KLE 23: Making Money 101
If making money is a journey, then it is one best broken up into the three stages that we will cover over the next three Modules of this Guided Learning Experience.
This Module – 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 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, despite their promising titles, I am sad to say that not one of these will actually teach you to be ‘rich’ … but, some will set the stage by helping you to pay off debt and start a sensible savings strategy.
And, this Module will cover these topics in a fresh, exciting way.
But, this Module is also about learning the rules about what you should buy (and when) and how much you should spend and save.
This is really about ‘clearing the decks’ to lay a solid foundation for your 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.
But, it IS important: we will cover all the critical tools of this stage, including: debt repayment strategies that actually make sense, tricks to save a little extra money or earn a little extra income, paying yourself first, and so on.
This Module won’t make you rich, but it’s a start … and, I can guarantee that you will not get rich if you don’t learn to apply these lessons NOW.
Task 1: Think about your most pressing financial problem; why do you still have it?
This might be too general, but mine is simply too much debt and not enough saved. I’m actually in the top 25% for my age (<30), but it's not enough to be able to quit my job & start a business.