Financial Fitness: The Keys to Getting “Ripped” with Money

Times are getting tougher and people are struggling. They are working harder with longer hours for less money. At times it feels like there is no getting ahead.

Here are five principles to getting rid of some of that “financial flab” that may be holding you back.

  1. WEIGH IN: Take inventory of where you are right now. Track everything that you spend throughout the month and write it down. This can be painful, but if you are going to get better, first you have to know where you are.
  1. MEAL PLAN: You eat first! This means that you pay yourself 10% of the money before you bring in anything else. Put it directly into a savings account that you do not touch except to increase your investments and wealth.
  1. DIET: Cut back on things you do not “need”. How much could you save if you canceled the cable bill or Netflix? How about cancelling the internet and start going to a coffee shop, lower your cell data plan or sell the entertainment equipment? I know this sounds crazy, but you can save and allocate some serious money on these “non-essential” things in your life.
  1. CUT OUT THE JUNK FOOD: Stop using your credit cards and focus on getting out of debt. Getting out of debt is the number 1 goal to being fit.
  1. PERSONAL TRAINING: Continue your education. The key is to increase your knowledge and understanding in order to get better. Get a coach or mentor to help you along the way. Never stop learning.

Apply these few principles and begin to take charge of your financial destiny. It will not be easy, but the important things never are.

 

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