Foundation of Wealth

Build Your Financial Foundation Young and be able to Afford Life

Youth gives you a huge advantage. You are able to build your foundation of wealth at a young age so you can afford all the fun things life has to offer. The best part is setting up a solid financial foundation of wealth is easy. And by following the seven steps you will be well on your way to enjoying life without experiencing financial worry.

Building Your Financial Foundation of Wealth

Step 1: Set financial goals. Setting financial goals will help you achieve your goals at a faster rate. Before you begin to set your personal financial goals take the time to consider two important questions:

o        What type of lifestyle do I want to live?

o        How much will that lifestyle cost to maintain?

Once you know how you wan tot live and what it will cost write your financial goals down on paper. Make sure you review your financial goals often and visualize them coming true. Its important you understand your thoughts are self-fulfilling prophecies so make sure you are thinking positive thoughts!

Step 2: Work for the greater good. The days of unethical people stealing others money are gone. Make sure all your money-making ventures focus on creating a positive change in the world. It feels good when you know you are helping others. Plus as a side benefit, doing the right thing will eventually it will help you - the Good Samaritan - as well. What comes around goes around.

Step 3: Get your mind right. Getting your mind right will help you avoid the trouble many people find themselves in plus you will live a more fulfilling life. It starts with having a healthy relationship with money. Old sayings like - 'you can't make money without money' - just is not true. Get those thoughts out of your head. The truth is that most wealthy people started with nothing and built up. In America, money really does grow on trees and by understanding basic money guidelines; it is possible to find your money-making tree.

Step 4: Build your credit. This is one of the simplest ways young adults can build their financial futures. There are step-by-step moves you should make for "A" credit status, or if ignored, can hurt your financial future. To begin building your credit start with getting a credit card, using it each month and paying it off in full each month. That show's the credit bureaus that you're able to pay back debt and at the same time you will not be paying any interest. You're building your credit which will save you thousand of dollars a year once you buy a home and car.

Step 5: Accounts. Open your checking accounts, savings, IRAs, and brokerage account early. You will need these accounts at some point in your life and by getting them open early you will have many benefits. Make sure to use the technology advantages we have today and automate those accounts. That way once you deposit money you automatically have money transferred to your investments and your bills are paid professionally and on time.

Step 6: Automate your investment plan. Build your financial future and enjoy the rewards of having money to spend now by saving. Every month put away a percentage of money to plan for the future, but also make sure to set aside money to have some fun - take those trips, buy those clothes, take your significant other out for a nice night on the town.

Step 7: Develop a team. Having a team of people that you trust about financial matters is critical especially when you're learning. With over 30% of your income going to pay taxes, the first members on your team should include a qualified tax advisor. Also get on your team financial mentors and personal growth teachers. Fortunately, many of these teachers have audio and video products available for your convenience.

Get your money working for you; instead of you always having to work for your money! These seven ways to build a solid financial foundation will give you everything you need to start your investing so you can enjoy life more.

Vince Shorb, the leading financial literacy advocate and expert, teaches young adults how to achieve financial freedom while they are still young. For more information and free video clips visit www.FreeBy30.com now.