As little as $200 a month adds up to almost $15,000 in just 5 years. With a little know-how, you can turn that money into an Empire! Before you know it, you will be able to retire (if you like) and be your own boss. 5 years goes by quick! Make a commitment today to do without the “stuff” you think you need; and watch the money grOW. Need help? Send an Email to Kevin@FosterEnterpriseFoundation.org.
One of the most important things you can do – BUDGET your money. If you want to live a life outside of poverty, you MUST know how to manage your money. Those in the middle class who don’t manage their money correctly, often find themselves bankrupt and in poverty.
How do we do it? It’s simple! You keep track of your income and expenses on PAPER (or computer and printout). The principal of making money is – spend less money than you make. That means your expenses need to be less than your income. This is where soooo many go wrong. We spend too much money and then we can’t pay our bills – which digs us into a huge hole that we’ll eventually have to climb out of.
Wouldn’t it be nice to live a simple lifestyle and not have to worry about money? Anyone can do it. The KEY is – you have to live without all the “STUFF” society makes you think that you can’t live without. You can work for minimum wage and bank $20,000 in just 5 years. NEXT, take that $20,000 and by a small starter home. Now you’re living rent free. When you compound that extra money over the next 5 years it equals $45,000! NEXT, take that $45K and buy a bigger home. Rent out your first home and not only are you living rent free, but you have extra income from your rental.
So 10 years have passed (believe me it goes fast), and you haven’t even had a raise! You’re living in a small house rent free with an additional house/duplex/trailer that you rent for extra income. Now the money really starts coming in. Let’s say you get a measly $300 a month from your rental property. Over the next 5 years (living rent free, too), you will have banked an additional $65,000. Now’s time to buy a bigger house, perhaps get a mortgage.
Budget Comparison Excel Spreadsheet: Manipulate your own numbers to see what you could save.
Financial Plan – Month – PDF
Financial Plan – Word