By Brad Brain
I see people looking for shortcuts to wealth. But, in doing so, they can end up making money mistakes and end up really botching things.
The good news is that you don’t need a get-rich-quick scheme. What you need is some simple guidelines on how to not screw up your life. Get these things right and chances are good that everything is going to turn out okay.
1. Live Within Your Means
You can make good money in the north. That can be dangerous. I run into lots of people who make $8000 per month, but they spend $10,000.
Having a healthy income can give a person a false sense of security. Sure, making a lot of money means that you get to spend more money. But it doesn’t matter how much you make, you still can’t continually spend beyond your income and expect things to work themselves out. Live within your means.
2. Know your priorities.
New trucks are shiny, but they don’t stay new for long. Put first things first. A $1900 per month truck payment means that $1900 can’t be spent on something else – perhaps something more important in the long run.
3. Pay yourself first.
Each month take part of your income – 10 percent is a suggested starting spot – and put it towards your great goals in life. Maybe that’s retirement planning, or debt reduction. Maybe it’s a dream honeymoon, or a house downpayment. Wherever your priorities lay.