Discover how this first step can make you debt free!
Wealth-building? At my age? I’d be happy just to get out of
debt!
Unfortunately, that’s the mind set of many women 40 years of
age or older. As a group, we women are so focused in our younger
years raising a family that we have difficulty visualizing the
idea that someday, we actually may have enough time to travel or
do the things WE really want to do. Then one day we wake up and
we are over 40 and maybe not financially where we had wanted to
be.
And as the possibility of retiring gets closer with every year,
we kick ourselves for not being more money-savvy in our younger
years. But, it’s not too late to get out of debt and start
saving . . . for that perfect vacation . . . the trip cross
country just to unwind . . . that piece of artwork we have been
admiring……even for a well-deserved eventual retirement!
Yeah! Right! You respond. Have you looked at my checkbook
lately? Enjoyment does seem to be part of my vocabulary for a
while.
Start by following this simple tip. This hint isn’t meant to be
your entire education on handling money. But according to many
money experts, it’s one of the very most important. Therefore,
it deserves special consideration.
So what is it? Living on 80 percent of your paycheck. This may
be tough at first glance. But let me explain what you’ll do with
that other 20 percent . . . . when you go to put this into
practice, you’ll discover it’s really effortless.
The first 10 percent of your paycheck you’re going to give
away. Wow! That loud roar of protest nearly broke my eardrum.
Didn’t see that one coming, did you?
Indeed, the reasoning for this isn’t purely financial either.
First, just the act of giving a tenth of your income away is a
sign of gratitude. Pick a charity, a special project, or an
organization. It doesn’t really matter as long as the money goes
to a worthy cause – and you’re the judge of that!
Take that other 10 percent that you’re not living on and stash
it away in a savings account of some type. Just don’t touch it.
No matter how many days until payday it might be.
Do this every payday. For those of you, like myself, who are
self employed, do this with every payment you receive from
others.
Psychologically speaking, the acts of giving and saving are
wonderfully calming for the souls. Knowing that by giving away
even a small amount of money to someone who could really use it
is great feeling. And then knowing that should a real emergency
occur that you have some money stashed away gives you peace of
mind.
Before you dismiss this as total nonsense, think of how close
that next vacation sounds. Now look at your checkbook balance.
It’s definitely worth a try.
I’ll see you at the shore next year about this time!
About the Author: If you want great information about being
Financially Fit at 40 visit us today at http://www.i40club.com.
i40Club is the number one online community of women who are 40
and fabulous.
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