Guest Post from Jenny Roberts

Ignore the Wall Street and get on with your life – Build wealth and slash off debtBy Jenny Roberts
Did you buy a home to build wealth? It may be your greatest asset but with the present debt conditions, you can’t even afford to pay off the monthly mortgage installments and your home is less worth than what you’ve paid on it. Have you dutifully socked away bucks from your 401(k) account and the value of the accounts may have dwindled? And are those credit cards taking a toll on your personal finances making them go haywire? Actually the American’s financial pain is intense and with the recent raising of the debt ceiling and the credit downgrade by the S&P, this has added fuel to the fire. More than 1/3rd or roughly 86 million adults say that they do not have any kind of non-retirement savings and with such a state of the consumers, what else can you expect from the economy?

Some principles to follow in order to build wealth and repay your debt obligations As the S&P downgraded the top-notch credit rating of the US by one notch, the interest rates on all the personal loans including the debt consolidation loans and the mortgage loans have been predicted to rise and this news has made the consumers particularly aware about their finances. They have become conscious about their spending decisions so that they can keep debts at bay.
 
Check out some ways in which you can build wealth and exterminate debts.
 
1. Save for a rainy day: If you want to build long term wealth, the principle that holds paramount importance is to establish a personalized financial plan. By doing so you can create a consciousness about whether or not the present spending level will actually translate into achievable goals in the long run. Save money for a rainy day fund so that you have enough during an unfavorable situation. If you have enough funds you don’t need to take resort to any kind of loans.
 
2. Debt is a disease: Debt is almost like a form of bondage that unnecessarily enslaves the borrower. There are people who even commit suicide as they’re unable to repay their credit card debt. Wouldn’t it be a hundred times better life if you didn’t owe anything a dime? But that is far from being true and hence you need to trigger your debts. Unless you repay your debts, your path to building wealth will also be full of obstacles. Get help from a professional and repay your debt obligations on time.
 
3. Let money beget money: We all know the famous saying ‘money begets money’, but how many of us practices it? Well, investment, done properly and wisely, can turn out to be one of the most successful ways of building wealth and repaying debt. There are many debtors who don’t want to sign up with legal debt relief companies and therefore try their luck in the investment market. You can invest in the stock market, forex market and even in gold. However take the plunge only after consulting a stock market broker so that you remain sure about your steps.
 
4. Look for passive income: With the widespread use of the internet, you can leverage the World Wide Web to earn dollars sitting at home. Don’t quit your day job but you can always look for some additional income like becoming an affiliate marketer, a web content writer, a website reviewer or even by blogging. Use the money that you earn in repaying your debts and accumulate the rest of the amount in a ban savings account. There’s a millionaire in everyone. It’s just that you don’t follow your mind and be financially diligent enough to deal with your finances properly.
 
With a gloomy economic backdrop in the US, you must personally be aware and use the best finance tips mentioned above to build wealth and repay debt.
 
Jenney Roberts is a writer for various finance related Communities including Debt Consolidation Care. She is a financial writer by profession and has specialization in dealing with financial problems and its solutions. She is well equipped to write articles on debt consolidation, savings, planning, frugality, debt settlement etc.”
 
Wishing you success and prosperity,

Daniel R. Murphy
Helping People Learn to Build Wealth
www.Books2Wealth.com

Wishing you Success and Prosperity,

Daniel R. Murphy

Wishing you well,

Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.
www.danielrmurphy.com