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Creating Wealth - 7 Tips for Regular People Like You and Me
Creating wealth is something we associate with real estate moguls like Donald Trump or technology prodigies like Mark Zuckerberg.
But anyone can become involved in creating wealth; below are 7 tips for regular people like you and me that should help get you started.
The first major tip for creating wealth is simply to save and invest as much as possible.
This means cutting back on expenses.
It doesn't mean you should live the most austere lifestyle possible, just that you should consider new ways of saving money.
This might mean leaving the credit card at home when you go shopping so you can resist impulse purchases, or using generic household products rather than brand names, or staying at a motel near a national park rather than at the grand lodge.
Another tip is to create an online business, or a blog or a website that attracts a lot of viewers and thus one on which you can advertise other people's sites to earn commission.
Online businesses are very profitable nowadays, and relatively simple to set up.
Just make sure you use the latest and most effective search engine optimization techniques available.
Third, make sure you take advantage of any and all tax breaks available to you.
If you have your own online business, you can even write off trips you took for research so long as you can prove those tips were related to your business.
Consult a tax expert if you think you might be missing out on some breaks.
Fourth, take a hard look at your investment portfolio.
Are your investments paying off? Are there other places where you could invest your money and see a higher return rate? Is your portfolio diverse enough? While the overall economy is still shaky, the stock market has been improving and may soon take off again.
Think about talking to a professional financial planner if you feel overwhelmed by such matters.
Fifth, consider finding a way to make residual income.
That is, if you write an e-book or a play or some other written material and sell it online, you could earn residuals on that piece for years to come, if you market it effectively.
Sixth, don't be shy about asking for a raise.
If you offer valuable services to your organization and haven't seen a paycheck increase in a while, you owe it to yourself to try to get a higher income.
Finally, be extra careful when signing up for a mortgage or any other payment programs.
Make sure you can easily afford all your monthly payments.
If you get laid off, you don't want to be foreclosed on within months.
It might not seem like a realistic scenario now, but plenty of people who never dreamed of losing their home to a bank have recently had that happen to them.
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