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Resolving The Fiscal Cliff | What Would “Soccer Moms” Do?

Posted by Jim on Dec 25th, 2012 · 0 Comment

I have been thinking about the blame game and the political pandering going on in D.C. over the Fiscal Cliff. In case you haven’t heard about the fiscal cliff, I will share with you, the Cliff Note version. On Jan. 1, 2013 about $500 billion in tax increases and $200 billion in spending cuts are scheduled to take effect. In total, the measures are set to automatically slash the federal...
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Here are some simple guidelines that will help you build wealth:

1) Do the math. Get a budget and calculate your net worth

2) Get an emergency fund. Save at least 6 months worth of expenses

3) Limit costs. Spend no more than 30% of your income on housing

4) Max your retirement. Maximize contributions to your tax-deferred retirement accounts

5) Pay yourself first. Set aside money for yourself before you take care of your other bills

6) Set goals. Goal let you get ahead faster

7) Avoid high interest debt. Avoid credit cards, title loans and other usurious loans

8) Diversify. Diversity your assets.

Resolving The Fiscal Cliff | What Would “Soccer Moms” Do?

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Critical Financials’ Basic Personal Finance Rules

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