Essential Guru

Essential Guru

08-05-2022

09:33

Want to be rich in 5 years? Read this:

1. Know Where Your Money is Going Knowing where your money is going is the first step of any successful financial plan. If you don’t know where your money is going, it may be tough to put it to better use.

2. Financially Educate Yourself Something that is arguably not discussed enough is the degree to which formal education and training in finance are lacking. Everyone needs to know how to manage their money, but many people have to learn the hard way

3. Pay Down Debt Once you know where your money is going, your next step should be to aggressively pay down debt. In many cases, debt simply weighs people down and doesn’t provide an ongoing benefit.

4. Have Multiple Sources of Income The mainstream approach to covering one’s expenses is to find a job. Having multiple income sources not only increases the amount you can earn but also removes the risk that you will lose all of your income.

5. Increase your wealth Once you’ve worked out the previous sections then now its time to really start building your wealth.


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