Stop Financially Bleeding and Take Control of Your Finances
To stop financially bleeding and take control of your finances you have to stop spending so much. You have to get out of debt the fastest you can, at least the bad debt. The bad debt is the consumer debt that you spend money on liabilities with. Good debt would be spending money you didn’t have on assets but we’ll save that for another time. Manage your money better by writing all your money down. Stop spending all your money when you get paid and pay off debt and invest. You need your money going to good places like assets not just spending frivolously.
Write all you Money Down
Get an Excel sheet on your computer or just get a notebook and a pen. Write all of your income down and all of your expenses down too. This will show you now, in the past and future where all your money is going to. If you don’t know where your money’s going you can’t control it. Get control of your money by figuring out where it’s all going by writing it all down. It’s really not that hard. Do it, trust me, you’ll thank me later.
Save up an Emergency Fund
Save about $2,000 as fast as possible. You want to have 3-6 months worth of expenses saved up at one point in case you lose your job. About 46% of Americans don’t have $1,000 saved in case of emergency. That’s not good because if their kid breaks their arm or if they get a flat tire they may have to go into debt to pay for it. About 3 out of 10 American’s don’t have anything saved. That’s insane and you need money saved to pay for expenses. Stop living paycheck to paycheck and either cut back on spending or earn more to save that.
Next Start paying off Your High Interest Debt
Put your extra money into paying off your debt so that your not hit each month with high interest. The Interest from credit cards or consumer debt is as high as 28% to 32% at least alot of times. That means if you owe $10,000 your most likely paying $2,800 a year in interest. That’s an insane amount of money. The average person holds about $6,000 in credit card debt and the average household holds about $11,000 in credit card debt. Start paying off your high Interest debt so you don’t have to worry about interest payments taking all your money and owing anyone or anything your hard earned money.
Next Start investing
Start Investing in Assets like Stocks, Real Estate or Businesses. Stocks are probably the favorite because they are easy to manage and are more liquid then let’s say real estate. Real Estate you can’t take money out most of the time for a long time. You can invest in Dividend Stocks and other Investments that hold up for the long term. You need to Invest your money after saving up paying down and paying off your debt because now your looking to grow your money.
Do the 70-20-10 rule
Take your money you get each month or week and subtract bills and taxes. After subtracting bills and taxes from your income divide your money into 3 groups. One of the groups is spending and that will be 70% of your income after bills and taxes. Spending will be for anything like food, water, clothing and whatever else you need. 20% goes to Investing or paying off debt. Invest in Assets that pay you in dividends and appreciation, literally. 10% goes to savings, remember, have these savings in case of emergency or job loss. The three things savings is for is 1 in case of emergency, 2 for a big purchase or 3 for investing.
Write your Money Down, Save, Pay off Debt and Invest
It’s as simple as that people, write all your money down. Once you see where all your money goes and you can track it you can control it. Start saving, pay off your high interest debt then Invest to grow you money. This is how to stop financially bleeding and take control of your finances. You have the power so do your research and get out of whatever rut your in. Wealth is also in the mind, you must have a wealthy mindset. Research if you don’t know, that’s how you find things out. You have the world of information at the palm of your hands and the end of your finger tips. Use technology for good and to your advantage. Become Financially free by following these steps and doing research.
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