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Learn why this is so important to your success as an investor!
. Create an emergency fund. Be prepared!
Expect success but plan for the worst. With your savings, create an emergency fund. Set aside enough money for at least six months of expenses. That emergency fund will relieve some stress and free your mind for real wealth generation.
Create a budget and PAY YOURSELF FIRST!
Budget and save. To implement your plan you need a budget to measure your success against. So lay out your budget as a realistic living blueprint, but include in that budget a 10% payment to yourself. Setting the money aside in savings allows the money to grow with compound interest and work for you. Isn’t that the goal? To get your money working for you instead of you working for money.
Creating a budget requires some time with past bills and some trial and error as your plan develops and matures. Just make sure you have that 10% savings bill at the top of your list.
This may seem contrary to your goal, but with step two you have to have faith for it to work.
That doesn’t mean to give all of your money away. What you want to do is give money to someone in need. Your gift must be given with pure intentions, simply to help another human being. When you have done this properly and without expectations, you will be rewarded ten-fold. The trick is to not focus on the “ROI” (return on investment) just reach out and help someone. Through helping others you always grow yourself, just as we teach we learn.
Here is the first of twelve for your consideration:
The first lesson can be learned
by spending time with a carpenter. You must have a vision and plan for what the
completed project (success) looks like and always – measure twice and cut
once.
The more detailed and focused a plan is, the more likely you are
to achieve the desired results. Just as a carpenter builds a home, your
financial success requires careful planning and measurement. Without a yard
stick or measurement of your progress it is easy to get off track.
A good financial plan is fluid and adapts with life changes. Life isn’t static and
with the proper financial coach to guide you through changes, your plan can
respond to change. With a plan in place you can move on to step two.
