What Are You Doing To Build Your Net Worth?
I'm starting to think more about what I can do build my own personal net worth.
Other than the basics, I'm wondering what habits, investments or methods you guys have found most effective in build your own personal wealth?
Here is what I'm considering the basics:
1. Improving your income
2. Reducing debts
3. Reducing expenses (I am already a cheapskate/frugal person so this one is easy))
4. Saving consistently and prudently
5. Investing consistently and prudently
I think saving consistently is the key.Paying attention to what percentage of net worth is made up of non-financial assets. My experience (and I assume the experience of most others) is that financial assets grow faster than non-financial assets, so while it's nice to have a comfortable home and reliable cars, keeping the cost of those big-spend items down helps our NW rise faster. When I refer to non-financial assets, I'm talking about personal home & vehicle(s).
Other than the basics, I'm wondering what habits, investments or methods you guys have found most effective in build your own personal wealth?
Here is what I'm considering the basics:
1. Improving your income
2. Reducing debts
3. Reducing expenses (I am already a cheapskate/frugal person so this one is easy))
4. Saving consistently and prudently
5. Investing consistently and prudently
I think saving consistently is the key.Paying attention to what percentage of net worth is made up of non-financial assets. My experience (and I assume the experience of most others) is that financial assets grow faster than non-financial assets, so while it's nice to have a comfortable home and reliable cars, keeping the cost of those big-spend items down helps our NW rise faster. When I refer to non-financial assets, I'm talking about personal home & vehicle(s).
What are your thoughts about this?
Have A Great Cheap Cheetah Day & Save That $$$
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