Who wants to be a millionaire?
Well if you want that million dollars, perhaps you'll get lucky enough to
land a spot on ABC's popular game show bearing that name. Simply give the right
answer to all the questions and you'll walk away with the million dollar prize.
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Or, you could get on a hot streak, pick the right 7 numbers and win the
lottery. But unfortunately your chances of winning are 1 in 22 million.....so
we'd better forget that.
But maybe you know about this incredible get rich quick plan where you don't
have to do much of anything, simply join up free, then in a year or so, you'll
be the Net's newest millionaire. Well, if that plan has worked for you....please
write me ASAP! :-)
But for all the rest of us, we need some practical advice on what will really
make us our fortune.
Making money is easy. There are mathematical laws that govern how money will
work for you over time, reaping greater and greater rewards. These laws are laid
out in detail in the book, "The Working Life Of A Dollar."
Here's what you need to do:
Write down your present monthly income and expenses.
Next, see where you might be wasting money on foolish items. Where can you
cut expenses and use that money for your future. Plan a monthly budget, and
stick to it.
Get out of debt.
Just as money compounds interest going up, it also drains money out of your
pocket when you pay out interest. Only make purchases on your credit cards
when you have the cash in hand to cover the expense. If you have a habit of
over spending every month, cut your cards up!
Always pay yourself first.
A minimum of 10% of your monthly income should be reserved for your future.
The more you can pay yourself, the quicker your financial goals will be met.
Give a portion of your earnings to help others less fortunate.
Just as the mathematical laws governing the compounding of interest are
unbreakable, this is a Spiritual law that is unbreakable. You must be
willing to freely give before you can rightfully expect something to come
back to you.
Pick a proven investment vehicle to place your money.
The easiest investment is to pick a top performing diversified domestic
growth mutual fund. Your fund should have averaged a rate of return of at
least 20% over the last 3 to 5 years.
Spend $1.00 and pick up a copy of the Investor's Business Daily
newspaper. Every day they publish a mutual funds table. Only choose a fund
that is A rated or better.
Invest monthly into this fund and reinvest all dividends.
Many people do not have the discipline to save money every month. If this is
the case, choose the option to have money automatically deducted from your
paycheck or checking account.
Don't panic. Understand
there are business cycles and market cycles. Bear markets typically last
from 9 months to 2 years. Buy as many shares of your fund as possible during
bear markets. Big returns are always made by sitting through several market
cycles. To get these returns you must have the patience and belief to sit
tight and add to your holdings during down market cycles.
That's it! Simple and easy to do. Now all you have to do is get started.
About the Author:
Dave's E-zine provides
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Contact Dave if you would like an experienced investor to assist in planning your
financial future, or need a hand in choosing the right fund for your