Today on MoneyWise simple ways to become a millionaire (or just successful financial living). We don’t know if it’s God’s plan for you to become a millionaire, but if it is, today’s program offers suggestions on the best ways to use that money to honor God and make an eternal impact with it.
Here's the list of our top tips:
- Only make investments you can explain to your kids or spouse. If you can’t explain things in a sentence or two, you don’t have a complete understanding of the investment you’re considering.
- The best investment you can make is in yourself. Spending time improving your skills, your connections and your health and fitness produces better long-term results than any other investment you can make.
- Joy is fleeting in material possessions. Spending money on things leaves you with the things and not the money and the things immediately begin to lose their value and the joy they give you.
- When you work for someone else, your income is always capped. If you start a business, your income is controlled only by you.
- Saving a dollar is like earning 3! Instead of trying to figure out how to make $3000 more a year, learn how to save $1000. You have to earn more than a dollar to save a dollar since taxes generally eat up nearly a third of that dollar. As does the inevitable lifestyle expansion that usually occurs when income increases.
- Failing to max-out your employer 401(k) match is like giving away free money. Always contribute enough to take advantage of the full amount of employer matching.
- Borrowing money takes only minutes but paying it back seemingly takes forever. Try to keep your borrowing to a minimum.
Next, Rob and Steve answer questions at 800-525-7000 or emails to [email protected] about the following topics:
- How to be generous with your time and to become a successful Christian.
- Should parents base amounts given to children in a will on the money each spouse brought into a second marriage?
- How to defer taxes on a gain from selling a house?
- Should a first-time home buyer buy an above budget house or go with a more affordable fixer-upper?
The following resources or links were mentionedin today's program:
https://laurapetherbridge.com
https://bankrate.com
And Ron Blue's book,Simplifying the Money Conversation.
Be sure to check out our new website at moneywise.org to connect with a MoneyWise Coach or access our books, videos, or any of our free helpful resources. Thanks for your prayerful and financial support that helps keep MoneyWise on the air.And if you'd like to help, just go to the website and click the Donate tab at the top of the page.
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