Get Rich… Quick

Actually, unless you win the lottery, rob a bank or inherit a substantial amount of money from a really rich uncle you didn’t know you had, getting rich quickly is not one of those things that happens every day. It’s a slow and gradual thing. Like a marathon.

This week’s focus is on the Financial Resource Planning industry, so we have decided to have a look at planning financial resources on a personal level. 

Since it’s never fun to think about “financial resources” unless you have a vast collection, we have some advice for getting rich in the long run, courtesy of a real financial adviser who knows some stuff about numbers, and it boils down to: reduce debt and save. Four simple little words; if only it was that easy… 

So, where to start? Let’s start with how to reduce your debt, and then we can focus on the saving bit. Maybe it’s obvious but you have to pay your bills before you can save what’s left over:

• Reduce your highest interest-bearing debt first.
• If possible, combine your debts into one account.
• Try pay extra on bonds and cars to reduce the terms and interest. 

 

If you have anything left over, DO NOT GO SHOPPING FOR BOATS. Step away from the Admiral Yacht sale and save for your retirement. Just do it; you’ll thank us in the end. 

That’s not to say you can’t occasionally reward yourself for a job well done, but make sure it fits in your budget. 

“Budget” really does not need to be a dirty word… Follow this link to find out more: How to Create a Budget.