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Building Wealth From Nothing; Take Action, Avoid The Lottery Mentality

Posted by Jim on Jul 30th, 2023 · 7 Comments

Successful Lottery winners look really happy when they pose with their oversized checks for the cameras. The untold story is that many of them squander their unearned wealth and often return to their previous, middle-class or lower, lifestyle much sooner than they anticipated. In other words, your chances of winning the lottery are about as good as, well, winning the lottery. To build wealth, put...
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Here are some simple guidelines that will help you build wealth:

1) Do the math. Get a budget and calculate your net worth

2) Get an emergency fund. Save at least 6 months worth of expenses

3) Limit costs. Spend no more than 30% of your income on housing

4) Max your retirement. Maximize contributions to your tax-deferred retirement accounts

5) Pay yourself first. Set aside money for yourself before you take care of your other bills

6) Set goals. Goal let you get ahead faster

7) Avoid high interest debt. Avoid credit cards, title loans and other usurious loans

8) Diversify. Diversity your assets.

Building Wealth From Nothing; Take Action, Avoid The Lottery Mentality

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Critical Financials’ Basic Personal Finance Rules

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