How can you develop financial fitness? Well it is simple by working every dollar that crosses your hands and taking the time to see how the money plan you have now will give you what you want later. Real financial fitness can take place, but the trick is you have to want to work those dollars. Many people love working out physically, and on the flip side give up financially. Most of the readers of this blog are in the 25-35 age range, and that means you guys are abundantly blessed with physical energy. Now if you could just direct some of that energy to daily financial fitness workouts, life can be a nice walk in the park.
Financial Fitness:
- Start Saving as Early as Possible
- Add 5 Dollars a weekday towards Money Goals
- Splurge on dinner out or a new toy, match same $ amount in Savings
- Track Net Worth / Expenses every Month
- Smack Debt in the face, quick and fast to avoid interest fees
- Invest in 401K plus Roth IRA’s as much as you can
- Allocate new money to underperforming funds in portfolio
- Compound Interest should always be in your corner (Make it work for you not against you)
- Pump up Dividend Shares by investing Surplus money
- Always invest in Stock option plans (If company offers)
These are the fabulous personal finance workouts you can do on a consistent basis to become the Arnold Schwarzenegger of money. By pumping those green dead presidents in the right direction you will eventually see progress. If you cannot do all of these at once, take turns with several of the money exercises above and alternate as money situations improve year after year. If you start now you can begin living life like an expert with financial fitness.
I have done all of these money tips in the past and I will continue to do them in the future. Why do I need to have financial fitness in my life, because I can visualize a bigger picture for my family. I realized that living life with a short term mentality does not work and it will serve you best if you begin looking at life with long term glasses.
Comment if you have any tips on how you do financial fitness?
Rich Uncle EL
