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7 Basic Steps Involved In The Process Of Growing One’s Personal Wealth
The process of growing one’s personal wealth may seem daunting, but it doesn’t have to be. In reality, it boils down to a few basic steps. Here are seven steps anyone can follow in order to build their personal funds!
1) Secure an Emergency Fund
You cannot underestimate the importance of an emergency fund. It is the only thing standing between you and even more debt when life throws a curveball your way. Without savings or liquid cash on hand, you will be forced to borrow money at outrageous interest rates or turn to less than honorable means of acquiring capital… both of which can lead to dire consequences for your financial future.
2) Develop a Debt Radar
As a rule, avoid debts that have a high interest rate. Instead, work your way up to more favorable rates. For example, a bank loan should only be used for a house down payment and not for any other purchases or personal needs. It should also take years to pay off the principal rather than being paid over the course of the next month.
3) Create a Budget
Budgeting is the first step towards staying within your means. It also helps you to save money every month, which allows you to save for large…
