Money habits aren't taught in schools. Here are a few simple tips to lead you to success!
Reading, Writing and Arithmetic...where are the lessons about money?
Even better, write them down. Remove all self-limiting thoughts. Think personal, spiritual, relational, physical, and financial. The more detail, the better.
OPEN A CHECKING ACCOUNT
How long has it been since you balanced your statement? Make sure you stay on top of things to avoid fees, mistakes, and fraud.
STAY OUT OF DEBT
Debt will kill you! Spend less than what you make. Pay off your credit cards monthly. Any questions?
GIVE 10 - SAVE 10
There is always someone out there who needs it more than you do.
Make it a habit to give away some of everything you earn. It doesn't matter how much or how little you make, always give 10% away.
Save 10% of what you make from day one.
Following this truth from the beginning may help you avoid financial woes in the future.
The longer your money is working for you the harder it works. Start early. If you didn’t start early start now.
COMPOUNDING IS YOUR FRIEND
We all know we need to save for the future, but if you put yourself in a situation where you had to make a saving decision every time you received a paycheck, you most likely would set yourself up for failure.
Through the magic of automation you will save each and every paycheck. This is a pretty neat way to save.
HAVE A WRITTEN BUDGET
Don’t make budget a dirty word. Determine what you need to give away, save, and then what you can spend. Stick to it and feel good when you have a surplus and spend it freely!
Budgeting is not easy for most of us. Don’t get discouraged.
Byron W. Ellis, CFP®, CLU®, ChFC®, is a CERTIFIED FINANCIAL PLANNER™ professional and Managing Director of United Capital Financial Advisers, LLC, a Financial Life Management firm. The information contained in this document is intended for information only and is not a recommendation, and should not be considered investment advice. Please contact your financial adviser with questions about your specific needs and circumstances. The opinions expressed herein are those of Byron Ellis and not necessarily those of United Capital Financial Advisers, LLC. Investing involves risk, including the possible loss of principal.