Here's part 12 of the series from top personal finance bloggers offering their single-best piece of advice. Today, we'll hear from Michael at It's Your Money. Michael's advice:
"GET CONTROL, AND KEEP CONTROL, OF YOUR INCOME. Doing this means paying off your debts, and pronto. Most of your co-workers and neighbors are not even remotely in control of their money, because they’re still paying for yesterday, and their financial existence from this point forward relies on home equity, plastic, and a-wing-and-a-prayer. Want to leave them in the dust? Get yourself a financial program like Quicken or Money, and let it do the number-crunching. Create a budget or spending plan every month, and stick to it. Pay off your debts, build up your savings, and keep your eyes open for ways to supplement your income. As Dave Ramsey says: It’s easy to build wealth when you don’t have any payments. That (wealth) is the product of money control. It is the long-term goal, of course. The payoff now is twofold: decreased stress, and increased freedom. Both will be worth every bit of the effort you expend."
Good stuff, Michael!!!
Click here to read part 13.
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