It is written that without Vision ,people perish ! And clearly you can not hit a target you do no have !But the difference between average and exceptional is that, exceptional people have discovered(activated) the ability to IMPLEMENT Daily Disciplines that the average person just can GET THEMSELVES to do !When it comes to personal finance there is no magic pill .
So as we look at our big picture we need to answer the question are we building capital or merely a consumer ? Either way we will be forced to embrace a spiritual paradox that "you must die a little, to live alot !" As we begin to limit and better manage current consumption we will increase our financial ability to enjoy future consumption on our terms . So consider the following objectives :
1. Own your Home free & clear ! - it's been said that opportunity does not wait for the unprepared. Your home represents a great source for investment leverage.
2. Eliminate Credit card balances- reduce your number of cards,relinquish cards you can't control.
3. Make maximum contributions to a Self Directed IRA - here's your source of future investment capital.
4. Raise and keep your credit score above 700 - consider direct withdraws from checking to increase timeliness.
5. Adopt the system outlined in the Automatic Millionaire that allows setting aside for Savings,Taxes, and Charitable Giving. As you bless others, you will also be blessed.
6. Adopt the 80-10-10 Lifestyle - The first 10% to charity,the second 10% to investing and the remaining 80% for everyday life/overhead. Buy a rental property every 2-3 years,minimum.
7. Avoid Debt on depreciating assets - limit car loans to 48 months maximum, otherwise you're always upside down in the car !
8. Institute a 30 day household list - Select a ceiling amount that you can't exceed daily(PER ITEM ! ),if the item you are interested in exceeds that amount YOU CAN NOT BUY IT for 30 days. Put it on a list and view it thru-out the 30 days. If you still want it 30 days later,BUY IT ! This will give you control over impulse buying habits .
9. Start using DEBIT cards instead of Credit cards !!! -the borrower becomes servant to the lender cycle must stop !
10. Track monthly where you spend your money - Automate this, you'll be shocked !
Remember what Sam Walton always said,"Our money was made by controling our expenses" !Change the way a person thinks and you will change their performance !
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