Increasing Your Wealth The Old Fashioned Way

[Shell]

+ Make a commitment to pay off the balances on your credit cards;
+ Pay yourself first by arranging to save 5 percent of your gross income each pay period;
+ Refinance your old mortgage;
+ Maximize your contributions to your 401(k) plan;
+ Remember your Individual Retirement Account;
+Get rid of financial and nonfinancial assets that no longer fit with your goals;

My Mom would add . . .pay off your house!

[homesteadmamma]

I'd like to change a few of those:

- make a commitment not to use cc period. Even if you pay off the amount each month, it still costs to use a cc. How do you think they make their money?

- don't refinance your old mortgage unless you truly are saving $$. Sometimes you aren't because your taking it out for a longer period than your first mortgage was at.

- pay yourself 10% rather than 5%. Have it taken out of your check and deposited directly into an account at the bank. You won't miss what you don't have.

And Shell, I agree - pay off your house!!!

[Shell]

Yes, I save more then 5% myself, but this was a starting point for some people. I have to admit, I am still working on NOT using my cc's.