Build a secure lifesyle and legacy for you and your family in five short steps. 1. Pay yourself first. 2. Pay down your debt. 3. Start a side business. 4. Invest your money. 5. Enjoy life now.
1. Pay yourself first. This is not a new concept. We all know this. But who really gets your money first? That’s right, Uncle Sam. Taxes come out of your paycheck first. So how do you pay yourself first? By putting your money from your paycheck in a 401(k) or Roth IRA. Even though you wont see the money now, you will have piece of mind that you will have something saved for your future.
2. Pay down your debt. Lets face it, if youdo not consciously do this; you will literally be paying forever. And I don’t foresee the interest rates going down anytime soon. So the easiest ways to do this is follow David Bach’s advice in ‘Automatic Millionaire’ with the late’ factor. Now your late’ could be skipping a night at the movies or dinner out. You would then use that money to pay down your debt, starting with the one with the highest interest rate first. Then the next highest rate and so on.
3. Start a side business. Start something on the side that you enjoy, like if you love playing the violin, you could maybe teach violin for extra cash. You could start an online marketing business or join a great team/system to jumpstart your success. You get the idea.
4. Invest your money. The extra cash you make would go into an investment like mutual funds if you do not want control over the investment, or real estate if you do want control over your investment. And remember, if you educate yourself on that particular investment; you will not only lower your risk, you will become very wealthy too. Education lowers risk.
5. Enjoy life now. Not years down the road. There are lots of low cost to free things you can enjoy with your family and friends like going to the beach or having a cookout. Going iceskating if you live where it is colder is also fun to do.
When you commit to doing these things, not only will you build a secure lifesyle, you will also build your legacy. God Bless.