Achieving Wealth and Prosperity

by Joseph · 5 comments

in Personal Finance

As a personal finance blogger I find it interesting to read other personal finance blogs not only to learn from these individuals but also to see how they perceive money and the world around them. You can always find links to some of my favorite finance blogs in my blogroll, but today I want to talk a little bit about a fantastic personal finance blog that has been around for a while now: MoneyNing.

I bring up MoneyNing for two reasons. The first reason is that David knows his stuff and he is committed to sharing with his readers what he’s learned from his own financial life. The second reason is that I’m actually being featured on his blog today with a guest post that I wrote about my journey to prosperity.

A Journey To Prosperity

For today’s post I’d like to expound a little bit more on the goals that I’ve set for myself on my journey to prosperity. Before you continue reading here you definitely ought to check out Debit and Credits Plan to Prosperity over at MoneyNing (clicking the link will open in a new window) and then come on back for some further clarification.

Ok. Did you read it? What did you think? Please if you have any comments related specifically to that article leave them over at MoneyNing. Otherwise let me help you understand a little bit more about my financial goals.

Being Rich Requires Thinking Rich

Like I mentioned over at MoneyNing I think that being prosperous is so much more than just being lucky. It requires hard work and dedication to achieve wealth. As an example let’s take a look at the worlds richest man, Warren Buffett. This is a man who has worked hard and smart every single day of his life. His wealth didn’t come easy to him, but because he was willing to learn and willing to work hard he’s been able to achieve extraordinary things. Being extraordinary doesn’t just come from hard work though, it requires some level of goal setting and follow-through. Think of it this way: If you want to be rich then you need to learn how to be rich.

I’ve set several goals for myself. Let me share them with you now, along with how I plan to achieve them:

  • Be in a position to retire by the age of 55

I will contribute as much as possible to my 401k retirement plan. Currently this number is 10% of my income.
I will make smart financial decisions such as only buying a house that I can easily afford.

  • Build my personal net worth to $1 million plus dollars

I will keep my liabilities (debt) to a minimum by buying only what I can afford.
I will make smart investment decisions to grow my net worth at a minimum of 10% a year.
I will continue to save money out of my paychecks beyond what I’m saving for retirement.

  • Avoid debt as much as possible

I will not use my credit cards for everyday purchases unless I have the cash set aside to pay them off immediately.
I will not make foolish decisions and purchase things that I can’t afford with cash and that I don’t really need.
When I make large purchases (such as a house or car) I will compare my options and borrow as little as possible.

Those are the goals that I’ve set for myself; my roadmap to prosperity, if you will. Do you have a plan to achieve prosperity? I want you all to sit down and think about what you really want out of life and how you can achieve it. It might require some cutting back at first but in the long-run you’ll thank me, but more importantly you’ll thank yourself.

{ 5 comments… read them below or add one }

daria369 November 14, 2008 at 8:28 pm

Two great posts – this one and the one on MoneyNing – congratulations!
And thank you for great advice (as always)!

Reply

Becca November 15, 2008 at 2:06 pm

I enjoyed both this article and the one posted at MoneyNing. I agree with all of your goals except one: retirement at 55. I am currently 35, but am currently considering when I should plan for retirement.

My Dad was an engineer and owned his own firm and he once shared with me that his greatest regret was retiring at 55. Once he retired and sold his business, he had fun for about a year but then he started to yearn for his old life. He learned that he enjoyed his profession and wished that he had put off his retirment for as long as he could.

I also enjoy my profession and can see myself practicing for as long as I can. Can you share your thoughts as to why you chose 55 as your retirement target age?

Reply

Coupon shipping November 16, 2008 at 3:25 pm

Great advices! Nice work!
Pascale

Reply

Charles Cox July 13, 2011 at 2:13 pm

My book: Life Is A Business! might be appealing to your readers. I would be more than happy to send you a complimentary copy. Please provide me a mailing address if interested.

Reply

Joseph July 18, 2011 at 8:54 pm

Hey Charles,
I sent you an e-mail. Thanks for checking out Debit versus Credit.

Reply

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