Wealthy people don’t have financial surprises. They plan ahead for big cash outlays. Whether it is for a house remodel, a daughter’s wedding next year, a big vacation soon, or just paying your taxes in April, you need to set up a special “Impound Account” to cover big expenses before they are due. Think of [...]
Archive | April, 2009
Money Habit #13 – Don’t Fight It – You Need to Budget Your Spending
Wealthy people decide what they value, and that’s where they spend their money. You may spend money unconsciously or at least without any particular game plan. That’s why having written financial goals (Habit # 1) is so important. Now I want you to take the Cash Flow Statement and see what you are valuing with [...]
Money Habit #12 – Residual Income – A Requirement for Wealth Building
No matter how hard you work, you have only so many hours in the day. A surgeon making $1,000/hour, still has just 24 hours and cannot work all of them. If you are trading your time for hourly dollars as your only source of income, you’ll never get wealthy – or it will take you [...]
Money Habit #11 – Using Your Talents and Interests to Make Money
Have you taken an inventory of your total list of talents, skills, interests? Wealthy people utilize what they do best, or love the most, and make money offering these abilities and services to others. Perhaps you write well and could be a ghost writer on-line via E-lance. If you’re mechanically handy, you could do “Honey-Do” [...]
Money Habit #10 – Creating Multiple Streams of Income
Wealthy people have more than one way to earn money. Most have entrepreneurial endeavors that exponentially increase their ability to accumulate wealth. Even if you have a salaried job, it should not be your only source of current income. Have you considered joining a network marketing company to build your very own small business income [...]