B4-U-BUY(tm) FYI - Four Keys To Building Wealth

Four Keys To Building Wealth

Everyone needs to build financial security for their family. In reality, however, many people are doing little or nothing to reach their financial goals. According to statistics, Americans save less than virtually any major country in the world.

Almost everyone understands they need to take control of their money, but many don't understand some of the basic keys to building financial security. Here are four from the experts at Primerica Financial Services that will help you achieve your financial goals:

Pay Yourself First-This is good common sense. Before anyone else gets a claim to your money, pay yourself by putting a set amount aside in a savings or investment account. A standard rule of thumb is to save ten percent of your income. Each time you get a raise, adjust your savings amount up to ten percent of that amount. If you can save more, that's even better, but ten percent will get you going in the right direction.
The Power Of Time-When it comes to achieving financial security, time is, without a doubt, the most important tool you have. It overcomes a million shortcomings: a modest income and even some poor habits. Time, combined with two other important elements, rate of return and consistency, is a powerful key to achieving financial security.
The Power Of Compounding-Compounding is one of the most important keys to wealth you will ever learn. With the power of compound interest at work for you, you'll be amazed at how quickly a few hundred dollars becomes a thousand.
The Importance Of Rate Of Return-The impact of rate of return when combined with time is significant. If $1,000 were deposited for a child at six percent for 65 years, the amount at the end of that time would be $44,000. If the same $1,000 was deposited at nine percent for the same length of time, the amount the child would receive would be $270,000. The difference would be $226,000. Now you see why the rate of return you receive on your savings or investment account is so important.

While there are many other "fine points" of money management, these four keys will get you started on the path to financial success.

To order a free copy of The Solution: How You Can Take Control of Your Financial Life, write to: Primerica Financial Services, 3120 Breckinridge Blvd., Duluth, GA 30199-0001. ATT: Corporate Relations; or call (770) 564-6329. (NAPSI)

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