Personal Finance Rules to Building Wealth

Key 1 Pay your self first

key 2 Saving is not a punishment. Its making choices about how you'll use your money.

Key 3 Financial sucess involves hard choices. Be prepared to make them.

Key 4 Make a budget and stick to it.

Key 5 Future financial independence is worth present sacrifices.

Key 6 If you cant afford it pay cash, pass.

Key 7 Communicate with your creditors, especially if you are going to be late with a payment.

Key 8 As soon as expenses rise to the level of your income, trouble is not far behind.

Key 9 Self-discipline is the key to any sucessful financial program.

Key 10 Balancing your checkbook with each statement is essential. It costs only 15 minutes a month and is one of the best investments you can make.

Key 11 If you dont know where your money is going, you cant decide where to spend it.

Key 12A penny saved is a penny earned.

Key 13 You never know whats going to happen. Tuck away an emergency fund of at least 3 months.

Key 14 Save at least 10 percent of each paycheck.

Key 15 Beware of small expenses. Each muffin and cup of coffee on the way to work adds up over a years times.

Key make a list your basic, essential living costs and add them up to get a real picture of what you need to cover your monthly nut.

Key 16 Avoid the temptation of buying more than you need just because its a good price. You cant afford the savings.

Key 17 If you have multiple crdit cards, pay down your highest intersts cards first.

Key 18 Paying at least double the minimum required each month will show progress.

Key 19 Re-evaluate your personal budget at the begining of every year and adjust where needed.

Key 20 Teach your children how to save.

Mike Magana is a personal finance coach that helps families in reducing their taxes, getting out of debt, and controlling there living expenses. Please reach me at personalfinancecoach@yahoo.com for any comments.