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Most people would like to be rich. However, it seems that most of use do not know the systematic ways to build our wealth. In fact, some studies reveal that a lot of people who are in their age of 60s are still in debt. This is probably because we do not try to build our wealth systematically.

Below are some of the ideas when personal wealth building is concerned.

The will to make money

We work for money! However, do you really obsess about money? Most probably not. Of course you do not need to make yourself love money like crazy. However, it will be a lot better if you have the determination to earn more. You will only work hard if you have the determination. And this is in fact a very good motivation for you to explore new ways to generate incomes.

Spend as less as you can

If possible, you should spend as less money as you can. Of course you will still need to spend some money on essential items such as food. You cannot be alive without food right? However, in some cases you may be able to spend less. For example, you can buy your dress or clothes only when there are sales. You should know the difference between the normal prices and the prices during sales! Besides, try not to use your credit card if you know that you do not have enough cash to totally settle the bill in your bank account. This is because you do not want to put yourself in debt.

Bad habits - Get rid of them

Everyone will have some bad habits. Sometimes you may not realize that these habits can actually harm you in terms of your financial life. Cigarette smoking is a perfect example. I am not talking about the potential health risk of it. Instead I am talking about the amount of money you spend on it. This is just a matter of simple mathematics. You can just calculate how much you can save every year if you quit smoking.

Passive income

Yes it is passive income. You may have heard of it but do you know what it is? For most of us, we have out monthly income because we work. However, under the notion of passive income, you have make money without actually work! Yes you hear it right here. You do not have to work to make money! Of course you will still need to invest some time on it but it will not be a great deal compared with your everyday job. For example, if you have the budget to purchase a house and lease it. Then the rent you get every month will be your passive income.

Recently, there are also people who try to building passive income by affiliate marketing. However, this will be another story so I will not go in details for affiliate marketing.

But don’t be depressed. I am certainly I will briefly talk about it later.