The Philosophers Stone

"If you know how to spend less than you get, you have the philosopher's stone" ? Benjamin Franklin

Ok, so how do you do it? It seems like any time I try to spend less, a new expense comes charging (so to speak) through the door. Here are a few suggestions I've gathered:

1. Robert Kiyosaki, investor, entrepreneur, and millionaire, says in his book, "Rich Dad, Poor Dad," that one essential is paying yourself first. That is, determine what amount of your income you're not going to spend (i.e. you'll save or invest it instead), and then stick with it. Even if it's just $10 per payday, do not let anything force you to spend that money.

2. Raise your standards. Take a month and calculate the amount of money you spend on snacks, sodas, fast food, and other junk that doesn't last beyond the moment. As much as possible, dispense with frivolous spending, but at the same time don't be afraid to reward yourself with big things. By refusing to spend on cheap or useless "stuff" you'll have more available for things you really want. Rewarding yourself when you can accomplishes two things. It gives you a motive for saving and it gives you tangible evidence of your new found financial success.

3. Instead of thinking in terms of what you can afford, think in terms of what you really need. Don't take out a mortgage for the maximum you qualify for. Lower the limits on your credit cards. Pay cash whenever possible to avoid paying interest. Learn to practice "purchasing patience" ? wait overnight or longer when possible before buying so that you break the habit of spending on a whim.

4. If you haven't already, create for yourself a financial buffer and don't dip into it except for extraordinary circumstances. Some say you should have at least one month of living expenses set aside. Some say it should be two. I even know some who aren't comfortable unless they have at least a six month cushion!

These, and other simple strategies can help you keep more of your money in your own pocket and set you on the path to financial independence.

Leonard Hopkins is an internet entrepreneur and small businessman. He edits two blogs, http://www.moneyrant.com and http://www.thedailygoodnews.com

---

Cutting Costs Can Significantly Increase Your Income

As a work at home Mother, I know the value... Read More

Build Wealth - Formula To Success

A mole travels one road, according to the way nature... Read More

The Hawk and the Mouse - Saving for Retirement

There once was a hawk, ferocious and swift. He was... Read More

Let Me Inspire You - You Aint Seen Nothing Yet! (PART-1)

You know about compounding right? You understand what pyramiding your... Read More

You Deserve To Retire Early

The fact is that most people continue to work for... Read More

Why Get Rich When You Can Be Wealthy?

"Any fool can rich, the wise get wealthy." Chris WidenerGetting... Read More

Endowments and Endowment Shortfalls - What You Need To Know

Endowments and endowment mortgages have received a lot of bad... Read More

Real Estate Stories that Show You How!

Let's begin easing you out of the pits. I mean,... Read More

Why do Some People Rake in the Dough while Others Spin Their Wheels to No Avail?

Here's the truth: I have read hundreds and hundreds of... Read More

How To Be A Millionaire - The Top Secret Of Wealth Creation

Have you any idea how many people search Google every... Read More

Clearing Blockages to Increase the Flow of Money into Your Life

Money is probably the most challenging thing for many people... Read More

The 11 Best Money Saving Ideas of All Time - Part 2

At any time in history, no matter what the current... Read More

You?re Eating Your Retirement Money

Ever think about how eating all those fast food meals... Read More

Russ Whitney - Building Wealth Through Real Estate

When Building Wealth by Russ Whitney was released a few... Read More

16 Mantras for Building Financial Wealth

Everyone wants to be wealthy, but most of us do... Read More

The 11 Best Money Saving Ideas of All Time - Part 3

At any time in history, no matter what the current... Read More

Top 7 Lucrative Paper Businesses You Can Run

Why not run a lucrative paper business? Paper businesses do... Read More

Budget Tips

To budget, to have a budget and to be on... Read More

Anthony Robbins 12 Reasons Why People Dont Get Wealthy

According to Wallace Wattles, in his popular wealth treatise called... Read More

Simple Strategies to Making Financial Gain

Now is a great time to make it a habit... Read More

Investors - What Separates the Good Traders from the Bad Traders?

There are many forms of investing online. While I can... Read More

How to Save Money for Retirement

Saving money for retirement can be easy or difficult depending... Read More

5 Simple Steps for Serious Saving and Financial Growth

1) Pay off your loan, credit and store card debt... Read More

What Do You Mean By Diversity?

The word 'diversity' is a unique one. It can represent... Read More

The Top 10 Steps to Extraordinary Personal Wealth

I recently came across startling figures about the average American's... Read More

Your Own Products Can Make You Rich

Although there are advantages to selling other people`s products and... Read More

Could a Roth IRA be Better Than a 401(k)?

Very few people whom I know are familiar with the... Read More

Wealth And Your Net Worth

Most people know it's important to keep and organize all... Read More

Q and A: Financial Independence Tips For Women From Coni Cecil

As a woman Netpreneur, I sat down via e-mail with... Read More

Money Myths Of The Poor

From tender age, we were exposed to myths about money... Read More

Saving Money By Spending Wisely

Why is it that the older and richer people become,... Read More

Profit from Your Own Information Empire!

Would you like to profit from your own information empire?... Read More

Financial Freedom for Every Employee

You may think you have to be an entrepreneur to... Read More