Wealth and Prosperity Tips:

Live below your means and be ready for the next recession

The truth of the matter is that downturns are a regular part of our economic cycles. So the adage “hope for the best, prepare for the worst” should be a principle to live by.

Don’t overspend, and save for a rainy day — or an economic downturn.

Minimize debt

This one falls into the previous list item as well. Debt is the biggest enemy of wealth. Not only that, but it will hurt you immensely during a recession. So live within your means, and don’t charge everything.

Invest at least 20 percent of your income in real estate and stocks

Real estate and stocks are the best and safest ways to build wealth (investing in other businesses does not count). Let your money work for you — invest a percent of your income.

Know your net worth — including the value of your business

You can’t improve what you don’t measure, so it’s paramount to keep track of your net worth.

Be politically savvy

Public policy matters. You need to be a part of the decision-making process — that means understanding politics and voting.

Be physically fit

Wealth without health is meaningless.

 Be generous with people who are less fortunate

Philanthropy feeds your heart and spirit, and it gives more purpose to your work.

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