100% working steps to be financially stable and succesful

 Do you dream of becoming financially independent? Probably, like the vast majority of the population. But where are you in your life, financially speaking? Are you on the road to financial independence or are you more dependent on your next paycheque to pay your bills?

Unfortunately, according to a survey conducted by the Canadian Payroll Association (CPA), 59% of workers say they would experience financial hardship if their paycheque was delivered just one week late. In the case of single-parent families, 76 per cent say they would have difficulty meeting their financial obligations if their pay was late.


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   Can you imagine the pressure these people face every week? Can you imagine the conflicts and arguments between couples that lack of money can cause? I wouldn't wish that on anyone.

So how do you avoid living paycheque to paycheque? Here are ten tips for getting rich.

1. Make the decision to become rich. The main reason people are poor when they retire is because they never made the decision to become rich. So make that decision now. We all have a choice in life: be poor or be rich. Money may not make you happy, but it takes the pressure off and makes you feel good.

2. Pay your debts first. Pay your debts and you'll be richer. Stop spending money you don't already have immediately. For example, never put a trip, show tickets or a night out at a restaurant on your credit card if you don't already have the funds in your savings account. Plus, saving for something will give you a greater sense of satisfaction.

3. Pay cash. If you don't have the discipline to pay your credit card balance in full every month (18% interest rate), pay for your purchases with cash only. You'll realize the value of money much more and spend less, guaranteed!


4. Look for deals and shop around before you buy. As I'm sure you've experienced, a couple of phone calls can save you hundreds of dollars on home or auto insurance. For example, a few years ago, with a few clicks on the Internet, I saved $500 on a new MacBook Pro (laptop). The laptop had a little dent on the top... who cares!

5. Buy used things. Do you absolutely have to buy new? Here's an interesting statistic for you, 80% of millionaires became millionaires by driving used cars. Not because they couldn't afford new, but because they knew that a car is not an investment and loses about 40% of its value in the first two years.

6. Negotiate. When it comes to buying anything of a certain value, always ask for a discount. The worst the seller can tell you is no. Imagine how much money you would save in your life if you were given a 20% discount every time you asked. In the case of a house, the savings you'll make could be in the tens of thousands of dollars.

7. Set up a system to save money automatically. Ask your financial institution to automatically take 10% of your net income every month and put that amount into an investment vehicle of some kind for you. Do this for 25 or 30 years and you will automatically become a millionaire without any effort.

8. Increase your value. Money is only a measure of the value of the service you provide. Simply increase your value and the company, i.e. your employer or clients will be willing to pay you more for the work you do. How do you increase your value? Make continuing education a priority in your life. Read books, listen to audio training programs, and hire coaches to help you achieve your goals. No one said getting rich would be easy.

9. Have multiple sources of income. The wealthiest people in our society don't just have one source of income, they have several. Ideally, your additional sources of income should not take up much of your time and should generate income without requiring your physical presence. Examples include investment income, a transactional website, rental income, etc.

10. Invest your savings in assets rather than liabilities. An asset earns you money and its value increases over time. An apartment building, for example. A liability costs you money and its value decreases over time. A boat, for example.

About 80% of millionaires became millionaires on their own. They started with ambition, energy and discipline, nothing more; the same thing you and I have. Make the decision immediately to become wealthy and stop living paycheck to paycheck. The key to your future financial success has nothing to do with economics, but rather with your philosophy.

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