As I was thinking of the celebration of Independence Day in the U.S. tomorrow…I thought are we really financially independent ??? Am I ??? Well, here are some things we can do to make that happen !
1. SET A GOAL TO CUT YOUR EXPENSES by some
concrete number - 10%, 20%, 30%, even 50%, and
set up a plan to do it. Reducing costs is the
fastest way to increase your income–faster than making more money..
2. LOOK AT CASH YOU ARE WASTING without enjoying
its benefits, such as lights that get left on,
computers that stay on day and night, “phantom
loads,” like microwave clocks that use more
energy than the microwave itself. If you get to
know your electrical meter, and record the
setting before and after you shut off those
phantom loads, you’ll have concrete proof that you are saving money.
3. Set up a THREE TIER SYSTEM for purchases: a)
necessities; b) conveniences; and c) other. Put
everything you buy in one of these categories for
a week, and examine the list. For example, if you
buy clothing, you might have bought socks and new
fancy shoes. While most people would put the
socks under “a” or “b,” most of us would consider
the fancy shoes “other” unless they are a
necessity for work. The Great Spending
Contraction has begun. Get far enough ahead of
it, that you aren’t bit in the behind.
