Answers Junction ? Building financial wealth?

Question by mead1973: Building financial wealth?
I am looking for some sound advice on how to build financial wealth. I do not come from ?money,? and I don?t have a high paying job. I?m tired of living pay check to pay check and never having anything to show for it.

Best answer:

Answer by WallBaker
Ok, here we go.
First: Pay off any credit card debt. ALL of it.You can use the cards but plan to pay them off at the end of each month. Send me an email if you need more tips on this.

Second, start saving something every week. Do it automatically if you can. Ten dollars is enough but you have to get in the habit of it.

Third, look for a second job doing something you may like. You can change second jobs a lot but this is for your future. Bank all the money you earn and, when it stops being fun, change jobs. You can also use the second job to pay off the credit cards.

Finally, find a good stock mutual fund. I like American Century funds, and use the money you have been saving to start an account with them. A savings account will pay you 3% and you should earn 9% from your mutual funds. Every time you have enough in your savings to purchase more, do so.

That?s it. Simple, eh?

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