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Steps You Can Take to Obtain Financial Security

Here are some steps each of us can take right now to obtain financial security:

Invest In Yourself 

Grab a book on finance or investing and read it.  Do some research on the Internet to get a better understanding of personal finance and investing matters.  The best investment you can ever make is to increase your knowledge of financial matters.  Invest some time and energy into yourself.  I guarantee it will pay of in the end.

Stop Depending on OPM (Other People’s Money)

Your job isn’t going to make you rich!

Your job isn’t going to make you rich!

Your job isn’t going to make you rich!

Did you get that?  If you really want to get rich, you should develop multiple streams of income. Don’t be dependent strictly on your income from work, no matter how much money you make. Venture out and open up other streams of income.

Remember the Richest Man In Babylon

The book entitled, The Richest Man In Babylon gives some great financial tips.  One of the best tips it gives is to pay yourself.  Each time you get paid from your job, your business, or obtain unexpected money, you should take 10% off the top for yourself.  From these funds you will be able to begin to order your financial life by paying down debt, if you have any, and investing.  Both of these exercises – paying down debt and investing have the same end goal – growing your money. Read the book, The Richest Man In Babylon.

Invest Efficiently

Investing efficiently means that you are simply investing unwisely.  It means you have done some research, selected some markets and companies that you would like to invest in, then you pounce.  You don’t think this is true?  Don’t take it from me, take it from one of the best investor in the world, Warren Buffet.  Buffet says, “If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value.”

Invest in yourself, do your homework, then invest efficiently!

Donate, donate, donate!

This is a lesson you will learn from many millionaires and the lesson is to donate.  Find a non- profit organization that you align with and donate so that people who are less fortunate than you can benefit.  It not only makes you feel good, but we all reap what we sow.  As you give to others, things often time work out well for you and your family.

Generosity is a key to continued wealth.  And it is also a great tax write off!

Insure yourself and those you love

Get some insurance.  Life insurance will help secure your financial future for you and your family. Touya Kelley, a fellow writer here at GTHU recently wrote an article on life insurance, view it here.

Read her article and go get some life insurance.

If you have sufficient assets you may also want to purchase an umbrella policy to insure your assets against litigation and other risks.

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About Frederick Towles

Frederick Towles is an entrepreneur, author and professional coach on personal finance, recognizing, seizing and leveraging opportunities of all kinds. Frederick founded The Towles Group Inc. to address issues that relate to small businesses and individuals – accounting, taxation, asset protection, financial compliance, wealth creation, debt management and business management. He also founded Unlimited Expectations Inc. which provides tools for individuals to assist them in the areas of opportunity recognition, leadership and personal finance. Through the tools and services offered by these companies people are positioned to operate their lives and their businesses at optimal capacity.

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