Updated: May 24, 2020
"Start early and save often"
Develop Simple Personal wealth Strategy
Most importantly “Generate Income” – job, business venture, investment, etc.
Purchase what you need
- No impulse spending (Make do – do without)
- If I cannot afford it, wait until I can
Create A Realistic Budget
- Pay Self First – 10%
- Pay Bills - 60/70%
- Savings/Investment - 20%
Suze Orman (Shark Tank) presentation reinforced some of my financial principles:
1. Have an emergency fund (8 months), 2. Invest now - don't stay on sidelines (get an investment account TDAmeritrade, etc.), 3. Use credit card debt - hold cash, but pay credit card balance off, 4. Maintain Credit Score at or above 760, 5. Wait to buy a home for two months, should be a large inventory in 2 months, 6. Never lease a car - buy car (finance for 3 years) and keep for over 10 years, 7. #1 reason for divorce is finances, know your partner's financial status before marriage, 8. Live within your needs and save, 9. Establish a Roth Account/TSP/401K, 10. Focus on investing $100 a month for 40 years/12% Index Fund - opportunity to accumulate $1Million, 11. Make the right financial decisions, 12. Create and build a "Wealth Building" Strategy - eliminate debt and free self from "Debt Bondage and Slavery."
Personal Growth II - Simple Wealth Building Presentation document below. 5/12/2020