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My Wealth Building Strategies-Personal Investment Update

Posted by Jim on Dec 8th, 2012 · 0 Comment

My First Real Estate investment: Four Family Apartment in St. Louis Missouri I Fell prey in 2005 to the real estate craze with this purchase. Hindsight tells me that I made this purchase as we were cresting the height of the market, so it has been a struggle to turn it into an asset rather than a huge liability. This was in rather poor shape in 2005, it needed serious tuckpointing, had...
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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.

My Wealth Building Strategies-Personal Investment Update

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Critical Financials’ Basic Personal Finance Rules

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