1. Saving
No matter how much or how little you make, always pay yourself first.
• Stash some cash for an emergency (3-6 months living expenses)
• Retirement (10-20% of yearly gross)
• Automate, automate, automate
2. Spending
Know the difference between needs and wants. We have everything we need and most of what we want. Always ask “What do I want that for?”
• Research every major purchase and buy quality
• Do it yourself (car repair, hair cuts, sewing, cooking, home maintenance etc.)
• If your outgo exceeds your income, your upkeep will be your downfall.
• Live within your means
3. Debt
Don’t pay interest on anything that loses value (i.e. credit cards, cars etc.)
• Real estate (your home) is good debt
• Education (your means to wealth and a good investment)
• Never co-sign a loan (putting your good credit in someone else’s hands is not wise—this rule includes family and friends)
4. Building Wealth
• If you need more money, go out and make more money.
• Own your own business (including the building it’s in)
• Don’t gamble more than you can afford to lose (Vegas and Wall Street!)
5. Keeping Wealth
Prince Charming isn’t coming! Anyone who’s expecting the lottery ticket, stock picker, inheritance or some other outside source to bail them out is living in a fantasy world. Wake up and take charge!
• To truly achieve financial security, your only protection is YOU. Make your financial decisions from a place of knowledge and not ignorance.
6. Giving
• Remember: Everything we have comes from God. Give as you have received and it will be given to you ten-fold. That’s a promise from God!