Rules of Personal Fianacial Success
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by Frederick Drummond, Sr.
Make a plan. Budget your finances.
Prioritize your income. Not all of your needs and wants have the same value.
Limit your spending. Don’t rob one area of your budget to cover another.
Plan for emergencies. Open a savings account that no one can touch and put a little aside from every paycheck.
Build up a nest egg. Put a little aside every week towards your future goals. No matter how small the savings, in time you will get there.
Pay all of your taxes. Employ a good accountant who is qualified to make sure that you receive maximum benefit.
Pay your tithes to God in your church. Set about multiplying your income through the five kinds of offerings.
Become the best in your field and look for opportunities for promotion. Be the best at what you do.
Find a good insurance/financial program to suit your budget that will provide you with help with emergencies and finances in your later years. Search out among your friends and advisors information that will lead you to an honest and savvy financial planner who can guide you in these matters.
Buy your home; don’t rent it. No matter how small your budget, there is a property out there that God can give you. There is no better way than this to secure your money and guarantee a good increase on your investment.
Cut up all of your credit cards and throw them away. If you want to keep one to use for credit purposes, do so, but don’t use it to buy things that have no value to them or that you cannot pay off right away.
Your biggest goal apart from increasing your income should be to become debt free and stay that way. This is of paramount importance to financial stability. The more debt you have, the more vulnerable you are to the ups and downs of the economy.
By all means, plan on a vacation within your budget. All work and no play makes Jack a dull boy.
Stay healthy, because it is the most important ally of success. Rest well; eat well; exercise well.
Try to entertain at home as much as possible, because as much fun as it is to eat out, it is a tremendous drain on your cash flow. Entertaining at home may be more work, but it is usually more enjoyable, healthier and always less expensive.
Excerpt from: Guaranteeing your Prosperity, F. A. Drummond, Ph.D., Copyright © 2003