My, oh my, the financial crisis is upon us. Do not panic, nor worry if you will make it through this economic crisis. We can choose to lay down and roll over or get up and brush ourselves off and take on this economic juggernaut. Stand up and fight and never give up or give in to financial failure. I have been in the financial arena for over 28 years and this is the first time I have seen this magnitude of poor leadership and greed in our financial systems. The fact of the matter, is this could have been prevented.
Now more than ever, we can do something about the financial meltdown. I am going to discuss three things you can do to achieve financial success despite the recent financial bailout. It seems banks are not lending money or extending credit, this could have an impact on your current and future investing opportunities. Consider some of the following strategies to catapult your financial bottom line:
*Learn how to build millionaire credit
1. Keep a financial calendar
2. Stagger the regular acquisition of your credit report
3. Keep good records
4. Make payments early
5. Never, ever be late on a mortgage payment
6. Time is the great equalizer
7. Prudently use your credit
8. Create a favorable debt-to-income ratio
9. Change your job title
10. Don’t max out your credit cards every month and pay them off
*Maximize your savings and investments
American citizens have the lowest savings rate of any country in the developed world. In 2005, the savings rate in America was -0.4%, that is correct and in 2006 it got worst and was -1.5%. The savings rate in America is so bad, it is called dis-savings.
I encourage everyone to save every single penny you own. Why?
Cash is king during this financial crisis and if you want to purchase foreclosed properties for pennies on the dollar, the time is right. Likewise, purchase stock during this time frame is a great investment because the market will rebound and the windfall will follow.
Lastly, the financial bailout indicates our financial market and economy is moving to a cash oriented system, meaning credit as we know it today is never going to be the same. Save your money and invest it wisely.
*Build wealth despite a financial crisis
1. Live within your means
2. Allocate your time, energy, and money efficiently to wealth building
3. Financial independence is more important than social status
4. Their parents did not provide economic outpatient care
5. Their adult children are economically self-sufficient
6. They are proficient in targeting marketing opportunities
7. They chose the right occupation
You can achieve financial success as long as you adopt a few strategies to assist you in the process. You deserve to have a wonderful standard of living and you will as long as you take positive action to secure your financial future.