"If Only I Had More Money....
By Ginita Wall, CPA, CFP

"If Only I Had More Money....I Could _______(Fill in the blank)."

It's true that money can't buy happiness, but it certainly can help you live the life of your dreams. You don't fancy investment strategies to become financially secure, and you don't need to win the lottery either. Here are five simple steps you can take to make this the year your year to build wealth.

1. Refinance Your Mortgage
With interest rates creeping lower and home values on the rise, now is the time to reduce your money drain by cutting your interest rate. Consider a fifteen-year mortgage to build home equity even faster.

2. Start An IRA
Even if you have a retirement plan at work, you may be eligible to put money into a new Roth IRA. It will grow tax free, and with the money safely tucked away for the future, you won't be as tempted to tap the funds for day-to-day living.

3. Pay Down Your Credit Cards
You don't have to quit using the cards, just pay for all your new charges each month, plus interest on the old charges, plus a little more, say $50 or $100. Your balance will decline each month, and you'll be significantly better off by the end of the year.

4. Make Your Assets Work
Convert savings accounts into higher-paying money market accounts. Sell unneeded items and invest the proceeds. Invest your retirement funds in stocks rather than bonds and guaranteed income funds.

5. Live A Simpler Life
Spend more time in the kitchen and less in restaurants. Find hobbies that challenge your mind rather than your pocketbook. Entertain at home and spend less money at the movies, concerts and sporting events.

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