| Imagine what you could do in your life if
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| | they're a fairly safe place to build your
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| you had financial freedom. In the first
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| | wealth - slowly. But if you want to build
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| article in this series we looked at
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| | wealth faster, you're going to have to
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| taking control of your current situation.
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| | take some risks. There are three ways I
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| Controlling your spending, controlling
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| | see of doing this: one is to start a
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| and eliminating your debt, and starting a
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| | business; two is to invest in property;
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| savings plan - all so you can have a firm
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| | three is to invest in stocks and bonds.
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| foundation to take the leap to financial
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| | In the example we're working with we've
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| freedom.
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| | set aside $3,000 to do this. On the one
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| In this article we're going to look at
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| | hand it's not a lot of money - it won't
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| some simple strategies to go from
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| | go far in stocks or in property. On the
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| financial control to financial power.
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| | other hand it's a third of our savings
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| Step Five - Save and Prosper
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| | and that's a big risk. But if you worked
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| We touched on this in the first article,
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| | through step one in the first of these
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| but for different reasons. Now we're
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| | two articles you'll have a better
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| moving on to building wealth. A major
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| | understanding of yourself. You'll be able
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| part of your strategy has to be cash.
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| | to work out for yourself what kind of
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| Cash is the only true financial wealth,
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| | risk you are prepared to take. Because
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| so you need some. You need a lot. Now you
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| | believe me this step is risky. So you
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| have cleared your debts and you have your
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| | might decide to just continue saving,
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| spending under limits, you have some
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| | that's fine. You are now in control and
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| spare cash to save. Find the highest
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| | hey - that's a lot of freedom in itself.
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| interest account you can and start
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| | Or you might decide that you can stand
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| depositing regular amounts. Each month
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| | the risk of losing that $3,000. If you
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| put as much into your account as
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| | do, then you'll probably have a clear
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| possible. Set up an automatic payment to
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| | idea of how you want to risk it. The only
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| go from your salary account. Set yourself
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| | advice I'm going to give here is to make
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| a target, let's say $10,000 and go for it
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| | sure you plan it. Have a plan for your
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| with all your effort.
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| | investment, do your research, don't get
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| Step Six - Split Hairs
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| | lured by 'get-rich-quick-for-no-work'
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| When you've reached your savings target
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| | schemes, set a limit to what you are
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| you need to start getting creative with
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| | prepared to lose - and stay disciplined
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| your money. Our example target is $10,000
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| | and focused.
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| so the way we're going to get creative is
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| | Step Eight - Plan to Enjoy
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| by splitting it three ways. First we're
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| | This isn't so much of a final step, as
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| going to find another highest interest
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| | something you should be doing all the
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| possible account and transfer about
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| | time in all areas of your life. People
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| $4,000 into it. This is going to be your
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| | who plan and set goals and have
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| emergency account. In reality an
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| | timescales for achieving things have more
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| emergency account should have the
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| | failures and more setbacks than those who
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| equivalent of about three months' salary
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| | don't make plans and set goals. Yes, you
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| in it; and you never touch it, unless
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| | read that right. But the reason they have
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| it's a genuine emergency. Next, put $3000
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| | more setbacks is because they are doing
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| aside for investing (see step three). And
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| | more, they are always moving forwards,
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| the remaining $3,000 stays in the savings
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| | they are never giving up. And the bottom
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| account, where you keep adding to it.
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| | line is that they achieve more than those
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| Step Seven - Speculate to Accumulate
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| | who don't plan. So set goals and put
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| High interest bank accounts are fine and
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| | plans in place.
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