Well, I'm off to a pretty poor start with this blog, as its now been 13 days since my last (and first) post. I blame it on life taking control of me rather than the other way around. Mr. Miyagi says "there is no try, only do, or do not" - so what I will do is post more frequently (or suffer the wrath of Mr. Miyagi, may he RIP).
So I was at a World Financial Group seminar about 6 weeks ago. Not my proudest admission, but anyhow. The company seems to operate in some type of a network / pyramid manner, and while it is not an organization I'd get involved with, there are some people (mostly visible minorities) who seem to have leveraged its structure pretty effectively, and are making more $ at it than they'd ever make elsewhere. In any case, it doesn't seem like any more of an extortionist racket than your average brokerage or bank.
Anyhow, while I didn't think much of the company, I was struck by the simplicity of the financial strategy that they set out as guiding principles, and have decided to adopt them as guidelines for myself, at least until I find anything better.
They are -
Increase Cash Flow: Diversify sources of income
Manage Debt: (Pay down your debt, manage interest rate on debts)
Create Emergency Fund: (just in case)
Ensure Proper Protection: (Appropriate level of insurance
Build Long-Term Assets: (Pay yourself first, 10% wealthy barber rule)
Preserve Estate: (Prepare a will, estate planning)
Any other suggested approaches to categorizing money management? Let me know!
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