Category: Budgeting

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Debt 101: Eliminating and Staying out of Debt

As we like to say, debt is the devil. Debt can be the ultimate menace in your wealth-building journey. We do not care if your savings account is earning 7% interest; your debt will find a way to destroy you financially. One of the biggest influences on building wealth and financial freedom is eliminating and staying out of debt. If we look at the net worth equation: Value of Assets – Value of Liabilities, we can see how detrimental debt can be. First, we will look at assets (anything that you can consider to be making you money). We will...

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Budgeting 101: How to Create the Perfect Budget

Budgeting is the most important practice for your road to becoming wealthy and financially free. A budget is a money management system that will help you to optimize your spending, save money, and productively use every dollar. In essence, a budget will put you in charge of your finances. Budgeting should not give you a scary thought or be extremely time-consuming. It is almost effortless, and it works wonders on relieving financial stress. Creating a budget has many financial benefits: Saving more money Knowing where you can cut spending Creating goals for each dollar you earn Minimal to no financial...

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10 Realistic Steps to Becoming Wealthy

Becoming wealthy is something that almost everyone wants to achieve in life. It enables you to live comfortably, become financially free, and even retire at a young age. The basis of becoming wealthy is increasing your assets while decreasing liabilities. The following is the equation for net worth (the measurement of how wealthy you are): Value of your Assets – Value of your Liabilities. Becoming wealthy takes a lot of hard work and practice, but it is by no means unachievable. Even beginners in finance can achieve this ultimate goal with a little education. Here are the ten steps that...