Some financial rules & tips I try to follow.
1) Budget with percentages
2) Have a mechanism to track your cash flow.
3) Review cash flow bi-weekly.
4) Never take on debt. The only exception is when purchasing property. Even then it should be avoided when possible.
5) Save don’t splurge. If there is something you want to buy start saving for it in a saving account. Don’t just put it on your credit card. By the time you have saved for it you might not want or feel like you need it anymore.
6) The “new” feeling never last longer then 6months to a year.
7) Avoid buying new technology. Nothing depreciates faster.
8) Invest your own money in recession proof dividend stocks
9) Have a 10% fund completely separate from your retirement fund.
10) Protect your cash flow and your time.
Financial success in my opinion is when the cash flow from your assets exceeds your expenses. This is one of the reasons why the rich get richer. Think about it! If you have to do nothing to cover all your expenses and still have left over cash to reinvest then you will continually get richer while your time is completely your own. This is financial success, this is freedom.
