Frugal Wealth Building – How To Build Your Wealth Cheaply
2 Chronicles 1:11-12 God said to Solomon, “Since this is your heart’s desire and you have not asked for wealth, riches or honor, nor for the death of your enemies, and since you have not asked for a long life but for wisdom and knowledge to govern my people over whom I have made you king, therefore wisdom and knowledge will be given you. And I will also give you wealth, riches and honor, such as no king who was before you ever had and none after you will have.”
Are you in debt or trying to build up your assets? Do you want some financial advise but don’t want to spend an arm and a leg for a professional financial planner? There are some really good options for getting free and low-cost financial advice. Here’s a just some of the many options you can use:
As a blog owner and writer, this is of course what I consider the best option. There are numerous personal finance blogs on the internet. Some are written by certified financial planners and others by people like me that aren’t professionals but have experience, opinions and passion around personal finance. To be honest, I have learned more about personal finance through reading blogs than by any other means.
Take a look at the M-Network for a good starting point. But if you go to Google’s Blog Search or Technorati and do a search on “personal finance” you will not only find my blog, but many, many others.
Call or Visit Your Bank
Many banks have financial advisers and offer these services to their account holders or potential account holders at no charge. Now, with that being said they are going to be a little preferential to their products, but depending on what kind of advice you are looking for, this can be a great resource.
Help from Your Employer
Most large employers have 401k, stock options, insurance benefits, etc. Employers will often bring in financial advisers to talk to their employees about their products and in particular on retirement planning and investing. If you work for a financial institution, you can also get free financial consulting. Another option to look into is to look at the websites for your benefits providers. They often have free tools and information on their websites along with customer service numbers you can utilize.
If your employer offers a 401k and you aren’t using it, start one now.
In addition to blogs, there are also tons of finance related sites that offer articles, calculators, templates, software and forums. Some to look at include: www.fool.com, moneycentral.msn.com, money.cnn.com, and finance.yahoo.com.
Read a Book
Next to reading blogs and web-sites, reading personal finance book is my favorite way to learn. There are so many good books on personal finance, I couldn’t even begin to name them, but some of my favorites are (list below contains affiliate links):
- Total Money Make Overby Dave Ramsey
- The Millionaire Next Door by Thomas J. Stanley and William D. Danko
- Debt Free Living by Larry Burkett
- The 9 Steps to Financial Freedom by Suze Orman
- The Automatic Millionaire by David Bach
Another way I enjoy learning about personal finance is by reading finance magazines. While not free, subscriptions are often low in cost especially for more popular magazines like Money or Smart Money.
Talk to Your Friends
I am continually amazed at how close mouthed people are about their money. I talk to my friends about money all the time and have learned a tremendous amount from them. Now, you have to be careful as not everyone knows what they are talking about and you will bet bad advice. Surround yourself with savers and talk to them about money. You’ll be surprised at what you learn.
Have other ideas for building wealth cheaply? Add your ideas in the comments!