I'm happy to share these 7 Truths that will help you build wealth in our 21st century economy. Whatever you do with these 7 Truths, take time to share a truth with your child or a child in your life. Pass it on...
#1 Live On Less Than You Earn. Do this so you can save at least 10% of your earnings and build a savings and investment fund.
#2 After College or Law School, Set Up Your Home Base In An Area Where You Can Buy Into The Real Estate Market and Build Your Own Equity. Otherwise, you may find yourself in the renter's trap of being locked out of buying in because your income doesn't support the buy in price tag.
#3 Don't Rely On Credit Cards Because This Will Become A Bad Habit. The consequences are too much debt and possible bankruptcy.
#4 Consistent Income Over Time Builds Stability. This can come from whatever source including a W-2 job, running your own business, or investments. You choose.
#5 If Your Expenses Exceed Your Income, You Must Decide To Be Proactive and Take Action. Cut expenses or bring in more income. Make a plan and execute it swiftly. Good financial habits contribute to a healthy financial lifestyle.
#6 Money Is Just A Tool. It does not define your self-worth or who you are unless you allow it.
#7 Give Back. Give a portion of what you make to charity. Help others and experience the blessing!
Take care.
Pam
Hear, hear!!
Great advice!!!
Too many people (at the hands of corporate marketing) are moving away from this... the crux of consum-atalism.
Posted by: CAWahine | July 18, 2008 at 09:27 PM