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Building Your Wealth: Rules to Getting Rich

Money cannot buy happiness but it can reduce the financial stress and lead you to a more satisfied life. There are a number of good reasons to build wealth. Some people want to be free from debt. It would be nice to have an expendable income to help others or to have the freedom to chase a dream. Some people are just interested in fancy vacations and acquiring nice cars, furniture and clothes. There are no bad reasons for wanting to build your wealth.

Rules to Getting Rich

Gallup.com recently conducted a study that revealed that the happiest people were among the most financially secure. The study defined financial security as a person who is currently employed and finds contentment in their standard of living and they had “interpersonal security”. Interpersonal security is achieved by feeling respected and having someone to rely on. The study states that people who identified themselves as interpersonally secure are more likely to laugh more. Those who were not secure, financially or interpersonally only 24% claimed to be happy.

These studies show that it is not just financial health that can provide happiness; relationships are a part of this dynamic as well. This is evident in the statistic that states that the number one reason for marital stress is finances. It is safe to say that following these rules to getting rich can make you financially and interpersonally secure.

It is difficult in our expendable society to save your money. There is always a new technology that we “need” and it is human nature to want to “keep up” with the neighbors. Keep in mind that financial and interpersonal security has nothing to do with what everyone else is up to. Avoid senseless buying and get serious about your goals

5 Rules to Getting Rich

  1. Set Goals- It is important for your success to find a motivation for building wealth. It will keep you focused when you are tempted to spend frivolously. Put your goals to paper. The easiest plans to follow are the ones that you can see and gage. Write down why you were drawn to an article highlighting the rules of getting rich. Is it a new house? Find an inspiring photo and attach it to your goal list. Is it to eradicate your debt? Write down how being debt free would better your life.
  2. Understand how to grow money- There are so many ways to increase the money that you have available to you and a key rule to getting rich is to seek a professional and honorable financial planner to help you. Let them know what your goals are and they can help you invest your money in a plan that is ideal for you. There are stocks, bonds, mutual funds, and the list goes on. There are varied degrees of risk as well as various gains that can be achieved in investments. An advisor can help you maximize your gain and monitor your risk.
  3. Learn how-There are a number of books, sites, articles and classes that will educate you on building your wealth.  Even if you seek the help of a professional it is important that you understand and learn all that you can to prevent risk of loss. Investing can be challenging and risky and sadly there are a number of corrupt financial professionals that can offer poor advice.
  4. Watch your money- You have to monitor your money and manage how it is growing. Just as you must not over spend, it is just as important that you evaluate your financial gains. It is not enough to let it sit in bank and in investment accounts. Although it takes a lot of time to see significant growth, it does not mean that you can ignore its potential. Take the time to frequently monitor the progress of your gains. This is a critical rule of getting rich.
  5. Don’t get greedy- Building your wealth should always be a positive experience. The number one reason that you are seeking financial independence is for your happiness. It is counterproductive to focus so much energy on financial goals that you neglect the most important things around you; friends, family and even yourself. Do not cut out time with friends and family to save a few dollars; memories are priceless. It is also important that you invest time and money in your current state of happiness. Perhaps the first rule of getting rich should be: balance. 

It may seem daunting to achieve such a goal but remember that the United States boasts the most millionaires over any other country. CNBC.com released an article that illustrated that even while the country is in a financial crisis there are 13.2 million millionaires in this country. Take this information along with the 5 rules for getting rich and realize your goals to financial freedom are attainable. 13.2 million People must have been where you are at some point and look at them now!