How did ordinary people get there?
Steady saving and automatic investing with every paycheck.
Goal setting for their financial future.
You can do it, too.
1. Sit down and look at your current debt and the bills you have every month.
2. Check your emergency savings fund (do you have 15 to 18 months of expenses in savings?)! If you don’t have enough savings, work to save money and split those amounts between savings and debt reduction until you are rich.
3. Review credit card debt first; If you cannot put all of your credit card debt or those with the highest interest rates onto a lower interest rate card, then pay the minimums on all cards except the one that has the highest interest rate. Single out the highest interest rate card to pay as large of a monthly payment BEYOND the minimum that you can until you pay it off. Then, move to the next highest interest rate card and do the same. Repeat this until you are credit card debt free. Then remember what horrible enemies these companies are to your own family future.
4. If you have difficulty identifying ways to save, use our 1% Savings Plan (see previous blog entries for fast tips).
5. If your company offers a 401k, get in it. If you don’t believe in a 401k and your company offers one, GET IN IT. If you have trouble with this one, repeat it until you understand how it can make your long-term retirement a reality.
6. Establish a regular and automatic way to save with each paycheck. If you can, you can also establish a regular and automatic way to invest with each paycheck. Focus on the percentage of your after tax income you will be saving and investing – not how much.
The real secret is: saving + investing regularly + steady debt reduction and elimination + time = wealth. Yes, you can. You just have to develop your own plan. Almost no one becomes wealthy overnight, but you can do it. Begin TODAY and stay with it. You will see results.
You can do this! It’s 2010!
HELPING YOUR KIDS GET AHEAD
In this country we don’t do enough to teach our children about money, managing money, saving regularly (and automatically), compound interest and steady investing for a long-term future. As a parent, we are always concerned that they get a good education and go to a good college so they can make a lot of money or have a valued career path. The truth is that we could do our children the biggest favor and one of the best things by sharing with them sound saving and investing principles.
You can join our free Facebook group (or have your children do it, too) by searching in the Facebook bar on your “wall” for “Live The Lifestyle Your Family Deserves.” Click on “become a fan.” It’s free and it ties our free blogs into that group.
If you want to give your children the same information we are giving ours, you can purchase the only thing we sell on any of our blogs or groups. It’s called “How To Survive Any Financial Crisis” and you can get it for only $4.95 at http://www.middleclassmoney.com.
Thank you for reading our blog and good luck!