Right off the bat I want to set the record straight by saying I am no Suze Orman. With that disclaimer in place, it is because of some of the financial mistakes I've made along the journey that I have learned a few do's and don'ts that will hopefully help someone else.
Financial Literacy is critical. Teach it to your children!
Do's
Invest in income producing assets.
Focus on keeping liabilities and expenses down.
Add multiple streams of income generating assets to the plus side of your financial statement.
Live beneath your means.
Cut up your credit cards.
Understand that money is freedom.
Take a Christian Financial Planning seminar.
Ask questions.
Understand your credit scores.
Create a written financial plan.
Set goals and write them down.
Determine your household income.
Track your daily, weekly, monthly, quarterly, annual expenditures.
Invest in an accountant.
Keep up with all of your outstanding obligations.
Read contracts with a fine tooth comb.
Create a realistic savings plan.
Tithe the top ten percent of your gross income.
Duplicate wealth building practices of the wealthy that have financial integrity.
Turn to God and pray over your finances.
Say no to unnecessary expenditures.
If you have a businees, hire smart people.
Become proficient at accounting and investing.
Make positive affirmations about your financial well being.
Make sure your financial house is in order before you get married.
Discuss how you will handle finances before you get married.
Thank God for everything you have and recognize that you are His chosen steward of all that He has given to you. Remembering that The Lord is the True owner of all wealth!
Don'ts
Don't stick your head in the sand when it comes to your money!
Don't sign anything without taking the time to analyze what you are agreeing to.
Don't spend more than you make.
Don't buy on credit, unless you can pay the bill in full each month.
Don't try to keep up with the Jones.
Don't find your self-worth in materialistic things.
Don't use stuff to fill the hole in your soul... it won't work!
Don't try to impress people by the stuff you own or the money you have.
Don't judge others by the possessions they own.
Don't rank people by social economic status.
Don't be greedy.
Don't use money to manipulate others.
Don't marry someone just because they have money.
Don't marry someone who has created a financial mess, until they straighten it out.
Don't marry someone who won't put their financial cards on the table.
Don't expect anyone to bail you out if you get in financial trouble.
Don't enable someone you love by continually bailing them out of their financial troubles.
Don't turn your back on someone who you could help and who is genuinely trying.
Don't ignore the whisper in your soul when God asks you to help someone.
Don't flaunt your wealth.
Don't think you are better than someone else because you drive a nicer car, live in a bigger house, wear more expensive clothes, or send your children to better schools.
copyright (c) by Kathi Dameron November 25, 2005
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