Investment & Financial Articles
Title: How To Become A Millionaire In 7 Easy Steps
Author: Dave Cole
Article:
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.
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:
1. 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.
2. 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!
3. 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.
4. 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.
5. 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.
6. 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.
7. 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.
We have put up a special Web page for you that will explain all
about funds and exactly how to pick the right fund for your
objectives.
http://www.choosetoprosper.com/mutual_funds.html
1. Write down your monthly income and expenses. 2. Get out of
debt. 3. Always pay yourself first. 4. Give to help others. 5.
Pick a quality diversified, domestic growth mutual fund. 6.
Invest in it regularly. 7. Don't panic.
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 investment objectives.....
About the author:
Dave Cole Editor/Publisher Prosperity: The Choice Is Yours
Copyright © 2001 http://choosetoprosper.com
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