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Root's Words of Wisdom: Money and Wealth

Published 20 September 07 12:31 AM | root 

 “Money is not the most important thing in the world. Love is. Fortunately, I love money.”

- Jackie Mason

 

I'll keep it simple. In fact, these Words of Wisdom will be said in 3 words.

Pay Yourself First

If you can live by this code, you can become a wealthy man/woman. No matter the situation, always save a little into an account, before you spend any money. You should also make some rules, for yourself, that must be met for you to access this little nest-egg account (bad health, family emergency, buying a house, etc) and stick by those rules--no matter how tempting that new 60" TV looks.

Even if you are eyebrow deep in debt, always pay yourself first. Doesn't matter how small it is, just set aside some money. You will be surprised how much it can grow over time.

Feel free to add your own Money tips.

 

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Root
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Comments

# Blog Picks said on September 21, 2007 12:48 AM:

Root’s Words of Wisdom: Money and Wealth Is money the most important thing? Add your opinion here. Created

# volfann said on September 21, 2007 11:34 AM:

The Dude always pays himself first..sometimes a bit too much and theres not enough left for those other guys wishing to be paid

# Branhower said on September 22, 2007 8:57 AM:

This is what I'm talkin' about right here. You'll probably have a healthier lifestyle too.

# TempestKing said on September 24, 2007 8:49 AM:

This may be a bit of common sense but i'll add it anyway.  When paying yourself try your hardest to at least place 2% above your 401k/roth contribution into a nest egg else where and follow some rules that root mentioned.  This will greatly improve your lifestyle by the time you are 50 - 60, also and probably the most important piece of this advice make sure your nest egg earns at least 3.4% to combat the forces of inflation.

Remember this any wealth that doesnt grow at least in proportion to inflation is wealth lost at the earnings rate - inflation.

Hope thats helpful,

~TK

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About root

I currently live in Plano, Texas and work at an IT outsourcing company as a SAN Storage Administrator. You can say I'm one of those 'just out of college kids'.

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