Alright, let's get down to business and talk about your MONEY. It's OK you can loosen your grip on your wallet we are just talking. Here is a sure fire way to get me rich. There are currently about 350,000 active rainers so if each of you would just send me ONE dollar...lol. Just kidding.
Ok, seriously now lets talk about money and how to make and keep it.
TIP # 1. Discover what you do that most effectively makes you money. Do it more. Do it better and Do it efficiently.
TIP # 2. Be a lender not a borrower. Arrest those credit cards and melt them down. OK, keep one with a zero balance so you can get a rental car when going on vacation. Other than than do not use it...not even in emergencies. Why? See tip 3
TIP#3. Build an emergency fund. This will be your credit card. Borrow from yourself and pay yourself back with interest. The goal is to have a fund big enough to hold you for 3 months should you run into difficult times. A good figure to shoot for here is 10.000.00. Make sure this money is accessible to you quickly when needed. A suggestion: Open a Scottrade bank account put some of the funds in a money market you can even invest some in some large cap stocks if you like. Just make sure you can get to most of the money within 24 hours if needed. By the way, you can also lend small portions of this money short term at an interest rate of your choosing if you decided you would like to do that.
TIP #4. Spend mostly cash. Your debit card is not your friend. If you really want to know what is happening with your money take out your gas allowance, food allowance, clothing allowance in cash and watch how frugle you will become when you see how quickly a hounded dollar bill disappears at the movies, eating out, shopping etc. It will just make you sick. But it will also make you a good saver.
TIP #5. I saved this for last because I know how we all are. We forget the first things and remember the last ones. This is really a first thing so I put it last. CREATE A BUDGET. Go through everything and I mean everything where you spend money. Decide what to cut out and what to trim. Once you land the plane on this one you will be able to deal with the other tips.
Comments(6)