2013 is going to be the year you get your finances straight. You’re determined to become the Dollar Diva, the Money Maven, the Greenback Guru. But what if you don’t have time to wade through Dave Ramsey, Suze Orman, or Michelle Singletary?
Don’t worry we’ve got the cliff notes right here. This is the quick and dirty low down on mastering your money, straight from the mouths of the greatest financial minds to ever live.
“Never spend your money before you have it” – Thomas Jefferson
We live in a world where common sense just isn’t all that common. If you can’t pay for something in full, walk away. Step back from the Manolo’s. Put down the iPad. Return the flat screen. Your bank account will love you for it.
“A wise man thinks ahead; a fool doesn’t, and even brags about it!” – Proverbs 13:6
Why is it that some people seem to have the Midas touch? They do more with the same amount of money and always seem to have their finances in check. It may have to do with how they think.
According to author T. Harv Eker, the rich think decade to decade, the middle class think year to year, and the poor think day to day. Creating a long-term plan for your life and your money puts you on the road to wealth. Remember, to become rich, think like the rich. Plan ahead.
“Pay yourself first” – David Bach
You write out checks to everyone else – Comcast, Citibank, ATT, the hair stylist. It’s time you get in line. Pay yourself first. Having 5% or 10% of your salary automatically deducted from your paycheck into a savings account can mean the difference between retiring on easy street and eating Alpo.
“Save your money and one day it will save you” – African Proverb
Life kicks us when we least expect it. Bam! The plumbing breaks, the car won’t start, little Chuckie needs new braces. With an emergency fund you can stare at Life, laugh in its face and be on your way.
“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like” – Will Smith
Ouch!!! Like my mama used to tell me, “Boy why you trying to impress people that don’t care two cents about you.” Instead of building an impressive wardrobe, worry about eliminating debt or creating an impressive stock portfolio.
“The rich rule over the poor, and the borrower is servant to the lender” – Proverbs 22:7
For my grandparents and great grandparents DEBT was a four letter word. And now we see why. DEBT = SLAVERY. Debt is a weight crushing the soul out of life. True freedom is found by avoiding debt like your life depended on it.
“The art of living easily as to money is to pitch your scale of living one degree below your means” – Sir Henry Taylor
Yes, we’ve all mentally spent that raise or tax refund before it has even hit our hands. As humans we can’t help but spend everything we make. But according to the universal law of wealth, to be financially secure you must spend less than you earn.
“Beware of little expenses: a small leak will sink a great ship” – Benjamin Franklin
We all have those wasteful expenses: the morning Starbucks fix, the afternoon lunch runs, the late day vending machine snacks, not to mention the 3 million channel cable package we never watch. Long before there was the “Latte Factor”, Ben Franklin recognized that it’s the little expenses that slowly bleed us dry.
“Live today like no one else so you can live tomorrow like no one else” – Dave Ramsey
Make the small sacrifices today that will allow you to grow your money so that tomorrow you can afford what others cannot.
“One man pretends to be rich, yet has nothing; another pretends to be poor, yet has great wealth” – Proverbs 13:7-8
Act rich or be rich. That’s the choice. According to Thomas Stanley, author of The Millionaire Next Door, most of us wouldn’t recognize a millionaire walking down the street because most millionaires are more concerned with building wealth than looking wealthy.
“Don’t tell me where your priorities are. Show me where you spend your money and I’ll tell you what they are” – James W. Frick
You know those friends who say they want a better life. They want to go back to school. They want to get out of their apartment and buy a home. But you see them purchasing the latest electronics, dining out all the time, and always sporting the latest fashion. How you spend your money truly reveals your priorities.
BMWK – There you have it. The quick low down on how to achieve success with money. BMWK, what about you? What money advice do you have to add to our cliff notes of financial success?