This past Friday we talked about some health advice from the book Time Traps. Author Todd Duncan shared some health tips that can be implemented that can help you make the most use of your time and avoid losing time. Since this book is fresh on my mind, I figured I would share some financial tips from this book as well. Here are some tips on how to best employ your time for financial success…
Spend Your Money, Not The Banks
Don’t borrow money to pay for anything, except for non-depreciating assets like a house. If you can’t afford to pay cash for something, you should avoid buying it. Don’t use a credit card unless you plan to pay it off every month. The use of a credit card should be to take advantage of the benefits, not the convenience of buying something now that you can’t afford.
Spend Less Than You Make
This is just obvious, but we fail to do it. Nowadays, people tend to spend $1.35 out of every $1.00 they make. In the past you could only be as broke as having $0.00. These days you can go into the negative, and that is where many people find themselves. A good rule of thumb is to spend no more than .70 cents of every dollar you make. Use the other .30 cents for charity, capital, and savings. This will ensure you are never broke.
Pay Off Your Credit Cards In Full Every Month
This is a no brainer. If you are carrying credit card debt, you are simply throwing away money. Nothing is worth so much that you need to pay interest on it month after month. If you have credit cards, pay them off immediately. Use the credit card rewards, like cash back, to take advantage of credit cards. I pay my credit cards off every month and then sit back and watch how they have to pay me cash rewards for using their card!!!
Give At Least 10% Of Every Dollar You Make Back To Others
Take .10 cents out of every dollar and give it to charity. You can give it to your church, a good cause, or a family in need. Money makes the world go round, so keep the world spinning by helping someone in need. Remember, giving starts the receiving process. What you put out in this world comes back!!!
Set Your Own Social Status
Don’t try to keep up with The Joneses. Too many times we buy things so that we can fit in. We want to give off the impression that we are doing well and have the latest and greatest. Instead of trying to fit in, set your own social status. I pride myself on not having many things. My minimalist life style helps me to realize if I have less things, I have less things to take care of. Keep this in mind the next time you want to buy something just to show off.
These are just a few, simple things you can do to help improve your financial status. None of these are complex, but they do take some planning and discipline to keep going. These basics can put you in a totally different financial bracket if you can appreciate the value of doing these things consistently, on a regular basis. Remember, a few simple disciplines practiced everyday is how you can become successful at anything you try. If you want to be successful financially, implement these recommendations at a minimum.
If you are interested in reading this book, you can pick up a copy via my affiliate link here: