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You Can Become Wealthy Indiana

An important part of becoming wealthy is money management. Without good money management it doesn't matter how much money you make, you won’t keep it. There are as many money management strategies as there are investment opportunities.

Local Companies

Integrated Financial Services, Inc.
260-436-2001
825 S. Barr Street
Fort Wayne, IN
Vogelsang Asset Management LLC
219-462-0110
870 Eastport Centre Drive
Valparaiso, IN
Heritage Advisory Group
219-926-4400
1496 Pope Ct
Chesterton, IN
ProEquites
219-864-5050
1316 Eagle Ridge Drive
Schererville, IN
Harvest Financial Planning, LLC
219-864-5050 x15
930 US Highway 30
Schererville, IN
Eagle Nationwide Mortgage Company ~ Dawn Phillips
219-746-4176
742 E Lincoln Hwy
Schererville, IN
Coldwell Banker Home Loans
877-202-8620
20 E Hwy 30
Schererville, IN
Edensway
574-533-3020
P.O.Box 317
Goshen, IN
First National Bank of Dana the
(765) 665-3396
147 N Maple St
Dana, IN
Personal Finance Co
(317) 598-9266
8413 Castleton Corner Dr
Indianapolis, IN

The first step in money management and thus wealth is debt elimination. You will never become wealthy if your credit cards are “maxed” out every month. You need to show some constraint in your expenses, which we’ll get into below. If your cards are already showing hefty balances, your first action is to get yourself a lower interest rate, either through negotiating with your current credit card company or by switching companies. You would be surprised what you can get, if you just ask. Secondly, you need to make an effort to pay a set amount over and above your minimum payment, even if it is just $5 to start with. But where do you find that extra money each month? This is where step two comes in.

The second step in money management is to have a budgetary strategy. Setting limits on how much you can spend on what types of items. This will be a personal choice for everyone, and will depend on your current financial health. Below are two examples, one for someone who is currently struggling with debt and one for someone who is on their way to becoming wealthy.

Example A

  • 10% of income to reduce debt
  • 10% of income to use on long-term savings for expensive items (car, trip etc.)
  • 10% of income to be used on financial education (self improvement)
  • 60% of income to be used on necessities (mortgage, food, utilities etc.)
  • 10% of income to be used for play (dining out, movies, toys)

    Example B

    • 10% of income to be invested in passive income opportunities
    • 10% of income to use on long-term savings for expensive items (car, trip etc.)
    • 10% of income to be used on financial education (self improvement)
    • 55% of income to be used on necessities (mortgage, food, utilities etc.)
    • 10% of income to be used for play (dining out, movies, toys)
    • 5% of income to be used for charity

    Only your actions and commitment can manage your money to help you on the path to becoming wealthy.

    If you choose to be rich then click here for more helpful information

    About the Author:

    Cory operates a financial education website www.choose-to-be-rich.com

    For more information about Cory, check out the site.

    contactus@choose-to-be-rich.com


    Article Source:

    thePhantomWriters Article Submission Service

Featured Local Company

Integrated Financial Services, Inc.

260-436-2001
825 S. Barr Street
Fort Wayne, IN
Read more about You Can Become Wealthy

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