5 Ways To Increase Your Net Worth ? 6400 Personal Finance

Want to know a quick way to start your own personal finance blog and get it off the ground in a hurry ? ?First find a post titled 20 Best Ways To Save Money By NOT Being Normal, or How to Save Money and Cut Spending: 93 Ideas, or The Big List: 1,019 Different Ways To Save Money (a list post of list posts). ?Take five of those ideas each week, change the wording a bit, and make it into a series. ?Boom, you just got yourself a couple months worth of posts, hit on some key points of SEO, and can get it all done over the course of a weekend. ?I was almost tempted to try it myself just as an experiment. Then I decided it would be a colossal waste of time and I would rather do something fun, like go to Maui, during my weekend.

The point I am trying to make is that list posts generally suck. ?Yes, if you gather together 1,000 ideas you?ll probably find a couple that are actually useful, but does that make it worth the trouble to sort through the other 998? ?As far as saving money is concerned do you really think you need 1,000 pieces of advice to help you out? ?This is information overload and it is counter-productive to the extreme.

Surely though it must be possible to create a list post that is not a waste of the reader?s time. ?I?m all for sharing what little knowledge of money I have accumulated in my few years on this planet so I decided to stake a stab at it myself. I?ll let you be the judge on how well I do:

1. Spend less than you earn. ?No exceptions, ?no waivers, no?corollaries.

2. Pay off all of your debt?unless you have an investment opportunity with a higher return than you will get by paying off the obligation that has a fixed and unwavering interest rate. ?Additionally, until your consumer debt load get down to zero you don?t get ?fun? money. ?That privelage is for responsible people.

3. If you don?t need the cash for essentials, invest it. ?Set aside your fixed costs from your paycheck so you know that they are covered. ?The rest goes to savings accounts and investments: be aggressive as possible with these allocations. ?If you have no consumer debt?you can find fun things to do AFTER setting aside the cash for saving and investing.

4. Buy assets, sell liabilities. All credit for these four words goes to the principals at Control Your Cash. ?A new car, suit, or purse are not investments. ?Stocks and rental properties are. ?It should also go without saying (but it needs to be said anyways) that spending money is not an acceptable way to deal with grief, disappointment, or a general?dissatisfaction?with life. ?A box of tissues costs a little more than $1 and won?t force you to eat Ramen noodles for a decade.

5. Building wealth is about?offense. ?Let?s talk football for a moment: if you put every single one of those 1,019 ways to save money into action you would have one hell of a?goal-line?defense. ?You?ve virtually guaranteed that the other team won?t score on you and that you will stay out of consumer debt: congratulations. ?At the same time you won?t even pickup a field goal at the other end of the field because you blew all your time and effort on defense and forgot the offense. ?Offense involves some risks but they should be measured up against the potential returns. ?Sure you might throw a pick or two during the game but if you throw four touchdowns then who gives a damn? ?At the end of the day you need to win: no one wins in a 0-0 tie.

Put these five simple principles into action and you won?t need to bother with stashing credit cards in the freezer, begging your neighbors for a couple tablets of Tylenol, or measuring out your monthly food budget down to the penny. ?You?ll not only be a functioning and independent adult you?ll also be wealthy enough to afford whatever it is that you actually want to do with your life.

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Source: http://6400personalfinance.com/2012/09/05/5-ways-to-increase-your-net-worth/

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