests? The earlier, the better.


Sincerely yours,

JONATHAN I. RUIZ
NEWBIE MENTOR

P.S. Feel free to share your own guide to Prosperity.

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