As The Millionaire Gent, you'll learn two things, the wealthy don't work for money and it's not about how much money you make but how much you keep. With this in mind the first thing you need to do is erase any debt you may have. Exactly how do you do that?
As a Millionaire Gent one of the things you need to learn is how to pay yourself first. A big mistake alot of gents make is trying to save after they paid all their bills and expenses. That is the quickest way to have NOTHING! There was a time I was in a very bad place financially, I had approximately $90,000 in debt, literally living cheque to cheque to pay that off, business was dead and no free income to do anything so I had to brainstorm a way to get of that debt quick. I did some research and came across something called the 6 jars System - www.6jars.com This system helped me create a method to allocate my money appropriately. The beginning as with any new habits was difficult, I missed on it a couple months but eventually I stuck to it and got out of debt within a 18 months after having acquired debt for over 5 years.
Now that I had my debt cleared I ensured that I didn't recreate that situation, no more hire purchases and maxing out of credit cards just because I felt like Ballin' on a weekend. I created a new method after eliminating debt, the 10-10-80 Rule. Which simply states 10% to Gifting, 10% Saving, 80% to do everything else. Of-course you can break down your 80% further or increase it to match your present financial needs. Here is a great video I found on it that will explain it further. Note the video mentions bible principles but my goal is for it to help you understand the 10 10 80 principles.
There you have it gents two great ways to become debt free, you know I don't like to have lengthy newsletters. Next week I'll be expanding a little more on this same topic so look out for it.
As always if there are any topics you would like me to cover or questions, send me an email or leave me a message on the Facebook resource page as well.
This has been yours truly The Millionaire Gent
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