If making money is a journey, then it is one best broken up into three stages. The first stage is all about ‘getting your financial house in order’ …
… kind’a like packing your bags and getting everything ready for a long-journey before you even leave your house.
This (first) stage happens to also be the one that is well covered by many books (Rich Dad Poor Dad, The Richest Man In Babylon, The Automatic Millionaire, and many more) and many blogs (I Will Teach You To Be Rich, Accumulating Wealth, The Simple Dollar, and many, many more).
I have read them all and I am sad to say that not one of these will actually teach you to be ‘rich’ … but, some will set the stage …
… and, this stage is really just about paying off debt and starting a sensible savings strategy. It’s also about learning the rules about what you should buy and when and how much you should spend and save.
It’s really about ‘clearing the decks’ to lay a solid foundation for future wealth; the earlier in your life that you start this stage the more ‘runway’ you will have for letting your financial wealth really take off later.
This stage is not fun!
The tools of this stage are debt repayment strategies, tricks to save a little extra money or earn a little extra income, paying yourself first, savings accounts, index funds, and dollar cost averaging … there ain’t no ‘rich’ going on here but, it’s a start …
Keep reading this blog as I will be sharing many of these rules and strategies for breezing through Making Money 101 in upcoming posts.
And, keep coming back to this post – I will be creating a special tab for it (and it’s future ‘sister’ posts, Making Money 201 and 301) on the home page.