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Money Habit #8 – Track Your Income As Well as Your Outgo

Wealthy people track their sources of income monthly, too.

Most of them have multiple income streams – not only from a job, if they have one, but from other endeavors that pay them money, like investments, rents or royalties, receivables from loan repayments made to them, even interest on their checking accounts. 

The only way to know if you’re ‘making ends meet’ is to know both ends of your money habits – earning and spending. 

Fill out the Income Statement/Expense Statement that you can download from my website.

What this tells you is what net income (money after expenses) is left over to save and invest.  If there is none, then look to Money Habits #10, #11, and #12 for how to expand your income. 

What wealthy people aim to do is increase their income every year, somehow, and you need to think about doing that, too.

Coming – Habit #9 – Systems for Handling Money

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