I have been an entrepreneur and self employed person my entire life. Was buying precious metals in my teens, purchasing homes in my twenties and by the third decade was doing on-line trading, acquiring land etc. To present times... i own/operate an Incorporated Company for the past 20+ years and I will pass on my experiences to you so you can achieve financial independence for you and your family. Terry Keys
Wednesday, February 16, 2011
Budget isn't a word to be scared of....it is your most effective weapon for bringing down debt and planning your future. Here is a few reminders; write down every purchase for 3 months or to make it easier use your debit/credit card so you can get a monthly statement from your financial institution and review, then after this time frame analyze your spending and build a budget on what you have read ( remember our first blog about wants and needs!!) This is a rough chart you can go by as everyone has different circumstances in life. A) If your renting; 35% for housing, 40% for living expenses, 2% for emergency/insurance, 15% for personal and 8% for savings B) Single with a house; 45% for housing, 25% for living expenses, 6% for emergency/insurance, 14% for personal and 10% for savings C) Married with house; 37% for housing, 25% for living expenses, 8% for emergency/insurance, 20% for personal and 10% for savings D) House with kids; 37% for housing, 30% for living expenses, 10% for emergency/insurance, 15% for personal/pleasure and 8% for savings.