My approach to Financial Wellness is simple. I think it is first important to understand the power of money. Many people believe that if they save enough money they can retire comfortably. Saving money is only one step. My philosophy is the following:
1. Make sure you pay yourself first, then pay your bills. This keeps me motivated on making more money and providing for my family. The more money I make the more I pay myself.
2. Save 10 to 15% of your annual income in 401K. I also take 2% of my income and invest in mutual funds.
3. I don’t purchase anything that I can’t pay for out of one paycheck. This doesn’t include my home or cars, but it keeps my wife and I from impulse purchases.
4. I make sure I set annual financial goals with dates attached to each goal.
5. Only use my credit cards in an emergency.
Finally, I make sure I live under my means. I believe if I can’t pay 90% of my bills out of one pay check I’m taking on to much financial obligation
Personal Financial Goals:
I’ve reached most of my financial goals, but I would like to retire from the radio business at age 55 and teach college.
Tips for success:
Put God first and then your family. Choose a career that you love it will make going to work easier. Keep negative people out of your life, they will steel your joy. In business, never go back on your word. You will soon find out that’s all you really have as a businessperson! Finally, pick your friends carefully. I have many associates but few real friends.
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