Everyone is inspired in different forms and fashions and YOU know what inspires you and what does not! Be hungry for information, self-improvement, and take control of your finances. You are worth what you feel day in and day out! Your net worth is a reflection of what you self-worth is and remember it is not the amount of money that you make, it is how you spend it!
Stride #1 – Cash Flow Analysis
You need to conduct a cash flow analysis, remember accounting term FIFO (first in, first out), well in this case, it is MIMO – Money In, Money Out. You need to exactly where your money is going so you can determine where to cut, where to add and what to eliminate. Save 10% no matter what and bank your raises and bonuses! This will add up and you will be impressed!
Stride #2 – Insurance
With anything, do your homework. When buying insurance, research in great detail what types of insurance to avoid and how much to pay! Read the fine print and always know what is covered and what is not.
Stride #3 – Organization
Filing. Labeling. These are key to maintaining your own sanity and will save you time later on! Every time I get a receipt, I write what it was for, with whom (as many details as necessary) on the top of the receipt. Once I get home, I place the receipts in a bag on the counter. At the end of the month, I file them into a large manila envelope marked with the month and year! This helps greatly at tax time too
Stride #4 – Multiple Streams of Income
I have heard this a million and one time. LISTEN! LISTEN! LISTEN! By generating multiple streams of income – such as earning money from blogging, renting an investment property, stock dividends, etc and eventually you will be making money while you sleep!
Stride #5 – No More Debt
Tackle your credit card debt with a vengeance. Work smarter not harder. People have a tendency to defeat themselves in the credit card game. Transfer as much as you can to a 0% transfer balance offer and the lowest introductory APR’s available. When you are doing your MIMO, determine what percentage of money is going towards your credit card debt, it will be quite an eye opener. Tackle that credit card and once you are debt free, refer to back stride #4.
Stride #6 – Reinvest
Once you have your business established, the business is not going to grow on its own. You must still build, market, innovate, and make your business stand out. Take an hour or two building your business a day and you will see the difference.
Stride #7 – Stock Investments
In the last 12 months, the stock market has increased by 5.41%. It may not sound like a lot and the news does not paint a pretty picture, but that increase is more than CD’s, interest bearing checking accounts, and even savings accounts also known as “safe” avenues. Build your portfolio, take a risk and you will reap the benefits.
Stride #8 – Retirement? What’s that?
We are all aware of the non increase in the COLA for current Social Security recipients for the 2nd year in a row. We know that one day, there will no longer be social security benefits and we are paying into an account and money we will never see. Never underfund your retirement account, as a matter of fact, increase what you are contributing by about 1-3%. You do the math!
Stride #9 – You are #1!
If you don’t put yourself first, then who will? Time and time again, we have been told to save at least 6 months worth of your living expenses. In this day and age, this holds very true. Jobs are no longer secure anymore, employers are no longer loyal and you could lose your job today. Be proactive and prepared!
Stride #10 – Power of Belief
Stop what you are doing and write this down, “I am worth more than what I am doing”! Stop whining about being broke and banish all those negative thoughts you have. You must face your financial fears, transform your thoughts and increase your self-worth. If anyone can do it, YOU can do it!
Treat every day as if it were you first day taking a stride to financial freedom!
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