Donald Trump, billionaire and financial educator, says, "The best way to invest without excess risk is to be prepared. Learn about investments and never invest in something that you don’t understand. " I agree. While you can get advice from financial professionals, no one cares more about your money than you do. Read financial magazines [...]
Archive | April, 2009
Money Habit #18 – Decide What To Save and What To Invest
To be wealthy, you want to grow your money as fast as you can. That means taking most of your savings – money that won’t be needed for awhile – and invest it in ways that make it grow, not just earn interest. My rule of thumb is the one year mark: If you’ll use [...]
Money Habit #17 – All Savings Need to Earn Interest
I don’t know a single wealthy person who keeps significant sums in a checking account that does not bear interest. The theme here is your money has to earn money. Make your savings work for you. If your current checking account does not bear interest, move the money elsewhere. Plus any money saved that needs [...]
Money Habit #16 – If You Don’t Save Money, You’ll Never Be Wealthy
Perhaps the greatest discipline of the wealthy is the ability to save money. My Dad said once, “Carol, every month, save something from your income.” Even if it’s only $10/paycheck at first, do that. If you spend everything you earn, you never can build savings and investments. The easiest way to start saving is to [...]
Money Habit #15 – Be Mindful, Not Mindless, About Your Spending
Wealthy people, for the most part, are not impulse buyers. They don’t cruise shopping malls browsing to buy here and there. They don’t go into a book store to buy one book and come out with four. They aren’t watching TV shopping networks and ordering stuff they don’t need with money they don’t have (i.e. [...]