Grow Your Money Tree
It is a fact that most of us will have several hundred thousand dollars pass through our hands in our life time. You don't believe me do you? Well lets say you work for the minimum wage ($7.25 per hour), full time (40 hours per week) for the next fifteen years. If you did that you would have earned $226,200.00.
With that knowledge you and I both most figure out a way to grow our money tree. There are several obstacles that are trying to kill the growth of our tree: bad money choices caused by hereditary and environment, debt, clear understanding, etc.
We can clear up bad money choices with continued exposure to information that will increase your financial literacy. In this post I want to challenge your understanding and debt.
Some people, professional and otherwise, will tell you that you should pay off all of your debt first before you can grow your money. I believe that this is poor advice for most people. You should develop a strategy where you are reducing debt, saving and investing for growth simultaneously. Work with someone who can help you develop this strategy
This way your money tree has the best chance of growth.
Also please keep in mind these three principles:
1. The fastest way to increase wealth is to invest.
2. There is a significance in making more money and increasing wealth.
3. When you start to invest don't get discouraged if you are not able to be a part of the "big deal". A few "small deals" can put you in a position to be part of the "big deals".
Image courtesy of ddpavumba at FreeDigitalPhotos.net