They always say that knowledge is power. In today's world everyone wants to make the fast cash. No one knows the basics anymore for saving money, majority of Americans are in fact in debt. I say start while your young, and learn how to spend wisely.
The Four Laws of Debt Free Prosperity By: Blaine Harris & Charles Coonradt
1. Goal Setting -- "By setting and achieving personal targets, we can change by choice." Goals must be written down, realistic, and specific. It is easy to compromise your goals if they are only in your head and not on paper. You are also more likely to stick to goals that are realistic and specific because you will begin to see results.
2. Tracking -- "You've got to measure it before you can manage it." Keep track of the money that you get each month and more importantly where it goes by writing everything down. Categorize your expenses to see where most of your money goes. You may find that you have more money than you think, you are losing money, or spending more than you think on certain categories.
3. Trimming -- "The amount you are saving is not a sacrifice, but a payment to yourself to help you achieve your most desired financial goals." Review your monthly tracking and trim out the unnecessary expenses. Pay yourself first with this money either by paying off debt or investing. Use your spending plan to determine how the excess money will help you achieve your goals in the shortest amount of time.
4. Training --"Success is defined as the place where preparation meets opportunity." While tracking and trimming start learning about and researching ways to invest and generate more money with your money. Ask the different banks about their savings accounts, interest rates, CDs, money market deposit accounts, and other investment choices. Surf the web sites we've provided and read about ways to accumulate wealth. When you are ready to start investing you will be prepared.
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Nice post. You gave credit to the two authors of the four laws of debt free prosperity, but would you mind identifying where you got this information? Was it a business magazine of some sort or a web site?
Oh, and by the way, don't waste your time with CDs if you put money in a bank, because all that will happen is the bank will use that money and invest it to make money, and you'll be stuck with a poor, very low interest rate. CDs help the bank a great deal more than they help you.
The INCREDIBLE Hauck
This information came straight from the book. These are the basic guidelines for managing your money and increasing your net worth. This book is definitely worth the money because it explains all the basic principles of how people become in debt and stay there. I myself have never been in debt but I also never had any kind of net worth. I read this book at 16 and now at the age of 22 I have enough money to invest in a home without worries losing everything. I am financially stable and continue to manage all my own assets. You have to start by knowing where all your money is going. You would be surprised at how fast every penny that you save adds up.
Setting goals is a good way to motivate yourself.