5 Simple Money Habits That Will Change Your Life

The truth about money is...MONEY IS NOT AS COMPLICATED as it seems.

In this edition I want to share 5 simple money habits that helped change my financial life forever. Please check out the video or KEEP READING!

No, I didn't wake up at 5am every morning, grow my own food, swear by coupons, or live an extraordinarily frugal life. On my way to financial freedom I did 5 basic things that really mattered the most. Over time, these things became money habits that changed my life and I'd like to share them with you.

5 Simple Money Habits

1. Contribute to a retirement plan at your job. Building wealth takes time, so if you want to activate the power of compound interest and growth, you have to start now. Whether you contribute to your job's retirement plan or open your own brokerage account and contribute to it regularly, do your best to leave it alone, not withdraw from it or take a loan from it, and contribute as much as you can. Just let it grow. If you're going to be working, might as well pay yourself first and use the low-hanging fruit from one of your greatest wealth building tools...the income from your job. Click here to check out The 5 Basic Rules For Long-Term Investing.
2. Commit to not taking on any new debt on depreciating assets. NO NEW BAD DEBT. If you can make that commitment and stick to it you will be light years ahead of the personal financial game. If this means getting rid of credit cards, do it. If this means buying all of your cars cash, do it. This is hard, but no one said the journey to financial freedom is easy. This takes a significant amount of discipline, sacrifice, and commitment , but you can do it.
3. Purchase real estate. Whether it's a primary residence for yourself or several pieces of investment properties, it doesn't matter. Real estate has grown more millionaires than anything else. Buy property and hold the property, and collect monthly rents from your property. Buy and hold real estate is one of the greatest wealth building tools on the planet and can add a tremendous amount to your overall net worth. If you are interested in investing in real estate and not sure where to start, please check out this video here .
4. Keep your expenses low, even though you will make more and more money. When you make more money, don't spend more money. It takes discipline, but you must be comfortable living well below your means (income). If your philosophy is to spend more money every time you make more money, you will have a hard time building wealth. The bigger the cushion between your expenses and your income, the more you can invest, save for emergencies, pay off bad debt, and do more. Check out Why it's important to look poor .
5. Be organized by creating a unique written monthly budget, and follow it. You have to know what is coming in and what is going out. Your first business is your personal finances. Every business has an income statement and your income statement is your accounting of the income and expenses that you bring into your household. Be intentional with this by managing and controlling your money on paper. This is what a budget does for you.

So now you know the 5 simple money habits that can your life. Money is not as complicated and complex as most people think. If you can incorporate these 5 good money habits into your financial life, your personal finances will benefit tremendously. The bottom line is the best person to take care of the old you is the young you. Start now and keep it simple!

Check out 3 Reasons Most People Will Never Get Rich.

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I also offer personal financial and/or real estate?strategy sessions.

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Take care of yourself and take care of other people.

Sincerely,

Eric C. Bowie?(Smart Money Bro)

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