When you are in debt you are that banker’s bitch. Turn your life around and don’t let some two bit dweeb control your life.
What Game?
When you started in life they never old you it was a big game. If it’s a game, how do they keep score? The amount of money you have is the score! It sounds like an eighties cliché but, it’s true. If you take a hard look at what happens in your day to day life you see people trying to figure out ways to make you part with your money. Why, because when you break it down into black and red, the more in the black you are the better off you are.
The first rule of being a man.
In life there is one basic rule all men should follow, take care of yourself first. Men in society have been and will continue to be the bread winner, the business leader and the master of the household. You don’t take care of yourself and your money first then everything else around you suffers. Men are the foundation of relationships and businesses. As much as the women try to point out that behind every successful man there is a woman, that woman is only there because that man is successful.
Budget!
Assess your income and liabilities. Determine if you are over-spending in areas. Sure that trip to the local strip club was fun but was it necessary?
Check and fix your credit.
Accountants and bankers use credit report to determine if you are worth risking on a loan. Recently everyone from your employer to your insurance company is using your credit score. Insurance companies will charge you more for insurance saying that with poor credit you are more likely to be in an accident. It sounds like bullshit but the law lets them and unless you can convince congress otherwise they will continue to do so. Correct your credit and the insurance goes down. Basic math, the more money you can keep from flowing outward, even to necessities, you can reinvest.
Optimize your expenses.
Find out how to lower you car insurance. Shop this twice a year. What does it take to lower your property taxes? Find out. Get any discount you can without loss of service. Also, if you aren’t getting what you paid for, demand better service or a refund. You can always take your money elsewhere. This, above all, is a lot of work. You have to stand your ground. The system is already set up to discourage you. Research, demand and attack.
Pay off your credit cards.
This is a no-brainer. Credit cards charge high interest rates. Also, credit cards charge finance and handling charges when you keep a balance. Their planned minimum payment will keep you in debt until you retire. Does this sound like a bad deal? Well it is! And guess what, its all legal! When you look to buy that wide screen HDTV ask yourself if you really need to spend that money. If you can’t pay it off within a month then chances are you don’t need it.
Pay off your debt.
Your house. Your car. These are big investments and most likely will be brought on credit. A large down payment and paying more than the minimum will drive these down. The house note is the worst because it is an amortized loan and you are paying interest on the interest. A low fixed rate at a smaller year loan will lessen the loss on the house note. But do this after you make those credit cards disappear.
Save!
This will not only allow you to take advantage of your money when you want to, it will provide a tool for you to exercise more freedom. If you had cash on the side it you wouldn’t be working for your job; you could be doing you job or you could be able to take more risks and go after the job you want.
Invest!
Not blindly! Meet with the experts AND become an expert. Remember, It’s your money, not theirs. When you invest consider it like raising a child. You don’t want a mass murderer taking care of your child, don’t let a closet analyst manage your investments. You want that money to grow and work to generate more money. Eventually you can let the money work while you take that well earned trip to Cancun enjoying the scenery.