The airwaves are filled with personal finance advice, advocating
countless products, investments and disciplines for creating wealth and
financial largesse in your life. With all the advice available regarding
your finances it is easy to get lost and lose focus on the simple
principles that if applied, have been tested to create wealth in your
life.
Any sound personal finance advice plan should begin with the
most important rule of money, and the one we often find so hard to find
the discipline to keep. To create excess money in your life, one must
first learn to spend less money than earned from month to month. This is
an inviolable rule of personal finance, and I recommend you breaking it
at your financial peril. Your credit, bank statements and retirement
income will reflect directly how well you hold to this principle, so my
advice is to without fail spend less money than you make.
Personal finance advice is filled with such maxims, but how do we follow this advice.
If you do not already find yourself spending less money than you make,
work towards this goal. Cut expenses and bills where you can, and
seriously evaluate what spending habits you have that are need vs. want
items. With a cold assessment of one's finances, there never fails to be
a series of costs that can be cut in the name of achieving this goal.
Take my advice, do whatever it takes to spend less money than you make.
Successful
money management has its rewards too, and is not all about just cutting
the pleasures of life that can be purchased with ready capital and
financial success. In following with this precept, the next piece of
personal finance advice is to increase how much money you bring in from
month to month. It sounds like basic financial advice, yet how many do
you know in your own life that do not actively put focus and energy into
increasing their monthly income.
These two essential pieces of
personal finance advice should be applied at all times to your life.
Always maintain a focus on finding ways to keep your spending below what
you make, and a dedication to pursuing methods of adding more value to
others in order to increase the money you are capable of bringing in
each month.
The difference in savings and increase will surprise
you. Do not get lost in the shuffle of personal finance advice, hold to
these essential principles and build the common sense money habits that
will create wealth in your life today.
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