My theory on wealth building?

Question

1) Save and build a bankroll
2) Don't waste time chasing short money -- working to the bone to get that 5% raise and extra vacation (you still gotta go to work 5 days a week and if you slack they'll pretend they never knew you)
3) Don't be a fake stunna -- buying bling that'll depreciate
4) Take calculated risks -- this goes back to #1, be able to sustain a few hits to last and beat the game in the long run
5) Have at least 2 contingency plans -- probability of 3 unlikely events occuring is vanishingly small

Thoughts?

Answer 1

did u read 'the richest man in babylon' yet? similar principles. he said save 10% of every paycheck before u even pay bills. that way u will always be getting ahead.

what about napoleon hill's bestselling 'think and grow rich'? its ideas were, everything begins with a thought. u think about getting up to go to work... and u set a plan to get that done.... set alarm clock, shave (if a guy i mean), brush teeth, and drive to work. accomplished! everything begins with a thought. and if we have enough passion and faith (religious or otherwise), that we will continue to do steps on our plan for that thought, it will happen, period.

Answer 2

There are three strategies to wealth building. They outline all of the possible steps/options one can take to guard and govern one's finances today.

Strategy A: Reduce Expenses
A1 – Run an Economically Productive Household
A2 – Avoid Overspending and Overpaying
A3 – Reduce Consumer Debt
A4 – Reduce Taxes

Strategy B: Reduce Liabilities
B1 – Utilize Insurance
B2 – Implement Retirement Plan
B3 – Create Emergency Cash Cushion
B4 – Create Will / Trust for Heirs
B5 – Reduce or Remove all Debt
B6 – Family Planning and Goal Setting

Strategy C: Increase Income / Net Worth
C1 – Own / Partner in Businesses
C2 – Stock Market
C3 – Real Estate
C4 – Career or “W-2” job

Be blessed,

Answer 3

well, i work myself to the bone. I have 2 full time jobs but one paycheck goes to bills and food and the other goes entirely in the bank. we are saving up to buy a house. you're right that 5% raise is sh*t cause it's all about saving, in the long run.

Answer 4

It is not how much you make but how much you keep.

Many doctors have a 5 digit income but have a less than 4 digit saving.

Answer 5

There's more than one way to do things. Your way sounds reasonable. Remember you can tweak anything. In fact you should be flexible and change your plans as your needs change.

Answer 6

and be consistent.