Build Your Wealth Daily

Of all of the goals I've set for myself, I consider this one to be the most important of all. To add to my wealth on a daily basis. I try to always end the day with a little more than I start out with. I know we've all heard the expression "you can't get rich with nickels and dimes," but it is also true that fortunes have been made pennies at a time. We spend so much of our working lives striving to make the people we work for rich, how much more important should it be to us to increase our own personal wealth? I happen to believe it's is very important. So I make sure I spend some time every day figuring out how to improve my financial status in one way or another. Sometimes it's as simple as skipping a soda or a cup of coffee with my meals at the restaurant and putting that money away to increase my savings. Since the true tax rate on earned income is around 50%, every dollar you save is basically equivalent to $2 in earned income. Since the dollar you've saved has already had all the taxes taken out of it, you would have to earn $2 to equal the same amount that you saved. So don't overlook all that change you put aside each day, it can really add up to substantial amounts.

At other times I may review my stock portfolio to take advantage of dips in stock prices on my dividend paying stocks. When the prices are down and they haven't reduced the dividend payout, you can increase the yield on dividend paying stocks by purchasing more shares at the lower price and reducing your average price per share. This, in turn, increases the yield you will earn on dollars invested. If you do this on a regular basis, you will find that your dividend income will increase regularly. This involves very little work on your part, so isn't it worth the effort?

Another way I seek to improve my income is by coming up with ideas to earn more and add the additional money to my investment program. This is where I came up with the idea for purchasing a commercial carpet cleaning machine. I will use this machine myself at least twice a year to steam clean my own carpets, so I will save the $30 rental fee each time I use it. Then too, if I do an additional 20 carpet cleaning jobs for other people during the year, at an average price of $50 per job, I will earn $1,000 per year. Since I expect this machine to last at least 10 years, I will earn an additional $10,000 in income not to mention the $600 I will save on my own carpet cleaning by not having to rent the machine. This machine costs $700. With the extra income and the savings on machine rentals, by the end of the life of the machine I will have earned and saved over 15 times what I paid for this machine. Since I could easily get more than 20 jobs per year and the machine could well last over 10 years, it is staggering to think of how much of a return I could earn on this $700 investment. This is roughly the equivalent of earning 150% return on your initial investment each year.

These are just a few examples of the things I've come up with. Everyone is different. They have different talents and different situations, but we can all find ways to increase our wealth on a daily basis if we just give it a little thought. We spend so much of our time working hard for other people, why not direct some of that energy towards improving our own lives and making ourselves wealthier each day.