Manage your money - 1 Week to Wealthyby Jp
FeedTheVillage.com - Tips and Advice: Manage your money - 1 Week to Wealthy
Manage your money - 1 Week to Wealthy This is not one of those get rich quick scams and I am not selling you anything! Do I believe you will be wealthy in 1 week? No! Do I believe that taking 1 week can make all the difference in your life and build the foundation and disciplines to make you wealthy? YES! Do you know where your money goes? Do you have it in writing? The old saying is that "people don't plan to fail they fail to plan!" I have heard people say that they "don't manage their money but IF they had a million dollars they would manage that..." It just does NOT work that way! If you can't manage money when it is small you will never manage it when it is large! Try this for one month. Keep track of ALL of the money you spend for one week. EVERY BIT OF IT! Here is nice way to see what that does that my financial planner recommends: "Take the total you spent on just one unnecessary item for the month, multiply it by 12 for months in a year and multiply the result by 5 to represent 5 years." Now - take that money and calculate what you could have saved on the "junk" items and what it would have earned in interest if you invested it! It goes back to manage it when it's small and you have the tools to manage it when it's large! The only way to make the amount large IS to manage it when it is small! Pay attention to the pennies and the dollars will take care of themselves! Skipping 1 Candy bar or Soda a day or bringing your coffee instead of buying it really amkes a difference. Lets say you bring your lunch 2 days a week. Assume that saves you $5 per day x 2 days = $10.00 per week saved. That is $40 a month… $480 a year… $2400 in five years…plus interest. NOW - I promise you if you just take 1 week and track every penny you will almost always find a way to save $10.00 a week. The challenge is to this once a month and find an additional $10 a week savings. That makes a difference of $5,760 a year and $28,800 in 5 years plus INTEREST! Managing the pennies makes the difference! If your boss gave you a $5,000 a year raise would you be ecstatic? What about a 5 year bonus of $28,800? YOU do not have to beg and plead for that money - IT IS ALREADY YOURS! In future articles i will give you some more specific tips on how to save a lot more than $10.00 a week without missing it! First- take the one week challenge to Financial Freedom - simply track and evaluate your spending and let me know how it goes by leaving your comments below! That is all I ask!
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