Tuesday, 13 June 2006

Wealth Building For Women - 4 Valuable Tips To Help Any Woman Increase Their Wealth

Most women are raised to inherently believe that somehow their wealth and financial well-being will be taken care of by others (i.e. marry, inherit).

Because of this, most women aren't taught how to build their own wealth, or even think to learn it on their own.

If you're a woman who desires to build more wealth, here are 4 valuable tips to help you get started:

Tip #1: Get clear.

When we experience negative events (such as our parents telling us there isn't enough money), we subconsciously block out or avoid our painful memories. This process of avoidance actually insures that the event will get stuck in the body, at the cellular level, because it is never fully processed and cleared. So, clearing these beliefs is crucial to your wealth.

To start, make a list of any negative beliefs you determine you have about money or wealthy people, including the belief that your financial well-being will somehow be taken care of by others.

Use a clearing technique like EFT or whatever works best for you, until you feel clear.

Tip # 2: Stop your most costly money drains.

Money drains sabotage our efforts to accumulate and build wealth. The best way to take control of your wealth is to be aware of where your money is going. I'm not asking you to be perfect, and I don't want you to get overwhelmed with this, just look where your money is going and "plug" any money drains as you see fit.

Common money drains include: having more house or car than you can afford, dining out too much, alcohol, cigarettes, fancy coffee drinks, vending machines, excessive shopping, too many paid magazine subscriptions, convenience stores, happy hour, expensive vacations, not automating a regular savings amount, keeping up with The Joneses, parking or speeding tickets, overdraft fees, bounced check fees, credit card fees or interest, late payment fees, lending money to others, wasting food, overpaying insurance (not checking your policies regularly), bad credit, and anything else that is unnecessary and is keeping you from investing or saving.

Tip # 3: Show Some Respect.

You need to consistently show your subconscious mind that you respect money, you are interested in your finances, and you are serious about wealth building. Showing respect includes:

Keep your wallet neat and organized. Make sure all your paper money is straight, facing the same way, and nicely put in your wallet. Don't crumple them and shove them in your pocket or pocketbook.
Every penny counts to your subconscious mind, so don't treat coins like they aren't valuable.
Organize your bills as you receive them, and file them by due date.
Pay your bills on time.
Have a filing system for all your financial documents and keep it current and organized.
Don't use credit cards to buy things you don't need and can't afford.
Keep your checkbook balanced and don't float checks.
Always know your net worth (= assets - liabilities).
Tip # 4: Get serious about wealth building.

Once you get clear, seriously look at where your money is going, and begin to plug your money drains, you should have additional "free" money every month to start wealth building. Here are a few things to consider:

Pay yourself first, and show your subconscious mind that your wealth matters. Determine a set amount (even $5 a week), and have it automatically deposited to your savings account. Don't touch it, just let it grow.

Automate the payment of your bills as much as possible so you aren't always focused on or worrying about them.

Focus on eliminating any unsecured debt (i.e. credit card debt). This will give you a great sense of freedom to see the amount steadily decrease and ultimately reach a zero balance.

Create an emergency fund and add to it gradually (final balance to target should be equal to 6 months of your income). This will give you a sense of comfort and freedom.

Look into ways to create more income (i.e. start a business).

Start learning about different investments. Don't ever invest in something you don't understand.