Where did all the money go?

One for the Money 
Two for the Show
Three to get Ready
Four to go

This past week I began listening to Every Day Millionaire by Chris Hogan, a book my daughter recommended from her Finance class. In it, Hogan corrects some myths many believe make a millionaire. Using the old nursery rhyme, here is a little something I have taken from what he said:

One for the Money
Money is a tool, not the means, to becoming financially successful. DISCIPLINE  and CONSISTENCY are the key ingredients.

Two for the Show
The purpose of having money is not showing off what you have. Money is for spending wisely on your needs, not trying to keep up with the neighbors. 

Stay out of debt. Don’t get loans.  

Three to get Ready
Hogan says, “We are only young once, but we are also only old once.” Preparing for the future starts today. You do this by saving wisely and not spending everything you get. 

These are some other things to remember: 
1. Take advantage of any matching funds your employer offers. 
2. Most people don't earn their money by taking high-risk investments; most people lose money by taking risks.
3. Know what your net worth is. Take all your assets and add them up. Being a millionaire does not mean you have millions in the bank. 


Four to Go
Know what you want when you are 50. Do you picture yourself working, or spending time with your family and doing things for others? Make a plan and set some financial goals. Having a plan makes it possible to reach your destination. 

The next book I plan to read is The Cheapskate Next Door by Jeff Yeager. 

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