Being money smart is
essential to landing great jobs, getting promotions,
taking care of your family, starting a business and
being financially independent. You can be one of the
growing group of young women who are learning to be
financially responsible and set themselves up for
financial success in the years to come by following
some simple rules…
Learn to budget your money.
written plan for how you will spend and save your hard
of spending: always
pay cash (ATM cards are okay as long as your aren't
paying a service fee to use them), never pay interest
(except on first cars and first houses), shop around
before you buy, use coupons, and be frugal. If
you follow the code of spending you will
spend less than you earn. It is essential for
following rule #3.
Carry a zero balance on all credit cards.
Yes, that means pay them off every month!
NEVER loan money to friends.
If you do, you will lose your money, your friend, or
both. Knowing this, don't ask your friends for
Explore different ways to increase your income. Ask
for a raise or a promotion to a higher paying job,
start a business, look for scholarships, get a higher
paying job, take on odd jobs, sell your unwanted stuff
and learn about how people make money with their
Save. Invest. and Give.
enjoy watching your savings account grow. Learn
about investing and invest in areas that interest you
(i.e. fashion, home improvement, medicine, real
estate. sports equipment, etc.) Give to your favorite
charities, churches or organizations. It puts
you in the mindset of wealth.
family and friends. Don't be afraid to ask
questions about money, financial planning, business,
investing, savings, stocks, insurance, credit cards or
anything else wealth related. The more you know about
money the more successful you will be in dealing with
a 3 ring binder with your written monthly budget,
banking and investment records (if you have any),
record of tax deductions, income statements, and all
your financial information.
Exercise: Picture yourself money smart.
moment to close your eyes and imagine that you are
smart about money. Imagine writing out a budget plan.
See yourself paying cash for your purchases and
shopping around before buying a new gadget. What
do you look like? Do people come to you for advice?
What are some of the things you talk about?
Picture yourself in a new job or starting a business.
to picture yourself successful is a powerful tool used
by many great achievers. If you are serious
about becoming money smart do this exercise daily as
you deal with money. It will help align your mind with
your goals and you will start living your dreams!
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