10 Financial Tips to help you "LIVE the Abundant Life" !!!

Reblogger Marzena Melby
Real Estate Agent with Coldwell Banker Burnet Realty MN Broker# 20588319

You can't turn on a TV or a radio without hearing about recession, financial crisis, unemployment, national debt, etc.  It makes me feel very overwhelmed for myself, my family, and for the whole nation. 

We as a society have to take responsibility for this situation, and each of us has to do his/her part in getting out of this hole.

Here are steps we all should take to get closer to the ultimate, the financial freedom.

 

Original content by Michael J. Perry

     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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Anonymous
Anonymous

My friends make fun of me because at any given point during the day I can show them my year-to-date income and my year-to-date expenses. They wait until April 15 to see how they did last year. LOL

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Mar 17, 2010 10:42 PM #1
Rainmaker
201,513
Marzena Melby
Coldwell Banker Burnet Realty - Richfield, MN
Realtor, Twin Cities Minnesota Real Estate

People are afraid to look at their real numbers because they fall short of a goal. I used to feel that way. Now, I am working hard on facing my reality and changing it.  It makes me feel more powerful.

Mar 18, 2010 05:46 AM #3
Rainmaker
1,432,664
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

All good points I love #6 and it is a great way to live as well. I have long used debit cards.

Mar 24, 2010 08:06 AM #4
Rainmaker
201,513
Marzena Melby
Coldwell Banker Burnet Realty - Richfield, MN
Realtor, Twin Cities Minnesota Real Estate

Me too, Charles. Debit cards and electronic bill paying help you reduce cost of check printing. 

Mar 24, 2010 08:26 AM #5
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Rainmaker
201,513

Marzena Melby

Realtor, Twin Cities Minnesota Real Estate
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