Wednesday, June 5, 2013


The purpose of the 7 Daily Nuggets is to teach you what you need to live a prosperous life; the things that you may not have learned at church, school, home or at work. 

Apply what you learn here and share these nuggets with others. 

We make a living by what we get; we make a life by what we give. Be a giver in a world of takers.

Enjoy today’s nuggets on personal finance.

1.      Invest in yourself first and foremost. You are the most powerful asset you have. Invest at least 5% of your earnings in you. Focus on continuous self-education to get better and make better decisions. Your earning power is directly proportional to the investments you make in yourself.

2.      Pay all your debts and only borrow if you must. Never mortgage your future for something you can do without today. Debt can eat you up like cancer does.

3.      Be a saver by paying yourself first and do it automatically. Diversify your investments. If you put all your eggs in a basket you better keep a constant eye on it. Cost averaging is a smart way to invest instead of trying to outsmart the markets.  

4.      Delay gratification. Buy with cash. If you don’t have cash to buy you have not earned it yet. We are emotional beings so careful with buying binges when you are on an emotional roller-coaster. Delay large purchases a few days to give you time to logically justify them.

5.      Do it with less. Control spending. Live a simple lifestyle early on if you want a better lifestyle later in life. Put the power of compounding to work for you, not against you.

6.      Be a generous giver. Help others that are less fortunate than you and you will be blessed with more. Give without expectations of return and you will be blessed with more of what matters most.

7.      Practice prevention and protection. Build up your savings account until you have enough for six months of living expenses. When it comes to money expect the unexpected. Cars and things breakdown. Don’t be caught without money to take care of your family emergencies.  

If you make $30,000 per year and you spend $30,000 per year you are broke. If you make $300,000 per year and spend $300,000 per year you are broke and stressed. If you make $50,000 per year and save $10,000 per year and invest it wisely you are on your way to financial freedom.

Be blessed and be a blessing to others!
Carlos Fontana, President of Phalanx
Co-author of the book Follow to Lead (The 7 Principles to Being a Great Follower)
Author of the book PRICELESS (Sixty-Six Simple Stories of Reflection, Love, and Legacy)

1 comment:

  1. I wanted to be financially free and stable for the sake of my child.
    Financial Freedom