6 Steps you can follow to become wealthier

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By: skyden.dredge
on 23rd Jun,2011

Every year you may take resolution to become wealthier. But every time your resolutions end up like a pipedream.
6 Steps you can follow to become wealthier

Every year you may take resolution to become wealthier. But every time your resolutions end up like a pipedream. But, to be honest, you can surely become wealthier than the previous year, if you take recourse to certain disciplined steps. Here is the list of few steps, by following which you can surely augment your wealth.

1. Invest in low cost mutual funds

Instead of directing investing in the stock market, invest your hard-earned money in some low cost mutual funds. The expert fund managers, who manage the funds, constantly endeavors to get the maximum returns for you. The low cost mutual funds that you may consider are exchange-traded funds, index funds, international funds and value funds.

2. Get rid of high-interest credit card debt

You can't become wealthier if you already owe some debts. In fact, unsecured credit card debts are dangerous and can jeopardize your prospects of becoming rich. So you need to put in efforts as soon as possible to eliminate these debts. While eliminating these debts, you need to target the high-interest credit card debt first. This helps ease the pressure of mounting debt burden. And once you are able to clear off the highest-interest debt, continue the process, until you clear off all your outstanding debts.

3.    Owning a home

It would indeed be a wonderful thing if you can actually own a home. It would perhaps be your biggest investment. If you are staying in a rented house, not only you are regularly paying rent and losing money, but also you are not getting your own roof over your head. So initiate your own humble efforts to own a home in near future.

4.    Be consistent in savings

The more you save, the brighter becomes your prospect to become wealthy. You should follow a disciplined and long-standing approach in your savings. As every drop of water makes the ocean, every penny you save can add up to a huge amount of saving and make you wealthy.

5.    Invest your money

Investing is a virtue. Start investing as early as possible. While investing, keep in mind the basic investment philosophy - don't keep all the eggs in a single basket. In other words, diversify your investment so as to minimize the risks. This helps you immensely to accumulate wealth.

6.    Start your own side business

If you have spare time, you can initiate your own side business. You can start something you are indeed passionate about. This opens up the chance of some additional income.

If you follow these steps strictly, your wealth will surely increase and you would not have to take New Year resolution every time to become wealthy.

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