Our country must learn and start teaching the fundamental principles of personal finance.  Our parents, teachers, coaches, and employers must commit to this task. The following is a basic outline; it's fundamental premise; you must pay as you go.
 

Personal Finance Plan

Following, are the key elements of a personal financial plan that primarily is designed for younger people getting started, however, it's the same plan I've used for the past 15 years. First, shop for local Credit Unions that offer interest earning checking accounts. Next, establish two checking accounts and when asked, choose the debit card vs. the credit card option….let's become proficient at making, saving, and managing money first.

Deposit all income's into the first account. Retaining 10 to 15% of all deposits in the first account, write yourself a check, weekly, by-weekly, or monthly and deposit the funds in the second account, this is called paying yourself.

When the first account exceeds an amount equal to 6 months of your living expenses, that money is transferred into 401K's, IRA's etc, these are called your investments. The remaining money, the 6 months of living expenses is called your emergency fund.

Develop a written budget, and live on less than you make today.

"Today" is the key word. Today, my opportunity is $10.00/hour….next week, next month maybe $25.00/hour. Take advantage of what's available today.

To become wealthy you need to pay yourself, build an emergency fund, and invest for your retirement. To accomplish these objectives you need to take advantage of what's available today and to live on a budget. There is no need to share the wealth when you have the tools to create your own.

I have attached several links below to help with your financial management. There are many software options available in the market place; however, these are the tool that I use.

www.quicken.intuit.com, currently has an on-line version of its software at no cost. I have purchased Quicken at Office Depot/Office Max for as little as $30.00.

www.quickbooks.intuit.com,for those of you operating a small business.

Budget Outline.xlsx, is an Excel spread sheet with a budget outline. You can establish your budget in Excel and track your expenses with Quicken. Your chart of accounts should mirror the categories listed in the budget.  Remember, your household budget is bare bones. Making money is the easy part....putting $100.000.00 in an investment account....that's the hard part.

www.daveramsey.com, For those of you that do not know Dave Ramsey, he has a daily radio broadcast, in the Knoxville area it is AM 760.  He also hosts a weekly show on the Fox Business Channel. Mr. Ramsey's web site will provide you with helpful tools and information needed to reach your goals.