As the economy is recovering, there is still some skepticism about how to move forward financially. All over the world families are minimizing costs and increasing savings as well as paying down existing debt. In a Black Enterprise Article, writer Glenn Townes give 10 principles to live by, as you strive to reach your financial goals. These principles, may or may not fit your needs. But do not negate the fact that sound financial principles will dramatically improve your life. I urge you to do your own research and find the the principles that fit your life. As the head of your household, your families financial well being should be one of your top priorities. Men, especially, need to incorporate sound financial principles into their and their family's daily endeavors.
THE 10 WEALTH FOR LIFE PRINCIPLES (FROM BLACK ENTERPRISE March 2011)
1. Live within your means
2. Maximize you income potential through education and training
3. Effectively manage your budget credit, debt, and tax obligations.
4. Save at least 10% of your income
5. Use home ownership as a foundation for wealth building.
6. Devise an investment plan for retirement needs and children's Education
7. Ensure that your entire family adheres to sensible money management principles
8. Support the creation and growth of minority owned businesses.
9. Guarantee your wealth is passed on to future generations through proper insurance and estate planning.
10. Strengthen your community through Philanthropy
MAN UP!
Do you agree with these principles? Let me know what you think. Post your comments or questions here.
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