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How to create wealth

 

  • 1. How to create extraordinary wealth Inspired by teachings of Richest man in Babylon; Seven cures for the lean purse Subhash Sharma CPA, CMA, MBA
  • 2. Save at least 10% of your income Transfer minimum 10% of your income to your savings account ● Pay yourself first immediately upon receipt of paycheck ● If you are self employed transfer 10% of each receipt to your savings account ● Talk to your bank if you can automate this process
  • 3. Control your expenses Prepare monthly budget for 90% of your income ● Living expenses, Meals, entertainment and vacation ● All expenses to be paid by cash/ debit card ● Total expenses not to exceed 90% of income ● Think ahead for lean months
  • 4. Invest your savings ● Invest savings to earn interest and dividends ● Invest earnings to earn interest and dividends ● Monitor your investments regularly ● Think of long term potential ● Think objectively and without emotions
  • 5. Protect your capital ● Invest with utmost care ● Seek counsel of experienced professionals ● You should be able to retrieve the capital when you desire ● Each investment must earn fair and reasonable return ● Stay away from quick rich schemes ● Avail of tax incentives and government subsidies
  • 6. Own your home ● Invest in your home rather than renting ● Borrow money to acquire your home if required ● Keep mortgage payment same as rent ● Pay off the mortgage regularly ● Pay off more towards principal if you can
  • 7. Provide for future earnings ● Plan for income in retirement ● Invest in passive income ● Invest in rental property ● Protect your income in case you are incapacitated ● Buy insurance to protect your loved ones if you pass away
  • 8. Increase your capacity to earn ● Learn everything to excel in your craft ● Be the best in your area of expertise ● Learn everything about money and finance ● Determine a strong and definite desire ● Determine your “why” ● Write down specific and measurable goals
  • 9. Increase your ability to succeed ● Do not borrow more than you can repay ● Pay off your debts promptly ● Take care of your family ● Write a will for fair and equitable distribution of your wealth when you passed away
  • 10. Gain self respect and significance ● Continuous learning and improvements ● Show empathy towards injured and down trodden ● Give generously to those who are less fortunate ● Teaching and helping others to succeed

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