Brandy Long

Long Term

The amount you save is not as important as developing the habit of saving! Even if you can only save one percent of your earnings, just do it! Once you commit to your savings strategy, stick to it every day. In a short time you will have the confidence to gradually increase your savings to a minimum of 10 percent.

Live Debt Free

Take the money from the other wasteful areas of your budget and pay yourself. For example:

* Once you pay off the car, etc. take the same payment amount and continue to put that in a Roth or Traditional IRA as if you are still making the car payment.
* You have created a habit, now use it to your advantage-instead of the banks.
* Reduce your AGI (adjusted gross income) by making regular pre-tax contributions. Talk to your employer.

Create Wealth

You have worked hard on the plan, now put it into action. Some of the instruments/methods I have employed include:

* Stocks
* Bonds
* Mutual Funds
* Roth IRAs
* Traditional IRAs
* 529 Plans
* 401 K
* Tax Deferred Annuities
* Interest bearing Life Insurance
* Setting higher deductibles on all your property/casualty insurance
* If you must use credit cards, use one that pays dividends (last year I received more than 900.00 back from my credit card company and I just received another 1100.00 this year)
* Pay an additional amount toward the principle on a loan
* Resist the temptation to use credit cards. If you don’t have the cash accessible somewhere, using that credit card is just another loan and remember, checks aren’t cash–they are promissory notes! Be careful how you use them.
* Finally, one of the most important things you can do is perform a financial audit. Examine where your money is spent versus how much is coming in. Do you really need a 125.00 a month cable bill, a 75.00 a month cell phone, and so-on?

Manage Wealth

Pass It On

Even when we can afford to spend more money, we must also consider the legacy we pass on to or children or next generation. If we raise them in a lifestyle completely free of want, where everything is brand new, store bought, and expensive we are raising children who know no economic boundaries.

Ask yourself this question-if you are struggling to make ends meet, do you want your children to have this same struggle also?

Our children are watching us; products of our own actions.

Start by creating instruments to cost-effectively pass along wealth through:

* Tax-free contributions to children and grandchildren
* Trusts
* Living Wills
* Last wills and testaments
* Estate plan
* 529 plans

Teach your children about money matters early and create the positive habits in them before they develop into the negative.