People need money to cover their basic needs and anything above these needs is a bonus. So what about you?
The first thing you need to do is make an assessment of your net worth. Add up all of your assets, then add up all of your debt and subtract debt from assets. Your current net worth today represents your foundation as you prepare to generate wealth.
The six tips and bonus Paul Lawrence Vann is sharing throughout this episode is listed as follows:
- Emergency Funds
- 401K Plan
- Social Security
- Real Estate
- (Bonus) - Stock Market
The list above represents a starting point for people to begin generating wealth, it's not all-inclusive, however, it provides a foundation for making your hard-earned money work for you. It's better to be a lender, rather than a borrower, these six tips and the bonus gets you started on your path to financial independence.
Paul Lawrence Vann is a Certified Financial Coach, contact him with questions at (800) 341-6719, Email: firstname.lastname@example.org
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