Money is important to everyone.
Get out of debt and stay out of debt forever.
Re-frame your thinking and views about money.
If you can’t save money then success is not for you.
Set a goal and a date for your financial independence.
Have compound interest working for you and not against you.
Avoid making money mistakes like buying and financing new cars.
Money stays with those who understand and respect it. Save and invest.
Get full control of you money and you will get a lot more control of your life.
1. Save Money. Practice the principle of delayed gratification. Live within your means by spending less than you make. If you don’t have cash to buy it, you haven’t earned it yet! Have a budget and follow it. Money is a blessing.
2. Invest Money. Put money to work for you. Compound interest is the 8th wonder of the world. The best time to start investing money is now. The only way to have time and money is to invest both. Money is a tool.
3. Pay Debt. Pay all debts and stay out of debt forever. It takes a lot less money to live without debt. Money can be your slave or your master, you choose.
4. Make Long Term Money Decisions. Decisions compound over time, either in your favor or against you. Are the decisions you make moving towards or against your financial freedom?
5. Have a Solid Financial Action Plan. Have a strategy to achieve your money goals leading to your financial freedom. Failing to have a financial plan is to stay broke forever.
6. Know Your Net Worth. Know the difference between assets and liabilities. An asset put money in your pocket and a liability takes away money from your pocket.
7. Follow a Money Hierarchy. The first and best investment to make is in you. Money is a by-product of who we are. Be more and the money will follow. The second is to have an emergency fund. Things happen and you will need money to take care of them. Have a savings account to automatically add to it.
Will you join my cause to fight mediocrity in the world? Pass these nuggets on to 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.
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