Living on a Budget, Saving Money/advice

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Question
hi, I want to learn about effective ways to save and invest money.please advise.thanks

Answer
Kelly,
1. Give every dollar a name.  Tell it where to go before you get it. Most of the time we do not have a plan (budget) and we spend without direction and suffer the consequences.
2. Always save money each paycheck. We always say that we are going to save but never do.  It must be a priority.  Your income is your biggest wealth building asset.  ( insure it as well)
3. Your first savings priority should be a mini emergency fund.  I recommend 1000.00 dollars, and to use it for emergencies only.
4. Pay off all of your debts, then fully fund your emergency fund. 3-6 months of living expenses.
5. NEVER borrow money if you can help it. We in America tend to live to make a monthly payment.  All of our wealth building power goes out in paying our debt. House payment, car payment, boat payment, motorcycle payment, credit card payment etc... If you can pay for something up front you can afford it.  If you have to ask how much down and how much a month, you cannot afford it.
6. For investing, I recommend a financial adviser, that will teach you what he or she is doing with your money, and that you understand it enough to explain how it works to any one else. I do not recommend single stocks, dont put all of your eggs in one basket. Mutual funds are great. But do some homework, and learn about it first. Find someone you can trust.  If something sounds to good to be true, then it is not true.  There is no get rich quick scheme. If you get it quick you will lose it quick.  Be patient, and dont worship money.  It is not worth trading all of your  time talent and energy for money.  When we die we leave it all behind!  I hope you can use some of this information.  

Living on a Budget, Saving Money

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Tim West

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Budgeting, credit, collections, basic insurance and investing. Small business budgeting basic will and estate planning.

Experience

Financial coach since 2009. Help coach people in personal and small business financces.

Education/Credentials
Head of financial ministries at Grace Fellowship of Augusta,Dave Ramsey Certified financial counselor and 20 years of doing it my self.

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