Building Wealth Workbook - Part 3 - Budget to Save

Please read Part 1 of the Building Wealth Workbook.

What would you like your net worth to be

5 years from now? P ___________
10 years from now? P__________

Set Financial Goals
Most people who have built wealth didn’t do so overnight. They got wealthy by setting goals and striving to reach them. Juan set two short-term goals: (1) to save P 100,000 a year for three years to have P300,000 for a down payment on a house, and (2) to pay off his P30,000 credit card debt within two years. Juan also set two long-term goals: (1) to save and invest enough to have P 5,000,000 in 15 years for his children’s college education, and (2) to have P150,000 a month to live on when he retires in 30 years.
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July 29, 2007 | Filed Under Money 101 |  

Building Wealth Workbook - Part 1 - Introduction

You can create personal wealth. It’s possible to meet your financial goals. By choosing to budget, save and invest, you can pay off debt, send your child to college, buy a comfortable home, start a business, save for retirement and put money away for a rainy day. Through budgeting, saving and investing, and by limiting the amount of debt you incur, all these goals are within your reach.

Defining Wealth

Some people consider themselves wealthy because they live in a very expensive house and travel around the globe. Others believe they are wealthy simply because they’re able to pay their bills on time. What we are talking about here is financial wealth and what it means to you. In the following space, write your definition

Wealth is…
1. _________________________
2. _________________________
3. _________________________

Examples: Wealth is…
1. Being able to put my kids through college.
2. Having enough money to buy a house.

Build wealth
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July 29, 2007 | Filed Under Money 101 |  

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