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Financial Success in 2010

If you are just like the rest of us, you are dreaming of financial success, and you want it to happen ASAP, or at least for it to start in 2010.

I have some ideas for you, which I found on Getting Rich Slowly, and will give you a short outline to refresh your memory about your plan (maybe), but if you are interested in expanding your knowledge further, please follow the link for more details.

These are their 10 suggestions to get you started, plus my 2 cents of advice:

  • Track every penny you spend – nothing better than being aware where your money if going
  • Develop a budget – best way to keep track of your cash flow
  • Review your accounts (and ask for discounts) – that would be all accounts, incoming and outgoing of your funds
  • Optimize your accounts – always a wise idea to analyze your financial position on regular basis
  • Start an emergency fund – one should always be ready to survive for a 6 months period during those “rainy days”
  • Get out of debt – it is best to consolidate your debt as much as possible, and look for best rates
  • Fund your retirement – we all will need this one some day (sooner than you think)
  • Automate your finances – not very difficult with all the nowadays technology
  • Earn extra money – if there is a will there is a way
  • Educate yourself – knowledge is power

All of the above are very valid, and common sense points, wouldn’t you agree?

Nobody said it will be easy, but you have to start somewhere.

One thing you have to remember, is that you can’t spend more than you make (many do just that), so you have to really watch where your money is going, and there is no better way to keep track of this than writing it all down, and review it weekly, or at least monthly (hopefully my children are reading this and taking my advice).

You must be very diligent about it, so no slacking off, even if you spend 75 cents in the vending machine for your daily snack, this will amount to $3.75 per work week, or $180 per work year.

Pennies make dollars, so every penny counts, if you really want to be accurate and learn where to cut corners.

Another important point is to educate yourself about finances, so even if you don’t make or have lots of money, you learn to use it wisely, to stay out of debt, and perhaps even start building up your savings or a retirement fund.

If you have other ideas for financial success, please share them with all of us.

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