Wealth Building Info Article:
Personal Finance Rules to Building Wealth
Key 1 - Pay your self first
key 2 - Saving is not a punishment. Its making choices about how you'll use your money.
Key 3 - Financial sucess involves hard choices. Be prepared to make them.
Key 4 - Make a budget and stick to it.
Key 5 - Future financial independence is worth present sacrifices.
Key 6 - If you cant afford it pay cash, pass.
Key 7 - Communicate with your creditors, especially if you are going to be late with a payment.
Key 8 - As soon as expenses rise to the level of your income, trouble is not far behind.
Key 9 - Self-discipline is the key to any sucessful financial program.
Key 10 - Balancing your checkbook with each statement is essential. It costs only 15 minutes a month and is one of the best investments you can make.
Key 11 - If you dont know where your money is going, you cant decide where to spend it.
Key 12 - A penny saved is a penny earned.
Key 13 - You never know whats going to happen. Tuck away an emergency fund of at least 3 months.
Key 14 - Save at least 10 percent of each paycheck.
Key 15 - Beware of small expenses. Each muffin and cup of coffee on the way to work adds up over a years times.
Key 16 - make a list your basic, essential living costs and add them up to get a real picture of what you need to cover your monthly nut.
Key 17 - Avoid the temptation of buying more than you need just because its a good price. You cant afford the savings.
Key 18 - If you have multiple crdit cards, pay down your highest intersts cards first.
Key 19 - Paying at least double the minimum required each month will show progress.
Key 20 - Re-evaluate your personal budget at the begining of every year and adjust where needed.
Key 21 - Teach your children how to save.
Mike Magana is a personal finance coach that helps families in reducing their taxes, getting out of debt, and controlling there living expenses. Please reachme at personalfinancecoach@yahoo.com for any comments.
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