I know what you’re thinking… I’m going to go into a long monologue about the necessity of joining a network marketing company or having a blog or doing Internet or social media marketing to live a life of Financial Wisdom, right? BUT I’M NOT!

There’s a simple reason for that…  ‘most’ people (97% of the public) have no business going into business for themselves. They don’t have the right mind set, or the fortitude to stick with it, or to be teachable, or the strength to see it through to the point where financial freedom shows up.

So… what I’ve put together here today is a list I gathered at a seminar (by James W. Rickard of the Stewardship Services Foundation) recently that may be the missing element for at least ‘personal financial stability’ that the majority of people can put to practice with a few shifts in organization and self control.

If put to practice you’ll find yourself free from financial stress, void of unnecessary spousal tention over money, and living a life of comfort and peace.

1. Control your emotional spending. Never carry more than $50 in your wallet or purse (I recommend $20 for emergencies only) and if the item costs more then you need to either take a lap around the mall or the store or go back home and discuss the item with your spouse as to whether it’s ‘necessary’ or just something you ‘want’…
2. Learn to save money. Put $100+ per month into savings. If you average a 7 1/2%  return over 40 years, you will have at least $302,382 at age 65.
3. Learn to spend less than you earn. (Proverbs 21:20) Leave a solid gap between your spending and your income. Put the extra away in savings so you have money for those unexpected expenses.
4. Don’t finance pleasure items: vacations, cruises, time shares, boats, motor homes, etc… This needs to be non-negotiable.
5. Have cash in an emergency fund. Set different goals as you go. Start with wanting to have $500 in an emergency fund account, then raise it to $1,500 and then $5,000 as fast as possible. Don’t use a credit card! Save up and pay yourself back for these unexpected expenses.
6. Control your credit cards. The statistics are staggering! Over 200 million used every day. In 2001, $670 billion charged on credit cards. In 2008, $2 trillion charged on credit cards. Presently over $800 billion owed on credit cards.  There is $373 million per day of interest income for credit card companies. The average household has 6 active credit cards. 60% carry unpaid balances from month to month. The average household is $800 in debt on credit cards. Statistics say that if you’re $5,000+ in credit card debt they’ll ‘have you for life!’ 17% is the average interest rate! Most just pay the $75 minimum monthly payment, and if they do only that it will take them 19 years to pay off, and they’ll pay $11,578 in interest. (I only use my debit card for ‘charging’ and I have the cash in my checking account.) Now put $75 into savings monthly for 19 years, earn 7% interest, compounded monthly, and you’ll save $35,000. Put $4,000 per year into the same account for 40 years, and you’ll have $875,000!
7. Have adequate life insurance to protect you family. ($400,000-$750,000) I carry more…
8. Be self-insured for life insurance by age 65 or retirement. This means that you have your car and home paid for and your pension fully funded.
9. Have a solid retirement plan in progress by age 40 (hopefully younger). This absolutely takes discipline! Only 47% of people in companies with matching pension plan investing options actually do it! It’s stinkin’ free money people! Max this option out if you’re lucky enough to have this option!
10. Own your home by age 65 or retirement.
11. Have a workable budget. The key is discipline and control. Remember budgets are set up to track our spending patterns and then to set guidelines for spending wisely.
12. Know that there is a difference between bad debt (credit cards and loans) and monthly obligations (food, utilities, necessities).
13. Understand the TAX law as it applies to you. Having a home based business reduces tax liabilities significantly. Consult a home based business tax accountant about this easily overlooked benefit. (Matthew 22: 15-22)
14. Have an estate plan that includes a will and /or a living trust. A living trust helps your loved ones avoid the potential long time delays that probate will force.

Here For You And Your Success,

PS There are so many ways we can improve our own lives, how about the people around us? Take a moment and share this post with your friends on Twitter and Facebook if you feel this will help people over come some of the hurdles of financial stability that we all need and deserve.