You Can Become Wealthy Michigan

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

Raymond James & Associated
(989)837-6558
Dijak Wealth Management Group - Tim Dijak
Midland, MI
Back On Track Credit Repair
(866) 824-9427
8838 E. 34 ROAD
Cadillac, MI
Pro Energy Consultants
517-206-7033
3167 rockingham way
Jackson, MI
Kathryn M Schram - State Farm Insurance
586-949-9555
: 48875 Gratiot Ave
Chesterfield, MI
CamNet Financial Solutions
616 644-1827
232 Arbor Dr NE
Rockford, MI
Gem Commercial Credit, Inc.
248-477-2170
34026 Navin Ave
Livonia, MI
MichiganHealthBroker, INC
586-604-9669
14859 Durussel
Sterling Heights, MI
Independent Wealth Management
231-929-1086 x1005
236 1/2 E. Front St.
Traverse City, MI
PATRIOTIC TAX SERVICE
(989) 252-0770
330 S Washington Ave.
Saginaw, MI
Velocity Investment Partners
734-474-2677
22 E Cross St
Ypsilanti, MI

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

Raymond James & Associated

(989)837-6558
Dijak Wealth Management Group - Tim Dijak
Midland, MI

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Related Local Event
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