Some Money Management Tips…

The average American family is currently carrying about $7,000 (or more) in credit card debt. At times, it can feel as if we have no control over our finances and no matter how much money we earn it’s never enough.

I want you to start taking control of your finances. I believe that with a series of minor adjustments in your life that you can manage your money more effectively and begin to turn your financial ship around. So here are a few tips:

Start small: Even if it is just a matter of saying “no” to an expensive toy or vacation, empower yourself to make decisions with how you spend your money.

Don’t spend money stupidly: I cover this one in my book, but the gist is to find ways to cut your regular expenses. Lower your cable or internet bill, ride a bike to work every now and then, have a “staycation” this year… whatever.

Do something every day: Write down your goals and think about where you want to be every day. Crunch the numbers and look at your budget. How are you doing? What can you improve? Talk to your family about the changes you have been making.

Open a special savings account just for investments: this account will be sacred and cannot be used under ANY circumstances for anything but an investment. Put a portion of your normal income in there; put the money you save by adjusting your budget in there; put money you earn from odd jobs in there; and put money generated by other investments in there. Then when the balance is high enough, make an investment and repeat.

Debt sucks. I got out of it and so can you.


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