Here are a few suggestions that I try to put into practice in my own life...
1) Live within your means - Sooner or later, nearly everybody has to learn to be content with what they've got. President Bush just signed a tough new set of laws which will restrict who can file for bankruptcy. You don't want to fall into that category. This means not only making more money than you spend, but also putting some of that hard-earned green away for emergencies. I suggest having enough liquid assets at your disposal to live for six months without any income. Start at the top...Do you have a $30,000/year job, and own a $300,000 house? Sell it and buy a smaller one. How about that car? Over $15,000? New flat screen plasma TV? Fishing Boat? Give yourself a break and ease your financial stress by cutting out anything that wrecks the budget. Do it now.
2) Establish priorities - Make yourself a list of things that are important. For each item you list as a priority, identify how it ranks in terms of reward, enjoyment, sacrifice, and difficulty. This will help you see what things in your life can be cut out, and where you need to spend more time, money, and energy. Set a goal for each item listed. It's tough to get to where you want to be if you don't know how to get there.
3) Don't overcommit - One of the toughest things for many of us is to learn how to say "no". We care too much about what other people think, and so we try to do everything. It's a terrible trap, and most of us fall into it at some time, and then have to pull ourselves out after some kind of meltdown. If I didn't say "no" several times a week, I would be much more tired, cranky and unfocused than I already am. Keep the things that are high-priority...cut the rest. Use your priority list (above) to help determine what's gotta go.
4) Pay your bills early - Don't just pay them on time. You want to give yourself a little fudge room in case you're on vacation when that cable bill shows up or the phone bill is lost in the mail. Pay the bills right when they come in and your credit score will thank you.
5) Organize - Take some time to clean out those drawers in the office. File, shred and throw away. Chances are, by looking through all the paperwork from the last six months, you'll remember, "Hey, I forgot to call my insurance agent" or some such thing. Note: you have to have time to do this, so see #3 above.
6) Work close to home - How many hours do many of us spend in our car, when we would rather be at home, with friends, or at the movies? If you are commuting an hour to work and back, that's too much! Either find a job that pays a little less and cut your commute, or relocate closer to work. Time is not money, but at the end of our lives, most people wish they had spent more time doing what was important (not driving)...
7) Buy a house - I can think of very few reasons not to own your own home right now. The current tax laws say that you can deduct up to $250,000 of gain on the sale of a home if it is your primary residence. It is hard to find a better investment anywhere.
8) Be patient when purchasing - Whether it's a house, car, TV or computer...don't buy the first one you see. Chances are, you'll regret the decision years later. Instead, do your own research to compare prices and quality of whatever it is you're buying. I looked for two years before I bought my first house.
9) Find a job with good benefits - Anyone who is in business for themselves will tell you that insurance is expensive. Try to find a job that not only pays your health and dental insurance, but also provides disability and life insurance, covers family members, provides profit-sharing and matching 401k plans. Making $50,000 at a job with no benefits isn't any better than making $35,000 with all the perks. Plus, the person at the lower wage has "more room to grow" (a favorite phrase of bosses everywhere).
10) Invest for the future - Pay your debt off first, then build yourself a little nest egg for emergencies. Once you've done that, start putting away for your retirement. The earlier you start, the more aggressive you can afford to be. Stay active in managing your retirement plan. Don't just shove $50/month into some fund you know nothing about. Diversify your retirement plan so you can't be stung if the Stock Market goes belly up.
About me: I am in my mid-thirties and have a Bachelor's Degree in Accounting, with a minor in Decision Science. I entered the accounting field ten years ago, when I started working for a software company, where I stayed seven years. I am now the Inventory Control Manager for a large winery. My experience in the financial markets includes both personal and business endeavors. I publish and maintain stockmarketplus.com - a Financial Weblog.
I recently was made aware of two comparative statistics that... Read More
Don't talk to me about how to succeed! I've read... Read More
Most self-help truths are obvious but obvious truths are often... Read More
Have you ever wondered if there was a way to... Read More
In 1989, when the Berlin Wall came down and the... Read More
Have you ever noticed when playing a video game, or... Read More
Recently, I coached a young woman whom I'll call Mary... Read More
An effective self- concept generates the desire to strive for... Read More
Successful people set ambitious goals. But the high standards and... Read More
When my neighbor's child was about 8, he decided that... Read More
Delegate your life If you're having problems finding the time... Read More
If we eat too much at home, the public eventually... Read More
According to Bill Gates there are 3 keys to success... Read More
Do you know how much time do you spend listening?... Read More
It's really all we have... the "Moment". Think about it,... Read More
A couple days ago I was listening to a CD... Read More
How many times have you thought about being successful, famous,... Read More
Find a higher reason to reach your goal than just... Read More
Back in my early marketing days, finding the magic ticket... Read More
We all want something to look forward to. The best... Read More
Back from my amazing summer excursion, a month long drive... Read More
Life is not a competition.Not at all. Life itself is... Read More
A Lifelong Learning Plan is a conscious, continuous engagement in... Read More
Thomas Edison has done it. Naomi Watts often jokes about... Read More
This is a little primer on how to start, survive... Read More
Have a therapeutic meltdown It's crunch time: you're two days... Read More
When you hear the words "abundance" and "prosperity", what immediately... Read More
Everyone talks about how to be successful through hard work... Read More
If you are like me you have probably lost a... Read More
Work addiction is an unrestrained, unfulfillable internal demand for constant... Read More
You have a choice today?You can remain in the same... Read More
All work and no play makes Johnny a dull boy... Read More
Lesson 1. Category Well Being Plan to do this.Stop blaming... Read More
Each and every day, there are people all around the... Read More
Wealthy people share common traits. That's why they are wealthy.... Read More
The entrepreneur game is filled with an amazing variety of... Read More
Mary and Susan were friends for years. They grew up... Read More
It's really all we have... the "Moment". Think about it,... Read More
1)Failure is normal.Everyone has faced failure. Some people talk about... Read More
In his audio e-book, 10 Habits to Swell Your Bank... Read More
About six years ago I began to study tai chi.... Read More
"The reason man may become the master of his own... Read More
Success can easily be compared to the "genie trapped in... Read More
The Winner's Walk is a key strategy in the sport... Read More
I received an advanced copy of a book called How... Read More
Fear.Everything in this world has its opposite.Good has bad.Optimism has... Read More
The secrets of our body language have been around forever... Read More
On March 27th 2005, Oxford won the annual boat race... Read More
Choice isn't always a matter of being able to choose... Read More
You have a choice today?You can remain in the same... Read More
People say: "One can't help one's thoughts." But one can.... Read More
"Fear Factor" is one of my favorite TV shows. It... Read More
"If you want to increase your success rate, double your... Read More
Have you ever met people who exude charm and charisma?... Read More
Start a "round robin" goal letter with others who need... Read More
Jim Rohn wrote in his book The Five Major Pieces... Read More
I love the idea of synchronicity.Perhaps it's just part of... Read More
Have a therapeutic meltdown It's crunch time: you're two days... Read More
With the end of the year fast approaching, now is... Read More
I don't need to be a gypsy fortune teller to... Read More
My mentor, when I was 25 years old, dropped a... Read More
McDonald's does it, why shouldn't you? Life is filled with... Read More
Thoughts move faster than the speed of light.Expectations jump faster... Read More
Both the worst and the best of the great achievers... Read More
Trust is a cornerstone of human existence. It is interesting... Read More
You will have the greatest success if you read the... Read More
Success |