No matter whether times are good or bad, you can make the best of it. The only way to build massive wealth in tough times, is to be patient sometimes. Good times, when you can make 20% or even more per annum, will come again.
Even in tough times, you can think of doubling your wealth.
Remember, tough times don’t last forever! If, for example, you only earn 7% per annum, whether it’s in a business or with investments, it will take 10 years to double your money
A very good way of building great wealth is with your own business. Even a business that initially only makes a profit of $10 000 per month, but that is
managed correctly to grow at a slightly higher rate than 20% per
annum, will offer a profit of approximately $1 million per annum
after 10 years.
A business can be sold for up to five times its annual profit. This means that if your business makes a profit of $1 million it can be sold for $5 million. Your own business offers the best way of creating great wealth.
How To Ge Out Of Your Debt
Any person can instantly get out of his or her debt using the following
- Increase you income creating passive income stream. One of the simple solution you may not aware of, is to honor your financial obligations. You may strike it rich and win a Lotto in the amount of $100 000, However the amount is worthless if your total debt amount to $125 000. But it is worthful if you use it to settle your debt account account.
- Decide not to incur any further debt until the economy clearly starts to recover.
- Lower your standard of living in order to decrease your living costs so that extra cash is available to pay off your existing debt.
- Sell unnecessary assets to obtain cash to pay off your existing debt. Negotiate with your creditors to lengthen settlement periods on your existing debts, if the payments are too high for you.
These steps can be successfully applied by anyone to settle his or her debt. You don’t need a financial/debt expert to manage your finances. The above simple steps if implemented correctly can improve your personal finances.
You may agree with me that this difficult economic situation (Covid 19 era), has put some breaks on our regular spending. The opportunity has presented itself to us to review how we spent money in the past.
You have heard many times during this period, that economies of this world had entered a recession period which is worse than 1930. Time now has come for you, an individual not incur any further debt, but to settle current ones
When this current crisis has past, and it will soon, you have less debt and more money to save in the form of investment. I know it is a difficult exercise, but it can be done. Prepare yourself for the next wave of economic boom. which I predict will occur later in 2022 – 2025.
This may sound elusive to you, but it will happen. Therefore, that period should not find you financially wanting.