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Who Do You Work For?

Many of us would love to work for ourselves but such a step is unlikely, if not entirely impossible. The problem with working for ourselves isn’t that we cannot do it, it is that our perspective on what it means to be our own boss is slightly skewed. What if I told you that you could work for yourself without even quitting your job?

That is exactly what I am going to tell you! You can work for yourself without even quitting your job! How? It is all about modifying your perspective on what it means to work for yourself. When we think of working for ourselves, we think about working from home in our underwear or creating a passive income so that we can lounge on the beach while we make bank.

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8 Important Money Reminders

8 Important Money Reminders

Ok, I have a confession. I went a little crazy on the spending in December. Perhaps it was the new credit card I received early in the month. Or maybe it was the new job conveniently located opposite a mall. I don’t know. What I do know, however, is that a “finance guy” such as myself should know better. That’s why I have called this article “8 Important Money Reminders”. Don’t expect to find some new revolutionary money tip here. I’m going back to basics, if not for you, then definitely for me.

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The Truth About Debt and Dreams

The Truth About Debt and Dreams

Does debt cripple dreams? Or is it the very thing that makes them come true?

My first real experience with debt was a credit card I got back in 2003. I was traveling overseas for 10 months, and a credit card was both a way to access funds whilst away and a safety net for if I ran out of cash. Since it was predominantly a working holiday, for the first 9 months I had little use for the card, and what I did put on the card was quickly paid off from my savings. My last month overseas, though, I was on the road and anyone who has ever been traveling will realize how expensive this is.

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10 of the Best Ways to Spend Your Money

10 of the Best Ways to Spend Your Money

How you spend your money is your business. What you may like to consider, though, is that your spending habits can often affect your level of happiness. And what you initially think may make you happy – the new car, bigger house, and large screen TV – may not give you the most smiles for your dollar. With this in mind, I have come up with what I consider are 10 ways spending your wealth can lead you to a happier, and more satisfying, life.

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The Latte Factor

As I have written about in Spend Less Than You Earn, one of the keys to getting rich is to take control of your spending. In The Automatic Millionaire, author David Bach explains how the Latte Factor may be holding you back from getting rich. The big idea behind the Latte Factor is that most people don’t really think about how they spend their money – and if they do, it is usually for expensive items rather than the small daily expenses (eg a Latte!).Small daily expenses can add up to a fortune. Don’t believe me? Consider the following illustration:

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Why You Should Spend Less Than You Earn

Why You Should Spend Less Than You Earn

One of the most important principles to becoming wealthy is to spend less than you earn. This sounds easy enough, but in practice it can be hard to do. This article looks at the challenges to spending less than you earn and offers some tips to overcome these.

First I want to look at those who spend more than they earn. It stands to reason that if someone is spending more than what they earn they are either being given money or are borrowing it. In this age of worldwide economic growth and prosperity it has never been easier to borrow money. Temptation to borrow is everywhere, whether is be for a new TV, a new car or a new house. In Australia personal debt levels are at record highs. I also read that the US Federal Reserve calculated that more than 40% of US families spend more than they earn.

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Is That Lottery Ticket Keeping You Poor?

Is That Lottery Ticket Keeping You Poor?

I overheard a conversation at work today where two people were discussing their wish to win the lottery and thereby never have to work again. Sure, this is a great dream , but is it keeping them poor?

I think there are 2 quite different points to consider here:

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Pay Yourself First: Then What?

In my previous post on this subject I wrote about one of the most important habits to building wealth, paying yourself first. In short, you want to make sure that 10 to 20% of your income is going to a separate savings account as soon as you get paid. Is this enough though to make you rich?

Probably not. Paying yourself first is just the beginning. I have paid myself first for sometime now, and yes for such a simple idea it works amazingly well. The trap I used to fall into though is that once I had built up a sizeable sum, I would spend it on something such as a holiday. Now I would never suggest not taking holidays (in fact I plan to write about why you should be taking regular holidays) but spending your entire savings on such things as a holiday, car, plasma tv, etc will not make you rich.

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