Ten Steps For Getting Ahead Financially©
By Larry Winget
- Figure out where you are financially. Know how much money you have on hand and how much money you earn after taxes.
- Know who you owe, how much you owe and when it’s due.
- Know what got you in the mess you are in. Figure it out.
- Know what you are going to give up to get you out of the mess you are in.
- Keep track of every penny you spend. Get a notebook and write it down on a daily basis. You will be amazed how silly and unnecessary some of your spending is.
- Sell the stuff you don’t need and aren’t using.
- Stay away from temptation; the mall, eBay, all internet shopping sites and any place else that tempts you to spend money you don’t have.
- Cut up your credit cards. Keep ONE for emergencies.
- Use cash. When your cash is gone, you stop spending.
- 10 -10-10. Save 10%. Invest 10%. Be charitable with 10%. Live on the 70% that’s left.
From the book, “You’re Broke Because You Want To Be.” If you don’t have it – buy it! It’s on my website and I’ll even autograph it for you. For a FREE budget worksheet go to www.larrywinget.com and click on Free Stuff.
It really is that simple isn’t it. Love the name of your book because it is so true. Most of the financial problems people have are self-inflicted in some way or another.
Great advice! Agreed!
Yeah it truly is simple, just have to apply yourself. I’ve just read it for the second time, obviously first time didn’t get it through my thick skull. I’m selling stuff on eBay that’s been sitting in my closet collecting dust and getting more money than I originally paid for them. I’ve also changed my spending habits to get everything under control. I’ve decided I’m gonna be bad debt free by the end of this year.
The logic is simple, but the work is hard! Like anything else worth doing in life, you have to be committed.
I agree with everything except number ten. I believe that unless you have maxed out your retirement account, and have a very large emergency fund (ie. 12 months worth) you should be saving a much higher percentage, and living on much less, until you do. Look at it as being in emergency mode until you do.
You’re Broke Because You Want To Be, I have this book on the stand next to my bed. When I am having a tough time I read it and that seems to keep me on track. I sold my house and bought a house with 1/2 as much of a payment. I do not use credit cards, and I give to charities each time I get paid.