Teaching you to embrace today while making yourself a millionaire!

I wish I would have understood how easy it is to become a millionaire by starting to save small amounts of money when I was younger...

I feel compelled to share the simple concepts you can apply today....


01 December 2009

Tuesday's Tips

Good morning future (or current) millionaires. Today's tips are a review of some basic GenM ideals.

1) Pay yourself first. Don't be afraid to save. Some people will tell you that there is no need to save more than 5% in your 401K or retirement fund. Try to tune them out. Put away around 15% if you can. If you start out putting that much away, and learn to live off of the rest of what you earn, then you will be much more comfortable when you retire. If you think that's way too much then pull out a growth calculator and crunch the numbers. Look at the difference between putting away $1,500 every year and $4,500 every year over the course of 40 years at 8% interest. The difference between the totals is astounding. Believe me if you save today you'll be able to live financially free in the future.

2) Keep credit cards under control. Never carry over a credit card balance. If you don't have the money to pay for something and your solution is to use a credit card then don't do it. Obviously emergencies come up every now and then, but if you can't pay for the new clothes you want then don't buy them. Keeping credit card balances and paying the minimums on them is the fast track to big debt. Once you get in it's really hard to get out. Plus keep in mind that prospective employers, banks, and other people look at credit history before making decisions and bad credit can and will hurt your chances of getting that job or loan. So don't have tons of lines of credit and keep the balances paid off. You'll be happier this way.

Well I'm off to spread the financial good news to others, so I'm on a 168 hour break.

Until then, Stay Tuned...

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