That’s right, this smart, ambitious, highly successful and highly paid woman had a net worth of absolutely nothing (aside from whatever property & stocks she owned).
After years of trying to become debt free and improve her personal financial situation, Lynette got mad, got proactive and decided to do something about her situation once and for all, and she did it in three short years.
In her book, Zero Debt, Lynnette shares how she put herself solidly on the road to financial health and financial growth with the central message: You Can Do It Too!
How to Become Debt Free, Improve Your Personal Finances, & Start Getting Richer
Essentially, there’s seven critical strategies, or perhaps more accurately, mindsets, that you must adopt. Exactly how to apply these strategies depends on your personal situation, but if you commit to applying them, it’ll be quickly obvious what to do, at least the first steps, and from those first steps you’ll see significant improvement right off the bat, you’ll feel so much more in control of your financial life and future, and this will give you the motivation to viagra over the long run. Start today!
Lynnette calls her plan, not coincidentally, the M.I.L.L.I.O.N strategy:
Make a Plan.
To get anywhere, you need clear specific goals and the steps to get there. Your goals should be S.M.A.R.T.: specific, measurable, action-oriented, realistic, & with a time limit about when you plan to achieve them. Mindtools has an extensive discussion about SMART goals, and many other resources exist online. Also, check out products designed to help you set and manage your goals (most come with a free trial offer), for example:
GoalPro – complete goal setting package with a built in success coach.
Life Aligner PRO – offers online e-courses.
Achieve Planner – goal setting and time management software.
The Goal Setting Guide – a free resource with terrific advice.
The Goal Enforcer – when the going gets tough, the tough get going. This software will help.
Invest in Yourself First.
This means 1) paying yourself first, e.g., 10% of everything you earn should go into a savings account right off the bat, before paying bills, taxes or hitting the bar (yeah, life’s tough). 2) This means constantly working on your skill set, getting better at what you do. For an eye-opening and practical guide about how to get better quickly at just about anything you want to do or are currently doing, check out Talent Is Overrated: What Really Separates World-Class Performers from Everybody Else by Geoffrey Covin.
Live Like a Lender, Not a Borrower.
Lenders make money on their savings and investments. Borrowers lose money on their debt. If you’re in debt, Lynnette’s book includes practical strategies for getting out of debt. Make that your number one priority. Consider getting a peer-to-peer personal loan to consolidate your debts.
Leverage the Power of Property.
Sure, many people are underwater with the mortgage, but that’s a historical exception, not the rule. Most of these people got caught up in the irrational exuberance of the housing bubble and, honestly, they were looking at their homes as a way to get richer fast. In the long term, owning a home is one of the best things you can do to improve your personal financial status.
Increase Your Wealth With Proven Methods, Not Short-Term “Get Rich Quick” Schemes.How to Get Rich? Take the long view — there is NO short cut to getting rich
Given what happened in late ’08, this one should be obvious. If you’re not sure what the best practices are for slowly but surely increasing your wealth, look for a good professional financial and/or investment advisor. For investment advice, check out the highly regarded Motley Fool.
Overcome Setbacks & Minimize Risks.
No matter what, you’re going to experience financial setbacks and unexpected expenses. All financial advisors recommend having at least 3 months of emergency savings in cash in a bank savings account. Make sure you have adequate health, life & disability insurance.
Never Forget The Next Generation.
For extra motivation, remember that the wealth you build today will not only help you, it’ll help your children or other family members now and in the future.
P.S. Lynette is now an online personal financial advisor. Check out her site, The Money Coach.
Getty Images Courtesy