Financial success? For most people, it’s not how much you make but what you do with it that counts!

February 5, 2018by Ted Hunter0

We’re constantly being pounded with the idea that financial success depends on how much money we make, working or investing, when the real path to financial success, for 90% of all adults, is spending smart.

At no time in your formal education, however, were you told this. At no time were you told how to spend smart, and the world of business is sure not going to tell you. It’s just not in their best interests. They want you to spend your money where and how they, the businesses, want you to, not what’s best for you. So no way are they about to tell you any of this stuff.

All they keep tell you is that you have to make more money.. that making more is the only real path. But if you take a good look at those that are in really good shape, financially, most of them, by far, got there by spending smart, not because they made a lot of money.

It turns out that when it comes to spending smart there are some really cool, really powerful things you can do. And I’m not talking about doing without here, but what I am talking about is putting a lot more money in your pocket and a lot more years of being free financially. But to get that money.. your money.. there are 6 spending rules you need to follow.

These rules are simple, but boy can they make a huge difference, especially over time, on the money you get to save. We’ve reached the point where 70% of American’s today have serious problems with money. No way you want to be in that group and no way do you have to be.

Rule #1 is that you really must have a written, well thought-out plan for how you plan to, prefer to, spend your money.

Now I’m not saying how much you’re being manipulated, because I don’t know. But what I do know is that you need to darn sure you’re not, and the only reliable way to do that is to decide, on your own, all by yourself, where you’ll spend your money and in what sequence, what priority sequence, and how much you’ll save.

If you really want to be happy with what you get back from your money, it’s something you really have to do.

Rule #2 is to always look at the annual cost. To understand the real impact of your spending choices, always understand the annual cost involved.

Say you spend $4.50 at Starbuck’s, or $10 a day eating lunch out five days a week. Those seem like small expenses, but the annual costs on those 2 are $1,100 and $2,500. To cover that you need to make an additional $1600 and $3,500 a year, respectively.

Better yet, that’s from $42,000 to about $100,000 in 20 years at a 6% investment return. A hundred thousand dollars!.. $148,000 if you put it in an IRA, pre-tax! This is what you are actually trading away with just a single small purchase.

Pretty amazing, isn’t it? And for most of us there are usually a number of such purchases, so to see the size of this opportunity, start multiplying.

Now look, I’m not telling you not to have your cappuccino. Your priorities are yours. All I’m saying is know your trades. Every time you spend, you’re trading something for something else. So just be sure you know the real cost of your trades and what you’re trading it for.

So there are the first 2 rules you need to follow.

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