Your Income Is Your Greatest Wealth Building Asset
For those of us who like to read (and write) information on personal finance subjects, we spend energy on a wide range of wealth building strategies. Too often we ignore the concept of making money because we feel it’s something outside our control. After all, our employer pays us, we don’t pay ourselves, right? The reality is that your income is your greatest wealth building asset.
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Keeping & Growing Income
The first thing to focus on is keeping and growing your income. Obviously, this is a concern for many people today considering the high unemployment in America. If you’re wanting to improve your financial situation, you must re-establish your income even if it means taking a less-than-ideal job. If you have a job still, do what you can to keep it — and if you’re in the minority with an opportunity for a raise or other opportunities, take advantage them!
Next, I believe it’s worthwhile to pursue additional income opportunities to create income outside your “main job.” This has been a main focus of my blogging for a couple years now — finding ways to make extra money to improve one’s financial situation. You can read some of my past posts here at Moolonomy or check out my online income page for more information.
Letting Your Income Work
Now, letting your income work for you is what almost all Americans struggle to do. What do I mean by this? I mean letting your income actually building your wealth. Instead, most Americans inhibit their income and put obstacles in front of it and prevent it from building wealth.
For example, the biggest obstacle is debt. By tacking on insane levels of debt, we fail to let our income build wealth. How? Well, big chunks of our income immediately go towards paying ...
