How To Build Wealth

Here's a basic starting point for getting into the mindset for building wealth.

Now of course you can win the Lottery or sign up for Man UTD or the New York Knicks, but this is for folks determined to build their wealth solidly from the ground up with one dollar and a good attitude! Or indeed one pound, yen, naira, lire, euro.......you get the picture!

1. Assets, assets, assets! Own things! It is good to have ownership of some chunky, sexy assets. Don't rent your accommodation. As soon as you are able, buy!

2. Don't get a wage, give a wage! Create jobs and be a producer.

3. Save! Save! Save! We all make excuses that we don't earn enough to save, but as usual the first battle is in the mind. What if you had an enforced pay cut? Somehow you would still manage. Make the effort and put away about 10% of your earnings. Put away this money before the bills. Prioritize it! (See the wealth chapter in my book).

4. I talk about multiple income streams in my 9-5 blog post. But everyone can start at a basic level. Sell some of your artwork, do some babysitting or sell stuff on Ebay........from little acorns and all that! (See my list of second income projects you could do).

5. Don't do the 'Joint Account Crazy!' One of the hardest (and nastiest) things when a relationship goes wrong is separating assets and money. I don't care how lovey dovey wovey you are, don't mix income! By all means share, but don't mix. Be practical. Be realistic. If your personal set up dictates that you somehow must mix income, then save seperately, aside from that mixed kitty.