Lessons I Learned From Money

You must save even if you have debt.

Are you in debt?

Are you telling yourself that you would save, as soon as you pay off your debt?

I used to think that way, and it just kept me in perpetual debt. You see, after a while I realized that I seemed to always be in debt. I would pay it off and then get new debt.

OR I would get close to paying it off and then restructure the debt for a lower payment and a longer term.

In anycase, the day that I realized that I MUST SAVE WHILE IN DEBT, NO MATTER WHAT, was the day that I began my journey towards financial freedom.

When I started saving AND paying debt at the same time, my Net Worth started to increase and I finally started having more income…because I was investing my saved money and making dividends.

I still have debt today, however, I have a lot more money now than I did before I started saving in 2010…

Wait at least 24 hours before making a major purchase.

Did you really need that business opportunity, or that large screen TV, or that awesome new pool table?

Most of our spending is a result of impulse spending, created by advertising and sales tactics.

I am also a sales person, so I know how these techniques work and I also use them myself.

The key to keeping more money and only spending on quality purchases is to be aware and to curb the impulse spending (this is A LOT harder for most people than they think)

A good rule of thumb is to wait 24 hours before making a major purchase.

If you lend money, ALWAYS GET COLLATERAL AND PULL CREDIT.

Can I borrow money for…?

If you haven’t heard this question yet, you will once you start saving money…your friends and family are going to want a piece of it…and they are probably NOT going to pay you back…

…I’ve been burned, my husband’s been burned…all by friends who want to borrow money and then they didn’t pay it back…

…the lesson, no matter who it is, always check credit and always get collateral.

What is collateral?

Collateral is anything that is as valuable as the money you are lending out, and that you can keep if they don’t pay you back…

…as for credit, just have them pull their free credit report from http://www.FreeAnnualCreditReport.com

If your friends don’t want to do this, then they are basically asking you to give them money…

…and it’s up to you if you want to give your hard earned money away…