Manage Expenses
Money that you don't spend is money in your pocket that can be applied toward debt reduction and wealth accumulation. Below are important strategies that will allow you to increase and better manage what you have available to spend:
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Following a budget will help reduce monthly expenses. An important part of this process is to determine the difference between "needs" and "wants".
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Review low-interest savings accounts (bank CDs,etc.) for opportunities to earn more or pay down high-interest debts.
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Learn to live on 90% or less of your income after taxes.
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Raise insurance deductibles to appropriate levels for additional savings.
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Cancel Credit Life Insurance on all financed items and credit card debt.
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Eliminate Private Mortgage Insurance (PMI) as soon as your equity reaches 20% of the value of your home.
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Earn tax benefits from a home-based business.
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Check into qualified plan options.
Earn Additional Income
If possible, explore a second career option, or look for part-time work that can bring in additional income. Also, consult with a qualified tax advisor about adjusting your W-2 allowances if you normally get a tax refund. This will allow you to more quickly apply funds against your debt and toward your wealth accumulation.