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."
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.