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The Fundamentals of How to Create Wealth Now

There are a few basic principles you can master to create wealth now. It’s no secret that so many people today are putting these basic wealth principles into practice and reaping great success from using them.

So what are these wealth principles? I’m glad you asked. Let’s start with principle number one. To create wealth, you should eliminate your debts. That sounds like it’s easier said than done. But let’s take a closer look. If you’re paying a large portion of your income in interest and other finance charges, you won’t build wealth any time soon.

Here is the principle at work. Not one cent of your interest payment will help build your wealth if you don’t have a strict timeline to eliminate those debts from your life completely. If your debt takes years to pay off without ever being reduced, it’s a waste of time and money and won’t build your wealth. Notice I said wasted time. If you owe debts, you need to pay them off, but you should do so quickly. An acceptable period for debt relief is 5 years.

The second principle is cash flow maximization. This is crucial, so let me explain. If you have most of your money in simple savings accounts that pay you 3% to 6% per year, you won’t get rich fast. Don’t forget these same banks take your money and trade forex and make 20% and more per month! They build wealth fast, but not you if they pay you 6% a year.

One strategy you can use to build wealth in a short period of time is to look for and take advantage of opportunities in a large and growing market, and then invest what you make in a safe investment that will pay you compound interest. Let me explain. The problem with making more money is that most people don’t have the discipline to save that money. The key to building wealth quickly is to earn more money and then invest it properly over time.

Let’s look at an example. If you make $2,500 a month and have $900 left over every month after all expenses, you can save a decent chunk of that money. Let’s say you can save $400 a month after all expenses. After 5 years of saving $400 a month, paying 6% annually, compounded twice a year, you will have earned $28,876.00.

Now let’s put some excitement into these numbers, shall we? If you were to start a small online business and earn only $500 in net profit per month, you would do very well to be able to save all of your net profit each month. How well would you do? To be precise, your monthly payment of $400 + $500 ($900) each month will earn you $64,299.66 after 5 years if all the above conditions remain the same.

The only obstacle between you and that extra net profit that will help you create wealth now is your possible reluctance to learn new ways to make extra money. If you can overcome that inertia, you can do it.

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