7 Secrets to Building Your Wealth

Here are my seven secrets to help you in building wealth for your future:

Secret 1: Start saving now

Spend only £9 out of each £10 earned. By saving one-tenth, your bank balance will start to increase, your debts will reduce and you will build a capital base for worthwhile investments in the future. You need to pay yourself first, before even paying expenses - so always put this 10% away into a savings accounts immediately.

Secret 2: Control your expenditures

You need to budget your expenses. No matter how much money you earn each month, make sure you have enough money to pay yourself first (remember, save 10%) and can afford the necessities - food, shelter, clothing, etc. Wealth building requires discipline and self-control

Secret 3: Make your saving money multiply

Once your savings build up, start investing that money so that it works for you. Look into mutual funds, stocks and property. At the very least, put it in an ISA and shelter it from the tax authority. Your money should work for you.

Secret 4: Guard your money from loss

Invest your money where the principal is reasonably safe and where you can get a good return. The first rule of building wealth is never to lose it!

Secret 5: Own your own home

This is simple. You should own your own home rather than renting and handing over money to a landlord. Owning your own home gives you a sense of pride and can enrich your life.

Secret 6: Ensure a future income

One day, you current earned income will STOP! Therefore, you must create wealth for your future. Contributing to a pension and investing in property are great long-term wealth creation strategies.

Secret 7: Increase your ability to earn

You can increase your ability to earn by improving your skills, experience and paying down debt. Becoming more wiser and skillful will help improve your positioning in life.