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TheStreet Open House

4 Summer Steps to Personal Wealth (Including Starting That Business)

NEW YORK (TheStreet) -- When you think about it, the heart of summer might be the best time of all to launch personal wealth campaign.

Summer tends to slow things down, and that's good for contemplating and launching a "get rich" household wealth initiative. Whether you're on the beach, fishing on a mountain lake or on your back porch watching the sun set, that "quiet time" gives you time to think about wealth and how to best go about getting it.

So mull over these tips from Creditnet.com:

Step One: Build a household budget that works. As the proverb says, even the longest journey begins with the first step. Make that first step a revamping of your personal budget, with the goal of spending no extra money during the month that is not already planned for in that new budget. "It's important to learn to live on only what you need in order to save money," Creditnet says. "Having extra money set aside is a key factor in becoming rich."

Also see: It's Time for Your Midyear Financial Checkup

Step Two: Shed debt. Creditnet establishes an important point about debt -- there are two types: consumer and investment. "Consumer debt should be avoided," the firm stresses. "If there are outstanding credit card balances, they need to be paid off." The smartest wealth builders, the firm adds, make sure their credit card debt is paid off each month. Then there's the mortgage payment. "Paying a mortgage is considered investment debt, so it is only important to pay a mortgage on time to maintain a good credit rating," the company notes. Once your mortgage and credit card debt is paid each month, be on the lookout for cards and mortgages with lower interest rates. That will help you save more money and shorten the trip to higher household wealth.

Step Three: Take a "side trip." Investing in a side business is the "most important part of getting rich," Creditnet says. "Every man or woman that was poor or middle class and was able to get rich in their lifetime was able to do it through having their own business. No one ever gets rich by working for someone else," the firm says. "Although having a business is not a guarantee of getting rich, it is an important step in getting rich; therefore, an individual who wants to get rich needs to find a product or service that can be developed into a business." CreditNet advises finding a business you know about and are passionate about. "People who have a business related to their passions will usually find success," the company says.

Step Four: Don't quit your day job. Match the third step with this one. "It's always best to start a business on the side by working in the evenings and on weekends," Creditnet says. "There is less pressure to make a living, and fewer mistakes will be made without a financial burden hanging over the new business owner's head."

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