Saturday, January 19, 2008

Becoming financially free, the easy way

So here it is, the secret to wealth.

1 Save 10% of every dollar you receive.

2 Use 20% of every dollar you receive to reduce your debt.

3 Live off 70% of your income.


That's it!

With EVERY dollar you receive:

* Before you do anything, take out 10% and put it into a savings account. This is NEVER touched, no matter what.
* Next, take out 20% and pay it immediately against any debt you have.
* Finally, live off the remaining 70%.

Eventually you will be debt free and have a pile of savings. At that point you continue living the same way. And your savings will increase each week/month by the usual 10% PLUS the 20% you previously used to pay off your debt.

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