Creating Personal Wealth

One of the most intriguing aspects of finance is learning how to make your money work for you. I have identified three points that will jump start your financial freedom. They include getting out of debt, developing your emergency fund, and paying yourself first.

            First, some people believe that debt is an important part of becoming wealthy. Debt is risky and has been known to cause most financial stress within households. By focusing your efforts on getting out of debt, you will be able to quickly regain control of your money and use it to benefit you in other ways (Ramsey, 2009, p. 21-23).

            Second, developing your emergency fund will become a protection to you in times of need. Emergency funds are generally used to account for a sudden loss of income. Some examples include losing a job, experiencing a serious injury, or having significant car trouble. A good emergency fund should cover three to six months of your expenses. Developing an emergency fund will prepare you for any unforeseen challenges and will allow you the ability to overcome them (Ramsey, 2009, p. 133-134).

            Third, learn to pay yourself first. George S. Clason wrote, “I found the road to wealth when I decided that a part of all I earned was mine to keep.” You work hard for your money and should keep a portion of it (Evans, 2006, p.32). Keeping 10 to 15 percent of your paycheck in an account where you won’t touch it will enable you to start building wealth (Bach, 2004, p. 71).

            Everyone wants financial freedom. It can be accomplished by getting out of and staying out of debt, developing a complete emergency fund, and paying yourself first. By following these principles, you will be able to regain control of your finances and begin your journey to developing personal wealth.

References:

Bach, D. (2004). The automatic millionaire: A powerful one-step plan to live and finish rich. New York, NY: Broadway Books.

Evans, R. P. (2006). The 5 lessons a millionaire taught me. New York, NY: Fireside.

Ramsey, D. (2009). The total money makeover (3^rd ed.). Nashville, TN: Thomas Nelson, Inc.

Characteristics for Success in Business

            Professional employees work hard to achieve their goals and become successful. By developing particular characteristics, you can leverage your future opportunities for your benefit. I believe that having honesty, a positive attitude, and being reliable are essential characteristics to have in becoming a professional employee.

            Being known as someone who is honest and trustworthy can bring great benefits to your career. Honesty allows your employer and coworkers to develop trust in you and know that you won’t lead them astray. Honesty from another perspective might include a company’s honesty with its employees. When a company is honest and forthcoming with its employees, the employees are more inclined to be reciprocate that honesty (Huppke, 2013).

            Another critical characteristic to develop is a positive attitude. Work isn’t always fun and can often be frustrating. Clear, from the Huffington Post (2013), stated that, “…the biggest benefit that positive emotions provide is an enhanced ability to build skills and develop resources for use later in life.” Having a positive attitude can be a major stepping stone to propel you to success.

            When employers know that they can rely on you, they will show their trust by giving you more important assignments. Those who are deemed reliable will be much more likely to receive promotions and become a leader to those that they work with (Mckay 2012).

            By becoming more honest in your work, showing a positive attitude even when times are tough, and becoming more reliable to your employer, you will have greater success in becoming a successful professional employee.

References:

Clear, J. (2013, September 8). The science of positive thinking: How positive thoughts build skills, boost your health, and improve your work. Huffington Post. Retrieved from http://www.huffingtonpost.com/james-clear/positive-thinking_b_3512202.html.

Huppke, R. (2013, June 17). Liar liar, office pants on fire. Chicago Tribune. Retrieved from http://articles.chicagotribune.com/2013-06-17/business/ct-biz-0617-work-advice-huppke-20130617_1_white-lies-honesty-workplace.

McKay, B., & Mckay, K. (2012, August 26). Heading out on your own: Day 26 – 15 maxims for being a reliable man. The Art of Manliness. Retrieved from http://www.artofmanliness.com/2012/08/26/heading-out-on-your-own-day-26-15-maxims-for-being-a-reliable-man/#disqus_thread.