DESIRE AND WISDOM TO BE FINANCIALLY RICH

By Immaculate Medici

"Author Immaculate Medici shares the financial knowledge and insight gleaned from a lifetime of dedication and struggle. Born to immigrant parents and raised in Brooklyn, New York, she had been blessed with loving parents who supported and encouraged her through her journey towards success. In those days, life was simpler, and despite fina

• Language: English
• Publisher: NY Book Publishers
• Release date: May 13, 2024
• ISBN: 9798869376299

Book preview

INTRODUCTION

This book can help anyone to achieve wealth. It enables you to understand what you need in life to protect yourself and your family while moving in the right direction to financial wealth.

This book will help you with everything from the cost of retirement, accounting for inflation, building a solid portfolio of assets, and more.

While financial literacy and control are difficult to attain, it is not impossible, so there is no need to despair; if you read this book, you will always be a step ahead and in control of your finances and life.

Only you have the power to make this happen. Never allow anyone to make decisions for you. Take control of your destiny.

Table of Contents

INTRODUCTION

Chapter 1:

Analyze Your Wealth

Chapter 2:

Portrait of a Millionaire

Chapter 3:

Be a Tightwad

Chapter 4:

Think Positive

Chapter 5:

Your Purpose

Chapter 6:

Real Estate

Chapter 7:

Start a Chain Reaction

Chapter 8:

Give and You will Receive

Chapter 9:

Live Smart

OWNING LAND

OWNING CONDOS

OWNING MY OWN HOUSE

OWNING A BUSINESS

Chapter 10:

The Benefits of Saving

Chapter 11:

Pathways to Financial Wealth

Chapter 12:

Strategies for Long-term Success

Chapter 13:

Overcoming Regrets

Chapter 14:

The American Dream

Chapter 15:

Embracing Second Careers and Financial Independence

Chapter 16:

Trading Wisdom – Insights from a Decades-Long Journey

Chapter 17:

Adapting Healthy Habits

Chapter 18:

Navigating Financial Challenges

Making

Cash Flow Sheet

Cash Flow For Date:_________

Net Flow Sheet

As of Date:_________

Chapter 19:

Conclusion

Chapter 1:

Analyze Your Wealth

I have read many books on how to get rich. I have found that sitting down and analyzing your life is the start of becoming rich. You can read every book on the planet, and it still will not get you to the goals of wealth you want to achieve. Sit down and analyze your financial statement. This will give you a clear understanding of where you are. To go forward, you must understand that wealth is measured in time, not money. You should have your money working for you, not spending all of your time working for money. It is very important that you set goals for where you want to be a year from now. If it helps, consider contracting some local universities to see if they offer programs on finances. Then and only then can you take stock of your finances and set your goals for wealth.

Let's get to the primary reason why most people have money problems. During your school years, you were never taught cash flow management. This is an essential aspect of life and should be taught to every child before so they are not sent into the real world blind and unprepared. For now, though, you will have to learn about it yourself. In doing that, you will learn that you do not need to work harder and harder for your money but have your money work for you. It is very important to know that more money won't solve your problems if you have a cash flow management problem.

You can find your score if you take a quiz on managing your money. Answer the questions below, and for every ‘yes,’ add 1 to your score. When paying your bills, are you always late?

If married, do you hide your bills from your spouse?

Does your family say you have a problem with overspending?

Bought something recently, knowing you did not need it and could not afford it?

Are you spending more than your paycheck?

Were you turned down for credit?

Do you gamble in hopes of getting out from under?

Have you not put off saving money for a rainy day?

Does your total debt exceed your income?

Are you overextended with your credit cards?

Now, add up your score. If you have a 0 score, you are well on your way to financial wealth. If you score 1-5 range you need to reduce your debt. If your score is 6-10, you are headed towards a financial disaster. If your score is high, it is urgent to increase your financial literacy and take control of your cash flow.

First, you need to establish short-term and long-term goals. This will help you map out a debt-reduction plan. As it is said, your first step is to pay yourself first. Take a percentage of any or all payments you receive. The operative word is PERCENTAGE. Assign envelopes on saving, charity, and investing. Choose an amount you can afford to save, and at the end of the month, deposit the envelope with savings in a secure savings account in your local bank as an emergency fund. Do not take it out until you're ready to invest it in property, a car, etc. You will only be able to set aside money for these if you are good at controlling spending. Eliminate debt. Review your credit score. If you have applied all these steps, you can live within your means and are well on your way to financial security. That being said, you can move on to the next step.

The next step is to take control of your spending. Don't dig a hole so deep you cannot escape it. Do not be tempted to purchase things you do not need. This requires willpower. Rule of thumb: do not impulse shop. When you are about to buy something, ask yourself, do I need this, or am I getting it because I feel unhappy today? Shopping will make you feel happy for a short time. You will wear the item once, and then it will lay in your closet forever if you need a little help to trim your budget. Here are some ideas that can help you.

Pay your bills on time and avoid late fees.

Use one credit card until you're in control of your spending, and most importantly, set a limit for the expenditure.

Find a credit card with a low interest rate, no annual fees, and no transfer Fees. Then, consolidate your debts to pay less interest fees.

Pay off your credit card balances each month to avoid finance charges.

Do not use ATMs that charge a fee. It's not a smart thing to Pay for your own money.

Try to shop smart. The intelligent thing is to pay cash whenever you can. Use Your card only for emergencies. The old saying is, If it's not broken, don’t fix it. That goes for your home appliances, car, etc. Don't go to the stores to buy on impulse. Wait for sales.

Shop at discount department stores.

Vacation only if you have Money.

Cut back on eating out. 

Take control of your spending. It's very important, or you will not recover from debt. How to dig yourself out depends on your liabilities.