How in the World Can I Save Enough Money To Retire On?
For many people it is so hard to keep money. Bills are every where! As fast as you get money theres a bill to take it away. It is a vicious cycle.
What the wealthy know is a very simple process that they use to build up their money and I will share this with you today.
1. First you have to have a Goal of where you want to be in a year. If you have no goal, there is no direction. With no direction you are all over the place achieving nothing. You spread yourself thin.
2. Reduce your expenses. What can you cut back on? combine your insurance for house, car etc. How about cable, do you really watch all those channels. Here is a secret I will share with you…If you have had your cable for at least a year you call and tell them you want to go to basic or cancel they will offer you all these extras free for a year so you will continue.(this works with other things as well like makeup you get delivered monthly, they reduce your payments so they can keep you.)
3. Increase your income. I know your thinking easier said than done. But in your job is there a way to go up in pay? change your title and do something else? Or get a side job, or create something at home for extra income, sell things that are just sitting around the house you do not use. Create an online business. If interested in this click here you are given 2 free websites plus all the step by step videos to build your business website all for Free!
4. Invest this income. This is where most people go wrong! You take this money and save it. Take half of it to invest in your business. Do not spend any of the other. Put this money in a separate account. And keep building this up. Any extra money you get put inside this account. Doesn’t matter how much.
5. Give yourself an allowance. This should come out of your regular job income. Figure out what it would take to live on for a month. What one guilty pleasure a month would cost. Stick with this! Should be the first thing you do when you get your paycheck.
Doing this every month will build up your cash flow fast! Your goal is to invest the money after toward something that would give you a positive cash flow. Example is rentals, online business that has a positive on going cash flow every month without you doing anything extra. Runs by itself.
I hope some of these tips have been helpful for you. Please feel free to add some extra tips or if you have any questions please do so below. Always look forward hearing from everyone. We all have special ideas or knowledge to share to the world!
Your friend
Christina
Recent Comments
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Great post. The easiest way to Respect money is to spend it wisely. Once you get rid of unwanted expenditure you can save it for the right time. Other then that A strong goal with a focused mind will take care of the rest.
Thendiy, no problem venting. I have had a tenant burn down my 5 car garage but couldnt prove it. Lol It sounds like your heart gets in the way of your being a landlord. That is why you get a great(shop around) you have to figure your taxes on house, heat, electric etc. figure everything in for year. Find out what rent is in your area. Give little excentive to get people want to rent from you.A GREAT Property managers are a must. Need to be a hard butt when it comes to renting!
Just highlight the words change color, then hit link button and when the link opens put in your web link and it puts it in.
You have to have money to make money applies to rentals. I have some and I can tell you that once you buy the property, maintenance can put you in the poor house. In Texas, the laws are written for the tenant, not the landlord. It is incredible how much money and time it takes to evict someone!
What you wrote about are great concept, but be sure you know the law in your state before you go forward with 'investing'.
It is very scary. I have had my share. The key is great property managers that stay on top of them. Yes I am talking about building money up enough to buy rentals.
I have a renter that is great. He pays in cash before it's due, plus helps clean up the area on my side and his. If you get a property manager who is on top of everything they will go through the screening process and the evicting process.
Well, the same thing applies in New York. I've owned a 6 family rental property for 12 years now. Haven't made a profit in the 12 years. Someone may say "you must be doing something wrong". Could be! There are other ways I could handle things. My conscience can get in my way. But even without considering that: I pay for heat, fuel oil has quadrupled in the past 10 years, taxes in New York State are crazy and keep climbing, income of tenants have dropped or remained the same. I can't expect to get from tenants an amount that will match the rising cost around me. Sell it! Market is terrible now. I would sell if I had to or was given a great offer. For now I just deal with it however I can. Oh, and sorry for the venting.
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Great advice Christina! Also nicely done with the link you put in there! :)
I'm going to try to do this also in an other way, but I always wondered how to do it.:/
Like your attitude in your blog! :)
Just highlight the words you want to use, then go to the link button window will pop up and you have a place to put your site in. Change color of button to draw their attention. Thats it. :) good luck!