Building Prosperity
BripBlap.com is an excellent blog on “wealth, work and life success”. In ‘38 random thoughts on building prosperity‘, Steve covers a wide range of ideas that he thinks are critical to achieving financial freedom. Here’s just a brief excerpt:
Pay yourself first. When money comes in (paycheck, client payments, alimony, whatever), put the first 10% in savings until you have an emergency fund of at least $1000. Then put the first 10% into paying off any debt you have. After that, put the first 10% into retirement accounts or investments. No excuses. Ever. Make do with the other 90%, no matter what. NO MATTER WHAT.
Get educated, and keep learning throughout your life. Do you think Warren Buffet stopped reading about finance and taxes and economics when he finished school in 1951? Do you think he chills out in front of the TV watching Gray’s Anatomy or playing with his Wii, or do you think he’s educating himself right this very minute?
Investment advisors are not going to be any better with your money than you are. If for some reason you find a multimillionaire advisor who is willing to take care of your investments for you, fine, but otherwise they are probably getting the same information you are. Don’t assume they spend all of their time studying the market while you’re working at your day job – most of their time is probably spent making cold-calls.
Don’t gamble. If you feel the urge, just send me a donation instead. Either way you’ll be giving your money away.
Read the entire post, though. And, bookmark this site today!