Success Tips You Can Use

In 2011 I first put together a collection of some of the best financial principles I could find. These are the things that really work. No matter who you are or where you are – these foundational principles are invaluable to know and practice. Read the first Success Tip below and then read on to see how you can get the entire ebook of tips for Free!

Pay Yourself First – The Key to Building Wealth

The most powerful discipline you can use to build wealth is to pay yourself first each month. Most people pay all their bills and buy everything they think they need and want first, and then save what is left. Not surprisingly nothing is usually left.

Wealthy people pay themselves first. They put a portion of their income away in savings each month before they pay bills and buy things. This insures that they will build wealth each month. While you may not be able to save a lot at first, by using this discipline each month you will build wealth.

Ideally you should save at least 10% of your income. However if that is too difficult save less; as little as 1% is better than nothing.

Use this monthly savings to build an emergency fund. This fund should be enough to pay all your necessary living expenses for at least six months in case you lose your job or have a financial emergency. They you will not need to incur debt.

Once you have an emergency fund established save for major purchases such as automobiles so you do not need to borrow for them. They save for your retirement and other investments.

Teach your children to also save some of their allowance or income each month.

There is no absolute formula for this but a good one often suggested is the 10-10-10 rule. With this plan you save 10% of your income for long term investment, 10% for a short term reserve for larger purchases such as an automobile, and 10% for your emergency reserve. Once your reserve is large enough you can increase your savings for the first two funds.

In time you will have enough in your emergency reserve to cover unexpected expenses such as auto repairs, illness or a lost job. You will have enough in your short term reserve to cover large purchases such as automobiles so you need never again pay banks large amounts of interest just to drive a car. And you will begin to build a real nest egg for your future in the first account, including your retirement.

These reserves will help you avoid going into debt, which will save you thousands of dollars in interest payments on credit cards and auto installment loans. The money you save on those things can be saved for additional purchases and investments. 

I hope you enjoyed the First Success Tip. If you would like to get them all, at no charge, all you need to do is go to , scroll down the home page a bit and you will find a free download link for the book, Success Tips You Can Use. Do it now, be my special guest, visit the site and get your free success tips today!

Wishing you success and prosperity,
Daniel R. Murphy

Educating people for building wealth, adapting to a changing future and personal development.

Wishing you Success and Prosperity,

Daniel R. Murphy

Wishing you well,

Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.